SQUARE 1: what changed
SQUARE 1
Largest movements
- Cash -€18,660
down €18,660 (-96.7%), from €19,304 to €645
mainly Debts after one year (-€14,467) and Current portion of long-term debt (-€13,869)
- Tangible fixed assets -€8,842
down €8,842 (-22.6%), from €39,182 to €30,340
of which Leasing and similar rights: -€10,530
- Receivables within one year -€4,307
down €4,307 (-3.6%), from €120,469 to €116,161
of which Trade receivables: -€22,321
- Deferred charges and accrued income +€1,812
new in 2025: €1,812
- Debts after one year -€14,467
down €14,467 (-13.0%), from €111,278 to €96,811
- Current portion of long-term debt -€13,869
down €13,869 (-46.2%), from €29,994 to €16,125
- Profit (loss) carried forward -€11,138
down €11,138, from €8,917 to -€2,221
- Trade debts +€5,785
up €5,785, from €0 to €5,785
- Tax, wage and social debts +€2,769
up €2,769 (+238%), from €1,165 to €3,934
- Gross operating margin -€39,053
down €39,053, from €36,807 to -€2,245
- Other operating charges -€7,948
down €7,948 (-80.9%), from €9,829 to €1,881
- Financial charges -€4,691
down €4,691 (-59.5%), from €7,886 to €3,195
- Depreciation +€2,685
up €2,685 (+25.3%), from €10,620 to €13,305
- Financial income +€622
up €622 (+7.0%), from €8,865 to €9,487
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 | €178,955 | €148,958 | -€29,997 | -16.8% |
| Fixed assets | 21/28 | €39,182 | €30,340 | -€8,842 | -22.6% |
| Tangible fixed assets | 22/27 | €39,182 | €30,340 | -€8,842 | -22.6% |
| Plant, machinery and equipment | 23 | €7,592 | €9,280 | +€1,688 | +22.2% |
| Leasing and similar rights | 25 | €31,590 | €21,060 | -€10,530 | -33.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €139,773 | €118,618 | -€21,155 | -15.1% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €120,469 | €116,161 | -€4,307 | -3.6% |
| Trade receivables | 40 | €25,579 | €3,258 | -€22,321 | -87.3% |
| Other amounts receivable | 41 | €94,890 | €112,903 | +€18,013 | +19.0% |
| Cash at bank and in hand | 54/58 | €19,304 | €645 | -€18,660 | -96.7% |
| Deferred charges and accrued income | 490/1 | - | €1,812 | +€1,812 | |
| Total equity and liabilities | 10/49 | €178,955 | €148,958 | -€29,997 | -16.8% |
| Equity | 10/15 | €36,517 | €25,379 | -€11,138 | -30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,917 | -€2,221 | -€11,138 | |
| Amounts payable | 17/49 | €142,437 | €123,579 | -€18,859 | -13.2% |
| Amounts payable after more than one year | 17 | €111,278 | €96,811 | -€14,467 | -13.0% |
| Financial debts | 170/4 | €111,278 | €96,811 | -€14,467 | -13.0% |
| Amounts payable within one year | 42/48 | €31,160 | €26,768 | -€4,392 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €29,994 | €16,125 | -€13,869 | -46.2% |
| Financial debts | 43 | - | €923 | +€923 | |
| Credit institutions | 430/8 | - | €923 | +€923 | |
| Trade debts | 44 | €0 | €5,785 | +€5,785 | |
| Suppliers | 440/4 | €0 | €5,785 | +€5,785 | |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €1,165 | €3,934 | +€2,769 | +238% |
| Taxes | 450/3 | €1,165 | €3,934 | +€2,769 | +238% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €30,889 | €0 | -€30,889 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,620 | €13,305 | +€2,685 | +25.3% |
| Other operating charges | 640/8 | €9,829 | €1,881 | -€7,948 | -80.9% |
| Gross operating margin | 9900 | €36,807 | -€2,245 | -€39,053 | |
| Operating profit (loss) | 9901 | €16,359 | -€17,430 | -€33,789 | |
| Financial income | 75/76B | €8,865 | €9,487 | +€622 | +7.0% |
| Recurring financial income | 75 | €8,865 | €9,487 | +€622 | +7.0% |
| Financial charges | 65/66B | €7,886 | €3,195 | -€4,691 | -59.5% |
| Recurring financial charges | 65 | €7,886 | €3,195 | -€4,691 | -59.5% |
| Profit (loss) for the period before taxes | 9903 | €17,338 | -€11,138 | -€28,476 | |
| Income taxes | 67/77 | -€62 | €0 | +€62 | |
| Profit (loss) for the period | 9904 | €17,401 | -€11,138 | -€28,538 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,401 | -€11,138 | -€28,538 |
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 4 November 2026 via checked.be.