S-curve: what changed
S-curve
Largest movements
- Receivables within one year +€63,194
up €63,194 (+79.3%), from €79,720 to €142,913
of which Other amounts receivable: +€59,144
- Tangible fixed assets -€11,271
down €11,271 (-29.0%), from €38,814 to €27,542
of which Furniture and vehicles: -€13,511
- Cash +€9,983
up €9,983 (+58.8%), from €16,966 to €26,949
mainly Net result for the year (+€70,047) and Depreciation (+€15,368)
- Current investments -€7,160
down €7,160 (-5.4%), from €132,232 to €125,072
- Reserves +€70,047
up €70,047 (+43.1%), from €162,405 to €232,452
of which Distributable reserves: +€70,047
- Tax, wage and social debts -€13,076
down €13,076 (-34.7%), from €37,630 to €24,554
- Gross operating margin -€34,869
down €34,869 (-24.5%), from €142,553 to €107,684
- Taxes -€10,717
down €10,717 (-28.7%), from €37,317 to €26,601
- Financial income +€2,191
up €2,191 (+98.4%), from €2,226 to €4,417
of which Financial income: +€2,191
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,731 | €322,476 | +€54,745 | +20.4% |
| Fixed assets | 21/28 | €38,814 | €27,542 | -€11,271 | -29.0% |
| Tangible fixed assets | 22/27 | €38,814 | €27,542 | -€11,271 | -29.0% |
| Plant, machinery and equipment | 23 | - | €2,731 | +€2,731 | |
| Furniture and vehicles | 24 | €37,830 | €24,319 | -€13,511 | -35.7% |
| Other tangible fixed assets | 26 | €983 | €492 | -€492 | -50.0% |
| Current assets | 29/58 | €228,917 | €294,934 | +€66,017 | +28.8% |
| Amounts receivable within one year | 40/41 | €79,720 | €142,913 | +€63,194 | +79.3% |
| Trade receivables | 40 | €21,599 | €25,648 | +€4,050 | +18.8% |
| Other amounts receivable | 41 | €58,121 | €117,265 | +€59,144 | +102% |
| Current investments | 50/53 | €132,232 | €125,072 | -€7,160 | -5.4% |
| Cash at bank and in hand | 54/58 | €16,966 | €26,949 | +€9,983 | +58.8% |
| Total equity and liabilities | 10/49 | €267,731 | €322,476 | +€54,745 | +20.4% |
| Equity | 10/15 | €227,556 | €297,603 | +€70,047 | +30.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €162,405 | €232,452 | +€70,047 | +43.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €160,545 | €230,592 | +€70,047 | +43.6% |
| Profit (loss) carried forward | 14 | €58,951 | €58,951 | = | 0.0% |
| Amounts payable | 17/49 | €40,175 | €24,873 | -€15,302 | -38.1% |
| Amounts payable within one year | 42/48 | €40,175 | €24,873 | -€15,302 | -38.1% |
| Trade debts | 44 | €2,545 | €319 | -€2,226 | -87.5% |
| Suppliers | 440/4 | €2,545 | €319 | -€2,226 | -87.5% |
| Taxes, remuneration and social security | 45 | €37,630 | €24,554 | -€13,076 | -34.7% |
| Taxes | 450/3 | €37,630 | €24,554 | -€13,076 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,003 | €15,368 | +€1,366 | +9.8% |
| Gross operating margin | 9900 | €142,553 | €107,684 | -€34,869 | -24.5% |
| Operating profit (loss) | 9901 | €128,550 | €92,315 | -€36,235 | -28.2% |
| Financial income | 75/76B | €2,226 | €4,417 | +€2,191 | +98.4% |
| Recurring financial income | 75 | €2,226 | €4,417 | +€2,191 | +98.4% |
| Non-recurring financial income | 76B | €2,226 | €4,417 | +€2,191 | +98.4% |
| Financial charges | 65/66B | €87 | €85 | -€3 | -3.0% |
| Recurring financial charges | 65 | €87 | €85 | -€3 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €130,690 | €96,648 | -€34,042 | -26.0% |
| Income taxes | 67/77 | €37,317 | €26,601 | -€10,717 | -28.7% |
| Profit (loss) for the period | 9904 | €93,372 | €70,047 | -€23,325 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,372 | €70,047 | -€23,325 | -25.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.