SHORTCUT ADVERTISING: what changed
SHORTCUT ADVERTISING
Largest movements
- Receivables within one year +€234,613
up €234,613 (+124%), from €189,713 to €424,326
of which Trade receivables: +€157,966
- Cash -€138,865
down €138,865 (-80.2%), from €173,192 to €34,326
mainly Receivables within one year (-€234,613) and Net result for the year (-€129,412)
- Stocks and contracts -€38,919
no longer reported in 2025 (was €38,919)
- Tangible fixed assets -€5,656
down €5,656 (-65.1%), from €8,689 to €3,032
of which Plant, machinery and equipment: -€4,990
- Trade debts +€284,839
up €284,839 (+696%), from €40,932 to €325,770
- Reserves -€129,412
down €129,412 (-80.0%), from €161,723 to €32,312
- Short-term financial debts -€100,000
down €100,000 (-50.0%), from €200,000 to €100,000
- Gross operating margin -€215,811
down €215,811, from €104,353 to -€111,458
- Staff costs -€80,732
no longer reported in 2025 (was €80,732)
- Write-downs -€15,392
down €15,392, from €14,622 to -€770
- Other operating charges -€13,750
down €13,750 (-85.9%), from €16,012 to €2,262
- Financial charges -€5,779
down €5,779 (-35.3%), from €16,390 to €10,611
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €416,631 | €467,882 | +€51,251 | +12.3% |
| Fixed assets | 21/28 | €14,474 | €8,817 | -€5,656 | -39.1% |
| Tangible fixed assets | 22/27 | €8,689 | €3,032 | -€5,656 | -65.1% |
| Plant, machinery and equipment | 23 | €6,340 | €1,350 | -€4,990 | -78.7% |
| Furniture and vehicles | 24 | €2,349 | €1,683 | -€667 | -28.4% |
| Financial fixed assets | 28 | €5,785 | €5,785 | = | 0.0% |
| Current assets | 29/58 | €402,157 | €459,064 | +€56,907 | +14.2% |
| Stocks and contracts in progress | 3 | €38,919 | - | -€38,919 | |
| Contracts in progress | 37 | €38,919 | - | -€38,919 | |
| Amounts receivable within one year | 40/41 | €189,713 | €424,326 | +€234,613 | +124% |
| Trade receivables | 40 | €140,311 | €298,278 | +€157,966 | +113% |
| Other amounts receivable | 41 | €49,402 | €126,049 | +€76,647 | +155% |
| Cash at bank and in hand | 54/58 | €173,192 | €34,326 | -€138,865 | -80.2% |
| Deferred charges and accrued income | 490/1 | €334 | €412 | +€78 | +23.4% |
| Total equity and liabilities | 10/49 | €416,631 | €467,882 | +€51,251 | +12.3% |
| Equity | 10/15 | €168,023 | €38,612 | -€129,412 | -77.0% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €161,723 | €32,312 | -€129,412 | -80.0% |
| Distributable reserves | 133 | €161,723 | €32,312 | -€129,412 | -80.0% |
| Amounts payable | 17/49 | €248,608 | €429,270 | +€180,662 | +72.7% |
| Amounts payable within one year | 42/48 | €242,058 | €426,900 | +€184,842 | +76.4% |
| Financial debts | 43 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Credit institutions | 430/8 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Trade debts | 44 | €40,932 | €325,770 | +€284,839 | +696% |
| Suppliers | 440/4 | €40,932 | €325,770 | +€284,839 | +696% |
| Taxes, remuneration and social security | 45 | €507 | €511 | +€4 | +0.7% |
| Taxes | 450/3 | €507 | €511 | +€4 | +0.7% |
| Other amounts payable | 47/48 | €619 | €619 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,551 | €2,370 | -€4,180 | -63.8% |
| Non-recurring operating income | 76A | €1,723 | - | -€1,723 | |
| Remuneration, social security and pensions | 62 | €80,732 | - | -€80,732 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,076 | €5,656 | -€2,419 | -30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,622 | -€770 | -€15,392 | |
| Other operating charges | 640/8 | €16,012 | €2,262 | -€13,750 | -85.9% |
| Gross operating margin | 9900 | €104,353 | -€111,458 | -€215,811 | |
| Operating profit (loss) | 9901 | -€15,090 | -€118,606 | -€103,516 | -686% |
| Financial income | 75/76B | €318 | €2 | -€316 | -99.4% |
| Recurring financial income | 75 | €318 | €2 | -€316 | -99.4% |
| Financial charges | 65/66B | €16,390 | €10,611 | -€5,779 | -35.3% |
| Recurring financial charges | 65 | €16,390 | €10,611 | -€5,779 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | -€31,162 | -€129,216 | -€98,054 | -315% |
| Income taxes | 67/77 | €192 | €196 | +€4 | +1.8% |
| Profit (loss) for the period | 9904 | -€31,354 | -€129,412 | -€98,057 | -313% |
| Profit (loss) for the period to be appropriated | 9905 | -€31,354 | -€129,412 | -€98,057 | -313% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.