shift in focus: 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.
shift in focus
Largest movements
- Receivables within one year -€79,160
down €79,160 (-59.5%), from €133,001 to €53,840
of which Trade receivables: -€74,004
- Cash +€32,240
up €32,240 (+54.6%), from €59,101 to €91,341
mainly Receivables within one year (+€79,160) and Net result for the year (+€27,562)
- Other debts -€68,838
down €68,838 (-100.0%), from €68,838 to €0
- Reserves +€27,562
up €27,562 (+22.5%), from €122,573 to €150,136
- Tax, wage and social debts -€6,820
down €6,820 (-64.7%), from €10,535 to €3,715
of which Taxes: -€6,820
- Gross operating margin -€54,564
down €54,564 (-57.6%), from €94,655 to €40,091
- Taxes -€6,769
down €6,769 (-37.6%), from €17,984 to €11,215
- Financial income +€1,458
up €1,458 (+617.8%), from €236 to €1,694
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 | €202,323 | €154,863 | -€47,460 | -23.5% |
| Fixed assets | 21/28 | €7,369 | €6,483 | -€885 | -12.0% |
| Tangible fixed assets | 22/27 | €7,369 | €6,483 | -€885 | -12.0% |
| Plant, machinery and equipment | 23 | - | €1,317 | +€1,317 | |
| Furniture and vehicles | 24 | €7,369 | €5,167 | -€2,202 | -29.9% |
| Current assets | 29/58 | €194,955 | €148,380 | -€46,575 | -23.9% |
| Amounts receivable within one year | 40/41 | €133,001 | €53,840 | -€79,160 | -59.5% |
| Trade receivables | 40 | €88,088 | €14,083 | -€74,004 | -84.0% |
| Other amounts receivable | 41 | €44,913 | €39,757 | -€5,156 | -11.5% |
| Cash at bank and in hand | 54/58 | €59,101 | €91,341 | +€32,240 | +54.6% |
| Deferred charges and accrued income | 490/1 | €2,853 | €3,198 | +€346 | +12.1% |
| Total equity and liabilities | 10/49 | €202,323 | €154,863 | -€47,460 | -23.5% |
| Equity | 10/15 | €122,574 | €150,137 | +€27,562 | +22.5% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €122,573 | €150,136 | +€27,562 | +22.5% |
| Distributable reserves | 133 | €122,573 | €150,136 | +€27,562 | +22.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €79,749 | €4,727 | -€75,022 | -94.1% |
| Amounts payable within one year | 42/48 | €79,695 | €4,673 | -€75,022 | -94.1% |
| Financial debts | 43 | €39 | €47 | +€8 | +19.6% |
| Credit institutions | 430/8 | €39 | €47 | +€8 | +19.6% |
| Trade debts | 44 | €283 | €911 | +€628 | +222.2% |
| Suppliers | 440/4 | €283 | €911 | +€628 | +222.2% |
| Taxes, remuneration and social security | 45 | €10,535 | €3,715 | -€6,820 | -64.7% |
| Taxes | 450/3 | €10,535 | €3,715 | -€6,820 | -64.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €68,838 | €0 | -€68,838 | -100.0% |
| Accrued charges and deferred income | 492/3 | €54 | €54 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,202 | €2,257 | +€56 | +2.5% |
| Other operating charges | 640/8 | €779 | €670 | -€109 | -14.0% |
| Non-recurring operating charges | 66A | €4,288 | €0 | -€4,288 | -100.0% |
| Gross operating margin | 9900 | €94,655 | €40,091 | -€54,564 | -57.6% |
| Operating profit (loss) | 9901 | €87,385 | €37,163 | -€50,222 | -57.5% |
| Financial income | 75/76B | €236 | €1,694 | +€1,458 | +617.8% |
| Recurring financial income | 75 | €236 | €1,694 | +€1,458 | +617.8% |
| Financial charges | 65/66B | €800 | €79 | -€721 | -90.1% |
| Recurring financial charges | 65 | €800 | €79 | -€721 | -90.1% |
| Profit (loss) for the period before taxes | 9903 | €86,821 | €38,778 | -€48,044 | -55.3% |
| Income taxes | 67/77 | €17,984 | €11,215 | -€6,769 | -37.6% |
| Profit (loss) for the period | 9904 | €68,838 | €27,562 | -€41,275 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,838 | €27,562 | -€41,275 | -60.0% |
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.