S1: what changed
S1
Largest movements
- Tangible fixed assets -€22,644
down €22,644 (-84.7%), from €26,734 to €4,090
of which Other tangible fixed assets: -€22,192
- Intangible fixed assets -€18,906
down €18,906 (-100%), from €18,906 to €0
- Cash -€8,636
down €8,636 (-48.5%), from €17,809 to €9,173
mainly Debts after one year (-€48,138) and Trade debts (-€24,704)
- Stocks and contracts -€5,496
down €5,496 (-36.4%), from €15,099 to €9,603
- Receivables within one year -€5,365
down €5,365 (-40.4%), from €13,289 to €7,924
of which Trade receivables: -€5,361
- Debts after one year -€48,138
down €48,138 (-55.5%), from €86,676 to €38,538
of which Financial debts: -€73,283
- Profit (loss) carried forward +€45,174
up €45,174 (+29.5%), from -€153,323 to -€108,149
- Trade debts -€24,704
down €24,704 (-38.3%), from €64,481 to €39,777
- Current portion of long-term debt -€22,665
down €22,665 (-85.4%), from €26,526 to €3,861
- Tax, wage and social debts -€18,597
down €18,597 (-34.6%), from €53,749 to €35,152
of which Remuneration and social security: -€14,432
- Gross operating margin +€63,597
up €63,597 (+44.0%), from €144,425 to €208,022
- Staff costs -€7,099
down €7,099 (-4.7%), from €150,096 to €142,997
- Depreciation -€2,101
down €2,101 (-14.3%), from €14,660 to €12,560
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 | €93,682 | €31,854 | -€61,828 | -66.0% |
| Fixed assets | 21/28 | €45,640 | €4,090 | -€41,550 | -91.0% |
| Intangible fixed assets | 21 | €18,906 | €0 | -€18,906 | -100% |
| Tangible fixed assets | 22/27 | €26,734 | €4,090 | -€22,644 | -84.7% |
| Furniture and vehicles | 24 | €501 | €49 | -€452 | -90.2% |
| Other tangible fixed assets | 26 | €26,233 | €4,041 | -€22,192 | -84.6% |
| Current assets | 29/58 | €48,042 | €27,764 | -€20,278 | -42.2% |
| Stocks and contracts in progress | 3 | €15,099 | €9,603 | -€5,496 | -36.4% |
| Stocks | 30/36 | €15,099 | €9,603 | -€5,496 | -36.4% |
| Amounts receivable within one year | 40/41 | €13,289 | €7,924 | -€5,365 | -40.4% |
| Trade receivables | 40 | €13,063 | €7,702 | -€5,361 | -41.0% |
| Other amounts receivable | 41 | €226 | €222 | -€5 | -2.0% |
| Cash at bank and in hand | 54/58 | €17,809 | €9,173 | -€8,636 | -48.5% |
| Deferred charges and accrued income | 490/1 | €1,845 | €1,063 | -€782 | -42.4% |
| Total equity and liabilities | 10/49 | €93,682 | €31,854 | -€61,828 | -66.0% |
| Equity | 10/15 | -€138,323 | -€93,149 | +€45,174 | +32.7% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,323 | -€108,149 | +€45,174 | +29.5% |
| Amounts payable | 17/49 | €232,005 | €125,003 | -€107,002 | -46.1% |
| Amounts payable after more than one year | 17 | €86,676 | €38,538 | -€48,138 | -55.5% |
| Financial debts | 170/4 | €73,283 | - | -€73,283 | |
| Other amounts payable | 178/9 | €13,393 | €38,538 | +€25,145 | +188% |
| Amounts payable within one year | 42/48 | €145,329 | €86,465 | -€58,864 | -40.5% |
| Current portion of amounts payable after more than one year | 42 | €26,526 | €3,861 | -€22,665 | -85.4% |
| Trade debts | 44 | €64,481 | €39,777 | -€24,704 | -38.3% |
| Suppliers | 440/4 | €64,481 | €39,777 | -€24,704 | -38.3% |
| Taxes, remuneration and social security | 45 | €53,749 | €35,152 | -€18,597 | -34.6% |
| Taxes | 450/3 | €18,158 | €13,993 | -€4,165 | -22.9% |
| Remuneration and social security | 454/9 | €35,591 | €21,159 | -€14,432 | -40.5% |
| Other amounts payable | 47/48 | €572 | €7,675 | +€7,103 | +1,241% |
| Non-recurring operating income | 76A | €91,117 | €117,163 | +€26,046 | +28.6% |
| Remuneration, social security and pensions | 62 | €150,096 | €142,997 | -€7,099 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,660 | €12,560 | -€2,101 | -14.3% |
| Other operating charges | 640/8 | €2,241 | €2,681 | +€440 | +19.6% |
| Gross operating margin | 9900 | €144,425 | €208,022 | +€63,597 | +44.0% |
| Operating profit (loss) | 9901 | -€22,572 | €49,785 | +€72,357 | |
| Financial income | 75/76B | - | €38 | +€38 | |
| Recurring financial income | 75 | - | €38 | +€38 | |
| Financial charges | 65/66B | €3,326 | €4,649 | +€1,323 | +39.8% |
| Recurring financial charges | 65 | €3,326 | €4,649 | +€1,323 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | -€25,898 | €45,174 | +€71,072 | |
| Profit (loss) for the period | 9904 | -€25,898 | €45,174 | +€71,072 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,898 | €45,174 | +€71,072 |
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 7 November 2026 via checked.be.