Smart Insights Lab: 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.
Smart Insights Lab
Largest movements
- Receivables within one year +€52,941
up €52,941 (+116%), from €45,735 to €98,676
of which Trade receivables: +€52,440
- Cash -€50,295
down €50,295 (-61.0%), from €82,406 to €32,111
mainly Contributions, distributions and other (-€62,972) and Receivables within one year (-€52,941)
- Tangible fixed assets -€17,310
down €17,310 (-12.3%), from €140,522 to €123,212
of which Land and buildings: -€13,216
- Other debts -€8,387
down €8,387 (-9.2%), from €91,186 to €82,799
- Debts after one year -€8,000
down €8,000 (-7.4%), from €108,001 to €100,001
- Tax, wage and social debts -€6,355
down €6,355 (-23.6%), from €26,876 to €20,520
of which Remuneration and social security: -€8,500
- Trade debts +€6,208
up €6,208 (+1,192%), from €521 to €6,728
- Gross operating margin -€22,091
down €22,091 (-17.2%), from €128,344 to €106,252
- Taxes -€5,040
down €5,040 (-21.7%), from €23,261 to €18,221
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 | €281,433 | €266,756 | -€14,677 | -5.2% |
| Fixed assets | 21/28 | €140,522 | €123,212 | -€17,310 | -12.3% |
| Tangible fixed assets | 22/27 | €140,522 | €123,212 | -€17,310 | -12.3% |
| Land and buildings | 22 | €133,417 | €120,200 | -€13,216 | -9.9% |
| Furniture and vehicles | 24 | €7,105 | €3,012 | -€4,093 | -57.6% |
| Current assets | 29/58 | €140,911 | €143,544 | +€2,633 | +1.9% |
| Amounts receivable within one year | 40/41 | €45,735 | €98,676 | +€52,941 | +116% |
| Trade receivables | 40 | €41,940 | €94,380 | +€52,440 | +125% |
| Other amounts receivable | 41 | €3,795 | €4,296 | +€501 | +13.2% |
| Current investments | 50/53 | €10,920 | €10,256 | -€664 | -6.1% |
| Cash at bank and in hand | 54/58 | €82,406 | €32,111 | -€50,295 | -61.0% |
| Deferred charges and accrued income | 490/1 | €1,851 | €2,502 | +€651 | +35.2% |
| Total equity and liabilities | 10/49 | €281,433 | €266,756 | -€14,677 | -5.2% |
| Equity | 10/15 | €46,445 | €46,445 | = | 0.0% |
| Contributions | 10/11 | €23,497 | €23,497 | = | 0.0% |
| Reserves | 13 | €22,947 | €22,947 | = | 0.0% |
| Distributable reserves | 133 | €22,947 | €22,947 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €234,989 | €220,311 | -€14,677 | -6.2% |
| Amounts payable after more than one year | 17 | €108,001 | €100,001 | -€8,000 | -7.4% |
| Financial debts | 170/4 | €108,001 | €100,001 | -€8,000 | -7.4% |
| Amounts payable within one year | 42/48 | €126,988 | €120,311 | -€6,677 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €8,000 | = | 0.0% |
| Financial debts | 43 | €406 | €2,263 | +€1,857 | +457% |
| Credit institutions | 430/8 | €406 | €2,263 | +€1,857 | +457% |
| Trade debts | 44 | €521 | €6,728 | +€6,208 | +1,192% |
| Suppliers | 440/4 | €521 | €6,728 | +€6,208 | +1,192% |
| Taxes, remuneration and social security | 45 | €26,876 | €20,520 | -€6,355 | -23.6% |
| Taxes | 450/3 | €18,376 | €20,520 | +€2,145 | +11.7% |
| Remuneration and social security | 454/9 | €8,500 | €0 | -€8,500 | -100% |
| Other amounts payable | 47/48 | €91,186 | €82,799 | -€8,387 | -9.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,417 | €20,367 | -€1,050 | -4.9% |
| Other operating charges | 640/8 | €1,607 | €1,645 | +€38 | +2.4% |
| Gross operating margin | 9900 | €128,344 | €106,252 | -€22,091 | -17.2% |
| Operating profit (loss) | 9901 | €105,319 | €83,741 | -€21,579 | -20.5% |
| Financial income | 75/76B | €70 | €89 | +€19 | +27.9% |
| Recurring financial income | 75 | €70 | €89 | +€19 | +27.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €2,181 | €2,636 | +€455 | +20.8% |
| Recurring financial charges | 65 | €2,181 | €2,636 | +€455 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €103,208 | €81,194 | -€22,014 | -21.3% |
| Income taxes | 67/77 | €23,261 | €18,221 | -€5,040 | -21.7% |
| Profit (loss) for the period | 9904 | €79,947 | €62,972 | -€16,974 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,947 | €62,972 | -€16,974 | -21.2% |
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 29 October 2026 via checked.be.