Submerge: 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.
Submerge
Largest movements
- Cash +€39,463
up €39,463 (+80.6%), from €48,969 to €88,431
mainly Net result for the year (+€29,661) and Receivables within one year (+€22,195)
- Receivables within one year -€22,195
down €22,195 (-57.4%), from €38,650 to €16,454
of which Trade receivables: -€18,248
- Tangible fixed assets -€1,333
down €1,333 (-42.5%), from €3,136 to €1,803
of which Plant, machinery and equipment: -€698
- Other debts +€7,299
up €7,299 (+10.8%), from €67,890 to €75,189
- Tax, wage and social debts +€6,328
up €6,328 (+249.9%), from €2,532 to €8,860
- Trade debts +€2,590
up €2,590 (+169.6%), from €1,527 to €4,117
- Turnover -€174,213
no longer reported in 2025 (was €174,213)
- Purchases and services -€141,899
no longer reported in 2025 (was €141,899)
- Gross operating margin +€8,711
up €8,711 (+24.6%), from €35,481 to €44,192
- Taxes +€2,153
up €2,153 (+25.1%), from €8,566 to €10,719
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 | €91,105 | €106,932 | +€15,827 | +17.4% |
| Fixed assets | 21/28 | €3,136 | €1,803 | -€1,333 | -42.5% |
| Tangible fixed assets | 22/27 | €3,136 | €1,803 | -€1,333 | -42.5% |
| Plant, machinery and equipment | 23 | €1,126 | €428 | -€698 | -62.0% |
| Furniture and vehicles | 24 | €1,912 | €1,375 | -€537 | -28.1% |
| Other tangible fixed assets | 26 | €98 | €0 | -€98 | -100.0% |
| Current assets | 29/58 | €87,969 | €105,129 | +€17,160 | +19.5% |
| Amounts receivable within one year | 40/41 | €38,650 | €16,454 | -€22,195 | -57.4% |
| Trade receivables | 40 | €18,398 | €150 | -€18,248 | -99.2% |
| Other amounts receivable | 41 | €20,252 | €16,304 | -€3,947 | -19.5% |
| Cash at bank and in hand | 54/58 | €48,969 | €88,431 | +€39,463 | +80.6% |
| Deferred charges and accrued income | 490/1 | €351 | €243 | -€108 | -30.7% |
| Total equity and liabilities | 10/49 | €91,105 | €106,932 | +€15,827 | +17.4% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €72,555 | €88,382 | +€15,827 | +21.8% |
| Amounts payable within one year | 42/48 | €72,555 | €88,382 | +€15,827 | +21.8% |
| Financial debts | 43 | €606 | €216 | -€390 | -64.4% |
| Credit institutions | 430/8 | €606 | €0 | -€606 | -100.0% |
| Other loans | 439 | - | €216 | +€216 | |
| Trade debts | 44 | €1,527 | €4,117 | +€2,590 | +169.6% |
| Suppliers | 440/4 | €1,527 | €4,117 | +€2,590 | +169.6% |
| Taxes, remuneration and social security | 45 | €2,532 | €8,860 | +€6,328 | +249.9% |
| Taxes | 450/3 | €2,532 | €8,860 | +€6,328 | +249.9% |
| Other amounts payable | 47/48 | €67,890 | €75,189 | +€7,299 | +10.8% |
| Turnover | 70 | €174,213 | - | -€174,213 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €141,899 | - | -€141,899 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,792 | €1,333 | -€459 | -25.6% |
| Other operating charges | 640/8 | €2,572 | €2,274 | -€299 | -11.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €35,481 | €44,192 | +€8,711 | +24.6% |
| Operating profit (loss) | 9901 | €31,117 | €40,585 | +€9,468 | +30.4% |
| Financial income | 75/76B | €49 | €5 | -€44 | -89.8% |
| Recurring financial income | 75 | €49 | €5 | -€44 | -89.8% |
| Financial charges | 65/66B | €305 | €210 | -€95 | -31.2% |
| Recurring financial charges | 65 | €305 | €210 | -€95 | -31.2% |
| Profit (loss) for the period before taxes | 9903 | €30,861 | €40,380 | +€9,519 | +30.8% |
| Income taxes | 67/77 | €8,566 | €10,719 | +€2,153 | +25.1% |
| Profit (loss) for the period | 9904 | €22,295 | €29,661 | +€7,366 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,295 | €29,661 | +€7,366 | +33.0% |
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 8 October 2026 via checked.be.