T et S: what changed
T et S
Largest movements
- Receivables within one year +€19,867
up €19,867 (+31.4%), from €63,342 to €83,208
of which Trade receivables: +€19,867
- Cash -€8,975
down €8,975 (-73.9%), from €12,138 to €3,163
mainly Receivables within one year (-€19,867) and Deferred charges and accrued income (-€4,748)
- Deferred charges and accrued income +€4,748
up €4,748, from €0 to €4,748
- Tangible fixed assets -€4,409
down €4,409 (-85.3%), from €5,172 to €763
of which Other tangible fixed assets: -€2,955
- Stocks and contracts +€1,299
up €1,299 (+51.5%), from €2,521 to €3,820
- Tax, wage and social debts +€9,764
up €9,764 (+70.0%), from €13,946 to €23,709
of which Remuneration and social security: +€7,884
- Trade debts +€5,821
up €5,821 (+5.8%), from €100,858 to €106,679
- Profit (loss) carried forward -€3,784
down €3,784 (-3.6%), from -€105,687 to -€109,471
- Other debts +€2,000
up €2,000, from €0 to €2,000
- Taxes -€8,576
down €8,576 (-85.1%), from €10,079 to €1,503
- Gross operating margin +€7,020
up €7,020 (+12.5%), from €56,083 to €63,103
- Financial charges +€3,047
up €3,047 (+86.3%), from €3,532 to €6,579
- Other operating charges +€2,719
up €2,719 (+184%), from €1,474 to €4,193
- Staff costs -€724
down €724 (-1.4%), from €50,928 to €50,204
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 | €83,983 | €97,762 | +€13,779 | +16.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €5,982 | €2,823 | -€3,159 | -52.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €5,172 | €763 | -€4,409 | -85.3% |
| Plant, machinery and equipment | 23 | €1,400 | €543 | -€857 | -61.2% |
| Furniture and vehicles | 24 | €817 | €220 | -€598 | -73.1% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €2,955 | €0 | -€2,955 | -100% |
| Financial fixed assets | 28 | €810 | €2,060 | +€1,250 | +154% |
| Current assets | 29/58 | €78,000 | €94,939 | +€16,939 | +21.7% |
| Stocks and contracts in progress | 3 | €2,521 | €3,820 | +€1,299 | +51.5% |
| Stocks | 30/36 | €2,521 | €3,820 | +€1,299 | +51.5% |
| Amounts receivable within one year | 40/41 | €63,342 | €83,208 | +€19,867 | +31.4% |
| Trade receivables | 40 | €63,342 | €83,208 | +€19,867 | +31.4% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €12,138 | €3,163 | -€8,975 | -73.9% |
| Deferred charges and accrued income | 490/1 | €0 | €4,748 | +€4,748 | |
| Total equity and liabilities | 10/49 | €83,983 | €97,762 | +€13,779 | +16.4% |
| Equity | 10/15 | -€43,187 | -€46,971 | -€3,784 | -8.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€105,687 | -€109,471 | -€3,784 | -3.6% |
| Investment grants | 15 | - | €0 | = | |
| Amounts payable | 17/49 | €127,170 | €144,733 | +€17,563 | +13.8% |
| Amounts payable within one year | 42/48 | €127,170 | €144,733 | +€17,563 | +13.8% |
| Financial debts | 43 | €12,366 | €12,344 | -€21 | -0.2% |
| Credit institutions | 430/8 | €12,366 | €12,344 | -€21 | -0.2% |
| Trade debts | 44 | €100,858 | €106,679 | +€5,821 | +5.8% |
| Suppliers | 440/4 | €100,858 | €106,679 | +€5,821 | +5.8% |
| Taxes, remuneration and social security | 45 | €13,946 | €23,709 | +€9,764 | +70.0% |
| Taxes | 450/3 | €9,872 | €11,751 | +€1,879 | +19.0% |
| Remuneration and social security | 454/9 | €4,074 | €11,958 | +€7,884 | +194% |
| Other amounts payable | 47/48 | €0 | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €50,928 | €50,204 | -€724 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,333 | €4,409 | +€77 | +1.8% |
| Other operating charges | 640/8 | €1,474 | €4,193 | +€2,719 | +184% |
| Gross operating margin | 9900 | €56,083 | €63,103 | +€7,020 | +12.5% |
| Operating profit (loss) | 9901 | -€652 | €4,296 | +€4,948 | |
| Financial income | 75/76B | €1 | €2 | +€2 | +260% |
| Recurring financial income | 75 | €1 | €2 | +€2 | +260% |
| Financial charges | 65/66B | €3,532 | €6,579 | +€3,047 | +86.3% |
| Recurring financial charges | 65 | €3,532 | €6,579 | +€3,047 | +86.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,183 | -€2,281 | +€1,903 | +45.5% |
| Income taxes | 67/77 | €10,079 | €1,503 | -€8,576 | -85.1% |
| Profit (loss) for the period | 9904 | -€14,262 | -€3,784 | +€10,479 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,262 | -€3,784 | +€10,479 | +73.5% |
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.