Start it X: 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.
Start it X
Largest movements
- Cash -€1.3m
down €1.3m (-66.6%), from €2.0m to €653,462
mainly Current investments (-€1.3m) and Deferred charges and accrued income (-€310,239)
- Current investments +€1.3m
up €1.3m, from €0 to €1.3m
- Deferred charges and accrued income +€310,239
up €310,239 (+622.6%), from €49,833 to €360,072
- Receivables within one year +€115,535
up €115,535 (+28.1%), from €411,861 to €527,396
of which Trade receivables: +€141,437
- Reserves +€146,255
up €146,255 (+38.4%), from €380,976 to €527,230
of which Distributable reserves: +€138,942
- Trade debts +€136,166
up €136,166 (+61.4%), from €221,618 to €357,785
- Accrued charges and deferred income +€67,451
up €67,451 (+17.8%), from €378,107 to €445,558
- Gross operating margin +€145,871
up €145,871 (+51.9%), from €281,013 to €426,884
- Taxes +€49,108
up €49,108 (+1639.6%), from €2,995 to €52,104
- Staff costs -€27,683
down €27,683 (-27.0%), from €102,403 to €74,720
- Depreciation -€23,038
down €23,038 (-58.7%), from €39,226 to €16,188
- Financial income -€18,470
down €18,470 (-53.0%), from €34,832 to €16,362
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 | €2,532,742 | €2,888,432 | +€355,691 | +14.0% |
| Fixed assets | 21/28 | €113,691 | €97,502 | -€16,188 | -14.2% |
| Intangible fixed assets | 21 | €3,604 | €1,657 | -€1,947 | -54.0% |
| Tangible fixed assets | 22/27 | €49,622 | €35,381 | -€14,241 | -28.7% |
| Furniture and vehicles | 24 | €49,622 | €35,381 | -€14,241 | -28.7% |
| Financial fixed assets | 28 | €60,465 | €60,465 | = | 0.0% |
| Current assets | 29/58 | €2,419,051 | €2,790,930 | +€371,879 | +15.4% |
| Amounts receivable within one year | 40/41 | €411,861 | €527,396 | +€115,535 | +28.1% |
| Trade receivables | 40 | €364,803 | €506,240 | +€141,437 | +38.8% |
| Other amounts receivable | 41 | €47,057 | €21,156 | -€25,902 | -55.0% |
| Current investments | 50/53 | €0 | €1,250,000 | +€1.3m | |
| Cash at bank and in hand | 54/58 | €1,957,358 | €653,462 | -€1.3m | -66.6% |
| Deferred charges and accrued income | 490/1 | €49,833 | €360,072 | +€310,239 | +622.6% |
| Total equity and liabilities | 10/49 | €2,532,742 | €2,888,432 | +€355,691 | +14.0% |
| Equity | 10/15 | €1,880,976 | €2,027,230 | +€146,255 | +7.8% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €380,976 | €527,230 | +€146,255 | +38.4% |
| Non-distributable reserves | 130/1 | €25,722 | €33,035 | +€7,313 | +28.4% |
| Legal reserve | 130 | €25,722 | €33,035 | +€7,313 | +28.4% |
| Distributable reserves | 133 | €355,253 | €494,195 | +€138,942 | +39.1% |
| Amounts payable | 17/49 | €651,766 | €861,202 | +€209,436 | +32.1% |
| Amounts payable within one year | 42/48 | €273,659 | €415,645 | +€141,985 | +51.9% |
| Financial debts | 43 | €2,188 | €188 | -€2,000 | -91.4% |
| Credit institutions | 430/8 | €2,188 | €188 | -€2,000 | -91.4% |
| Trade debts | 44 | €221,618 | €357,785 | +€136,166 | +61.4% |
| Suppliers | 440/4 | €221,618 | €357,785 | +€136,166 | +61.4% |
| Taxes, remuneration and social security | 45 | €38,050 | €39,607 | +€1,557 | +4.1% |
| Taxes | 450/3 | €24,640 | €33,393 | +€8,753 | +35.5% |
| Remuneration and social security | 454/9 | €13,410 | €6,214 | -€7,196 | -53.7% |
| Other amounts payable | 47/48 | €11,803 | €18,065 | +€6,262 | +53.1% |
| Accrued charges and deferred income | 492/3 | €378,107 | €445,558 | +€67,451 | +17.8% |
| Remuneration, social security and pensions | 62 | €102,403 | €74,720 | -€27,683 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,226 | €16,188 | -€23,038 | -58.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,561 | -€3,198 | -€6,759 | |
| Other operating charges | 640/8 | €157,929 | €156,215 | -€1,714 | -1.1% |
| Non-recurring operating charges | 66A | €3,854 | €0 | -€3,854 | -100.0% |
| Gross operating margin | 9900 | €281,013 | €426,884 | +€145,871 | +51.9% |
| Operating profit (loss) | 9901 | -€25,961 | €182,958 | +€208,919 | |
| Financial income | 75/76B | €34,832 | €16,362 | -€18,470 | -53.0% |
| Recurring financial income | 75 | €34,832 | €16,362 | -€18,470 | -53.0% |
| Financial charges | 65/66B | €391 | €962 | +€571 | +146.0% |
| Recurring financial charges | 65 | €391 | €962 | +€571 | +146.0% |
| Profit (loss) for the period before taxes | 9903 | €8,480 | €198,358 | +€189,878 | +2239.0% |
| Income taxes | 67/77 | €2,995 | €52,104 | +€49,108 | +1639.6% |
| Profit (loss) for the period | 9904 | €5,485 | €146,255 | +€140,769 | +2566.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,485 | €146,255 | +€140,769 | +2566.3% |
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 2 October 2026 via checked.be.