SHADOW PROJECTION: 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.
SHADOW PROJECTION
Largest movements
- Cash +€81,086
up €81,086 (+42.5%), from €190,659 to €271,745
mainly Depreciation (+€66,317) and Net result for the year (+€57,670)
- Tangible fixed assets -€41,920
down €41,920 (-12.1%), from €345,119 to €303,199
- Receivables within one year -€37,070
down €37,070 (-40.8%), from €90,850 to €53,780
of which Other amounts receivable: -€47,535
- Other debts +€47,656
up €47,656 (+36.2%), from €131,568 to €179,224
- Profit (loss) carried forward -€42,330
down €42,330 (-11.0%), from €384,029 to €341,699
- Trade debts +€14,229
up €14,229 (+22.0%), from €64,746 to €78,975
- Tax, wage and social debts -€10,243
down €10,243 (-40.4%), from €25,322 to €15,080
of which Remuneration and social security: -€8,826
- Gross operating margin -€37,751
down €37,751 (-12.6%), from €299,368 to €261,616
- Taxes -€10,978
down €10,978 (-36.4%), from €30,180 to €19,202
- Staff costs +€9,717
up €9,717 (+9.7%), from €99,839 to €109,556
- Other operating charges -€4,038
down €4,038 (-50.2%), from €8,048 to €4,010
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 | €636,083 | €643,013 | +€6,930 | +1.1% |
| Fixed assets | 21/28 | €350,534 | €313,614 | -€36,920 | -10.5% |
| Tangible fixed assets | 22/27 | €345,119 | €303,199 | -€41,920 | -12.1% |
| Plant, machinery and equipment | 23 | €25,898 | €22,917 | -€2,982 | -11.5% |
| Furniture and vehicles | 24 | €66,437 | €48,310 | -€18,127 | -27.3% |
| Other tangible fixed assets | 26 | €252,784 | €231,973 | -€20,811 | -8.2% |
| Financial fixed assets | 28 | €5,415 | €10,415 | +€5,000 | +92.3% |
| Current assets | 29/58 | €285,548 | €329,399 | +€43,850 | +15.4% |
| Amounts receivable within one year | 40/41 | €90,850 | €53,780 | -€37,070 | -40.8% |
| Trade receivables | 40 | €34,490 | €44,955 | +€10,465 | +30.3% |
| Other amounts receivable | 41 | €56,360 | €8,825 | -€47,535 | -84.3% |
| Cash at bank and in hand | 54/58 | €190,659 | €271,745 | +€81,086 | +42.5% |
| Deferred charges and accrued income | 490/1 | €4,039 | €3,874 | -€165 | -4.1% |
| Total equity and liabilities | 10/49 | €636,083 | €643,013 | +€6,930 | +1.1% |
| Equity | 10/15 | €408,629 | €366,299 | -€42,330 | -10.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Distributable reserves | 133 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €384,029 | €341,699 | -€42,330 | -11.0% |
| Amounts payable | 17/49 | €227,454 | €276,714 | +€49,260 | +21.7% |
| Amounts payable within one year | 42/48 | €223,724 | €273,279 | +€49,554 | +22.1% |
| Current portion of amounts payable after more than one year | 42 | €2,088 | - | -€2,088 | |
| Trade debts | 44 | €64,746 | €78,975 | +€14,229 | +22.0% |
| Suppliers | 440/4 | €64,746 | €78,975 | +€14,229 | +22.0% |
| Taxes, remuneration and social security | 45 | €25,322 | €15,080 | -€10,243 | -40.4% |
| Taxes | 450/3 | €3,142 | €1,725 | -€1,416 | -45.1% |
| Remuneration and social security | 454/9 | €22,181 | €13,355 | -€8,826 | -39.8% |
| Other amounts payable | 47/48 | €131,568 | €179,224 | +€47,656 | +36.2% |
| Accrued charges and deferred income | 492/3 | €3,730 | €3,436 | -€294 | -7.9% |
| Remuneration, social security and pensions | 62 | €99,839 | €109,556 | +€9,717 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,712 | €66,317 | -€396 | -0.6% |
| Other operating charges | 640/8 | €8,048 | €4,010 | -€4,038 | -50.2% |
| Gross operating margin | 9900 | €299,368 | €261,616 | -€37,751 | -12.6% |
| Operating profit (loss) | 9901 | €124,768 | €81,733 | -€43,035 | -34.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €5,385 | €4,862 | -€523 | -9.7% |
| Recurring financial charges | 65 | €5,385 | €4,862 | -€523 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €119,383 | €76,873 | -€42,510 | -35.6% |
| Income taxes | 67/77 | €30,180 | €19,202 | -€10,978 | -36.4% |
| Profit (loss) for the period | 9904 | €89,203 | €57,670 | -€31,533 | -35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €89,203 | €57,670 | -€31,533 | -35.3% |
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 6 October 2026 via checked.be.