SUBJECTIF: 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.
SUBJECTIF
Largest movements
- Cash +€5,338
up €5,338 (+49.0%), from €10,903 to €16,241
mainly Trade debts (+€5,095) and Depreciation (+€4,152)
- Stocks and contracts +€1,742
up €1,742 (+40.8%), from €4,265 to €6,007
- Tangible fixed assets -€1,502
down €1,502 (-10.6%), from €14,151 to €12,649
of which Plant, machinery and equipment: -€1,416
- Receivables within one year -€1,177
down €1,177 (-71.9%), from €1,637 to €460
- Deferred charges and accrued income +€454
up €454 (+17.0%), from €2,665 to €3,119
- Trade debts +€5,095
up €5,095 (+136.4%), from €3,736 to €8,831
- Other debts +€1,320
up €1,320 (+6.8%), from €19,344 to €20,664
- Tax, wage and social debts -€1,292
down €1,292 (-15.7%), from €8,214 to €6,922
of which Remuneration and social security: -€1,693
- Staff costs +€1,547
up €1,547 (+3.8%), from €40,811 to €42,358
- Gross operating margin -€1,491
down €1,491 (-3.1%), from €48,549 to €47,057
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 | €33,900 | €38,755 | +€4,855 | +14.3% |
| Fixed assets | 21/28 | €14,431 | €12,929 | -€1,502 | -10.4% |
| Tangible fixed assets | 22/27 | €14,151 | €12,649 | -€1,502 | -10.6% |
| Plant, machinery and equipment | 23 | €13,945 | €12,528 | -€1,416 | -10.2% |
| Furniture and vehicles | 24 | €45 | - | -€45 | |
| Other tangible fixed assets | 26 | €161 | €121 | -€40 | -25.0% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €19,470 | €25,826 | +€6,357 | +32.6% |
| Stocks and contracts in progress | 3 | €4,265 | €6,007 | +€1,742 | +40.8% |
| Stocks | 30/36 | €4,265 | €6,007 | +€1,742 | +40.8% |
| Amounts receivable within one year | 40/41 | €1,637 | €460 | -€1,177 | -71.9% |
| Trade receivables | 40 | €1,637 | €460 | -€1,177 | -71.9% |
| Cash at bank and in hand | 54/58 | €10,903 | €16,241 | +€5,338 | +49.0% |
| Deferred charges and accrued income | 490/1 | €2,665 | €3,119 | +€454 | +17.0% |
| Total equity and liabilities | 10/49 | €33,900 | €38,755 | +€4,855 | +14.3% |
| Equity | 10/15 | €2,606 | €2,338 | -€268 | -10.3% |
| Contributions | 10/11 | €11,160 | €11,160 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,414 | -€10,682 | -€268 | -2.6% |
| Amounts payable | 17/49 | €31,294 | €36,418 | +€5,123 | +16.4% |
| Amounts payable within one year | 42/48 | €31,294 | €36,418 | +€5,123 | +16.4% |
| Trade debts | 44 | €3,736 | €8,831 | +€5,095 | +136.4% |
| Suppliers | 440/4 | €3,736 | €8,831 | +€5,095 | +136.4% |
| Taxes, remuneration and social security | 45 | €8,214 | €6,922 | -€1,292 | -15.7% |
| Taxes | 450/3 | €2,481 | €2,882 | +€401 | +16.2% |
| Remuneration and social security | 454/9 | €5,734 | €4,040 | -€1,693 | -29.5% |
| Other amounts payable | 47/48 | €19,344 | €20,664 | +€1,320 | +6.8% |
| Remuneration, social security and pensions | 62 | €40,811 | €42,358 | +€1,547 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,273 | €4,152 | -€121 | -2.8% |
| Other operating charges | 640/8 | €877 | €572 | -€305 | -34.8% |
| Gross operating margin | 9900 | €48,549 | €47,057 | -€1,491 | -3.1% |
| Operating profit (loss) | 9901 | €2,588 | -€25 | -€2,613 | |
| Financial income | 75/76B | €0 | €3 | +€3 | +15350.0% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +15350.0% |
| Financial charges | 65/66B | €383 | €246 | -€137 | -35.7% |
| Recurring financial charges | 65 | €383 | €246 | -€137 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €2,205 | -€268 | -€2,473 | |
| Profit (loss) for the period | 9904 | €2,205 | -€268 | -€2,473 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,205 | -€268 | -€2,473 |
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 3 October 2026 via checked.be.