Strategy Advice: 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.
Strategy Advice
Largest movements
- Cash +€367,647
up €367,647 (+262%), from €140,123 to €507,770
mainly Current investments (+€263,802) and Net result for the year (+€76,296)
- Current investments -€263,802
down €263,802 (-65.9%), from €400,443 to €136,641
- Tangible fixed assets -€8,383
down €8,383 (-62.3%), from €13,454 to €5,071
of which Furniture and vehicles: -€8,293
- Reserves +€76,296
up €76,296 (+16.0%), from €476,803 to €553,099
- Other debts +€15,243
up €15,243 (+14.3%), from €106,241 to €121,484
- Gross operating margin +€13,627
up €13,627 (+13.7%), from €99,314 to €112,941
- Taxes +€4,414
up €4,414 (+16.9%), from €26,195 to €30,609
- Financial income +€3,345
up €3,345 (+35.4%), from €9,456 to €12,801
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 | €685,514 | €775,159 | +€89,646 | +13.1% |
| Fixed assets | 21/28 | €13,454 | €5,071 | -€8,383 | -62.3% |
| Tangible fixed assets | 22/27 | €13,454 | €5,071 | -€8,383 | -62.3% |
| Plant, machinery and equipment | 23 | €1,339 | €1,504 | +€165 | +12.3% |
| Furniture and vehicles | 24 | €10,407 | €2,113 | -€8,293 | -79.7% |
| Other tangible fixed assets | 26 | €1,708 | €1,454 | -€254 | -14.9% |
| Current assets | 29/58 | €672,060 | €770,088 | +€98,029 | +14.6% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €28,063 | €22,337 | -€5,726 | -20.4% |
| Trade receivables | 40 | €24,957 | €22,337 | -€2,620 | -10.5% |
| Other amounts receivable | 41 | €3,106 | - | -€3,106 | |
| Current investments | 50/53 | €400,443 | €136,641 | -€263,802 | -65.9% |
| Cash at bank and in hand | 54/58 | €140,123 | €507,770 | +€367,647 | +262% |
| Deferred charges and accrued income | 490/1 | €3,431 | €3,341 | -€90 | -2.6% |
| Total equity and liabilities | 10/49 | €685,514 | €775,159 | +€89,646 | +13.1% |
| Equity | 10/15 | €547,529 | €623,824 | +€76,296 | +13.9% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €476,803 | €553,099 | +€76,296 | +16.0% |
| Distributable reserves | 133 | €476,803 | €553,099 | +€76,296 | +16.0% |
| Profit (loss) carried forward | 14 | €2,125 | €2,125 | = | 0.0% |
| Amounts payable | 17/49 | €137,985 | €151,335 | +€13,350 | +9.7% |
| Amounts payable after more than one year | 17 | €10,000 | €10,000 | = | 0.0% |
| Financial debts | 170/4 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €125,014 | €138,729 | +€13,715 | +11.0% |
| Trade debts | 44 | €4,062 | €4,698 | +€636 | +15.7% |
| Suppliers | 440/4 | €4,062 | €4,698 | +€636 | +15.7% |
| Taxes, remuneration and social security | 45 | €14,711 | €12,547 | -€2,164 | -14.7% |
| Taxes | 450/3 | €14,711 | €12,547 | -€2,164 | -14.7% |
| Other amounts payable | 47/48 | €106,241 | €121,484 | +€15,243 | +14.3% |
| Accrued charges and deferred income | 492/3 | €2,971 | €2,606 | -€365 | -12.3% |
| Non-recurring operating income | 76A | €443 | - | -€443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,231 | €9,837 | -€395 | -3.9% |
| Other operating charges | 640/8 | €1,002 | €1,271 | +€269 | +26.8% |
| Gross operating margin | 9900 | €99,314 | €112,941 | +€13,627 | +13.7% |
| Operating profit (loss) | 9901 | €88,080 | €101,833 | +€13,753 | +15.6% |
| Financial income | 75/76B | €9,456 | €12,801 | +€3,345 | +35.4% |
| Recurring financial income | 75 | €9,456 | €12,801 | +€3,345 | +35.4% |
| Financial charges | 65/66B | €7,974 | €7,730 | -€244 | -3.1% |
| Recurring financial charges | 65 | €7,974 | €7,730 | -€244 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €89,563 | €106,905 | +€17,342 | +19.4% |
| Income taxes | 67/77 | €26,195 | €30,609 | +€4,414 | +16.9% |
| Profit (loss) for the period | 9904 | €63,368 | €76,296 | +€12,928 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €63,368 | €76,296 | +€12,928 | +20.4% |
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 14 October 2026 via checked.be.