'T HEREND: what changed
Two financial 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.
'T HEREND
Largest movements
- Cash +€31,505
up €31,505 (+26.0%), from €121,238 to €152,743
mainly Net result for the year (+€55,347) and Stocks and contracts (+€11,700)
- Stocks and contracts -€11,700
down €11,700 (-25.1%), from €46,700 to €35,000
- Receivables within one year +€8,311
up €8,311 (+58.9%), from €14,103 to €22,414
of which Trade receivables: +€9,094
- Profit (loss) carried forward +€39,124
up €39,124, from -€39,124 to €0
- Debts after one year -€37,696
down €37,696 (-23.1%), from €163,241 to €125,545
of which Other amounts payable: -€134,075
- Reserves +€16,223
new in 2025: €16,223
of which Distributable reserves: +€15,412
- Tax, wage and social debts +€10,956
up €10,956 (+6,463%), from €170 to €11,125
- Taxes +€16,175
up €16,175 (+11,594%), from €140 to €16,315
- Gross operating margin +€6,220
up €6,220 (+9.3%), from €67,066 to €73,286
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.
Derived cash bridge
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 | €191,186 | €218,903 | +€27,717 | +14.5% |
| Fixed assets | 21/28 | €181 | €85 | -€96 | -52.9% |
| Tangible fixed assets | 22/27 | €181 | €85 | -€96 | -52.9% |
| Plant, machinery and equipment | 23 | €181 | €85 | -€96 | -52.9% |
| Current assets | 29/58 | €191,005 | €218,817 | +€27,813 | +14.6% |
| Stocks and contracts in progress | 3 | €46,700 | €35,000 | -€11,700 | -25.1% |
| Stocks | 30/36 | €46,700 | €35,000 | -€11,700 | -25.1% |
| Amounts receivable within one year | 40/41 | €14,103 | €22,414 | +€8,311 | +58.9% |
| Trade receivables | 40 | €13,303 | €22,397 | +€9,094 | +68.4% |
| Other amounts receivable | 41 | €800 | €17 | -€783 | -97.9% |
| Current investments | 50/53 | €7,375 | €7,375 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €121,238 | €152,743 | +€31,505 | +26.0% |
| Deferred charges and accrued income | 490/1 | €1,589 | €1,285 | -€303 | -19.1% |
| Total equity and liabilities | 10/49 | €191,186 | €218,903 | +€27,717 | +14.5% |
| Equity | 10/15 | €22,876 | €78,223 | +€55,347 | +242% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | - | €16,223 | +€16,223 | |
| Non-distributable reserves | 130/1 | - | €811 | +€811 | |
| Legal reserve | 130 | - | €811 | +€811 | |
| Distributable reserves | 133 | - | €15,412 | +€15,412 | |
| Profit (loss) carried forward | 14 | -€39,124 | €0 | +€39,124 | |
| Amounts payable | 17/49 | €168,309 | €140,680 | -€27,630 | -16.4% |
| Amounts payable after more than one year | 17 | €163,241 | €125,545 | -€37,696 | -23.1% |
| Financial debts | 170/4 | - | €96,379 | +€96,379 | |
| Other amounts payable | 178/9 | €163,241 | €29,166 | -€134,075 | -82.1% |
| Amounts payable within one year | 42/48 | €3,697 | €15,135 | +€11,438 | +309% |
| Trade debts | 44 | €3,527 | €4,009 | +€482 | +13.7% |
| Suppliers | 440/4 | €3,527 | €4,009 | +€482 | +13.7% |
| Taxes, remuneration and social security | 45 | €170 | €11,125 | +€10,956 | +6,463% |
| Taxes | 450/3 | €170 | €11,125 | +€10,956 | +6,463% |
| Accrued charges and deferred income | 492/3 | €1,372 | €0 | -€1,372 | -100% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140 | €96 | -€44 | -31.5% |
| Other operating charges | 640/8 | €1,185 | €1,277 | +€92 | +7.7% |
| Gross operating margin | 9900 | €67,066 | €73,286 | +€6,220 | +9.3% |
| Operating profit (loss) | 9901 | €65,741 | €71,914 | +€6,172 | +9.4% |
| Financial income | 75/76B | €94 | €0 | -€93 | -99.7% |
| Recurring financial income | 75 | €94 | €0 | -€93 | -99.7% |
| Financial charges | 65/66B | €198 | €252 | +€54 | +27.3% |
| Recurring financial charges | 65 | €198 | €252 | +€54 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €65,637 | €71,662 | +€6,025 | +9.2% |
| Income taxes | 67/77 | €140 | €16,315 | +€16,175 | +11,594% |
| Profit (loss) for the period | 9904 | €65,497 | €55,347 | -€10,150 | -15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €65,497 | €55,347 | -€10,150 | -15.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.