STEP BY STEPH: 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.
STEP BY STEPH
Largest movements
- Current investments +€403,160
new in 2025: €403,160
- Cash -€353,237
down €353,237 (-84.0%), from €420,645 to €67,408
mainly Current investments (-€403,160) and Receivables within one year (-€16,870)
- Receivables within one year +€16,870
up €16,870 (+172%), from €9,816 to €26,687
- Reserves +€88,700
up €88,700 (+14.5%), from €609,997 to €698,697
- Tax, wage and social debts -€16,545
down €16,545 (-55.0%), from €30,071 to €13,526
- Gross operating margin -€70,720
down €70,720 (-34.3%), from €206,016 to €135,296
- Taxes -€19,877
down €19,877 (-31.6%), from €62,861 to €42,984
- Financial income -€10,556
down €10,556 (-72.7%), from €14,523 to €3,967
- Depreciation -€8,451
down €8,451 (-75.5%), from €11,194 to €2,743
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.
Derived cash bridge
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 | €675,290 | €741,668 | +€66,378 | +9.8% |
| Fixed assets | 21/28 | €15,753 | €15,137 | -€616 | -3.9% |
| Tangible fixed assets | 22/27 | €11,553 | €10,937 | -€616 | -5.3% |
| Plant, machinery and equipment | 23 | €624 | €2,127 | +€1,503 | +241% |
| Furniture and vehicles | 24 | €10,929 | €8,809 | -€2,120 | -19.4% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €659,537 | €726,531 | +€66,995 | +10.2% |
| Amounts receivable after more than one year | 29 | €225,000 | €225,000 | = | 0.0% |
| Trade receivables | 290 | €225,000 | €225,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,816 | €26,687 | +€16,870 | +172% |
| Other amounts receivable | 41 | €9,816 | €26,687 | +€16,870 | +172% |
| Current investments | 50/53 | - | €403,160 | +€403,160 | |
| Cash at bank and in hand | 54/58 | €420,645 | €67,408 | -€353,237 | -84.0% |
| Deferred charges and accrued income | 490/1 | €4,075 | €4,276 | +€201 | +4.9% |
| Total equity and liabilities | 10/49 | €675,290 | €741,668 | +€66,378 | +9.8% |
| Equity | 10/15 | €624,257 | €712,957 | +€88,700 | +14.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €609,997 | €698,697 | +€88,700 | +14.5% |
| Distributable reserves | 133 | €609,997 | €698,697 | +€88,700 | +14.5% |
| Amounts payable | 17/49 | €51,033 | €28,711 | -€22,322 | -43.7% |
| Amounts payable within one year | 42/48 | €51,033 | €28,711 | -€22,322 | -43.7% |
| Current portion of amounts payable after more than one year | 42 | €18,789 | €13,564 | -€5,225 | -27.8% |
| Trade debts | 44 | €2,147 | €1,621 | -€526 | -24.5% |
| Suppliers | 440/4 | €2,147 | €1,621 | -€526 | -24.5% |
| Taxes, remuneration and social security | 45 | €30,071 | €13,526 | -€16,545 | -55.0% |
| Taxes | 450/3 | €30,071 | €13,526 | -€16,545 | -55.0% |
| Other amounts payable | 47/48 | €26 | - | -€26 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,194 | €2,743 | -€8,451 | -75.5% |
| Other operating charges | 640/8 | €2,053 | €1,957 | -€96 | -4.7% |
| Gross operating margin | 9900 | €206,016 | €135,296 | -€70,720 | -34.3% |
| Operating profit (loss) | 9901 | €192,769 | €130,596 | -€62,173 | -32.3% |
| Financial income | 75/76B | €14,523 | €3,967 | -€10,556 | -72.7% |
| Recurring financial income | 75 | €14,523 | €3,967 | -€10,556 | -72.7% |
| Financial charges | 65/66B | €1,763 | €2,879 | +€1,116 | +63.3% |
| Recurring financial charges | 65 | €1,763 | €2,879 | +€1,116 | +63.3% |
| Profit (loss) for the period before taxes | 9903 | €205,530 | €131,684 | -€73,845 | -35.9% |
| Income taxes | 67/77 | €62,861 | €42,984 | -€19,877 | -31.6% |
| Profit (loss) for the period | 9904 | €142,669 | €88,700 | -€53,968 | -37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €142,669 | €88,700 | -€53,968 | -37.8% |
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 29 October 2026 via checked.be.