Spine: what changed
Spine
Largest movements
- Cash +€11,161
up €11,161 (+60,557%), from €18 to €11,179
mainly Net result for the year (+€26,758) and Tax, wage and social debts (+€24,953)
- Receivables within one year +€10,022
up €10,022 (+38.9%), from €25,780 to €35,802
of which Trade receivables: +€10,021
- Deferred charges and accrued income +€8,019
up €8,019 (+254%), from €3,154 to €11,173
- Formation expenses -€3,470
down €3,470 (-4.9%), from €70,242 to €66,772
- Tangible fixed assets -€2,970
down €2,970 (-94.1%), from €3,157 to €187
of which Plant, machinery and equipment: -€2,655
- Profit (loss) carried forward +€26,758
up €26,758 (+40.0%), from -€66,873 to -€40,115
- Debts after one year -€26,000
no longer reported in 2025 (was €26,000)
- Tax, wage and social debts +€24,953
up €24,953 (+854%), from €2,923 to €27,876
of which Taxes: +€22,238
- Other debts -€22,178
down €22,178 (-29.7%), from €74,768 to €52,590
- Current portion of long-term debt +€14,350
up €14,350 (+44.5%), from €32,248 to €46,598
- Gross operating margin +€21,441
up €21,441 (+75.5%), from €28,390 to €49,831
- Taxes +€5,915
new in 2025: €5,915
- Financial charges +€3,725
up €3,725 (+114%), from €3,259 to €6,984
- Other operating charges -€1,568
down €1,568 (-36.4%), from €4,304 to €2,736
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 | €176,657 | €198,794 | +€22,137 | +12.5% |
| Formation expenses | 20 | €70,242 | €66,772 | -€3,470 | -4.9% |
| Fixed assets | 21/28 | €74,157 | €70,562 | -€3,595 | -4.8% |
| Intangible fixed assets | 21 | €1,000 | - | -€1,000 | |
| Tangible fixed assets | 22/27 | €3,157 | €187 | -€2,970 | -94.1% |
| Plant, machinery and equipment | 23 | €2,655 | - | -€2,655 | |
| Furniture and vehicles | 24 | €502 | €187 | -€315 | -62.7% |
| Financial fixed assets | 28 | €70,000 | €70,375 | +€375 | +0.5% |
| Current assets | 29/58 | €32,259 | €61,460 | +€29,201 | +90.5% |
| Stocks and contracts in progress | 3 | €3,306 | €3,306 | +€0 | 0.0% |
| Stocks | 30/36 | €3,306 | €3,306 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €25,780 | €35,802 | +€10,022 | +38.9% |
| Trade receivables | 40 | €11,360 | €21,381 | +€10,021 | +88.2% |
| Other amounts receivable | 41 | €14,421 | €14,421 | +€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €18 | €11,179 | +€11,161 | +60,557% |
| Deferred charges and accrued income | 490/1 | €3,154 | €11,173 | +€8,019 | +254% |
| Total equity and liabilities | 10/49 | €176,657 | €198,794 | +€22,137 | +12.5% |
| Equity | 10/15 | €13,238 | €39,996 | +€26,758 | +202% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €111 | €111 | -€0 | -0.1% |
| Distributable reserves | 133 | €111 | €111 | -€0 | -0.1% |
| Profit (loss) carried forward | 14 | -€66,873 | -€40,115 | +€26,758 | +40.0% |
| Amounts payable | 17/49 | €163,419 | €158,798 | -€4,621 | -2.8% |
| Amounts payable after more than one year | 17 | €26,000 | - | -€26,000 | |
| Financial debts | 170/4 | €26,000 | - | -€26,000 | |
| Amounts payable within one year | 42/48 | €136,740 | €153,307 | +€16,567 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €32,248 | €46,598 | +€14,350 | +44.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €26,801 | €26,243 | -€558 | -2.1% |
| Suppliers | 440/4 | €26,801 | €26,243 | -€558 | -2.1% |
| Taxes, remuneration and social security | 45 | €2,923 | €27,876 | +€24,953 | +854% |
| Taxes | 450/3 | €2,923 | €25,161 | +€22,238 | +761% |
| Remuneration and social security | 454/9 | €0 | €2,715 | +€2,715 | |
| Other amounts payable | 47/48 | €74,768 | €52,590 | -€22,178 | -29.7% |
| Accrued charges and deferred income | 492/3 | €679 | €5,491 | +€4,812 | +709% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,641 | €7,440 | -€201 | -2.6% |
| Other operating charges | 640/8 | €4,304 | €2,736 | -€1,568 | -36.4% |
| Gross operating margin | 9900 | €28,390 | €49,831 | +€21,441 | +75.5% |
| Operating profit (loss) | 9901 | €16,445 | €39,655 | +€23,210 | +141% |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €3,259 | €6,984 | +€3,725 | +114% |
| Recurring financial charges | 65 | €3,259 | €6,984 | +€3,725 | +114% |
| Profit (loss) for the period before taxes | 9903 | €13,187 | €32,673 | +€19,486 | +148% |
| Income taxes | 67/77 | - | €5,915 | +€5,915 | |
| Profit (loss) for the period | 9904 | €13,187 | €26,758 | +€13,571 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €13,187 | €26,758 | +€13,571 | +103% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.