RESEARCH PLUS: 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 PLUS
Largest movements
- Tangible fixed assets -€13,193
down €13,193 (-12.8%), from €103,182 to €89,990
of which Furniture and vehicles: -€10,683
- Receivables within one year -€11,391
down €11,391 (-19.8%), from €57,537 to €46,146
of which Trade receivables: -€7,221
- Deferred charges and accrued income -€2,143
down €2,143 (-68.5%), from €3,127 to €984
- Profit (loss) carried forward -€36,558
down €36,558 (-109.8%), from -€33,295 to -€69,853
- Debts after one year -€15,813
down €15,813 (-20.9%), from €75,743 to €59,930
- Short-term financial debts +€12,538
up €12,538 (+34.7%), from €36,107 to €48,645
- Trade debts +€8,641
up €8,641 (+139.0%), from €6,215 to €14,856
- Tax, wage and social debts +€5,712
up €5,712, from €0 to €5,712
of which Taxes: +€3,075
- Taxes +€2,647
up €2,647 (+2297.2%), from €115 to €2,762
- Financial charges +€874
up €874 (+15.5%), from €5,621 to €6,495
- Financial income -€607
down €607 (-17.3%), from €3,520 to €2,913
- Gross operating margin +€606
up €606 (+3.5%), from -€17,429 to -€16,823
- Depreciation -€204
down €204 (-1.5%), from €13,397 to €13,193
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 | €201,282 | €174,536 | -€26,746 | -13.3% |
| Fixed assets | 21/28 | €103,182 | €89,990 | -€13,193 | -12.8% |
| Tangible fixed assets | 22/27 | €103,182 | €89,990 | -€13,193 | -12.8% |
| Land and buildings | 22 | €68,375 | €66,123 | -€2,252 | -3.3% |
| Plant, machinery and equipment | 23 | €2,302 | €2,044 | -€258 | -11.2% |
| Furniture and vehicles | 24 | €32,505 | €21,823 | -€10,683 | -32.9% |
| Current assets | 29/58 | €98,100 | €84,546 | -€13,554 | -13.8% |
| Amounts receivable after more than one year | 29 | €37,400 | €37,400 | = | 0.0% |
| Other amounts receivable | 291 | €37,400 | €37,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,537 | €46,146 | -€11,391 | -19.8% |
| Trade receivables | 40 | €38,322 | €31,101 | -€7,221 | -18.8% |
| Other amounts receivable | 41 | €19,215 | €15,045 | -€4,170 | -21.7% |
| Cash at bank and in hand | 54/58 | €36 | €16 | -€20 | -55.3% |
| Deferred charges and accrued income | 490/1 | €3,127 | €984 | -€2,143 | -68.5% |
| Total equity and liabilities | 10/49 | €201,282 | €174,536 | -€26,746 | -13.3% |
| Equity | 10/15 | €66,138 | €29,580 | -€36,558 | -55.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,233 | €93,233 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,105 | €1,105 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,105 | €1,105 | = | 0.0% |
| Distributable reserves | 133 | €92,128 | €92,128 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,295 | -€69,853 | -€36,558 | -109.8% |
| Amounts payable | 17/49 | €135,144 | €144,956 | +€9,811 | +7.3% |
| Amounts payable after more than one year | 17 | €75,743 | €59,930 | -€15,813 | -20.9% |
| Financial debts | 170/4 | €75,743 | €59,930 | -€15,813 | -20.9% |
| Amounts payable within one year | 42/48 | €59,014 | €85,026 | +€26,012 | +44.1% |
| Current portion of amounts payable after more than one year | 42 | €15,252 | €15,813 | +€561 | +3.7% |
| Financial debts | 43 | €36,107 | €48,645 | +€12,538 | +34.7% |
| Credit institutions | 430/8 | €36,107 | €48,645 | +€12,538 | +34.7% |
| Trade debts | 44 | €6,215 | €14,856 | +€8,641 | +139.0% |
| Suppliers | 440/4 | €6,215 | €14,856 | +€8,641 | +139.0% |
| Advances received on contracts in progress | 46 | €1,441 | €0 | -€1,441 | -100.0% |
| Taxes, remuneration and social security | 45 | €0 | €5,712 | +€5,712 | |
| Taxes | 450/3 | €0 | €3,075 | +€3,075 | |
| Remuneration and social security | 454/9 | €0 | €2,637 | +€2,637 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,397 | €13,193 | -€204 | -1.5% |
| Other operating charges | 640/8 | €253 | €198 | -€56 | -21.9% |
| Gross operating margin | 9900 | -€17,429 | -€16,823 | +€606 | +3.5% |
| Operating profit (loss) | 9901 | -€31,079 | -€30,213 | +€866 | +2.8% |
| Financial income | 75/76B | €3,520 | €2,913 | -€607 | -17.3% |
| Recurring financial income | 75 | €3,520 | €2,913 | -€607 | -17.3% |
| Financial charges | 65/66B | €5,621 | €6,495 | +€874 | +15.5% |
| Recurring financial charges | 65 | €5,621 | €6,495 | +€874 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | -€33,180 | -€33,795 | -€615 | -1.9% |
| Income taxes | 67/77 | €115 | €2,762 | +€2,647 | +2297.2% |
| Profit (loss) for the period | 9904 | -€33,295 | -€36,558 | -€3,262 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,295 | -€36,558 | -€3,262 | -9.8% |
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 8 October 2026 via checked.be.