Second Circle: what changed
Two fiscal 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.
Second Circle
Largest movements
- Deferred charges and accrued income +€17,268
up €17,268 (+1966.9%), from €878 to €18,146
- Cash -€10,368
down €10,368 (-70.8%), from €14,651 to €4,283
mainly Deferred charges and accrued income (-€17,268) and Receivables within one year (-€5,274)
- Receivables within one year +€5,274
up €5,274 (+12.6%), from €41,992 to €47,266
of which Trade receivables: +€8,206
- Reserves +€9,189
up €9,189 (+21.6%), from €42,628 to €51,817
- Tax, wage and social debts +€2,719
up €2,719 (+24.4%), from €11,138 to €13,857
- Gross operating margin -€44,617
down €44,617 (-81.7%), from €54,625 to €10,008
- Taxes -€8,457
down €8,457 (-75.9%), from €11,138 to €2,681
- Financial income +€2,292
up €2,292 (+1051.8%), from €218 to €2,510
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.
Cash bridge derived
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 | €57,521 | €69,695 | +€12,174 | +21.2% |
| Current assets | 29/58 | €57,521 | €69,695 | +€12,174 | +21.2% |
| Amounts receivable within one year | 40/41 | €41,992 | €47,266 | +€5,274 | +12.6% |
| Trade receivables | 40 | €61 | €8,266 | +€8,206 | +13563.5% |
| Other amounts receivable | 41 | €41,932 | €39,000 | -€2,932 | -7.0% |
| Cash at bank and in hand | 54/58 | €14,651 | €4,283 | -€10,368 | -70.8% |
| Deferred charges and accrued income | 490/1 | €878 | €18,146 | +€17,268 | +1966.9% |
| Total equity and liabilities | 10/49 | €57,521 | €69,695 | +€12,174 | +21.2% |
| Equity | 10/15 | €45,628 | €54,817 | +€9,189 | +20.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €42,628 | €51,817 | +€9,189 | +21.6% |
| Distributable reserves | 133 | €42,628 | €51,817 | +€9,189 | +21.6% |
| Amounts payable | 17/49 | €11,894 | €14,878 | +€2,985 | +25.1% |
| Amounts payable within one year | 42/48 | €11,894 | €14,878 | +€2,985 | +25.1% |
| Trade debts | 44 | €755 | €1,021 | +€266 | +35.2% |
| Suppliers | 440/4 | €755 | €1,021 | +€266 | +35.2% |
| Taxes, remuneration and social security | 45 | €11,138 | €13,857 | +€2,719 | +24.4% |
| Taxes | 450/3 | €11,138 | €13,857 | +€2,719 | +24.4% |
| Other operating charges | 640/8 | €703 | €591 | -€112 | -15.9% |
| Gross operating margin | 9900 | €54,625 | €10,008 | -€44,617 | -81.7% |
| Operating profit (loss) | 9901 | €53,922 | €9,417 | -€44,505 | -82.5% |
| Financial income | 75/76B | €218 | €2,510 | +€2,292 | +1051.8% |
| Recurring financial income | 75 | €218 | €2,510 | +€2,292 | +1051.8% |
| Financial charges | 65/66B | €374 | €57 | -€317 | -84.7% |
| Recurring financial charges | 65 | €374 | €57 | -€317 | -84.7% |
| Profit (loss) for the period before taxes | 9903 | €53,766 | €11,870 | -€41,896 | -77.9% |
| Income taxes | 67/77 | €11,138 | €2,681 | -€8,457 | -75.9% |
| Profit (loss) for the period | 9904 | €42,628 | €9,189 | -€33,438 | -78.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,628 | €9,189 | -€33,438 | -78.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.