Substance Europe: what changed
Substance Europe
Largest movements
- Receivables within one year +€2.1m
up €2.1m (+285%), from €743,883 to €2.9m
of which Other amounts receivable: +€1.7m
- Cash -€955,380
down €955,380 (-62.4%), from €1.5m to €576,758
mainly Receivables within one year (-€2.1m) and Other debts (-€190,395)
- Stocks and contracts -€82,043
down €82,043 (-16.8%), from €487,640 to €405,597
- Reserves +€944,827
up €944,827 (+48.6%), from €1.9m to €2.9m
- Trade debts +€467,388
up €467,388 (+254%), from €183,710 to €651,098
- Other debts -€190,395
no longer reported in 2025 (was €190,395)
- Tax, wage and social debts -€143,733
down €143,733 (-29.5%), from €487,421 to €343,688
- Gross operating margin -€645,575
down €645,575 (-32.3%), from €2.0m to €1.4m
- Taxes -€139,555
down €139,555 (-29.2%), from €478,123 to €338,567
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,832,324 | €3,910,412 | +€1.1m | +38.1% |
| Fixed assets | 21/28 | €68,662 | €65,101 | -€3,561 | -5.2% |
| Tangible fixed assets | 22/27 | €31,162 | €24,001 | -€7,161 | -23.0% |
| Plant, machinery and equipment | 23 | €25,489 | €21,565 | -€3,924 | -15.4% |
| Furniture and vehicles | 24 | €5,673 | €2,436 | -€3,237 | -57.1% |
| Financial fixed assets | 28 | €37,500 | €41,100 | +€3,600 | +9.6% |
| Current assets | 29/58 | €2,763,662 | €3,845,310 | +€1.1m | +39.1% |
| Stocks and contracts in progress | 3 | €487,640 | €405,597 | -€82,043 | -16.8% |
| Stocks | 30/36 | €487,640 | €405,597 | -€82,043 | -16.8% |
| Amounts receivable within one year | 40/41 | €743,883 | €2,862,955 | +€2.1m | +285% |
| Trade receivables | 40 | €725,181 | €1,132,409 | +€407,228 | +56.2% |
| Other amounts receivable | 41 | €18,702 | €1,730,545 | +€1.7m | +9,153% |
| Cash at bank and in hand | 54/58 | €1,532,138 | €576,758 | -€955,380 | -62.4% |
| Total equity and liabilities | 10/49 | €2,832,324 | €3,910,412 | +€1.1m | +38.1% |
| Equity | 10/15 | €1,970,798 | €2,915,625 | +€944,827 | +47.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,945,798 | €2,890,625 | +€944,827 | +48.6% |
| Distributable reserves | 133 | €1,945,798 | €2,890,625 | +€944,827 | +48.6% |
| Amounts payable | 17/49 | €861,526 | €994,786 | +€133,260 | +15.5% |
| Amounts payable within one year | 42/48 | €861,526 | €994,786 | +€133,260 | +15.5% |
| Trade debts | 44 | €183,710 | €651,098 | +€467,388 | +254% |
| Suppliers | 440/4 | €183,710 | €651,098 | +€467,388 | +254% |
| Taxes, remuneration and social security | 45 | €487,421 | €343,688 | -€143,733 | -29.5% |
| Taxes | 450/3 | €487,421 | €343,688 | -€143,733 | -29.5% |
| Other amounts payable | 47/48 | €190,395 | - | -€190,395 | |
| Remuneration, social security and pensions | 62 | €49,637 | €52,187 | +€2,551 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,600 | €17,268 | +€1,668 | +10.7% |
| Other operating charges | 640/8 | €463 | €120 | -€343 | -74.0% |
| Gross operating margin | 9900 | €1,998,862 | €1,353,287 | -€645,575 | -32.3% |
| Operating profit (loss) | 9901 | €1,933,163 | €1,283,712 | -€649,451 | -33.6% |
| Financial income | 75/76B | €1,061 | €2,654 | +€1,593 | +150% |
| Recurring financial income | 75 | €1,061 | €2,654 | +€1,593 | +150% |
| Financial charges | 65/66B | €3,145 | €2,971 | -€174 | -5.5% |
| Recurring financial charges | 65 | €3,145 | €2,971 | -€174 | -5.5% |
| Profit (loss) for the period before taxes | 9903 | €1,931,079 | €1,283,394 | -€647,685 | -33.5% |
| Income taxes | 67/77 | €478,123 | €338,567 | -€139,555 | -29.2% |
| Profit (loss) for the period | 9904 | €1,452,956 | €944,827 | -€508,129 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,452,956 | €944,827 | -€508,129 | -35.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.