Short-Circuit: 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.
Short-Circuit
Largest movements
- Receivables within one year +€118,452
up €118,452 (+46.2%), from €256,140 to €374,591
of which Trade receivables: +€103,556
- Stocks and contracts -€100,427
no longer reported in 2025 (was €100,427)
- Cash -€92,419
down €92,419 (-62.5%), from €147,816 to €55,397
mainly Receivables within one year (-€118,452) and Contributions, distributions and other (-€70,000)
- Reserves -€80,912
down €80,912 (-25.0%), from €323,859 to €242,947
- Other debts +€72,008
up €72,008 (+2290.8%), from €3,143 to €75,152
- Tax, wage and social debts -€19,751
down €19,751 (-81.7%), from €24,175 to €4,424
of which Taxes: -€14,172
- Current portion of long-term debt -€16,832
down €16,832 (-62.2%), from €27,063 to €10,231
- Debts after one year -€10,231
down €10,231 (-8.6%), from €118,328 to €108,097
of which Financial debts: -€10,231
- Gross operating margin -€84,637
down €84,637 (-86.8%), from €97,462 to €12,825
- Staff costs -€29,491
down €29,491 (-76.7%), from €38,426 to €8,935
- Taxes -€13,044
down €13,044 (-96.4%), from €13,531 to €486
- Financial charges -€3,657
down €3,657 (-29.0%), from €12,610 to €8,954
- Financial income -€2,756
down €2,756 (-94.0%), from €2,934 to €177
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 | €518,155 | €442,052 | -€76,103 | -14.7% |
| Fixed assets | 21/28 | €12,000 | €12,000 | = | 0.0% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €506,155 | €430,052 | -€76,103 | -15.0% |
| Stocks and contracts in progress | 3 | €100,427 | - | -€100,427 | |
| Stocks | 30/36 | €100,427 | - | -€100,427 | |
| Amounts receivable within one year | 40/41 | €256,140 | €374,591 | +€118,452 | +46.2% |
| Trade receivables | 40 | €142,500 | €246,056 | +€103,556 | +72.7% |
| Other amounts receivable | 41 | €113,640 | €128,536 | +€14,896 | +13.1% |
| Current investments | 50/53 | €63 | €64 | +€0 | +0.6% |
| Cash at bank and in hand | 54/58 | €147,816 | €55,397 | -€92,419 | -62.5% |
| Deferred charges and accrued income | 490/1 | €1,709 | - | -€1,709 | |
| Total equity and liabilities | 10/49 | €518,155 | €442,052 | -€76,103 | -14.7% |
| Equity | 10/15 | €324,959 | €244,047 | -€80,912 | -24.9% |
| Contributions | 10/11 | €1,100 | €1,100 | = | 0.0% |
| Reserves | 13 | €323,859 | €242,947 | -€80,912 | -25.0% |
| Distributable reserves | 133 | €323,859 | €242,947 | -€80,912 | -25.0% |
| Amounts payable | 17/49 | €193,195 | €198,005 | +€4,810 | +2.5% |
| Amounts payable after more than one year | 17 | €118,328 | €108,097 | -€10,231 | -8.6% |
| Financial debts | 170/4 | €18,328 | €8,097 | -€10,231 | -55.8% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €69,253 | €89,908 | +€20,655 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €27,063 | €10,231 | -€16,832 | -62.2% |
| Trade debts | 44 | €9,958 | €102 | -€9,856 | -99.0% |
| Suppliers | 440/4 | €9,958 | €102 | -€9,856 | -99.0% |
| Advances received on contracts in progress | 46 | €4,914 | - | -€4,914 | |
| Taxes, remuneration and social security | 45 | €24,175 | €4,424 | -€19,751 | -81.7% |
| Taxes | 450/3 | €18,538 | €4,366 | -€14,172 | -76.4% |
| Remuneration and social security | 454/9 | €5,636 | €58 | -€5,579 | -99.0% |
| Other amounts payable | 47/48 | €3,143 | €75,152 | +€72,008 | +2290.8% |
| Accrued charges and deferred income | 492/3 | €5,614 | - | -€5,614 | |
| Remuneration, social security and pensions | 62 | €38,426 | €8,935 | -€29,491 | -76.7% |
| Other operating charges | 640/8 | €4,770 | €5,541 | +€770 | +16.1% |
| Gross operating margin | 9900 | €97,462 | €12,825 | -€84,637 | -86.8% |
| Operating profit (loss) | 9901 | €54,266 | -€1,650 | -€55,916 | |
| Financial income | 75/76B | €2,934 | €177 | -€2,756 | -94.0% |
| Recurring financial income | 75 | €2,934 | €177 | -€2,756 | -94.0% |
| Financial charges | 65/66B | €12,610 | €8,954 | -€3,657 | -29.0% |
| Recurring financial charges | 65 | €12,610 | €8,954 | -€3,657 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €44,590 | -€10,426 | -€55,016 | |
| Income taxes | 67/77 | €13,531 | €486 | -€13,044 | -96.4% |
| Profit (loss) for the period | 9904 | €31,059 | -€10,912 | -€41,971 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,059 | -€10,912 | -€41,971 |
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 12 October 2026 via checked.be.