SHAKEUP: 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.
SHAKEUP
Largest movements
- Receivables within one year +€106,058
up €106,058 (+87.3%), from €121,457 to €227,515
of which Trade receivables: +€102,044
- Cash +€16,809
up €16,809 (+22.3%), from €75,527 to €92,336
mainly Net result for the year (+€53,026) and Accrued charges and deferred income (+€50,000)
- Tangible fixed assets -€13,352
down €13,352 (-63.1%), from €21,149 to €7,797
of which Other tangible fixed assets: -€11,339
- Intangible fixed assets +€13,098
up €13,098 (+137.1%), from €9,552 to €22,650
- Deferred charges and accrued income +€4,271
up €4,271 (+327.4%), from €1,305 to €5,575
- Profit (loss) carried forward +€53,026
up €53,026 (+73.5%), from €72,181 to €125,207
- Accrued charges and deferred income +€50,000
new in 2025: €50,000
- Tax, wage and social debts +€21,484
up €21,484 (+73.1%), from €29,387 to €50,871
of which Taxes: +€16,020
- Trade debts +€6,842
up €6,842 (+8.3%), from €82,637 to €89,480
- Debts after one year -€3,971
down €3,971 (-17.2%), from €23,095 to €19,124
of which Financial debts: -€3,971
- Staff costs -€63,297
down €63,297 (-82.4%), from €76,826 to €13,529
- Gross operating margin -€34,337
down €34,337 (-24.8%), from €138,309 to €103,972
- Taxes +€4,819
up €4,819 (+34.7%), from €13,870 to €18,689
- Depreciation -€3,397
down €3,397 (-32.1%), from €10,599 to €7,202
- Financial charges -€2,645
down €2,645 (-75.2%), from €3,518 to €873
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 | €230,490 | €357,374 | +€126,883 | +55.0% |
| Fixed assets | 21/28 | €32,201 | €31,947 | -€254 | -0.8% |
| Intangible fixed assets | 21 | €9,552 | €22,650 | +€13,098 | +137.1% |
| Tangible fixed assets | 22/27 | €21,149 | €7,797 | -€13,352 | -63.1% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,095 | €626 | -€469 | -42.8% |
| Furniture and vehicles | 24 | €3,058 | €1,513 | -€1,545 | -50.5% |
| Other tangible fixed assets | 26 | €16,997 | €5,658 | -€11,339 | -66.7% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €198,289 | €325,427 | +€127,138 | +64.1% |
| Amounts receivable within one year | 40/41 | €121,457 | €227,515 | +€106,058 | +87.3% |
| Trade receivables | 40 | €121,431 | €223,475 | +€102,044 | +84.0% |
| Other amounts receivable | 41 | €26 | €4,040 | +€4,014 | +15378.9% |
| Cash at bank and in hand | 54/58 | €75,527 | €92,336 | +€16,809 | +22.3% |
| Deferred charges and accrued income | 490/1 | €1,305 | €5,575 | +€4,271 | +327.4% |
| Total equity and liabilities | 10/49 | €230,490 | €357,374 | +€126,883 | +55.0% |
| Equity | 10/15 | €75,181 | €128,207 | +€53,026 | +70.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,181 | €125,207 | +€53,026 | +73.5% |
| Amounts payable | 17/49 | €155,310 | €229,167 | +€73,857 | +47.6% |
| Amounts payable after more than one year | 17 | €23,095 | €19,124 | -€3,971 | -17.2% |
| Financial debts | 170/4 | €23,095 | €19,124 | -€3,971 | -17.2% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €132,214 | €160,043 | +€27,828 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €4,412 | €3,971 | -€441 | -10.0% |
| Financial debts | 43 | €83 | €0 | -€83 | -100.0% |
| Other loans | 439 | €83 | €0 | -€83 | -100.0% |
| Trade debts | 44 | €82,637 | €89,480 | +€6,842 | +8.3% |
| Suppliers | 440/4 | €82,637 | €89,480 | +€6,842 | +8.3% |
| Taxes, remuneration and social security | 45 | €29,387 | €50,871 | +€21,484 | +73.1% |
| Taxes | 450/3 | €29,387 | €45,407 | +€16,020 | +54.5% |
| Remuneration and social security | 454/9 | €0 | €5,464 | +€5,464 | |
| Other amounts payable | 47/48 | €15,695 | €15,721 | +€26 | +0.2% |
| Accrued charges and deferred income | 492/3 | - | €50,000 | +€50,000 | |
| Non-recurring operating income | 76A | €3,826 | €0 | -€3,826 | -100.0% |
| Remuneration, social security and pensions | 62 | €76,826 | €13,529 | -€63,297 | -82.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,599 | €7,202 | -€3,397 | -32.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €595 | +€595 | |
| Other operating charges | 640/8 | €607 | €643 | +€36 | +6.0% |
| Non-recurring operating charges | 66A | - | €9,965 | +€9,965 | |
| Gross operating margin | 9900 | €138,309 | €103,972 | -€34,337 | -24.8% |
| Operating profit (loss) | 9901 | €50,277 | €72,037 | +€21,759 | +43.3% |
| Financial income | 75/76B | €0 | €551 | +€551 | |
| Recurring financial income | 75 | €0 | €551 | +€551 | |
| Financial charges | 65/66B | €3,518 | €873 | -€2,645 | -75.2% |
| Recurring financial charges | 65 | €3,518 | €873 | -€2,645 | -75.2% |
| Profit (loss) for the period before taxes | 9903 | €46,759 | €71,715 | +€24,956 | +53.4% |
| Income taxes | 67/77 | €13,870 | €18,689 | +€4,819 | +34.7% |
| Profit (loss) for the period | 9904 | €32,889 | €53,026 | +€20,137 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €32,889 | €53,026 | +€20,137 | +61.2% |
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 5 October 2026 via checked.be.