Robin Neirinck: 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.
Robin Neirinck
Largest movements
- Receivables within one year +€39,454
up €39,454 (+163%), from €24,200 to €63,654
of which Trade receivables: +€34,830
- Cash +€15,478
up €15,478 (+739%), from €2,093 to €17,571
mainly Net result for the year (+€31,808) and Other debts (+€26,040)
- Tangible fixed assets -€2,685
down €2,685 (-23.8%), from €11,300 to €8,615
- Stocks and contracts +€1,178
up €1,178 (+14.4%), from €8,156 to €9,334
- Reserves +€30,975
up €30,975 (+431%), from €7,184 to €38,159
- Other debts +€26,040
up €26,040 (+667%), from €3,902 to €29,942
- Debts after one year -€25,000
no longer reported in 2025 (was €25,000)
- Trade debts +€11,945
up €11,945 (+274%), from €4,354 to €16,299
- Tax, wage and social debts +€8,151
up €8,151 (+302%), from €2,700 to €10,851
- Gross operating margin +€33,476
up €33,476 (+308%), from €10,886 to €44,362
- Taxes +€5,452
up €5,452 (+202%), from €2,700 to €8,151
- Depreciation +€2,679
up €2,679 (+36,393%), from €7 to €2,686
- Financial charges +€1,252
up €1,252 (+1,117%), from €112 to €1,364
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 | €45,751 | €99,179 | +€53,428 | +117% |
| Fixed assets | 21/28 | €11,301 | €8,615 | -€2,686 | -23.8% |
| Intangible fixed assets | 21 | €1 | - | -€1 | |
| Tangible fixed assets | 22/27 | €11,300 | €8,615 | -€2,685 | -23.8% |
| Furniture and vehicles | 24 | €11,300 | €8,615 | -€2,685 | -23.8% |
| Current assets | 29/58 | €34,450 | €90,563 | +€56,114 | +163% |
| Stocks and contracts in progress | 3 | €8,156 | €9,334 | +€1,178 | +14.4% |
| Stocks | 30/36 | €8,156 | €9,334 | +€1,178 | +14.4% |
| Amounts receivable within one year | 40/41 | €24,200 | €63,654 | +€39,454 | +163% |
| Trade receivables | 40 | €23,804 | €58,634 | +€34,830 | +146% |
| Other amounts receivable | 41 | €396 | €5,021 | +€4,624 | +1,167% |
| Cash at bank and in hand | 54/58 | €2,093 | €17,571 | +€15,478 | +739% |
| Deferred charges and accrued income | 490/1 | - | €3 | +€3 | |
| Total equity and liabilities | 10/49 | €45,751 | €99,179 | +€53,428 | +117% |
| Equity | 10/15 | €9,684 | €40,659 | +€30,975 | +320% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | - | €2,500 | +€2,500 | |
| Other | 1109/19 | - | €2,500 | +€2,500 | |
| Reserves | 13 | €7,184 | €38,159 | +€30,975 | +431% |
| Distributable reserves | 133 | €7,184 | €38,159 | +€30,975 | +431% |
| Amounts payable | 17/49 | €36,067 | €58,520 | +€22,453 | +62.3% |
| Amounts payable after more than one year | 17 | €25,000 | - | -€25,000 | |
| Other amounts payable | 178/9 | €25,000 | - | -€25,000 | |
| Amounts payable within one year | 42/48 | €10,955 | €57,092 | +€46,137 | +421% |
| Trade debts | 44 | €4,354 | €16,299 | +€11,945 | +274% |
| Suppliers | 440/4 | €4,354 | €16,299 | +€11,945 | +274% |
| Taxes, remuneration and social security | 45 | €2,700 | €10,851 | +€8,151 | +302% |
| Taxes | 450/3 | €2,700 | €10,851 | +€8,151 | +302% |
| Other amounts payable | 47/48 | €3,902 | €29,942 | +€26,040 | +667% |
| Accrued charges and deferred income | 492/3 | €112 | €1,428 | +€1,316 | +1,174% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7 | €2,686 | +€2,679 | +36,393% |
| Other operating charges | 640/8 | €50 | €357 | +€307 | +613% |
| Gross operating margin | 9900 | €10,886 | €44,362 | +€33,476 | +308% |
| Operating profit (loss) | 9901 | €10,828 | €41,320 | +€30,491 | +282% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €112 | €1,364 | +€1,252 | +1,117% |
| Recurring financial charges | 65 | €112 | €1,364 | +€1,252 | +1,117% |
| Profit (loss) for the period before taxes | 9903 | €10,716 | €39,959 | +€29,242 | +273% |
| Income taxes | 67/77 | €2,700 | €8,151 | +€5,452 | +202% |
| Profit (loss) for the period | 9904 | €8,017 | €31,808 | +€23,791 | +297% |
| Profit (loss) for the period to be appropriated | 9905 | €8,017 | €31,808 | +€23,791 | +297% |
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.