SET IT UP: 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.
SET IT UP
Largest movements
- Cash -€53,442
down €53,442 (-40.2%), from €133,063 to €79,621
mainly Contributions, distributions and other (-€83,427) and Other debts (-€76,159)
- Receivables within one year -€34,941
down €34,941 (-75.6%), from €46,241 to €11,301
of which Trade receivables: -€31,027
- Tangible fixed assets -€7,188
down €7,188 (-21.4%), from €33,555 to €26,366
- Other debts -€76,159
down €76,159 (-34.4%), from €221,470 to €145,311
- Reserves -€18,426
down €18,426 (-10.8%), from €170,698 to €152,272
- Gross operating margin +€29,778
up €29,778 (+46.4%), from €64,134 to €93,912
- Taxes +€5,135
up €5,135 (+28.0%), from €18,336 to €23,472
- Depreciation +€2,890
up €2,890 (+51.7%), from €5,595 to €8,484
- Financial income -€1,833
down €1,833 (-32.7%), from €5,610 to €3,777
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 | €419,255 | €327,682 | -€91,573 | -21.8% |
| Fixed assets | 21/28 | €33,580 | €26,391 | -€7,188 | -21.4% |
| Tangible fixed assets | 22/27 | €33,555 | €26,366 | -€7,188 | -21.4% |
| Furniture and vehicles | 24 | €33,555 | €26,366 | -€7,188 | -21.4% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €385,676 | €301,291 | -€84,385 | -21.9% |
| Amounts receivable within one year | 40/41 | €46,241 | €11,301 | -€34,941 | -75.6% |
| Trade receivables | 40 | €42,328 | €11,301 | -€31,027 | -73.3% |
| Other amounts receivable | 41 | €3,913 | - | -€3,913 | |
| Current investments | 50/53 | €204,242 | €206,886 | +€2,644 | +1.3% |
| Cash at bank and in hand | 54/58 | €133,063 | €79,621 | -€53,442 | -40.2% |
| Deferred charges and accrued income | 490/1 | €2,129 | €3,484 | +€1,354 | +63.6% |
| Total equity and liabilities | 10/49 | €419,255 | €327,682 | -€91,573 | -21.8% |
| Equity | 10/15 | €183,098 | €164,672 | -€18,426 | -10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €170,698 | €152,272 | -€18,426 | -10.8% |
| Distributable reserves | 133 | €170,698 | €152,272 | -€18,426 | -10.8% |
| Amounts payable | 17/49 | €236,158 | €163,011 | -€73,147 | -31.0% |
| Amounts payable within one year | 42/48 | €236,158 | €163,011 | -€73,147 | -31.0% |
| Trade debts | 44 | €1,449 | €2,025 | +€576 | +39.7% |
| Suppliers | 440/4 | €1,449 | €2,025 | +€576 | +39.7% |
| Taxes, remuneration and social security | 45 | €13,239 | €15,675 | +€2,436 | +18.4% |
| Taxes | 450/3 | €13,239 | €9,379 | -€3,861 | -29.2% |
| Remuneration and social security | 454/9 | - | €6,296 | +€6,296 | |
| Other amounts payable | 47/48 | €221,470 | €145,311 | -€76,159 | -34.4% |
| Non-recurring operating income | 76A | - | €12,769 | +€12,769 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,595 | €8,484 | +€2,890 | +51.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | - | €67 | +€67 | |
| Gross operating margin | 9900 | €64,134 | €93,912 | +€29,778 | +46.4% |
| Operating profit (loss) | 9901 | €58,152 | €84,960 | +€26,808 | +46.1% |
| Financial income | 75/76B | €5,610 | €3,777 | -€1,833 | -32.7% |
| Recurring financial income | 75 | €5,610 | €3,777 | -€1,833 | -32.7% |
| Financial charges | 65/66B | €183 | €264 | +€82 | +44.7% |
| Recurring financial charges | 65 | €183 | €264 | +€82 | +44.7% |
| Profit (loss) for the period before taxes | 9903 | €63,580 | €88,473 | +€24,893 | +39.2% |
| Income taxes | 67/77 | €18,336 | €23,472 | +€5,135 | +28.0% |
| Profit (loss) for the period | 9904 | €45,243 | €65,001 | +€19,758 | +43.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,243 | €65,001 | +€19,758 | +43.7% |
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 3 October 2026 via checked.be.