RETRACE: what changed
Two financial 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.
RETRACE
Largest movements
- Receivables within one year +€24,780
up €24,780 (+1,186%), from €2,089 to €26,869
of which Trade receivables: +€25,245
- Cash +€24,003
up €24,003 (+9,600%), from €250 to €24,253
mainly Net result for the year (+€32,835) and Tax, wage and social debts (+€17,365)
- Tangible fixed assets +€1,874
up €1,874 (+1,219%), from €154 to €2,028
- Profit (loss) carried forward +€32,835
up €32,835, from -€12,603 to €20,232
- Tax, wage and social debts +€17,365
new in 2025: €17,365
of which Taxes: +€14,071
- Gross operating margin +€53,718
up €53,718, from -€12,210 to €41,508
- Taxes +€7,373
new in 2025: €7,373
- Depreciation +€473
up €473 (+84.8%), from €557 to €1,030
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.
Derived cash bridge
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 | €5,731 | €56,387 | +€50,656 | +884% |
| Fixed assets | 21/28 | €3,119 | €4,608 | +€1,488 | +47.7% |
| Intangible fixed assets | 21 | €1,655 | €1,269 | -€386 | -23.3% |
| Tangible fixed assets | 22/27 | €154 | €2,028 | +€1,874 | +1,219% |
| Furniture and vehicles | 24 | €154 | €2,028 | +€1,874 | +1,219% |
| Financial fixed assets | 28 | €1,310 | €1,310 | = | 0.0% |
| Current assets | 29/58 | €2,612 | €51,779 | +€49,167 | +1,882% |
| Amounts receivable within one year | 40/41 | €2,089 | €26,869 | +€24,780 | +1,186% |
| Trade receivables | 40 | €1,624 | €26,869 | +€25,245 | +1,555% |
| Other amounts receivable | 41 | €465 | - | -€465 | |
| Cash at bank and in hand | 54/58 | €250 | €24,253 | +€24,003 | +9,600% |
| Deferred charges and accrued income | 490/1 | €273 | €658 | +€385 | +141% |
| Total equity and liabilities | 10/49 | €5,731 | €56,387 | +€50,656 | +884% |
| Equity | 10/15 | -€1,603 | €31,232 | +€32,835 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €7,000 | €7,000 | = | 0.0% |
| Distributable reserves | 133 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,603 | €20,232 | +€32,835 | |
| Amounts payable | 17/49 | €7,334 | €25,154 | +€17,821 | +243% |
| Amounts payable within one year | 42/48 | €7,334 | €25,154 | +€17,821 | +243% |
| Trade debts | 44 | €4,275 | €4,354 | +€79 | +1.9% |
| Suppliers | 440/4 | €4,275 | €4,354 | +€79 | +1.9% |
| Taxes, remuneration and social security | 45 | - | €17,365 | +€17,365 | |
| Taxes | 450/3 | - | €14,071 | +€14,071 | |
| Remuneration and social security | 454/9 | - | €3,294 | +€3,294 | |
| Other amounts payable | 47/48 | €3,059 | €3,436 | +€377 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557 | €1,030 | +€473 | +84.8% |
| Other operating charges | 640/8 | - | €9 | +€9 | |
| Gross operating margin | 9900 | -€12,210 | €41,508 | +€53,718 | |
| Operating profit (loss) | 9901 | -€12,767 | €40,469 | +€53,236 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €146 | €263 | +€117 | +80.3% |
| Recurring financial charges | 65 | €146 | €263 | +€117 | +80.3% |
| Profit (loss) for the period before taxes | 9903 | -€12,913 | €40,208 | +€53,122 | |
| Income taxes | 67/77 | - | €7,373 | +€7,373 | |
| Profit (loss) for the period | 9904 | -€12,913 | €32,835 | +€45,748 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,913 | €32,835 | +€45,748 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.