Road to Code: 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.
Road to Code
Largest movements
- Receivables within one year +€14,918
up €14,918 (+349%), from €4,275 to €19,192
of which Trade receivables: +€13,570
- Tangible fixed assets -€13,495
down €13,495 (-20.7%), from €65,237 to €51,742
of which Furniture and vehicles: -€16,112
- Cash +€12,006
up €12,006 (+9.7%), from €123,291 to €135,297
mainly Other debts (+€106,533) and Net result for the year (+€29,096)
- Other debts +€106,533
up €106,533 (+410%), from €25,965 to €132,498
- Reserves -€70,904
down €70,904 (-74.4%), from €95,251 to €24,347
- Debts after one year -€13,762
down €13,762 (-36.0%), from €38,220 to €24,458
- Tax, wage and social debts -€9,053
down €9,053 (-51.6%), from €17,547 to €8,494
- Gross operating margin +€1,284
up €1,284 (+2.2%), from €57,402 to €58,685
- Depreciation +€673
up €673 (+3.6%), from €18,605 to €19,278
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 | €194,587 | €208,210 | +€13,623 | +7.0% |
| Fixed assets | 21/28 | €65,237 | €51,742 | -€13,495 | -20.7% |
| Tangible fixed assets | 22/27 | €65,237 | €51,742 | -€13,495 | -20.7% |
| Plant, machinery and equipment | 23 | €6,216 | €8,833 | +€2,617 | +42.1% |
| Furniture and vehicles | 24 | €59,021 | €42,909 | -€16,112 | -27.3% |
| Current assets | 29/58 | €129,350 | €156,467 | +€27,118 | +21.0% |
| Amounts receivable within one year | 40/41 | €4,275 | €19,192 | +€14,918 | +349% |
| Trade receivables | 40 | €3,930 | €17,500 | +€13,570 | +345% |
| Other amounts receivable | 41 | €345 | €1,692 | +€1,348 | +391% |
| Cash at bank and in hand | 54/58 | €123,291 | €135,297 | +€12,006 | +9.7% |
| Deferred charges and accrued income | 490/1 | €1,784 | €1,978 | +€194 | +10.9% |
| Total equity and liabilities | 10/49 | €194,587 | €208,210 | +€13,623 | +7.0% |
| Equity | 10/15 | €98,251 | €27,347 | -€70,904 | -72.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €95,251 | €24,347 | -€70,904 | -74.4% |
| Distributable reserves | 133 | €95,251 | €24,347 | -€70,904 | -74.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €96,336 | €180,863 | +€84,527 | +87.7% |
| Amounts payable after more than one year | 17 | €38,220 | €24,458 | -€13,762 | -36.0% |
| Financial debts | 170/4 | €38,220 | €24,458 | -€13,762 | -36.0% |
| Amounts payable within one year | 42/48 | €58,115 | €156,403 | +€98,288 | +169% |
| Current portion of amounts payable after more than one year | 42 | €13,116 | €13,762 | +€646 | +4.9% |
| Trade debts | 44 | €1,488 | €1,649 | +€161 | +10.9% |
| Suppliers | 440/4 | €1,488 | €1,649 | +€161 | +10.9% |
| Taxes, remuneration and social security | 45 | €17,547 | €8,494 | -€9,053 | -51.6% |
| Taxes | 450/3 | €17,547 | €8,494 | -€9,053 | -51.6% |
| Other amounts payable | 47/48 | €25,965 | €132,498 | +€106,533 | +410% |
| Accrued charges and deferred income | 492/3 | €2 | €2 | +€1 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,605 | €19,278 | +€673 | +3.6% |
| Other operating charges | 640/8 | €267 | €210 | -€58 | -21.5% |
| Gross operating margin | 9900 | €57,402 | €58,685 | +€1,284 | +2.2% |
| Operating profit (loss) | 9901 | €38,529 | €39,198 | +€668 | +1.7% |
| Financial income | 75/76B | €599 | €392 | -€208 | -34.6% |
| Recurring financial income | 75 | €599 | €392 | -€208 | -34.6% |
| Financial charges | 65/66B | €3,105 | €2,560 | -€545 | -17.6% |
| Recurring financial charges | 65 | €3,105 | €2,560 | -€545 | -17.6% |
| Profit (loss) for the period before taxes | 9903 | €36,023 | €37,029 | +€1,006 | +2.8% |
| Income taxes | 67/77 | €7,655 | €7,933 | +€278 | +3.6% |
| Profit (loss) for the period | 9904 | €28,368 | €29,096 | +€728 | +2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,368 | €29,096 | +€728 | +2.6% |
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 14 October 2026 via checked.be.