RESEARCH LINK: what changed
RESEARCH LINK
Largest movements
- Receivables within one year -€149,937
down €149,937 (-35.9%), from €418,136 to €268,199
of which Trade receivables: -€159,313
- Cash +€14,063
up €14,063 (+9.0%), from €157,078 to €171,140
mainly Receivables within one year (+€149,937) and Net result for the year (+€18,365)
- Accrued charges and deferred income -€97,829
down €97,829 (-100%), from €97,829 to €0
- Tax, wage and social debts -€30,151
down €30,151 (-100%), from €30,151 to €0
- Profit (loss) carried forward +€18,365
up €18,365 (+7.9%), from €232,833 to €251,197
- Trade debts -€13,511
down €13,511 (-6.3%), from €214,557 to €201,046
- Current portion of long-term debt -€12,000
down €12,000 (-100%), from €12,000 to €0
- Gross operating margin -€40,971
down €40,971 (-89.5%), from €45,769 to €4,798
- Financial income +€13,928
up €13,928 (+162%), from €8,603 to €22,531
- Taxes -€6,790
down €6,790 (-52.6%), from €12,911 to €6,122
- Financial charges -€552
down €552 (-32.6%), from €1,694 to €1,141
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,371 | €477,442 | -€134,929 | -22.0% |
| Fixed assets | 21/28 | €37,130 | €36,196 | -€933 | -2.5% |
| Tangible fixed assets | 22/27 | €1,655 | €721 | -€933 | -56.4% |
| Furniture and vehicles | 24 | €1,655 | €721 | -€933 | -56.4% |
| Financial fixed assets | 28 | €35,475 | €35,475 | = | 0.0% |
| Current assets | 29/58 | €575,241 | €441,246 | -€133,996 | -23.3% |
| Amounts receivable within one year | 40/41 | €418,136 | €268,199 | -€149,937 | -35.9% |
| Trade receivables | 40 | €378,152 | €218,839 | -€159,313 | -42.1% |
| Other amounts receivable | 41 | €39,984 | €49,361 | +€9,376 | +23.5% |
| Cash at bank and in hand | 54/58 | €157,078 | €171,140 | +€14,063 | +9.0% |
| Deferred charges and accrued income | 490/1 | €28 | €1,907 | +€1,879 | +6,798% |
| Total equity and liabilities | 10/49 | €612,371 | €477,442 | -€134,929 | -22.0% |
| Equity | 10/15 | €245,703 | €264,067 | +€18,365 | +7.5% |
| Contributions | 10/11 | €9,900 | €9,900 | = | 0.0% |
| Reserves | 13 | €2,970 | €2,970 | = | 0.0% |
| Distributable reserves | 133 | €2,970 | €2,970 | = | 0.0% |
| Profit (loss) carried forward | 14 | €232,833 | €251,197 | +€18,365 | +7.9% |
| Amounts payable | 17/49 | €366,668 | €213,375 | -€153,293 | -41.8% |
| Amounts payable within one year | 42/48 | €268,839 | €213,375 | -€55,464 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €12,000 | €0 | -€12,000 | -100% |
| Trade debts | 44 | €214,557 | €201,046 | -€13,511 | -6.3% |
| Suppliers | 440/4 | €214,557 | €201,046 | -€13,511 | -6.3% |
| Taxes, remuneration and social security | 45 | €30,151 | €0 | -€30,151 | -100% |
| Taxes | 450/3 | €30,151 | €0 | -€30,151 | -100% |
| Other amounts payable | 47/48 | €12,132 | €12,329 | +€198 | +1.6% |
| Accrued charges and deferred income | 492/3 | €97,829 | €0 | -€97,829 | -100% |
| Remuneration, social security and pensions | 62 | €347 | €369 | +€22 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €933 | €933 | = | 0.0% |
| Other operating charges | 640/8 | €40 | €400 | +€360 | +903% |
| Gross operating margin | 9900 | €45,769 | €4,798 | -€40,971 | -89.5% |
| Operating profit (loss) | 9901 | €44,449 | €3,096 | -€41,352 | -93.0% |
| Financial income | 75/76B | €8,603 | €22,531 | +€13,928 | +162% |
| Recurring financial income | 75 | €8,603 | €22,531 | +€13,928 | +162% |
| Financial charges | 65/66B | €1,694 | €1,141 | -€552 | -32.6% |
| Recurring financial charges | 65 | €1,694 | €1,141 | -€552 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €51,358 | €24,486 | -€26,872 | -52.3% |
| Income taxes | 67/77 | €12,911 | €6,122 | -€6,790 | -52.6% |
| Profit (loss) for the period | 9904 | €38,447 | €18,365 | -€20,082 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,447 | €18,365 | -€20,082 | -52.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.