RESPONSESTUDIOS: 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.
RESPONSESTUDIOS
Largest movements
- Intangible fixed assets +€87,426
new in 2025: €87,426
- Receivables within one year +€74,770
up €74,770 (+131.2%), from €56,997 to €131,767
of which Trade receivables: +€78,963
- Cash -€14,318
down €14,318 (-89.1%), from €16,077 to €1,759
mainly Investment in fixed assets (net) (-€87,975) and Receivables within one year (-€74,770)
- Trade debts +€86,777
up €86,777 (+5314.3%), from €1,633 to €88,409
- Reserves +€26,657
up €26,657 (+26.0%), from €102,650 to €129,307
- Other debts +€26,428
up €26,428, from €0 to €26,428
- Short-term financial debts +€7,604
up €7,604 (+99.9%), from €7,611 to €15,215
- Gross operating margin +€5,003
up €5,003 (+7.0%), from €71,591 to €76,594
- Taxes +€2,915
up €2,915 (+15.8%), from €18,474 to €21,390
- Write-downs -€2,242
down €2,242 (-100.0%), from €2,242 to €0
- Financial charges -€2,102
down €2,102 (-50.6%), from €4,154 to €2,052
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 | €169,547 | €319,450 | +€149,903 | +88.4% |
| Fixed assets | 21/28 | €2,427 | €89,039 | +€86,612 | +3569.2% |
| Intangible fixed assets | 21 | - | €87,426 | +€87,426 | |
| Tangible fixed assets | 22/27 | €2,427 | €1,613 | -€814 | -33.5% |
| Furniture and vehicles | 24 | €2,427 | €1,613 | -€814 | -33.5% |
| Current assets | 29/58 | €167,121 | €230,411 | +€63,291 | +37.9% |
| Amounts receivable after more than one year | 29 | €90,902 | €91,389 | +€487 | +0.5% |
| Other amounts receivable | 291 | €90,902 | €91,389 | +€487 | +0.5% |
| Amounts receivable within one year | 40/41 | €56,997 | €131,767 | +€74,770 | +131.2% |
| Trade receivables | 40 | €40,504 | €119,466 | +€78,963 | +195.0% |
| Other amounts receivable | 41 | €16,493 | €12,301 | -€4,193 | -25.4% |
| Cash at bank and in hand | 54/58 | €16,077 | €1,759 | -€14,318 | -89.1% |
| Deferred charges and accrued income | 490/1 | €3,145 | €5,497 | +€2,352 | +74.8% |
| Total equity and liabilities | 10/49 | €169,547 | €319,450 | +€149,903 | +88.4% |
| Equity | 10/15 | €121,250 | €147,907 | +€26,657 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,650 | €129,307 | +€26,657 | +26.0% |
| Distributable reserves | 133 | €102,650 | €129,307 | +€26,657 | +26.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €19,021 | €19,021 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €19,021 | €19,021 | = | 0.0% |
| Pensions and similar obligations | 160 | €19,021 | €19,021 | = | 0.0% |
| Amounts payable | 17/49 | €29,276 | €152,522 | +€123,246 | +421.0% |
| Amounts payable within one year | 42/48 | €29,276 | €152,522 | +€123,246 | +421.0% |
| Financial debts | 43 | €7,611 | €15,215 | +€7,604 | +99.9% |
| Credit institutions | 430/8 | €7,611 | €15,215 | +€7,604 | +99.9% |
| Trade debts | 44 | €1,633 | €88,409 | +€86,777 | +5314.3% |
| Suppliers | 440/4 | €1,633 | €88,409 | +€86,777 | +5314.3% |
| Taxes, remuneration and social security | 45 | €20,032 | €22,470 | +€2,438 | +12.2% |
| Taxes | 450/3 | €20,032 | €22,470 | +€2,438 | +12.2% |
| Other amounts payable | 47/48 | €0 | €26,428 | +€26,428 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,721 | €1,363 | -€359 | -20.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,242 | €0 | -€2,242 | -100.0% |
| Other operating charges | 640/8 | €984 | €528 | -€456 | -46.4% |
| Gross operating margin | 9900 | €71,591 | €76,594 | +€5,003 | +7.0% |
| Operating profit (loss) | 9901 | €66,644 | €74,703 | +€8,060 | +12.1% |
| Financial income | 75/76B | €1,926 | €1,823 | -€103 | -5.3% |
| Recurring financial income | 75 | €1,926 | €1,823 | -€103 | -5.3% |
| Financial charges | 65/66B | €4,154 | €2,052 | -€2,102 | -50.6% |
| Recurring financial charges | 65 | €4,154 | €2,052 | -€2,102 | -50.6% |
| Profit (loss) for the period before taxes | 9903 | €64,415 | €74,474 | +€10,059 | +15.6% |
| Income taxes | 67/77 | €18,474 | €21,390 | +€2,915 | +15.8% |
| Profit (loss) for the period | 9904 | €45,941 | €53,085 | +€7,144 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €45,941 | €53,085 | +€7,144 | +15.6% |
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 4 October 2026 via checked.be.