SUBMARINE: 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.
SUBMARINE
Largest movements
- Cash -€24,230
down €24,230 (-80.1%), from €30,259 to €6,029
mainly Net result for the year (-€96,502) and Investment in fixed assets (net) (-€18,790)
- Receivables within one year +€18,278
up €18,278 (+104.4%), from €17,500 to €35,779
of which Other amounts receivable: +€34,686
- Tangible fixed assets +€18,079
new in 2025: €18,079
of which Furniture and vehicles: +€16,477
- Other debts +€119,651
up €119,651 (+584.4%), from €20,473 to €140,124
- Profit (loss) carried forward -€96,502
down €96,502 (-745.2%), from -€12,949 to -€109,452
- Accrued charges and deferred income -€7,307
down €7,307 (-88.0%), from €8,307 to €1,000
- Tax, wage and social debts -€4,242
no longer reported in 2025 (was €4,242)
- Gross operating margin -€89,098
down €89,098 (-3076.6%), from -€2,896 to -€91,994
- Other operating charges +€2,172
up €2,172 (+226.3%), from €960 to €3,132
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 | €47,759 | €59,887 | +€12,128 | +25.4% |
| Fixed assets | 21/28 | - | €18,079 | +€18,079 | |
| Tangible fixed assets | 22/27 | - | €18,079 | +€18,079 | |
| Furniture and vehicles | 24 | - | €16,477 | +€16,477 | |
| Other tangible fixed assets | 26 | - | €1,603 | +€1,603 | |
| Current assets | 29/58 | €47,759 | €41,808 | -€5,952 | -12.5% |
| Amounts receivable within one year | 40/41 | €17,500 | €35,779 | +€18,278 | +104.4% |
| Trade receivables | 40 | €17,500 | €1,093 | -€16,408 | -93.8% |
| Other amounts receivable | 41 | - | €34,686 | +€34,686 | |
| Cash at bank and in hand | 54/58 | €30,259 | €6,029 | -€24,230 | -80.1% |
| Total equity and liabilities | 10/49 | €47,759 | €59,887 | +€12,128 | +25.4% |
| Equity | 10/15 | €5,601 | -€90,902 | -€96,502 | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,949 | -€109,452 | -€96,502 | -745.2% |
| Amounts payable | 17/49 | €42,158 | €150,789 | +€108,630 | +257.7% |
| Amounts payable within one year | 42/48 | €33,852 | €149,789 | +€115,937 | +342.5% |
| Trade debts | 44 | €9,137 | €9,665 | +€527 | +5.8% |
| Suppliers | 440/4 | €9,137 | €9,665 | +€527 | +5.8% |
| Taxes, remuneration and social security | 45 | €4,242 | - | -€4,242 | |
| Taxes | 450/3 | €4,242 | - | -€4,242 | |
| Other amounts payable | 47/48 | €20,473 | €140,124 | +€119,651 | +584.4% |
| Accrued charges and deferred income | 492/3 | €8,307 | €1,000 | -€7,307 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €710 | +€710 | |
| Other operating charges | 640/8 | €960 | €3,132 | +€2,172 | +226.3% |
| Gross operating margin | 9900 | -€2,896 | -€91,994 | -€89,098 | -3076.6% |
| Operating profit (loss) | 9901 | -€3,856 | -€95,836 | -€91,980 | -2385.4% |
| Financial charges | 65/66B | €720 | €666 | -€54 | -7.5% |
| Recurring financial charges | 65 | €720 | €666 | -€54 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,576 | -€96,502 | -€91,926 | -2008.8% |
| Profit (loss) for the period | 9904 | -€4,576 | -€96,502 | -€91,926 | -2008.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,576 | -€96,502 | -€91,926 | -2008.8% |
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.