SECOND STORY: 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 STORY
Largest movements
- Tangible fixed assets +€9,635
up €9,635 (+283.6%), from €3,397 to €13,031
of which Plant, machinery and equipment: +€4,888
- Receivables within one year +€4,658
up €4,658 (+501.0%), from €930 to €5,588
- Intangible fixed assets -€907
down €907 (-14.2%), from €6,387 to €5,480
- Deferred charges and accrued income -€757
no longer reported in 2025 (was €757)
- Stocks and contracts +€397
new in 2025: €397
- Debts after one year +€31,896
up €31,896 (+1296.1%), from €2,461 to €34,357
- Profit (loss) carried forward -€14,072
down €14,072 (-41.2%), from -€34,119 to -€48,191
- Other debts -€7,015
down €7,015 (-27.2%), from €25,774 to €18,760
- Tax, wage and social debts +€2,034
up €2,034 (+23.7%), from €8,592 to €10,625
of which Remuneration and social security: +€1,611
- Advances received -€859
down €859 (-14.2%), from €6,030 to €5,171
- Gross operating margin -€6,430
down €6,430 (-26.7%), from €24,120 to €17,691
- Financial income -€3,057
down €3,057 (-99.8%), from €3,061 to €5
- Depreciation -€1,519
down €1,519 (-33.5%), from €4,533 to €3,015
- Staff costs -€1,026
down €1,026 (-3.6%), from €28,616 to €27,590
- Financial charges +€331
up €331 (+83.7%), from €396 to €727
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 | €12,604 | €25,412 | +€12,807 | +101.6% |
| Formation expenses | 20 | €760 | €652 | -€108 | -14.3% |
| Fixed assets | 21/28 | €9,784 | €18,512 | +€8,728 | +89.2% |
| Intangible fixed assets | 21 | €6,387 | €5,480 | -€907 | -14.2% |
| Tangible fixed assets | 22/27 | €3,397 | €13,031 | +€9,635 | +283.6% |
| Plant, machinery and equipment | 23 | €948 | €5,836 | +€4,888 | +515.7% |
| Furniture and vehicles | 24 | €2,336 | €7,195 | +€4,859 | +208.0% |
| Other tangible fixed assets | 26 | €113 | - | -€113 | |
| Current assets | 29/58 | €2,061 | €6,248 | +€4,187 | +203.2% |
| Stocks and contracts in progress | 3 | - | €397 | +€397 | |
| Stocks | 30/36 | - | €397 | +€397 | |
| Amounts receivable within one year | 40/41 | €930 | €5,588 | +€4,658 | +501.0% |
| Trade receivables | 40 | €930 | €5,588 | +€4,658 | +501.0% |
| Cash at bank and in hand | 54/58 | €374 | €263 | -€111 | -29.8% |
| Deferred charges and accrued income | 490/1 | €757 | - | -€757 | |
| Total equity and liabilities | 10/49 | €12,604 | €25,412 | +€12,807 | +101.6% |
| Equity | 10/15 | -€33,119 | -€47,191 | -€14,072 | -42.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,119 | -€48,191 | -€14,072 | -41.2% |
| Amounts payable | 17/49 | €45,723 | €72,602 | +€26,879 | +58.8% |
| Amounts payable after more than one year | 17 | €2,461 | €34,357 | +€31,896 | +1296.1% |
| Financial debts | 170/4 | €2,461 | €34,357 | +€31,896 | +1296.1% |
| Amounts payable within one year | 42/48 | €43,263 | €38,246 | -€5,017 | -11.6% |
| Current portion of amounts payable after more than one year | 42 | €2,052 | €2,110 | +€58 | +2.8% |
| Trade debts | 44 | €815 | €1,580 | +€765 | +93.9% |
| Suppliers | 440/4 | €815 | €1,580 | +€765 | +93.9% |
| Advances received on contracts in progress | 46 | €6,030 | €5,171 | -€859 | -14.2% |
| Taxes, remuneration and social security | 45 | €8,592 | €10,625 | +€2,034 | +23.7% |
| Taxes | 450/3 | €3,537 | €3,961 | +€423 | +12.0% |
| Remuneration and social security | 454/9 | €5,054 | €6,665 | +€1,611 | +31.9% |
| Other amounts payable | 47/48 | €25,774 | €18,760 | -€7,015 | -27.2% |
| Remuneration, social security and pensions | 62 | €28,616 | €27,590 | -€1,026 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,533 | €3,015 | -€1,519 | -33.5% |
| Other operating charges | 640/8 | €300 | €435 | +€136 | +45.3% |
| Gross operating margin | 9900 | €24,120 | €17,691 | -€6,430 | -26.7% |
| Operating profit (loss) | 9901 | -€9,329 | -€13,350 | -€4,021 | -43.1% |
| Financial income | 75/76B | €3,061 | €5 | -€3,057 | -99.8% |
| Recurring financial income | 75 | €3,061 | €5 | -€3,057 | -99.8% |
| Financial charges | 65/66B | €396 | €727 | +€331 | +83.7% |
| Recurring financial charges | 65 | €396 | €727 | +€331 | +83.7% |
| Profit (loss) for the period before taxes | 9903 | -€6,663 | -€14,072 | -€7,408 | -111.2% |
| Profit (loss) for the period | 9904 | -€6,663 | -€14,072 | -€7,408 | -111.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,663 | -€14,072 | -€7,408 | -111.2% |
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 4 October 2026 via checked.be.