SEMSITIVITY: 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.
SEMSITIVITY
Largest movements
- Receivables within one year +€44,361
up €44,361 (+84.2%), from €52,707 to €97,068
of which Trade receivables: +€37,709
- Cash -€9,704
down €9,704 (-18.6%), from €52,041 to €42,337
mainly Receivables within one year (-€44,361) and Contributions, distributions and other (-€22,800)
- Tangible fixed assets +€2,779
up €2,779 (+26.8%), from €10,354 to €13,133
- Other debts +€21,967
up €21,967 (+2637.1%), from €833 to €22,800
- Reserves +€16,500
up €16,500 (+21.4%), from €77,210 to €93,710
- Gross operating margin +€16,878
up €16,878 (+32.3%), from €52,323 to €69,201
- Taxes +€4,686
up €4,686 (+37.2%), from €12,608 to €17,294
- Other operating charges -€1,443
down €1,443 (-82.8%), from €1,743 to €300
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 | €115,793 | €153,365 | +€37,572 | +32.4% |
| Fixed assets | 21/28 | €10,354 | €13,133 | +€2,779 | +26.8% |
| Tangible fixed assets | 22/27 | €10,354 | €13,133 | +€2,779 | +26.8% |
| Furniture and vehicles | 24 | €10,354 | €13,133 | +€2,779 | +26.8% |
| Current assets | 29/58 | €105,439 | €140,232 | +€34,793 | +33.0% |
| Amounts receivable within one year | 40/41 | €52,707 | €97,068 | +€44,361 | +84.2% |
| Trade receivables | 40 | €30,120 | €67,829 | +€37,709 | +125.2% |
| Other amounts receivable | 41 | €22,587 | €29,240 | +€6,652 | +29.5% |
| Cash at bank and in hand | 54/58 | €52,041 | €42,337 | -€9,704 | -18.6% |
| Deferred charges and accrued income | 490/1 | €690 | €827 | +€137 | +19.8% |
| Total equity and liabilities | 10/49 | €115,793 | €153,365 | +€37,572 | +32.4% |
| Equity | 10/15 | €99,675 | €116,205 | +€16,530 | +16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €77,210 | €93,710 | +€16,500 | +21.4% |
| Distributable reserves | 133 | €77,210 | €93,710 | +€16,500 | +21.4% |
| Profit (loss) carried forward | 14 | €3,865 | €3,895 | +€30 | +0.8% |
| Amounts payable | 17/49 | €16,118 | €37,161 | +€21,043 | +130.6% |
| Amounts payable within one year | 42/48 | €16,118 | €37,161 | +€21,043 | +130.6% |
| Trade debts | 44 | €1,159 | €1,768 | +€609 | +52.6% |
| Suppliers | 440/4 | €1,159 | €1,768 | +€609 | +52.6% |
| Taxes, remuneration and social security | 45 | €14,126 | €12,592 | -€1,534 | -10.9% |
| Taxes | 450/3 | €14,126 | €12,592 | -€1,534 | -10.9% |
| Other amounts payable | 47/48 | €833 | €22,800 | +€21,967 | +2637.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,274 | €5,351 | +€77 | +1.5% |
| Other operating charges | 640/8 | €1,743 | €300 | -€1,443 | -82.8% |
| Non-recurring operating charges | 66A | - | €5,351 | +€5,351 | |
| Gross operating margin | 9900 | €52,323 | €69,201 | +€16,878 | +32.3% |
| Operating profit (loss) | 9901 | €45,306 | €58,199 | +€12,893 | +28.5% |
| Financial income | 75/76B | €534 | €891 | +€358 | +67.0% |
| Recurring financial income | 75 | €534 | €891 | +€358 | +67.0% |
| Financial charges | 65/66B | €2,960 | €2,466 | -€494 | -16.7% |
| Recurring financial charges | 65 | €2,960 | €2,466 | -€494 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €42,879 | €56,624 | +€13,745 | +32.1% |
| Income taxes | 67/77 | €12,608 | €17,294 | +€4,686 | +37.2% |
| Profit (loss) for the period | 9904 | €30,271 | €39,330 | +€9,059 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,271 | €39,330 | +€9,059 | +29.9% |
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 30 September 2026 via checked.be.