Selected Developments: 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.
Selected Developments
Largest movements
- Stocks and contracts +€463,297
up €463,297 (+31.5%), from €1.5m to €1.9m
- Current investments +€317,611
new in 2025: €317,611
- Receivables within one year -€108,464
down €108,464 (-35.5%), from €305,346 to €196,882
of which Other amounts receivable: -€107,889
- Cash -€41,016
down €41,016 (-80.7%), from €50,854 to €9,838
- Other debts +€1.3m
up €1.3m (+141.8%), from €891,000 to €2.2m
- Profit (loss) carried forward -€1.2m
down €1.2m (-317.0%), from -€365,403 to -€1.5m
- Short-term financial debts +€466,345
up €466,345 (+57.9%), from €805,000 to €1.3m
of which Credit institutions: +€416,345
- Accrued charges and deferred income +€107,894
up €107,894 (+447.2%), from €24,126 to €132,020
- Trade debts -€45,423
down €45,423 (-10.2%), from €446,195 to €400,772
- Gross operating margin -€647,139
down €647,139 (-225.5%), from -€286,994 to -€934,133
- Financial charges +€199,193
up €199,193 (+792.3%), from €25,141 to €224,335
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,830,642 | €2,459,569 | +€628,926 | +34.4% |
| Current assets | 29/58 | €1,830,642 | €2,459,569 | +€628,926 | +34.4% |
| Stocks and contracts in progress | 3 | €1,471,250 | €1,934,547 | +€463,297 | +31.5% |
| Stocks | 30/36 | €1,471,250 | €1,934,547 | +€463,297 | +31.5% |
| Amounts receivable within one year | 40/41 | €305,346 | €196,882 | -€108,464 | -35.5% |
| Trade receivables | 40 | €575 | €0 | -€575 | -100.0% |
| Other amounts receivable | 41 | €304,771 | €196,882 | -€107,889 | -35.4% |
| Current investments | 50/53 | - | €317,611 | +€317,611 | |
| Cash at bank and in hand | 54/58 | €50,854 | €9,838 | -€41,016 | -80.7% |
| Deferred charges and accrued income | 490/1 | €3,193 | €691 | -€2,502 | -78.4% |
| Total equity and liabilities | 10/49 | €1,830,642 | €2,459,569 | +€628,926 | +34.4% |
| Equity | 10/15 | -€340,403 | -€1,498,900 | -€1.2m | -340.3% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€365,403 | -€1,523,900 | -€1.2m | -317.0% |
| Amounts payable | 17/49 | €2,171,046 | €3,958,468 | +€1.8m | +82.3% |
| Amounts payable within one year | 42/48 | €2,146,920 | €3,826,448 | +€1.7m | +78.2% |
| Financial debts | 43 | €805,000 | €1,271,345 | +€466,345 | +57.9% |
| Credit institutions | 430/8 | €805,000 | €1,221,345 | +€416,345 | +51.7% |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €446,195 | €400,772 | -€45,423 | -10.2% |
| Suppliers | 440/4 | €446,195 | €400,772 | -€45,423 | -10.2% |
| Taxes, remuneration and social security | 45 | €4,725 | €0 | -€4,725 | -100.0% |
| Taxes | 450/3 | €4,725 | €0 | -€4,725 | -100.0% |
| Other amounts payable | 47/48 | €891,000 | €2,154,332 | +€1.3m | +141.8% |
| Accrued charges and deferred income | 492/3 | €24,126 | €132,020 | +€107,894 | +447.2% |
| Other operating charges | 640/8 | €950 | €877 | -€74 | -7.8% |
| Gross operating margin | 9900 | -€286,994 | -€934,133 | -€647,139 | -225.5% |
| Operating profit (loss) | 9901 | -€287,945 | -€935,010 | -€647,065 | -224.7% |
| Financial income | 75/76B | €1 | €848 | +€847 | +104616.0% |
| Recurring financial income | 75 | €1 | €848 | +€847 | +104616.0% |
| Financial charges | 65/66B | €25,141 | €224,335 | +€199,193 | +792.3% |
| Recurring financial charges | 65 | €25,141 | €224,335 | +€199,193 | +792.3% |
| Profit (loss) for the period before taxes | 9903 | -€313,085 | -€1,158,496 | -€845,411 | -270.0% |
| Profit (loss) for the period | 9904 | -€313,085 | -€1,158,496 | -€845,411 | -270.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€313,085 | -€1,158,496 | -€845,411 | -270.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.