RESEARCH CORNER: 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.
RESEARCH CORNER
Largest movements
- Intangible fixed assets +€42,497
new in 2025: €42,497
- Tangible fixed assets +€24,670
new in 2025: €24,670
of which Plant, machinery and equipment: +€16,924
- Receivables within one year +€24,286
new in 2025: €24,286
of which Other amounts receivable: +€12,827
- Stocks and contracts +€10,887
new in 2025: €10,887
- Trade debts +€181,714
up €181,714 (+5156.5%), from €3,524 to €185,237
- Profit (loss) carried forward -€120,187
down €120,187, from €8,755 to -€111,432
- Other debts +€33,708
up €33,708 (+20.1%), from €167,533 to €201,242
- Debts after one year +€7,565
new in 2025: €7,565
- Gross operating margin -€100,597
down €100,597, from €7,658 to -€92,938
- Staff costs +€20,005
new in 2025: €20,005
- Depreciation +€3,935
new in 2025: €3,935
- Financial charges +€2,483
up €2,483 (+1208.6%), from €205 to €2,689
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 | €205,850 | €311,244 | +€105,394 | +51.2% |
| Fixed assets | 21/28 | €205,850 | €275,517 | +€69,667 | +33.8% |
| Intangible fixed assets | 21 | - | €42,497 | +€42,497 | |
| Tangible fixed assets | 22/27 | - | €24,670 | +€24,670 | |
| Land and buildings | 22 | - | €1,109 | +€1,109 | |
| Plant, machinery and equipment | 23 | - | €16,924 | +€16,924 | |
| Other tangible fixed assets | 26 | - | €6,636 | +€6,636 | |
| Financial fixed assets | 28 | €205,850 | €208,350 | +€2,500 | +1.2% |
| Current assets | 29/58 | - | €35,728 | +€35,728 | |
| Stocks and contracts in progress | 3 | - | €10,887 | +€10,887 | |
| Stocks | 30/36 | - | €10,887 | +€10,887 | |
| Amounts receivable within one year | 40/41 | - | €24,286 | +€24,286 | |
| Trade receivables | 40 | - | €11,459 | +€11,459 | |
| Other amounts receivable | 41 | - | €12,827 | +€12,827 | |
| Cash at bank and in hand | 54/58 | - | €10 | +€10 | |
| Deferred charges and accrued income | 490/1 | - | €545 | +€545 | |
| Total equity and liabilities | 10/49 | €205,850 | €311,244 | +€105,394 | +51.2% |
| Equity | 10/15 | €34,754 | -€85,433 | -€120,187 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €7,399 | €7,399 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €5,539 | €5,539 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,755 | -€111,432 | -€120,187 | |
| Amounts payable | 17/49 | €171,096 | €396,678 | +€225,582 | +131.8% |
| Amounts payable after more than one year | 17 | - | €7,565 | +€7,565 | |
| Financial debts | 170/4 | - | €7,565 | +€7,565 | |
| Amounts payable within one year | 42/48 | €171,096 | €389,113 | +€218,017 | +127.4% |
| Current portion of amounts payable after more than one year | 42 | - | €1,994 | +€1,994 | |
| Financial debts | 43 | €39 | - | -€39 | |
| Credit institutions | 430/8 | €39 | - | -€39 | |
| Trade debts | 44 | €3,524 | €185,237 | +€181,714 | +5156.5% |
| Suppliers | 440/4 | €3,524 | €185,237 | +€181,714 | +5156.5% |
| Taxes, remuneration and social security | 45 | - | €640 | +€640 | |
| Remuneration and social security | 454/9 | - | €640 | +€640 | |
| Other amounts payable | 47/48 | €167,533 | €201,242 | +€33,708 | +20.1% |
| Remuneration, social security and pensions | 62 | - | €20,005 | +€20,005 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,935 | +€3,935 | |
| Other operating charges | 640/8 | €1,154 | €620 | -€534 | -46.3% |
| Gross operating margin | 9900 | €7,658 | -€92,938 | -€100,597 | |
| Operating profit (loss) | 9901 | €6,504 | -€117,499 | -€124,003 | |
| Financial charges | 65/66B | €205 | €2,689 | +€2,483 | +1208.6% |
| Recurring financial charges | 65 | €205 | €2,689 | +€2,483 | +1208.6% |
| Profit (loss) for the period before taxes | 9903 | €6,299 | -€120,187 | -€126,486 | |
| Profit (loss) for the period | 9904 | €6,299 | -€120,187 | -€126,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,299 | -€120,187 | -€126,486 |
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 30 September 2026 via checked.be.