SET UP: 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.
SET UP
Largest movements
- Receivables within one year +€161,705
up €161,705 (+595.5%), from €27,155 to €188,860
of which Trade receivables: +€122,725
- Cash -€105,611
down €105,611 (-69.5%), from €151,991 to €46,380
mainly Accrued charges and deferred income (-€177,175) and Receivables within one year (-€161,705)
- Deferred charges and accrued income -€71,920
down €71,920 (-82.4%), from €87,241 to €15,321
- Tangible fixed assets -€9,239
down €9,239 (-18.3%), from €50,571 to €41,332
of which Furniture and vehicles: -€9,039
- Accrued charges and deferred income -€177,175
down €177,175 (-99.2%), from €178,675 to €1,500
- Trade debts +€117,496
up €117,496 (+553.3%), from €21,237 to €138,733
- Reserves +€90,176
up €90,176 (+175.3%), from €51,452 to €141,628
of which Distributable reserves: +€90,176
- Other debts -€51,046
down €51,046 (-76.0%), from €67,200 to €16,154
- Debts after one year -€6,741
down €6,741 (-32.1%), from €21,011 to €14,270
- Gross operating margin +€38,984
up €38,984 (+36.2%), from €107,736 to €146,720
- Taxes +€30,513
up €30,513 (+291.9%), from €10,454 to €40,968
- Depreciation -€1,919
down €1,919 (-11.8%), from €16,234 to €14,315
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 | €357,331 | €331,193 | -€26,138 | -7.3% |
| Fixed assets | 21/28 | €54,944 | €44,632 | -€10,312 | -18.8% |
| Intangible fixed assets | 21 | €1,073 | €0 | -€1,073 | -100.0% |
| Tangible fixed assets | 22/27 | €50,571 | €41,332 | -€9,239 | -18.3% |
| Furniture and vehicles | 24 | €49,939 | €40,900 | -€9,039 | -18.1% |
| Other tangible fixed assets | 26 | €632 | €432 | -€200 | -31.6% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €302,387 | €286,561 | -€15,826 | -5.2% |
| Amounts receivable after more than one year | 29 | €36,000 | €36,000 | = | 0.0% |
| Other amounts receivable | 291 | €36,000 | €36,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,155 | €188,860 | +€161,705 | +595.5% |
| Trade receivables | 40 | €15,570 | €138,295 | +€122,725 | +788.2% |
| Other amounts receivable | 41 | €11,586 | €50,565 | +€38,980 | +336.5% |
| Cash at bank and in hand | 54/58 | €151,991 | €46,380 | -€105,611 | -69.5% |
| Deferred charges and accrued income | 490/1 | €87,241 | €15,321 | -€71,920 | -82.4% |
| Total equity and liabilities | 10/49 | €357,331 | €331,193 | -€26,138 | -7.3% |
| Equity | 10/15 | €57,652 | €147,828 | +€90,176 | +156.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €51,452 | €141,628 | +€90,176 | +175.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €51,452 | €141,628 | +€90,176 | +175.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €299,679 | €183,366 | -€116,314 | -38.8% |
| Amounts payable after more than one year | 17 | €21,011 | €14,270 | -€6,741 | -32.1% |
| Financial debts | 170/4 | €21,011 | €14,270 | -€6,741 | -32.1% |
| Amounts payable within one year | 42/48 | €99,994 | €167,596 | +€67,602 | +67.6% |
| Current portion of amounts payable after more than one year | 42 | €6,492 | €6,741 | +€250 | +3.8% |
| Trade debts | 44 | €21,237 | €138,733 | +€117,496 | +553.3% |
| Suppliers | 440/4 | €21,237 | €138,733 | +€117,496 | +553.3% |
| Advances received on contracts in progress | 46 | €3,704 | €0 | -€3,704 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,361 | €5,968 | +€4,607 | +338.5% |
| Taxes | 450/3 | €1,361 | €5,968 | +€4,607 | +338.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €67,200 | €16,154 | -€51,046 | -76.0% |
| Accrued charges and deferred income | 492/3 | €178,675 | €1,500 | -€177,175 | -99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,234 | €14,315 | -€1,919 | -11.8% |
| Other operating charges | 640/8 | €479 | €637 | +€158 | +32.9% |
| Non-recurring operating charges | 66A | €193 | €0 | -€193 | -100.0% |
| Gross operating margin | 9900 | €107,736 | €146,720 | +€38,984 | +36.2% |
| Operating profit (loss) | 9901 | €90,830 | €131,768 | +€40,938 | +45.1% |
| Financial income | 75/76B | €1,535 | €1,088 | -€448 | -29.2% |
| Recurring financial income | 75 | €1,535 | €1,088 | -€448 | -29.2% |
| Financial charges | 65/66B | €2,319 | €1,713 | -€607 | -26.2% |
| Recurring financial charges | 65 | €2,319 | €1,713 | -€607 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €90,046 | €131,143 | +€41,097 | +45.6% |
| Income taxes | 67/77 | €10,454 | €40,968 | +€30,513 | +291.9% |
| Profit (loss) for the period | 9904 | €79,592 | €90,176 | +€10,584 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,592 | €90,176 | +€10,584 | +13.3% |
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 10 October 2026 via checked.be.