SUBSTANTIA: 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.
SUBSTANTIA
Largest movements
- Financial fixed assets +€50,000
up €50,000 (+6.8%), from €738,870 to €788,870
- Deferred charges and accrued income +€44,085
up €44,085 (+28.1%), from €156,863 to €200,947
- Stocks and contracts +€32,173
new in 2025: €32,173
- Receivables within one year -€28,052
down €28,052 (-3.7%), from €750,000 to €721,948
of which Other amounts receivable: -€22,002
- Other debts +€201,237
new in 2025: €201,237
- Short-term financial debts -€197,646
down €197,646 (-13.5%), from €1.5m to €1.3m
- Accrued charges and deferred income +€169,323
up €169,323 (+62.0%), from €272,944 to €442,267
- Profit (loss) carried forward -€66,363
down €66,363 (-7.9%), from -€839,384 to -€905,747
- Financial income -€476,813
down €476,813 (-84.6%), from €563,400 to €86,587
- Gross operating margin -€21,589
down €21,589 (-69.4%), from €31,130 to €9,541
- Financial charges +€10,779
up €10,779 (+7.2%), from €150,527 to €161,307
- Other operating charges -€2,555
down €2,555 (-68.3%), from €3,740 to €1,185
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 | €1,650,558 | €1,758,099 | +€107,541 | +6.5% |
| Fixed assets | 21/28 | €738,870 | €788,870 | +€50,000 | +6.8% |
| Financial fixed assets | 28 | €738,870 | €788,870 | +€50,000 | +6.8% |
| Current assets | 29/58 | €911,688 | €969,229 | +€57,541 | +6.3% |
| Stocks and contracts in progress | 3 | - | €32,173 | +€32,173 | |
| Stocks | 30/36 | - | €32,173 | +€32,173 | |
| Amounts receivable within one year | 40/41 | €750,000 | €721,948 | -€28,052 | -3.7% |
| Trade receivables | 40 | €6,050 | €0 | -€6,050 | -100.0% |
| Other amounts receivable | 41 | €743,950 | €721,948 | -€22,002 | -3.0% |
| Cash at bank and in hand | 54/58 | €4,826 | €14,160 | +€9,335 | +193.4% |
| Deferred charges and accrued income | 490/1 | €156,863 | €200,947 | +€44,085 | +28.1% |
| Total equity and liabilities | 10/49 | €1,650,558 | €1,758,099 | +€107,541 | +6.5% |
| Equity | 10/15 | -€89,384 | -€155,747 | -€66,363 | -74.2% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Uncalled capital | 101 | €2,250,000 | €2,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€839,384 | -€905,747 | -€66,363 | -7.9% |
| Amounts payable | 17/49 | €1,739,942 | €1,913,846 | +€173,904 | +10.0% |
| Amounts payable within one year | 42/48 | €1,466,998 | €1,471,580 | +€4,581 | +0.3% |
| Financial debts | 43 | €1,465,322 | €1,267,676 | -€197,646 | -13.5% |
| Other loans | 439 | €1,465,322 | €1,267,676 | -€197,646 | -13.5% |
| Trade debts | 44 | €1,256 | €2,246 | +€990 | +78.8% |
| Suppliers | 440/4 | €1,256 | €2,246 | +€990 | +78.8% |
| Taxes, remuneration and social security | 45 | €420 | €420 | = | 0.0% |
| Taxes | 450/3 | €420 | €420 | = | 0.0% |
| Other amounts payable | 47/48 | - | €201,237 | +€201,237 | |
| Accrued charges and deferred income | 492/3 | €272,944 | €442,267 | +€169,323 | +62.0% |
| Other operating charges | 640/8 | €3,740 | €1,185 | -€2,555 | -68.3% |
| Gross operating margin | 9900 | €31,130 | €9,541 | -€21,589 | -69.4% |
| Operating profit (loss) | 9901 | €27,390 | €8,356 | -€19,034 | -69.5% |
| Financial income | 75/76B | €563,400 | €86,587 | -€476,813 | -84.6% |
| Recurring financial income | 75 | €563,400 | €86,587 | -€476,813 | -84.6% |
| Financial charges | 65/66B | €150,527 | €161,307 | +€10,779 | +7.2% |
| Recurring financial charges | 65 | €150,527 | €161,307 | +€10,779 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €440,263 | -€66,363 | -€506,627 | |
| Profit (loss) for the period | 9904 | €440,263 | -€66,363 | -€506,627 | |
| Profit (loss) for the period to be appropriated | 9905 | €440,263 | -€66,363 | -€506,627 |
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.