TENDENS: 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.
TENDENS
Largest movements
- Cash -€215,927
down €215,927 (-57.0%), from €378,911 to €162,984
mainly Current investments (-€159,000) and Trade debts (-€77,357)
- Current investments +€159,000
new in 2025: €159,000
- Receivables within one year +€33,175
up €33,175 (+52.6%), from €63,014 to €96,189
- Trade debts -€77,357
down €77,357 (-95.5%), from €80,997 to €3,640
- Reserves +€64,974
up €64,974 (+28.0%), from €231,981 to €296,955
of which Distributable reserves: +€64,974
- Accrued charges and deferred income -€17,500
no longer reported in 2025 (was €17,500)
- Tax, wage and social debts +€13,492
up €13,492 (+38.3%), from €35,208 to €48,700
- Other operating charges -€8,343
down €8,343 (-78.4%), from €10,637 to €2,294
- Gross operating margin +€6,748
up €6,748 (+6.8%), from €99,713 to €106,461
- Taxes +€3,149
up €3,149 (+8.5%), from €36,937 to €40,086
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 | €448,624 | €427,848 | -€20,777 | -4.6% |
| Fixed assets | 21/28 | €6,699 | €8,432 | +€1,733 | +25.9% |
| Tangible fixed assets | 22/27 | €6,699 | €8,432 | +€1,733 | +25.9% |
| Plant, machinery and equipment | 23 | €605 | €341 | -€264 | -43.6% |
| Furniture and vehicles | 24 | €4,851 | €7,067 | +€2,216 | +45.7% |
| Other tangible fixed assets | 26 | €1,243 | €1,024 | -€219 | -17.6% |
| Current assets | 29/58 | €441,925 | €419,415 | -€22,510 | -5.1% |
| Amounts receivable within one year | 40/41 | €63,014 | €96,189 | +€33,175 | +52.6% |
| Trade receivables | 40 | €63,014 | €96,189 | +€33,175 | +52.6% |
| Current investments | 50/53 | - | €159,000 | +€159,000 | |
| Cash at bank and in hand | 54/58 | €378,911 | €162,984 | -€215,927 | -57.0% |
| Deferred charges and accrued income | 490/1 | - | €1,242 | +€1,242 | |
| Total equity and liabilities | 10/49 | €448,624 | €427,848 | -€20,777 | -4.6% |
| Equity | 10/15 | €271,845 | €336,819 | +€64,974 | +23.9% |
| Contributions | 10/11 | €18,592 | €18,592 | +€0 | 0.0% |
| Reserves | 13 | €231,981 | €296,955 | +€64,974 | +28.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | +€0 | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | +€0 | 0.0% |
| Distributable reserves | 133 | €230,122 | €295,096 | +€64,974 | +28.2% |
| Profit (loss) carried forward | 14 | €21,272 | €21,272 | +€0 | 0.0% |
| Amounts payable | 17/49 | €176,779 | €91,028 | -€85,751 | -48.5% |
| Amounts payable after more than one year | 17 | €14,500 | €14,500 | = | 0.0% |
| Financial debts | 170/4 | €14,500 | €14,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €144,779 | €76,528 | -€68,251 | -47.1% |
| Trade debts | 44 | €80,997 | €3,640 | -€77,357 | -95.5% |
| Suppliers | 440/4 | €80,997 | €3,640 | -€77,357 | -95.5% |
| Taxes, remuneration and social security | 45 | €35,208 | €48,700 | +€13,492 | +38.3% |
| Taxes | 450/3 | €35,208 | €48,700 | +€13,492 | +38.3% |
| Other amounts payable | 47/48 | €28,574 | €24,188 | -€4,386 | -15.3% |
| Accrued charges and deferred income | 492/3 | €17,500 | - | -€17,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,881 | €2,162 | +€281 | +14.9% |
| Other operating charges | 640/8 | €10,637 | €2,294 | -€8,343 | -78.4% |
| Gross operating margin | 9900 | €99,713 | €106,461 | +€6,748 | +6.8% |
| Operating profit (loss) | 9901 | €87,195 | €102,005 | +€14,810 | +17.0% |
| Financial income | 75/76B | €3,425 | €3,217 | -€208 | -6.1% |
| Recurring financial income | 75 | €3,425 | €3,217 | -€208 | -6.1% |
| Financial charges | 65/66B | €353 | €162 | -€191 | -54.1% |
| Recurring financial charges | 65 | €353 | €162 | -€191 | -54.1% |
| Profit (loss) for the period before taxes | 9903 | €90,267 | €105,060 | +€14,793 | +16.4% |
| Income taxes | 67/77 | €36,937 | €40,086 | +€3,149 | +8.5% |
| Profit (loss) for the period | 9904 | €53,330 | €64,973 | +€11,643 | +21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,330 | €64,973 | +€11,643 | +21.8% |
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.