STRATEGIES FOR PERFORMANCE: 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.
STRATEGIES FOR PERFORMANCE
Largest movements
- Receivables within one year +€94,324
up €94,324 (+114%), from €83,091 to €177,415
of which Trade receivables: +€91,979
- Current investments -€39,236
down €39,236 (-53.4%), from €73,450 to €34,214
- Cash -€11,386
down €11,386 (-19.8%), from €57,450 to €46,064
mainly Receivables within one year (-€94,324) and Deferred charges and accrued income (-€6,326)
- Deferred charges and accrued income +€6,326
new in 2025: €6,326
- Trade debts +€21,046
up €21,046 (+676%), from €3,114 to €24,160
- Profit (loss) carried forward +€13,145
up €13,145 (+4.2%), from -€315,840 to -€302,695
- Tax, wage and social debts +€10,690
up €10,690 (+580%), from €1,843 to €12,533
- Other debts +€4,249
up €4,249 (+11.0%), from €38,754 to €43,003
- Gross operating margin +€60,177
up €60,177, from -€53,238 to €6,939
- Financial income +€6,974
up €6,974 (+466%), from €1,495 to €8,469
- Other operating charges -€701
down €701 (-87.7%), from €799 to €98
- Depreciation -€586
down €586 (-23.2%), from €2,529 to €1,943
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 | €217,113 | €266,243 | +€49,130 | +22.6% |
| Fixed assets | 21/28 | €3,122 | €2,223 | -€899 | -28.8% |
| Tangible fixed assets | 22/27 | €3,122 | €2,223 | -€899 | -28.8% |
| Plant, machinery and equipment | 23 | €2,487 | €1,948 | -€539 | -21.7% |
| Furniture and vehicles | 24 | €34 | €0 | -€34 | -99.5% |
| Other tangible fixed assets | 26 | €601 | €275 | -€326 | -54.2% |
| Current assets | 29/58 | €213,991 | €264,020 | +€50,029 | +23.4% |
| Amounts receivable within one year | 40/41 | €83,091 | €177,415 | +€94,324 | +114% |
| Trade receivables | 40 | €82,429 | €174,408 | +€91,979 | +112% |
| Other amounts receivable | 41 | €662 | €3,007 | +€2,345 | +354% |
| Current investments | 50/53 | €73,450 | €34,214 | -€39,236 | -53.4% |
| Cash at bank and in hand | 54/58 | €57,450 | €46,064 | -€11,386 | -19.8% |
| Deferred charges and accrued income | 490/1 | - | €6,326 | +€6,326 | |
| Total equity and liabilities | 10/49 | €217,113 | €266,243 | +€49,130 | +22.6% |
| Equity | 10/15 | €173,402 | €186,547 | +€13,145 | +7.6% |
| Contributions | 10/11 | €44,800 | €44,800 | = | 0.0% |
| Reserves | 13 | €444,442 | €444,442 | = | 0.0% |
| Distributable reserves | 133 | €444,442 | €444,442 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€315,840 | -€302,695 | +€13,145 | +4.2% |
| Amounts payable | 17/49 | €43,711 | €79,696 | +€35,985 | +82.3% |
| Amounts payable within one year | 42/48 | €43,711 | €79,696 | +€35,985 | +82.3% |
| Trade debts | 44 | €3,114 | €24,160 | +€21,046 | +676% |
| Suppliers | 440/4 | €3,114 | €24,160 | +€21,046 | +676% |
| Taxes, remuneration and social security | 45 | €1,843 | €12,533 | +€10,690 | +580% |
| Taxes | 450/3 | €1,843 | €12,533 | +€10,690 | +580% |
| Other amounts payable | 47/48 | €38,754 | €43,003 | +€4,249 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,529 | €1,943 | -€586 | -23.2% |
| Other operating charges | 640/8 | €799 | €98 | -€701 | -87.7% |
| Gross operating margin | 9900 | -€53,238 | €6,939 | +€60,177 | |
| Operating profit (loss) | 9901 | -€56,566 | €4,898 | +€61,464 | |
| Financial income | 75/76B | €1,495 | €8,469 | +€6,974 | +466% |
| Recurring financial income | 75 | €1,495 | €8,469 | +€6,974 | +466% |
| Financial charges | 65/66B | €20 | €30 | +€10 | +49.0% |
| Recurring financial charges | 65 | €20 | €30 | +€10 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | -€55,091 | €13,337 | +€68,428 | |
| Income taxes | 67/77 | €89 | €192 | +€103 | +115% |
| Profit (loss) for the period | 9904 | -€55,180 | €13,145 | +€68,325 | |
| Profit (loss) for the period to be appropriated | 9905 | -€55,180 | €13,145 | +€68,325 |
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 27 October 2026 via checked.be.