STUDY: 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.
STUDY
Largest movements
- Receivables within one year +€27,995
up €27,995 (+112.3%), from €24,934 to €52,929
of which Trade receivables: +€21,674
- Tangible fixed assets +€16,963
up €16,963 (+1016.5%), from €1,669 to €18,631
of which Furniture and vehicles: +€15,769
- Cash -€8,411
down €8,411 (-29.4%), from €28,651 to €20,240
mainly Receivables within one year (-€27,995) and Investment in fixed assets (net) (-€19,330)
- Deferred charges and accrued income +€3,430
new in 2025: €3,430
- Other debts +€17,497
up €17,497 (+63.6%), from €27,518 to €45,015
- Debts after one year +€10,768
new in 2025: €10,768
- Current portion of long-term debt +€6,555
new in 2025: €6,555
- Tax, wage and social debts +€2,873
up €2,873 (+49.6%), from €5,796 to €8,669
- Trade debts +€2,572
up €2,572 (+466.8%), from €551 to €3,123
- Depreciation +€1,802
up €1,802 (+319.0%), from €565 to €2,367
- Gross operating margin -€1,454
down €1,454 (-6.1%), from €23,887 to €22,434
- Taxes -€690
down €690 (-12.5%), from €5,527 to €4,838
- Financial charges +€392
up €392 (+319.2%), from €123 to €515
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 | €55,253 | €95,230 | +€39,977 | +72.4% |
| Fixed assets | 21/28 | €1,669 | €18,631 | +€16,963 | +1016.5% |
| Tangible fixed assets | 22/27 | €1,669 | €18,631 | +€16,963 | +1016.5% |
| Plant, machinery and equipment | 23 | - | €1,194 | +€1,194 | |
| Furniture and vehicles | 24 | €1,669 | €17,438 | +€15,769 | +945.0% |
| Current assets | 29/58 | €53,584 | €76,599 | +€23,015 | +43.0% |
| Amounts receivable within one year | 40/41 | €24,934 | €52,929 | +€27,995 | +112.3% |
| Trade receivables | 40 | €14,518 | €36,191 | +€21,674 | +149.3% |
| Other amounts receivable | 41 | €10,416 | €16,738 | +€6,322 | +60.7% |
| Cash at bank and in hand | 54/58 | €28,651 | €20,240 | -€8,411 | -29.4% |
| Deferred charges and accrued income | 490/1 | - | €3,430 | +€3,430 | |
| Total equity and liabilities | 10/49 | €55,253 | €95,230 | +€39,977 | +72.4% |
| Equity | 10/15 | €21,388 | €21,100 | -€288 | -1.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €928 | €640 | -€288 | -31.0% |
| Amounts payable | 17/49 | €33,865 | €74,130 | +€40,265 | +118.9% |
| Amounts payable after more than one year | 17 | - | €10,768 | +€10,768 | |
| Financial debts | 170/4 | - | €10,768 | +€10,768 | |
| Amounts payable within one year | 42/48 | €33,865 | €63,362 | +€29,497 | +87.1% |
| Current portion of amounts payable after more than one year | 42 | - | €6,555 | +€6,555 | |
| Trade debts | 44 | €551 | €3,123 | +€2,572 | +466.8% |
| Suppliers | 440/4 | €551 | €3,123 | +€2,572 | +466.8% |
| Taxes, remuneration and social security | 45 | €5,796 | €8,669 | +€2,873 | +49.6% |
| Taxes | 450/3 | €5,796 | €8,669 | +€2,873 | +49.6% |
| Other amounts payable | 47/48 | €27,518 | €45,015 | +€17,497 | +63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €565 | €2,367 | +€1,802 | +319.0% |
| Other operating charges | 640/8 | - | €1 | +€1 | |
| Gross operating margin | 9900 | €23,887 | €22,434 | -€1,454 | -6.1% |
| Operating profit (loss) | 9901 | €23,322 | €20,065 | -€3,257 | -14.0% |
| Financial charges | 65/66B | €123 | €515 | +€392 | +319.2% |
| Recurring financial charges | 65 | €123 | €515 | +€392 | +319.2% |
| Profit (loss) for the period before taxes | 9903 | €23,199 | €19,550 | -€3,649 | -15.7% |
| Income taxes | 67/77 | €5,527 | €4,838 | -€690 | -12.5% |
| Profit (loss) for the period | 9904 | €17,672 | €14,712 | -€2,960 | -16.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,672 | €14,712 | -€2,960 | -16.7% |
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 4 October 2026 via checked.be.