SARAH WALBRECQ: what changed
SARAH WALBRECQ
Largest movements
- Cash +€34,071
up €34,071 (+81.9%), from €41,616 to €75,686
mainly Net result for the year (+€30,249) and Investment in fixed assets (net) (+€11,844)
- Tangible fixed assets -€13,269
down €13,269 (-82.9%), from €16,002 to €2,733
of which Other tangible fixed assets: -€11,919
- Receivables within one year +€8,120
up €8,120 (+120%), from €6,789 to €14,909
of which Other amounts receivable: +€9,668
- Profit (loss) carried forward +€15,249
up €15,249 (+89.3%), from €17,068 to €32,317
- Reserves +€15,000
up €15,000 (+62.5%), from €24,000 to €39,000
- Tax, wage and social debts +€2,200
up €2,200 (+78.6%), from €2,800 to €5,000
- Debts after one year -€1,227
down €1,227 (-20.2%), from €6,083 to €4,855
- Trade debts -€1,133
down €1,133 (-86.3%), from €1,313 to €180
- Gross operating margin +€34,990
up €34,990 (+312%), from €11,205 to €46,195
- Taxes +€12,904
new in 2025: €12,904
- Depreciation -€727
down €727 (-33.8%), from €2,153 to €1,425
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 | €64,508 | €93,432 | +€28,924 | +44.8% |
| Fixed assets | 21/28 | €16,002 | €2,733 | -€13,269 | -82.9% |
| Tangible fixed assets | 22/27 | €16,002 | €2,733 | -€13,269 | -82.9% |
| Plant, machinery and equipment | 23 | €2,433 | €1,083 | -€1,350 | -55.5% |
| Other tangible fixed assets | 26 | €13,569 | €1,650 | -€11,919 | -87.8% |
| Current assets | 29/58 | €48,506 | €90,699 | +€42,193 | +87.0% |
| Amounts receivable within one year | 40/41 | €6,789 | €14,909 | +€8,120 | +120% |
| Trade receivables | 40 | €5,389 | €3,841 | -€1,549 | -28.7% |
| Other amounts receivable | 41 | €1,400 | €11,068 | +€9,668 | +691% |
| Cash at bank and in hand | 54/58 | €41,616 | €75,686 | +€34,071 | +81.9% |
| Deferred charges and accrued income | 490/1 | €102 | €104 | +€2 | +2.0% |
| Total equity and liabilities | 10/49 | €64,508 | €93,432 | +€28,924 | +44.8% |
| Equity | 10/15 | €46,068 | €76,317 | +€30,249 | +65.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €24,000 | €39,000 | +€15,000 | +62.5% |
| Distributable reserves | 133 | €24,000 | €39,000 | +€15,000 | +62.5% |
| Profit (loss) carried forward | 14 | €17,068 | €32,317 | +€15,249 | +89.3% |
| Amounts payable | 17/49 | €18,440 | €17,114 | -€1,326 | -7.2% |
| Amounts payable after more than one year | 17 | €6,083 | €4,855 | -€1,227 | -20.2% |
| Financial debts | 170/4 | €6,083 | €4,855 | -€1,227 | -20.2% |
| Amounts payable within one year | 42/48 | €12,358 | €12,259 | -€98 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €7,709 | €6,906 | -€803 | -10.4% |
| Trade debts | 44 | €1,313 | €180 | -€1,133 | -86.3% |
| Suppliers | 440/4 | €1,313 | €180 | -€1,133 | -86.3% |
| Taxes, remuneration and social security | 45 | €2,800 | €5,000 | +€2,200 | +78.6% |
| Taxes | 450/3 | €2,800 | €5,000 | +€2,200 | +78.6% |
| Other amounts payable | 47/48 | €536 | €173 | -€362 | -67.6% |
| Non-recurring operating income | 76A | €75 | €803 | +€729 | +976% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,153 | €1,425 | -€727 | -33.8% |
| Other operating charges | 640/8 | €64 | €465 | +€402 | +630% |
| Gross operating margin | 9900 | €11,205 | €46,195 | +€34,990 | +312% |
| Operating profit (loss) | 9901 | €8,988 | €44,304 | +€35,315 | +393% |
| Financial income | 75/76B | €1 | €37 | +€36 | +7,246% |
| Recurring financial income | 75 | €1 | €37 | +€36 | +7,246% |
| Financial charges | 65/66B | €1,195 | €1,187 | -€8 | -0.7% |
| Recurring financial charges | 65 | €1,195 | €1,187 | -€8 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €7,794 | €43,153 | +€35,360 | +454% |
| Income taxes | 67/77 | - | €12,904 | +€12,904 | |
| Profit (loss) for the period | 9904 | €7,794 | €30,249 | +€22,456 | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €7,794 | €30,249 | +€22,456 | +288% |
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.