Simon BURTON: 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.
Simon BURTON
Largest movements
- Current investments -€58,000
down €58,000 (-81.7%), from €71,000 to €13,000
- Tangible fixed assets +€50,434
up €50,434 (+94.8%), from €53,210 to €103,645
of which Land and buildings: +€64,060
- Cash -€7,719
down €7,719 (-12.8%), from €60,141 to €52,422
mainly Investment in fixed assets (net) (-€64,060) and Debts after one year (-€12,188)
- Intangible fixed assets -€7,500
down €7,500 (-25.0%), from €30,000 to €22,500
- Receivables within one year +€5,962
up €5,962 (+31.3%), from €19,036 to €24,997
of which Trade receivables: +€5,489
- Debts after one year -€12,188
down €12,188 (-32.7%), from €37,310 to €25,122
- Tax, wage and social debts -€7,816
down €7,816 (-55.0%), from €14,216 to €6,400
of which Taxes: -€4,221
- Trade debts +€6,849
up €6,849 (+88.4%), from €7,748 to €14,597
- Staff costs +€26,683
up €26,683 (+29.5%), from €90,487 to €117,170
- Taxes -€7,409
down €7,409 (-96.8%), from €7,656 to €247
- Gross operating margin -€3,290
down €3,290 (-2.3%), from €142,110 to €138,820
- Depreciation +€2,310
up €2,310 (+12.3%), from €18,815 to €21,126
- Financial income +€1,469
up €1,469 (+38.1%), from €3,861 to €5,330
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.
Derived cash bridge
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 | €238,569 | €225,002 | -€13,567 | -5.7% |
| Fixed assets | 21/28 | €83,479 | €126,414 | +€42,934 | +51.4% |
| Intangible fixed assets | 21 | €30,000 | €22,500 | -€7,500 | -25.0% |
| Tangible fixed assets | 22/27 | €53,210 | €103,645 | +€50,434 | +94.8% |
| Land and buildings | 22 | - | €64,060 | +€64,060 | |
| Plant, machinery and equipment | 23 | €2,299 | €791 | -€1,507 | -65.6% |
| Furniture and vehicles | 24 | €46,850 | €35,695 | -€11,156 | -23.8% |
| Other tangible fixed assets | 26 | €4,061 | €3,099 | -€963 | -23.7% |
| Financial fixed assets | 28 | €269 | €269 | = | 0.0% |
| Current assets | 29/58 | €155,090 | €98,588 | -€56,501 | -36.4% |
| Stocks and contracts in progress | 3 | €3,300 | €3,100 | -€200 | -6.1% |
| Stocks | 30/36 | €3,300 | €3,100 | -€200 | -6.1% |
| Amounts receivable within one year | 40/41 | €19,036 | €24,997 | +€5,962 | +31.3% |
| Trade receivables | 40 | €12,464 | €17,953 | +€5,489 | +44.0% |
| Other amounts receivable | 41 | €6,572 | €7,044 | +€473 | +7.2% |
| Current investments | 50/53 | €71,000 | €13,000 | -€58,000 | -81.7% |
| Cash at bank and in hand | 54/58 | €60,141 | €52,422 | -€7,719 | -12.8% |
| Deferred charges and accrued income | 490/1 | €1,613 | €5,069 | +€3,456 | +214% |
| Total equity and liabilities | 10/49 | €238,569 | €225,002 | -€13,567 | -5.7% |
| Equity | 10/15 | €94,326 | €96,693 | +€2,367 | +2.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €66,500 | €66,500 | = | 0.0% |
| Distributable reserves | 133 | €66,500 | €66,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,626 | €23,993 | +€2,367 | +10.9% |
| Amounts payable | 17/49 | €144,243 | €128,308 | -€15,934 | -11.0% |
| Amounts payable after more than one year | 17 | €37,310 | €25,122 | -€12,188 | -32.7% |
| Financial debts | 170/4 | €37,310 | €25,122 | -€12,188 | -32.7% |
| Amounts payable within one year | 42/48 | €106,933 | €103,186 | -€3,746 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €12,737 | €12,188 | -€549 | -4.3% |
| Trade debts | 44 | €7,748 | €14,597 | +€6,849 | +88.4% |
| Suppliers | 440/4 | €7,748 | €14,597 | +€6,849 | +88.4% |
| Taxes, remuneration and social security | 45 | €14,216 | €6,400 | -€7,816 | -55.0% |
| Taxes | 450/3 | €4,257 | €35 | -€4,221 | -99.2% |
| Remuneration and social security | 454/9 | €9,960 | €6,365 | -€3,595 | -36.1% |
| Other amounts payable | 47/48 | €72,231 | €70,001 | -€2,230 | -3.1% |
| Remuneration, social security and pensions | 62 | €90,487 | €117,170 | +€26,683 | +29.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,815 | €21,126 | +€2,310 | +12.3% |
| Other operating charges | 640/8 | €1,150 | €1,407 | +€257 | +22.3% |
| Gross operating margin | 9900 | €142,110 | €138,820 | -€3,290 | -2.3% |
| Operating profit (loss) | 9901 | €31,657 | -€883 | -€32,540 | |
| Financial income | 75/76B | €3,861 | €5,330 | +€1,469 | +38.1% |
| Recurring financial income | 75 | €3,861 | €5,330 | +€1,469 | +38.1% |
| Financial charges | 65/66B | €1,444 | €1,832 | +€388 | +26.9% |
| Recurring financial charges | 65 | €1,444 | €1,832 | +€388 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €34,074 | €2,615 | -€31,459 | -92.3% |
| Income taxes | 67/77 | €7,656 | €247 | -€7,409 | -96.8% |
| Profit (loss) for the period | 9904 | €26,417 | €2,367 | -€24,050 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,417 | €2,367 | -€24,050 | -91.0% |
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 15 October 2026 via checked.be.