REPLACE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
REPLACE
Largest movements
- Receivables within one year +€448,009
up €448,009 (+15.9%), from €2.8m to €3.3m
of which Other amounts receivable: +€408,498
- Cash +€182,866
up €182,866 (+1063.5%), from €17,195 to €200,061
mainly Net result for the year (+€286,157) and Current investments (+€165,681)
- Current investments -€165,681
down €165,681 (-86.9%), from €190,681 to €25,000
- Reserves +€286,157
up €286,157 (+21.7%), from €1.3m to €1.6m
- Debts after one year +€150,000
up €150,000 (+11.3%), from €1.3m to €1.5m
- Gross operating margin +€73,301
up €73,301 (+240.7%), from €30,455 to €103,757
- Taxes +€40,284
up €40,284 (+56.7%), from €71,087 to €111,371
- Financial income +€32,334
up €32,334 (+8.9%), from €361,950 to €394,283
- Financial charges -€5,647
down €5,647 (-5.3%), from €105,943 to €100,296
- Other operating charges -€1,124
down €1,124 (-83.9%), from €1,340 to €216
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,084,223 | €3,516,921 | +€432,698 | +14.0% |
| Fixed assets | 21/28 | €52,359 | €24,626 | -€27,733 | -53.0% |
| Tangible fixed assets | 22/27 | €27,733 | €0 | -€27,733 | -100.0% |
| Furniture and vehicles | 24 | €27,733 | €0 | -€27,733 | -100.0% |
| Financial fixed assets | 28 | €24,626 | €24,626 | = | 0.0% |
| Current assets | 29/58 | €3,031,864 | €3,492,295 | +€460,431 | +15.2% |
| Amounts receivable within one year | 40/41 | €2,819,225 | €3,267,233 | +€448,009 | +15.9% |
| Trade receivables | 40 | €0 | €39,511 | +€39,511 | |
| Other amounts receivable | 41 | €2,819,225 | €3,227,722 | +€408,498 | +14.5% |
| Current investments | 50/53 | €190,681 | €25,000 | -€165,681 | -86.9% |
| Cash at bank and in hand | 54/58 | €17,195 | €200,061 | +€182,866 | +1063.5% |
| Deferred charges and accrued income | 490/1 | €4,763 | €0 | -€4,763 | -100.0% |
| Total equity and liabilities | 10/49 | €3,084,223 | €3,516,921 | +€432,698 | +14.0% |
| Equity | 10/15 | €1,520,551 | €1,806,708 | +€286,157 | +18.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,320,551 | €1,606,708 | +€286,157 | +21.7% |
| Distributable reserves | 133 | €1,320,551 | €1,606,708 | +€286,157 | +21.7% |
| Amounts payable | 17/49 | €1,563,671 | €1,710,212 | +€146,541 | +9.4% |
| Amounts payable after more than one year | 17 | €1,332,000 | €1,482,000 | +€150,000 | +11.3% |
| Financial debts | 170/4 | €1,332,000 | €1,482,000 | +€150,000 | +11.3% |
| Amounts payable within one year | 42/48 | €231,671 | €228,212 | -€3,459 | -1.5% |
| Trade debts | 44 | €6,242 | €578 | -€5,664 | -90.7% |
| Suppliers | 440/4 | €6,242 | €578 | -€5,664 | -90.7% |
| Taxes, remuneration and social security | 45 | €59,017 | €84,226 | +€25,209 | +42.7% |
| Taxes | 450/3 | €59,017 | €84,226 | +€25,209 | +42.7% |
| Other amounts payable | 47/48 | €166,413 | €143,409 | -€23,003 | -13.8% |
| Non-recurring operating income | 76A | - | €5,267 | +€5,267 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €859 | €0 | -€859 | -100.0% |
| Other operating charges | 640/8 | €1,340 | €216 | -€1,124 | -83.9% |
| Gross operating margin | 9900 | €30,455 | €103,757 | +€73,301 | +240.7% |
| Operating profit (loss) | 9901 | €28,256 | €103,541 | +€75,285 | +266.4% |
| Financial income | 75/76B | €361,950 | €394,283 | +€32,334 | +8.9% |
| Recurring financial income | 75 | €361,950 | €394,283 | +€32,334 | +8.9% |
| Financial charges | 65/66B | €105,943 | €100,296 | -€5,647 | -5.3% |
| Recurring financial charges | 65 | €105,943 | €100,296 | -€5,647 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €284,263 | €397,528 | +€113,265 | +39.8% |
| Income taxes | 67/77 | €71,087 | €111,371 | +€40,284 | +56.7% |
| Profit (loss) for the period | 9904 | €213,176 | €286,157 | +€72,981 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €213,176 | €286,157 | +€72,981 | +34.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.