Smudged: 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.
Smudged
Largest movements
- Tangible fixed assets -€49,673
down €49,673 (-15.8%), from €314,554 to €264,881
of which Other tangible fixed assets: -€26,757
- Cash -€19,376
down €19,376 (-51.8%), from €37,426 to €18,050
mainly Debts after one year (-€77,242) and Other debts (-€14,190)
- Deferred charges and accrued income +€7,700
up €7,700 (+344.9%), from €2,232 to €9,933
- Debts after one year -€77,242
down €77,242 (-24.5%), from €314,689 to €237,446
- Profit (loss) carried forward +€30,114
up €30,114 (+26.6%), from -€113,007 to -€82,893
- Other debts -€14,190
down €14,190 (-82.9%), from €17,126 to €2,936
- Trade debts +€8,371
up €8,371 (+20.2%), from €41,434 to €49,805
- Tax, wage and social debts -€7,470
down €7,470 (-9.2%), from €81,495 to €74,025
of which Taxes: -€3,840
- Gross operating margin +€125,343
up €125,343 (+38.2%), from €327,969 to €453,312
- Staff costs +€64,636
up €64,636 (+22.8%), from €283,406 to €348,042
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 | €383,057 | €318,356 | -€64,701 | -16.9% |
| Fixed assets | 21/28 | €320,750 | €266,174 | -€54,577 | -17.0% |
| Intangible fixed assets | 21 | €4,631 | €1,293 | -€3,338 | -72.1% |
| Tangible fixed assets | 22/27 | €314,554 | €264,881 | -€49,673 | -15.8% |
| Plant, machinery and equipment | 23 | €52,478 | €39,849 | -€12,629 | -24.1% |
| Furniture and vehicles | 24 | €28,034 | €19,008 | -€9,026 | -32.2% |
| Leasing and similar rights | 25 | €4,809 | €3,548 | -€1,261 | -26.2% |
| Other tangible fixed assets | 26 | €229,233 | €202,476 | -€26,757 | -11.7% |
| Financial fixed assets | 28 | €1,566 | - | -€1,566 | |
| Current assets | 29/58 | €62,307 | €52,183 | -€10,124 | -16.2% |
| Stocks and contracts in progress | 3 | €14,957 | €17,324 | +€2,367 | +15.8% |
| Stocks | 30/36 | €14,957 | €17,324 | +€2,367 | +15.8% |
| Amounts receivable within one year | 40/41 | €7,692 | €6,876 | -€816 | -10.6% |
| Trade receivables | 40 | €7,692 | €3,783 | -€3,909 | -50.8% |
| Other amounts receivable | 41 | - | €3,093 | +€3,093 | |
| Cash at bank and in hand | 54/58 | €37,426 | €18,050 | -€19,376 | -51.8% |
| Deferred charges and accrued income | 490/1 | €2,232 | €9,933 | +€7,700 | +344.9% |
| Total equity and liabilities | 10/49 | €383,057 | €318,356 | -€64,701 | -16.9% |
| Equity | 10/15 | -€103,007 | -€72,893 | +€30,114 | +29.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,007 | -€82,893 | +€30,114 | +26.6% |
| Amounts payable | 17/49 | €486,064 | €391,249 | -€94,815 | -19.5% |
| Amounts payable after more than one year | 17 | €314,689 | €237,446 | -€77,242 | -24.5% |
| Financial debts | 170/4 | €314,689 | €237,446 | -€77,242 | -24.5% |
| Amounts payable within one year | 42/48 | €169,376 | €152,413 | -€16,963 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €29,321 | €25,647 | -€3,674 | -12.5% |
| Trade debts | 44 | €41,434 | €49,805 | +€8,371 | +20.2% |
| Suppliers | 440/4 | €41,434 | €49,805 | +€8,371 | +20.2% |
| Taxes, remuneration and social security | 45 | €81,495 | €74,025 | -€7,470 | -9.2% |
| Taxes | 450/3 | €30,062 | €26,222 | -€3,840 | -12.8% |
| Remuneration and social security | 454/9 | €51,433 | €47,803 | -€3,630 | -7.1% |
| Other amounts payable | 47/48 | €17,126 | €2,936 | -€14,190 | -82.9% |
| Accrued charges and deferred income | 492/3 | €2,000 | €1,390 | -€610 | -30.5% |
| Remuneration, social security and pensions | 62 | €283,406 | €348,042 | +€64,636 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,026 | €57,511 | +€3,486 | +6.5% |
| Other operating charges | 640/8 | €1,760 | €2,369 | +€609 | +34.6% |
| Non-recurring operating charges | 66A | - | €2,515 | +€2,515 | |
| Gross operating margin | 9900 | €327,969 | €453,312 | +€125,343 | +38.2% |
| Operating profit (loss) | 9901 | -€11,223 | €42,874 | +€54,097 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €16,872 | €12,760 | -€4,112 | -24.4% |
| Recurring financial charges | 65 | €16,872 | €12,760 | -€4,112 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | -€28,095 | €30,114 | +€58,209 | |
| Profit (loss) for the period | 9904 | -€28,095 | €30,114 | +€58,209 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,095 | €30,114 | +€58,209 |
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 10 October 2026 via checked.be.