RW: 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.
RW
Largest movements
- Intangible fixed assets -€29,723
down €29,723 (-33.3%), from €89,168 to €59,445
- Debts after one year -€21,087
down €21,087 (-39.5%), from €53,439 to €32,352
- Profit (loss) carried forward +€20,553
up €20,553 (+59.2%), from -€34,733 to -€14,181
- Trade debts -€19,824
down €19,824 (-76.6%), from €25,896 to €6,071
- Other debts -€7,715
no longer reported in 2025 (was €7,715)
- Accrued charges and deferred income -€2,668
no longer reported in 2025 (was €2,668)
- Gross operating margin +€40,561
up €40,561 (+187%), from €21,659 to €62,220
- Other operating charges +€8,225
up €8,225 (+814%), from €1,010 to €9,235
- Depreciation -€1,227
down €1,227 (-4.0%), from €30,949 to €29,723
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €125,354 | €95,665 | -€29,689 | -23.7% |
| Fixed assets | 21/28 | €89,168 | €59,445 | -€29,723 | -33.3% |
| Intangible fixed assets | 21 | €89,168 | €59,445 | -€29,723 | -33.3% |
| Current assets | 29/58 | €36,186 | €36,219 | +€34 | +0.1% |
| Amounts receivable within one year | 40/41 | €36,059 | €35,126 | -€933 | -2.6% |
| Trade receivables | 40 | €26,815 | €25,455 | -€1,360 | -5.1% |
| Other amounts receivable | 41 | €9,244 | €9,672 | +€427 | +4.6% |
| Deferred charges and accrued income | 490/1 | €127 | €1,093 | +€966 | +764% |
| Total equity and liabilities | 10/49 | €125,354 | €95,665 | -€29,689 | -23.7% |
| Equity | 10/15 | -€7,133 | €13,419 | +€20,553 | |
| Contributions | 10/11 | €12,600 | €12,600 | = | 0.0% |
| Reserves | 13 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,733 | -€14,181 | +€20,553 | +59.2% |
| Amounts payable | 17/49 | €132,487 | €82,245 | -€50,242 | -37.9% |
| Amounts payable after more than one year | 17 | €53,439 | €32,352 | -€21,087 | -39.5% |
| Financial debts | 170/4 | €53,439 | €32,352 | -€21,087 | -39.5% |
| Amounts payable within one year | 42/48 | €76,380 | €49,893 | -€26,487 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €20,709 | €20,878 | +€169 | +0.8% |
| Financial debts | 43 | €20,842 | €22,744 | +€1,901 | +9.1% |
| Credit institutions | 430/8 | €20,842 | €22,744 | +€1,901 | +9.1% |
| Trade debts | 44 | €25,896 | €6,071 | -€19,824 | -76.6% |
| Suppliers | 440/4 | €25,896 | €6,071 | -€19,824 | -76.6% |
| Taxes, remuneration and social security | 45 | €1,218 | €200 | -€1,019 | -83.6% |
| Taxes | 450/3 | €1,218 | €200 | -€1,019 | -83.6% |
| Other amounts payable | 47/48 | €7,715 | - | -€7,715 | |
| Accrued charges and deferred income | 492/3 | €2,668 | - | -€2,668 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,949 | €29,723 | -€1,227 | -4.0% |
| Other operating charges | 640/8 | €1,010 | €9,235 | +€8,225 | +814% |
| Non-recurring operating charges | 66A | €19,195 | - | -€19,195 | |
| Gross operating margin | 9900 | €21,659 | €62,220 | +€40,561 | +187% |
| Operating profit (loss) | 9901 | -€29,496 | €23,263 | +€52,759 | |
| Financial income | 75/76B | €339 | €1 | -€338 | -99.7% |
| Recurring financial income | 75 | €339 | €1 | -€338 | -99.7% |
| Financial charges | 65/66B | €2,849 | €2,711 | -€138 | -4.8% |
| Recurring financial charges | 65 | €2,849 | €2,711 | -€138 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | -€32,005 | €20,553 | +€52,558 | |
| Income taxes | 67/77 | €122 | - | -€122 | |
| Profit (loss) for the period | 9904 | -€32,127 | €20,553 | +€52,680 | |
| Profit (loss) for the period to be appropriated | 9905 | -€32,127 | €20,553 | +€52,680 |
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 30 October 2026 via checked.be.