Subline: 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.
Subline
Largest movements
- Receivables after one year +€48,000
new in 2025: €48,000
- Current investments +€44,917
new in 2025: €44,917
- Cash -€16,389
down €16,389 (-13.5%), from €121,734 to €105,345
mainly Receivables after one year (-€48,000) and Current investments (-€44,917)
- Receivables within one year -€11,978
down €11,978 (-30.7%), from €38,968 to €26,990
of which Trade receivables: -€11,999
- Reserves +€45,512
up €45,512 (+30.3%), from €150,133 to €195,644
- Tax, wage and social debts +€11,167
up €11,167 (+165.1%), from €6,764 to €17,931
- Trade debts +€3,229
up €3,229 (+159846.5%), from €2 to €3,231
- Gross operating margin +€34,434
up €34,434 (+119.7%), from €28,757 to €63,191
- Taxes +€10,011
up €10,011 (+124.7%), from €8,031 to €18,042
- Financial income +€2,210
up €2,210 (+226.7%), from €975 to €3,185
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 | €170,142 | €231,383 | +€61,242 | +36.0% |
| Fixed assets | 21/28 | €5,251 | €3,979 | -€1,271 | -24.2% |
| Tangible fixed assets | 22/27 | €5,251 | €3,979 | -€1,271 | -24.2% |
| Plant, machinery and equipment | 23 | €4,818 | €3,979 | -€838 | -17.4% |
| Furniture and vehicles | 24 | €433 | €0 | -€433 | -100.0% |
| Current assets | 29/58 | €164,891 | €227,404 | +€62,513 | +37.9% |
| Amounts receivable after more than one year | 29 | - | €48,000 | +€48,000 | |
| Trade receivables | 290 | - | €48,000 | +€48,000 | |
| Amounts receivable within one year | 40/41 | €38,968 | €26,990 | -€11,978 | -30.7% |
| Trade receivables | 40 | €11,999 | - | -€11,999 | |
| Other amounts receivable | 41 | €26,969 | €26,990 | +€21 | +0.1% |
| Current investments | 50/53 | - | €44,917 | +€44,917 | |
| Cash at bank and in hand | 54/58 | €121,734 | €105,345 | -€16,389 | -13.5% |
| Deferred charges and accrued income | 490/1 | €4,189 | €2,152 | -€2,036 | -48.6% |
| Total equity and liabilities | 10/49 | €170,142 | €231,383 | +€61,242 | +36.0% |
| Equity | 10/15 | €162,533 | €208,044 | +€45,512 | +28.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €150,133 | €195,644 | +€45,512 | +30.3% |
| Distributable reserves | 133 | €150,133 | €195,644 | +€45,512 | +30.3% |
| Amounts payable | 17/49 | €7,609 | €23,339 | +€15,730 | +206.7% |
| Amounts payable within one year | 42/48 | €7,609 | €23,339 | +€15,730 | +206.7% |
| Trade debts | 44 | €2 | €3,231 | +€3,229 | +159846.5% |
| Suppliers | 440/4 | €2 | €3,231 | +€3,229 | +159846.5% |
| Taxes, remuneration and social security | 45 | €6,764 | €17,931 | +€11,167 | +165.1% |
| Taxes | 450/3 | €6,764 | €17,931 | +€11,167 | +165.1% |
| Other amounts payable | 47/48 | €843 | €2,177 | +€1,334 | +158.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,747 | €1,271 | -€476 | -27.2% |
| Other operating charges | 640/8 | €952 | €876 | -€76 | -8.0% |
| Gross operating margin | 9900 | €28,757 | €63,191 | +€34,434 | +119.7% |
| Operating profit (loss) | 9901 | €26,059 | €61,044 | +€34,985 | +134.3% |
| Financial income | 75/76B | €975 | €3,185 | +€2,210 | +226.7% |
| Recurring financial income | 75 | €975 | €3,185 | +€2,210 | +226.7% |
| Financial charges | 65/66B | €118 | €675 | +€557 | +472.9% |
| Recurring financial charges | 65 | €118 | €675 | +€557 | +472.9% |
| Profit (loss) for the period before taxes | 9903 | €26,916 | €63,554 | +€36,638 | +136.1% |
| Income taxes | 67/77 | €8,031 | €18,042 | +€10,011 | +124.7% |
| Profit (loss) for the period | 9904 | €18,885 | €45,512 | +€26,627 | +141.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,885 | €45,512 | +€26,627 | +141.0% |
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 30 September 2026 via checked.be.