ROUTE 29: 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.
ROUTE 29
Largest movements
- Receivables within one year -€16,070
down €16,070 (-12.3%), from €130,630 to €114,560
of which Trade receivables: -€16,154
- Stocks and contracts +€5,185
up €5,185 (+39.1%), from €13,262 to €18,447
of which Contracts in progress: +€7,000
- Cash +€1,714
up €1,714 (+25.3%), from €6,781 to €8,495
- Contributions -€30,000
down €30,000 (-9.1%), from €330,000 to €300,000
- Reserves +€30,000
up €30,000 (+150%), from €20,000 to €50,000
- Profit (loss) carried forward -€29,655
down €29,655 (-7.6%), from -€391,372 to -€421,027
- Other debts +€25,099
up €25,099 (+13.0%), from €193,227 to €218,326
- Tax, wage and social debts -€3,928
down €3,928 (-71.2%), from €5,520 to €1,592
of which Taxes: -€2,428
- Gross operating margin -€12,939
down €12,939 (-149%), from -€8,702 to -€21,641
- Financial charges -€2,622
down €2,622 (-72.5%), from €3,619 to €997
- Depreciation +€1,889
up €1,889 (+126%), from €1,496 to €3,385
- Other operating charges +€1,219
up €1,219 (+57.4%), from €2,124 to €3,343
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,456 | €154,325 | -€10,131 | -6.2% |
| Fixed assets | 21/28 | €11,933 | €11,732 | -€201 | -1.7% |
| Intangible fixed assets | 21 | €751 | €466 | -€285 | -37.9% |
| Tangible fixed assets | 22/27 | €8,616 | €8,701 | +€84 | +1.0% |
| Land and buildings | 22 | €5,533 | €4,652 | -€881 | -15.9% |
| Plant, machinery and equipment | 23 | €2,067 | €4,049 | +€1,981 | +95.8% |
| Furniture and vehicles | 24 | €1,016 | €0 | -€1,016 | -100% |
| Financial fixed assets | 28 | €2,565 | €2,565 | = | 0.0% |
| Current assets | 29/58 | €152,523 | €142,593 | -€9,930 | -6.5% |
| Stocks and contracts in progress | 3 | €13,262 | €18,447 | +€5,185 | +39.1% |
| Stocks | 30/36 | €13,262 | €11,447 | -€1,815 | -13.7% |
| Contracts in progress | 37 | - | €7,000 | +€7,000 | |
| Amounts receivable within one year | 40/41 | €130,630 | €114,560 | -€16,070 | -12.3% |
| Trade receivables | 40 | €130,630 | €114,476 | -€16,154 | -12.4% |
| Other amounts receivable | 41 | - | €84 | +€84 | |
| Cash at bank and in hand | 54/58 | €6,781 | €8,495 | +€1,714 | +25.3% |
| Deferred charges and accrued income | 490/1 | €1,850 | €1,091 | -€759 | -41.0% |
| Total equity and liabilities | 10/49 | €164,456 | €154,325 | -€10,131 | -6.2% |
| Equity | 10/15 | -€41,372 | -€71,027 | -€29,655 | -71.7% |
| Contributions | 10/11 | €330,000 | €300,000 | -€30,000 | -9.1% |
| Reserves | 13 | €20,000 | €50,000 | +€30,000 | +150% |
| Distributable reserves | 133 | €20,000 | €50,000 | +€30,000 | +150% |
| Profit (loss) carried forward | 14 | -€391,372 | -€421,027 | -€29,655 | -7.6% |
| Amounts payable | 17/49 | €205,827 | €225,352 | +€19,524 | +9.5% |
| Amounts payable within one year | 42/48 | €205,300 | €225,352 | +€20,052 | +9.8% |
| Trade debts | 44 | €6,553 | €5,433 | -€1,119 | -17.1% |
| Suppliers | 440/4 | €6,553 | €5,433 | -€1,119 | -17.1% |
| Taxes, remuneration and social security | 45 | €5,520 | €1,592 | -€3,928 | -71.2% |
| Taxes | 450/3 | €4,020 | €1,592 | -€2,428 | -60.4% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €193,227 | €218,326 | +€25,099 | +13.0% |
| Accrued charges and deferred income | 492/3 | €527 | €0 | -€527 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,496 | €3,385 | +€1,889 | +126% |
| Other operating charges | 640/8 | €2,124 | €3,343 | +€1,219 | +57.4% |
| Gross operating margin | 9900 | -€8,702 | -€21,641 | -€12,939 | -149% |
| Operating profit (loss) | 9901 | -€12,322 | -€28,368 | -€16,047 | -130% |
| Financial income | 75/76B | €223 | €9 | -€214 | -96.1% |
| Recurring financial income | 75 | €223 | €9 | -€214 | -96.1% |
| Financial charges | 65/66B | €3,619 | €997 | -€2,622 | -72.5% |
| Recurring financial charges | 65 | €3,619 | €997 | -€2,622 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | -€15,717 | -€29,356 | -€13,639 | -86.8% |
| Income taxes | 67/77 | €193 | €299 | +€106 | +54.7% |
| Profit (loss) for the period | 9904 | -€15,910 | -€29,655 | -€13,745 | -86.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,910 | -€29,655 | -€13,745 | -86.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.