Sentiment: 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.
Sentiment
Largest movements
- Receivables within one year +€27,370
new in 2025: €27,370
- Tangible fixed assets -€15,321
down €15,321 (-15.6%), from €98,085 to €82,765
of which Plant, machinery and equipment: -€8,626
- Deferred charges and accrued income -€11,568
down €11,568 (-96.1%), from €12,041 to €473
- Cash -€7,723
down €7,723 (-54.6%), from €14,144 to €6,421
mainly Receivables within one year (-€27,370) and Net result for the year (-€12,963)
- Profit (loss) carried forward -€12,963
new in 2025: -€12,963
- Other debts -€12,181
down €12,181 (-21.2%), from €57,398 to €45,216
- Trade debts +€8,661
up €8,661 (+27.3%), from €31,781 to €40,442
- Tax, wage and social debts +€7,547
up €7,547 (+115.6%), from €6,527 to €14,074
of which Taxes: +€7,887
- Debts after one year -€6,958
down €6,958 (-34.0%), from €20,462 to €13,503
- Purchases and services -€212,200
down €212,200 (-53.1%), from €399,296 to €187,096
- Gross operating margin -€28,674
down €28,674 (-13.0%), from €220,642 to €191,969
- Depreciation +€4,605
up €4,605 (+38.4%), from €12,006 to €16,611
- Taxes -€3,916
no longer reported in 2025 (was €3,916)
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 | €133,101 | €125,059 | -€8,042 | -6.0% |
| Formation expenses | 20 | €708 | €519 | -€189 | -26.7% |
| Fixed assets | 21/28 | €98,085 | €82,765 | -€15,321 | -15.6% |
| Tangible fixed assets | 22/27 | €98,085 | €82,765 | -€15,321 | -15.6% |
| Plant, machinery and equipment | 23 | €62,167 | €53,541 | -€8,626 | -13.9% |
| Furniture and vehicles | 24 | €435 | €319 | -€116 | -26.6% |
| Other tangible fixed assets | 26 | €35,484 | €28,905 | -€6,579 | -18.5% |
| Current assets | 29/58 | €34,308 | €41,775 | +€7,467 | +21.8% |
| Stocks and contracts in progress | 3 | €8,124 | €7,512 | -€612 | -7.5% |
| Stocks | 30/36 | €8,124 | €7,512 | -€612 | -7.5% |
| Amounts receivable within one year | 40/41 | - | €27,370 | +€27,370 | |
| Other amounts receivable | 41 | - | €27,370 | +€27,370 | |
| Cash at bank and in hand | 54/58 | €14,144 | €6,421 | -€7,723 | -54.6% |
| Deferred charges and accrued income | 490/1 | €12,041 | €473 | -€11,568 | -96.1% |
| Total equity and liabilities | 10/49 | €133,101 | €125,059 | -€8,042 | -6.0% |
| Equity | 10/15 | €16,534 | €3,571 | -€12,963 | -78.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,534 | €13,534 | = | 0.0% |
| Distributable reserves | 133 | €13,534 | €13,534 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,963 | -€12,963 | |
| Amounts payable | 17/49 | €116,567 | €121,488 | +€4,921 | +4.2% |
| Amounts payable after more than one year | 17 | €20,462 | €13,503 | -€6,958 | -34.0% |
| Financial debts | 170/4 | €20,462 | €13,503 | -€6,958 | -34.0% |
| Amounts payable within one year | 42/48 | €95,705 | €107,984 | +€12,279 | +12.8% |
| Current portion of amounts payable after more than one year | 42 | - | €3,869 | +€3,869 | |
| Financial debts | 43 | - | €4,384 | +€4,384 | |
| Credit institutions | 430/8 | - | €4,384 | +€4,384 | |
| Trade debts | 44 | €31,781 | €40,442 | +€8,661 | +27.3% |
| Suppliers | 440/4 | €31,781 | €40,442 | +€8,661 | +27.3% |
| Taxes, remuneration and social security | 45 | €6,527 | €14,074 | +€7,547 | +115.6% |
| Taxes | 450/3 | - | €7,887 | +€7,887 | |
| Remuneration and social security | 454/9 | €6,527 | €6,187 | -€340 | -5.2% |
| Other amounts payable | 47/48 | €57,398 | €45,216 | -€12,181 | -21.2% |
| Accrued charges and deferred income | 492/3 | €400 | - | -€400 | |
| Goods, raw materials, services and sundry goods | 60/61 | €399,296 | €187,096 | -€212,200 | -53.1% |
| Remuneration, social security and pensions | 62 | €181,169 | €182,785 | +€1,616 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,006 | €16,611 | +€4,605 | +38.4% |
| Other operating charges | 640/8 | €4,127 | €3,946 | -€181 | -4.4% |
| Gross operating margin | 9900 | €220,642 | €191,969 | -€28,674 | -13.0% |
| Operating profit (loss) | 9901 | €23,340 | -€11,373 | -€34,714 | |
| Financial income | 75/76B | €199 | €107 | -€93 | -46.4% |
| Recurring financial income | 75 | €199 | €107 | -€93 | -46.4% |
| Financial charges | 65/66B | €1,395 | €1,696 | +€301 | +21.6% |
| Recurring financial charges | 65 | €1,395 | €1,611 | +€216 | +15.5% |
| Non-recurring financial charges | 66B | - | €85 | +€85 | |
| Profit (loss) for the period before taxes | 9903 | €22,144 | -€12,963 | -€35,107 | |
| Income taxes | 67/77 | €3,916 | - | -€3,916 | |
| Profit (loss) for the period | 9904 | €18,228 | -€12,963 | -€31,191 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,228 | -€12,963 | -€31,191 |
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 7 October 2026 via checked.be.