STAGE 2: what changed
Two fiscal 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.
STAGE 2
Largest movements
- Cash -€658,594
down €658,594 (-51.0%), from €1.3m to €633,554
mainly Investment in fixed assets (net) (-€552,526) and Other debts (-€382,500)
- Intangible fixed assets +€241,229
up €241,229 (+48.6%), from €495,974 to €737,202
- Receivables within one year -€169,249
down €169,249 (-69.1%), from €244,919 to €75,670
of which Trade receivables: -€204,512
- Other debts -€382,500
down €382,500 (-25.1%), from €1.5m to €1.1m
- Profit (loss) carried forward -€120,204
down €120,204 (-36.8%), from €326,684 to €206,480
- Tax, wage and social debts -€64,432
down €64,432 (-56.2%), from €114,615 to €50,183
of which Remuneration and social security: -€32,613
- Gross operating margin -€952,121
down €952,121 (-62.5%), from €1.5m to €571,296
- Staff costs -€93,322
down €93,322 (-18.8%), from €495,627 to €402,304
- Financial income -€62,463
down €62,463 (-72.0%), from €86,782 to €24,319
- Depreciation +€39,842
up €39,842 (+14.6%), from €273,150 to €312,992
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 | €2,043,651 | €1,469,291 | -€574,360 | -28.1% |
| Fixed assets | 21/28 | €506,583 | €746,118 | +€239,534 | +47.3% |
| Intangible fixed assets | 21 | €495,974 | €737,202 | +€241,229 | +48.6% |
| Tangible fixed assets | 22/27 | €2,960 | €1,265 | -€1,694 | -57.2% |
| Plant, machinery and equipment | 23 | €2,960 | €1,265 | -€1,694 | -57.2% |
| Financial fixed assets | 28 | €7,650 | €7,650 | = | 0.0% |
| Current assets | 29/58 | €1,537,067 | €723,173 | -€813,894 | -53.0% |
| Amounts receivable within one year | 40/41 | €244,919 | €75,670 | -€169,249 | -69.1% |
| Trade receivables | 40 | €227,900 | €23,388 | -€204,512 | -89.7% |
| Other amounts receivable | 41 | €17,020 | €52,282 | +€35,262 | +207.2% |
| Cash at bank and in hand | 54/58 | €1,292,148 | €633,554 | -€658,594 | -51.0% |
| Deferred charges and accrued income | 490/1 | - | €13,949 | +€13,949 | |
| Total equity and liabilities | 10/49 | €2,043,651 | €1,469,291 | -€574,360 | -28.1% |
| Equity | 10/15 | €328,184 | €207,980 | -€120,204 | -36.6% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €326,684 | €206,480 | -€120,204 | -36.8% |
| Amounts payable | 17/49 | €1,715,467 | €1,261,312 | -€454,155 | -26.5% |
| Amounts payable within one year | 42/48 | €1,715,467 | €1,261,312 | -€454,155 | -26.5% |
| Trade debts | 44 | €77,852 | €70,629 | -€7,223 | -9.3% |
| Suppliers | 440/4 | €77,852 | €70,629 | -€7,223 | -9.3% |
| Taxes, remuneration and social security | 45 | €114,615 | €50,183 | -€64,432 | -56.2% |
| Taxes | 450/3 | €31,819 | - | -€31,819 | |
| Remuneration and social security | 454/9 | €82,795 | €50,183 | -€32,613 | -39.4% |
| Other amounts payable | 47/48 | €1,523,000 | €1,140,500 | -€382,500 | -25.1% |
| Remuneration, social security and pensions | 62 | €495,627 | €402,304 | -€93,322 | -18.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,150 | €312,992 | +€39,842 | +14.6% |
| Gross operating margin | 9900 | €1,523,416 | €571,296 | -€952,121 | -62.5% |
| Operating profit (loss) | 9901 | €754,640 | -€144,000 | -€898,641 | |
| Financial income | 75/76B | €86,782 | €24,319 | -€62,463 | -72.0% |
| Recurring financial income | 75 | €86,782 | €24,319 | -€62,463 | -72.0% |
| Financial charges | 65/66B | €436 | €523 | +€88 | +20.1% |
| Recurring financial charges | 65 | €436 | €523 | +€88 | +20.1% |
| Profit (loss) for the period before taxes | 9903 | €840,987 | -€120,204 | -€961,191 | |
| Income taxes | 67/77 | €346 | - | -€346 | |
| Profit (loss) for the period | 9904 | €840,641 | -€120,204 | -€960,845 | |
| Profit (loss) for the period to be appropriated | 9905 | €840,641 | -€120,204 | -€960,845 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.