SET THE WAVE: 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 THE WAVE
Largest movements
- Receivables within one year +€15,216
up €15,216 (+48.0%), from €31,682 to €46,898
of which Other amounts receivable: +€9,306
- Tangible fixed assets -€2,116
down €2,116 (-55.6%), from €3,810 to €1,693
- Trade debts +€12,539
up €12,539 (+187.2%), from €6,698 to €19,237
- Tax, wage and social debts +€11,976
up €11,976 (+83.0%), from €14,425 to €26,401
- Profit (loss) carried forward -€11,570
no longer reported in 2025 (was €11,570)
- Gross operating margin +€14,853
up €14,853 (+89.3%), from €16,629 to €31,482
- Taxes +€2,472
up €2,472 (+67.3%), from €3,674 to €6,146
- Other operating charges +€925
up €925 (+1466.5%), from €63 to €988
- Financial charges +€851
up €851 (+1614.2%), from €53 to €904
- Depreciation +€847
up €847 (+66.7%), from €1,270 to €2,116
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 | €35,693 | €48,638 | +€12,945 | +36.3% |
| Fixed assets | 21/28 | €3,810 | €1,693 | -€2,116 | -55.6% |
| Tangible fixed assets | 22/27 | €3,810 | €1,693 | -€2,116 | -55.6% |
| Furniture and vehicles | 24 | €3,810 | €1,693 | -€2,116 | -55.6% |
| Current assets | 29/58 | €31,883 | €46,945 | +€15,062 | +47.2% |
| Amounts receivable within one year | 40/41 | €31,682 | €46,898 | +€15,216 | +48.0% |
| Trade receivables | 40 | €14,671 | €20,581 | +€5,910 | +40.3% |
| Other amounts receivable | 41 | €17,011 | €26,317 | +€9,306 | +54.7% |
| Cash at bank and in hand | 54/58 | €201 | €47 | -€154 | -76.6% |
| Total equity and liabilities | 10/49 | €35,693 | €48,638 | +€12,945 | +36.3% |
| Equity | 10/15 | €14,570 | €3,000 | -€11,570 | -79.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,570 | - | -€11,570 | |
| Amounts payable | 17/49 | €21,123 | €45,638 | +€24,515 | +116.1% |
| Amounts payable within one year | 42/48 | €21,123 | €45,638 | +€24,515 | +116.1% |
| Trade debts | 44 | €6,698 | €19,237 | +€12,539 | +187.2% |
| Suppliers | 440/4 | €6,698 | €19,237 | +€12,539 | +187.2% |
| Taxes, remuneration and social security | 45 | €14,425 | €26,401 | +€11,976 | +83.0% |
| Taxes | 450/3 | €14,425 | €26,401 | +€11,976 | +83.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,270 | €2,116 | +€847 | +66.7% |
| Other operating charges | 640/8 | €63 | €988 | +€925 | +1466.5% |
| Gross operating margin | 9900 | €16,629 | €31,482 | +€14,853 | +89.3% |
| Operating profit (loss) | 9901 | €15,296 | €28,377 | +€13,081 | +85.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €53 | €904 | +€851 | +1614.2% |
| Recurring financial charges | 65 | €53 | €904 | +€851 | +1614.2% |
| Profit (loss) for the period before taxes | 9903 | €15,243 | €27,474 | +€12,230 | +80.2% |
| Income taxes | 67/77 | €3,674 | €6,146 | +€2,472 | +67.3% |
| Profit (loss) for the period | 9904 | €11,570 | €21,328 | +€9,758 | +84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,570 | €21,328 | +€9,758 | +84.3% |
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 8 October 2026 via checked.be.