SERIOUS BITS: 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.
SERIOUS BITS
Largest movements
- Tangible fixed assets -€33,185
down €33,185 (-87.2%), from €38,067 to €4,882
of which Furniture and vehicles: -€30,585
- Cash -€30,280
down €30,280 (-39.9%), from €75,880 to €45,600
mainly Debts after one year (-€50,000) and Contributions, distributions and other (-€25,969)
- Debts after one year -€50,000
no longer reported in 2025 (was €50,000)
- Reserves -€19,753
down €19,753 (-90.8%), from €21,746 to €1,993
of which Distributable reserves: -€19,753
- Other debts +€4,937
up €4,937 (+13.4%), from €36,854 to €41,791
- Tax, wage and social debts +€1,386
up €1,386 (+28.7%), from €4,837 to €6,223
of which Taxes: +€956
- Gross operating margin -€14,342
down €14,342 (-42.2%), from €33,950 to €19,609
- Depreciation -€11,276
down €11,276 (-72.6%), from €15,541 to €4,265
- Financial charges +€620
up €620 (+32.8%), from €1,894 to €2,515
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.
Derived cash bridge
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 | €135,066 | €71,890 | -€63,176 | -46.8% |
| Fixed assets | 21/28 | €38,067 | €4,882 | -€33,185 | -87.2% |
| Tangible fixed assets | 22/27 | €38,067 | €4,882 | -€33,185 | -87.2% |
| Plant, machinery and equipment | 23 | €6,751 | €4,150 | -€2,601 | -38.5% |
| Furniture and vehicles | 24 | €31,316 | €732 | -€30,585 | -97.7% |
| Current assets | 29/58 | €96,998 | €67,008 | -€29,990 | -30.9% |
| Amounts receivable within one year | 40/41 | €19,808 | €19,723 | -€86 | -0.4% |
| Trade receivables | 40 | €9,874 | €9,874 | = | 0.0% |
| Other amounts receivable | 41 | €9,935 | €9,849 | -€86 | -0.9% |
| Current investments | 50/53 | €100 | €100 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €75,880 | €45,600 | -€30,280 | -39.9% |
| Deferred charges and accrued income | 490/1 | €1,210 | €1,585 | +€375 | +31.0% |
| Total equity and liabilities | 10/49 | €135,066 | €71,890 | -€63,176 | -46.8% |
| Equity | 10/15 | €40,296 | €20,543 | -€19,753 | -49.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €21,746 | €1,993 | -€19,753 | -90.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €19,891 | €138 | -€19,753 | -99.3% |
| Amounts payable | 17/49 | €94,769 | €51,347 | -€43,423 | -45.8% |
| Amounts payable after more than one year | 17 | €50,000 | - | -€50,000 | |
| Financial debts | 170/4 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €44,769 | €50,369 | +€5,600 | +12.5% |
| Financial debts | 43 | €539 | €196 | -€344 | -63.7% |
| Credit institutions | 430/8 | €539 | €196 | -€344 | -63.7% |
| Trade debts | 44 | €2,539 | €2,159 | -€380 | -15.0% |
| Suppliers | 440/4 | €2,539 | €2,159 | -€380 | -15.0% |
| Taxes, remuneration and social security | 45 | €4,837 | €6,223 | +€1,386 | +28.7% |
| Taxes | 450/3 | €4,837 | €5,793 | +€956 | +19.8% |
| Remuneration and social security | 454/9 | - | €430 | +€430 | |
| Other amounts payable | 47/48 | €36,854 | €41,791 | +€4,937 | +13.4% |
| Accrued charges and deferred income | 492/3 | - | €978 | +€978 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,541 | €4,265 | -€11,276 | -72.6% |
| Other operating charges | 640/8 | €604 | €654 | +€50 | +8.2% |
| Non-recurring operating charges | 66A | - | €5,808 | +€5,808 | |
| Gross operating margin | 9900 | €33,950 | €19,609 | -€14,342 | -42.2% |
| Operating profit (loss) | 9901 | €17,805 | €8,881 | -€8,923 | -50.1% |
| Financial income | 75/76B | €2 | €0 | -€2 | -99.4% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -99.4% |
| Financial charges | 65/66B | €1,894 | €2,515 | +€620 | +32.8% |
| Recurring financial charges | 65 | €1,894 | €2,515 | +€620 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €15,912 | €6,367 | -€9,545 | -60.0% |
| Income taxes | 67/77 | €134 | €151 | +€17 | +12.4% |
| Profit (loss) for the period | 9904 | €15,778 | €6,215 | -€9,562 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,778 | €6,215 | -€9,562 | -60.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.