SABRINA FIORELLI: 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.
SABRINA FIORELLI
Largest movements
- Cash -€30,334
down €30,334 (-29.5%), from €102,726 to €72,392
mainly Contributions, distributions and other (-€115,000) and Receivables within one year (-€8,181)
- Receivables within one year +€8,181
up €8,181 (+32.3%), from €25,340 to €33,521
of which Trade receivables: +€4,966
- Tangible fixed assets -€3,190
down €3,190 (-5.0%), from €63,482 to €60,292
of which Furniture and vehicles: -€4,494
- Reserves -€31,413
down €31,413 (-14.1%), from €223,561 to €192,148
of which Distributable reserves: -€29,553
- Tax, wage and social debts +€3,654
up €3,654 (+72.1%), from €5,066 to €8,720
of which Taxes: +€3,654
- Trade debts +€3,413
up €3,413 (+847%), from €403 to €3,816
- Gross operating margin -€153,929
down €153,929 (-56.6%), from €271,960 to €118,031
- Depreciation -€2,786
down €2,786 (-21.2%), from €13,136 to €10,350
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 | €247,797 | €223,774 | -€24,023 | -9.7% |
| Fixed assets | 21/28 | €119,732 | €116,542 | -€3,190 | -2.7% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €63,482 | €60,292 | -€3,190 | -5.0% |
| Land and buildings | 22 | €16,750 | €16,946 | +€195 | +1.2% |
| Plant, machinery and equipment | 23 | €2,182 | €3,291 | +€1,109 | +50.8% |
| Furniture and vehicles | 24 | €44,549 | €40,055 | -€4,494 | -10.1% |
| Financial fixed assets | 28 | €56,250 | €56,250 | = | 0.0% |
| Current assets | 29/58 | €128,066 | €107,232 | -€20,833 | -16.3% |
| Amounts receivable within one year | 40/41 | €25,340 | €33,521 | +€8,181 | +32.3% |
| Trade receivables | 40 | €20,879 | €25,844 | +€4,966 | +23.8% |
| Other amounts receivable | 41 | €4,461 | €7,677 | +€3,215 | +72.1% |
| Cash at bank and in hand | 54/58 | €102,726 | €72,392 | -€30,334 | -29.5% |
| Deferred charges and accrued income | 490/1 | - | €1,320 | +€1,320 | |
| Total equity and liabilities | 10/49 | €247,797 | €223,774 | -€24,023 | -9.7% |
| Equity | 10/15 | €242,161 | €210,748 | -€31,413 | -13.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €223,561 | €192,148 | -€31,413 | -14.1% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €221,701 | €192,148 | -€29,553 | -13.3% |
| Amounts payable | 17/49 | €5,637 | €13,026 | +€7,390 | +131% |
| Amounts payable within one year | 42/48 | €5,637 | €13,026 | +€7,390 | +131% |
| Trade debts | 44 | €403 | €3,816 | +€3,413 | +847% |
| Suppliers | 440/4 | €403 | €3,816 | +€3,413 | +847% |
| Taxes, remuneration and social security | 45 | €5,066 | €8,720 | +€3,654 | +72.1% |
| Taxes | 450/3 | €3,171 | €6,825 | +€3,654 | +115% |
| Remuneration and social security | 454/9 | €1,895 | €1,895 | = | 0.0% |
| Other amounts payable | 47/48 | €168 | €491 | +€323 | +192% |
| Non-recurring operating income | 76A | €173,990 | €15,849 | -€158,141 | -90.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,136 | €10,350 | -€2,786 | -21.2% |
| Other operating charges | 640/8 | €905 | €1,038 | +€133 | +14.7% |
| Non-recurring operating charges | 66A | €15,289 | - | -€15,289 | |
| Gross operating margin | 9900 | €271,960 | €118,031 | -€153,929 | -56.6% |
| Operating profit (loss) | 9901 | €242,630 | €106,642 | -€135,987 | -56.0% |
| Financial income | 75/76B | €995 | €277 | -€717 | -72.1% |
| Recurring financial income | 75 | €995 | €277 | -€717 | -72.1% |
| Financial charges | 65/66B | €594 | €1,047 | +€452 | +76.1% |
| Recurring financial charges | 65 | €594 | €1,047 | +€452 | +76.1% |
| Profit (loss) for the period before taxes | 9903 | €243,030 | €105,873 | -€137,157 | -56.4% |
| Income taxes | 67/77 | €21,426 | €22,286 | +€860 | +4.0% |
| Profit (loss) for the period | 9904 | €221,603 | €83,587 | -€138,017 | -62.3% |
| Profit (loss) for the period to be appropriated | 9905 | €221,603 | €83,587 | -€138,017 | -62.3% |
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.