TENDER EXPERTS: 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.
TENDER EXPERTS
Largest movements
- Receivables within one year +€390,374
up €390,374 (+71.1%), from €548,704 to €939,078
of which Trade receivables: +€427,540
- Intangible fixed assets -€87,643
down €87,643 (-7.9%), from €1.1m to €1.0m
- Cash +€63,565
up €63,565 (+118%), from €53,945 to €117,510
- Accrued charges and deferred income +€3.4m
up €3.4m (+1,070%), from €315,879 to €3.7m
- Profit (loss) carried forward -€2.1m
down €2.1m (-233%), from -€883,250 to -€2.9m
- Current portion of long-term debt -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Tax, wage and social debts +€252,458
up €252,458 (+109%), from €232,397 to €484,855
of which Remuneration and social security: +€302,967
- Trade debts +€249,576
up €249,576 (+190%), from €131,552 to €381,127
- Gross operating margin -€1.2m
down €1.2m (-64.9%), from €1.8m to €633,399
- Staff costs +€920,435
up €920,435 (+96.9%), from €949,480 to €1.9m
- Depreciation +€215,300
up €215,300 (+58.3%), from €369,364 to €584,664
- Write-downs +€88,633
new in 2025: €88,633
- Financial charges +€28,901
up €28,901 (+25.6%), from €113,087 to €141,988
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,726,578 | €2,117,806 | +€391,228 | +22.7% |
| Fixed assets | 21/28 | €1,123,929 | €1,052,096 | -€71,833 | -6.4% |
| Intangible fixed assets | 21 | €1,108,368 | €1,020,725 | -€87,643 | -7.9% |
| Tangible fixed assets | 22/27 | €15,561 | €31,371 | +€15,810 | +102% |
| Furniture and vehicles | 24 | €15,561 | €31,371 | +€15,810 | +102% |
| Current assets | 29/58 | €602,649 | €1,065,710 | +€463,061 | +76.8% |
| Amounts receivable within one year | 40/41 | €548,704 | €939,078 | +€390,374 | +71.1% |
| Trade receivables | 40 | €509,689 | €937,229 | +€427,540 | +83.9% |
| Other amounts receivable | 41 | €39,015 | €1,849 | -€37,166 | -95.3% |
| Cash at bank and in hand | 54/58 | €53,945 | €117,510 | +€63,565 | +118% |
| Deferred charges and accrued income | 490/1 | - | €9,122 | +€9,122 | |
| Total equity and liabilities | 10/49 | €1,726,578 | €2,117,806 | +€391,228 | +22.7% |
| Equity | 10/15 | -€383,250 | -€2,443,188 | -€2.1m | -537% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€883,250 | -€2,943,188 | -€2.1m | -233% |
| Amounts payable | 17/49 | €2,109,828 | €4,560,995 | +€2.5m | +116% |
| Amounts payable within one year | 42/48 | €1,793,949 | €865,983 | -€927,966 | -51.7% |
| Current portion of amounts payable after more than one year | 42 | €1,430,000 | €0 | -€1.4m | -100% |
| Trade debts | 44 | €131,552 | €381,127 | +€249,576 | +190% |
| Suppliers | 440/4 | €131,552 | €381,127 | +€249,576 | +190% |
| Taxes, remuneration and social security | 45 | €232,397 | €484,855 | +€252,458 | +109% |
| Taxes | 450/3 | €130,606 | €80,097 | -€50,509 | -38.7% |
| Remuneration and social security | 454/9 | €101,791 | €404,758 | +€302,967 | +298% |
| Accrued charges and deferred income | 492/3 | €315,879 | €3,695,012 | +€3.4m | +1,070% |
| Remuneration, social security and pensions | 62 | €949,480 | €1,869,916 | +€920,435 | +96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €369,364 | €584,664 | +€215,300 | +58.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €88,633 | +€88,633 | |
| Other operating charges | 640/8 | €2,579 | €3,154 | +€576 | +22.3% |
| Gross operating margin | 9900 | €1,802,805 | €633,399 | -€1.2m | -64.9% |
| Operating profit (loss) | 9901 | €481,382 | -€1,912,968 | -€2.4m | |
| Financial income | 75/76B | €198 | €839 | +€641 | +324% |
| Recurring financial income | 75 | €198 | €839 | +€641 | +324% |
| Financial charges | 65/66B | €113,087 | €141,988 | +€28,901 | +25.6% |
| Recurring financial charges | 65 | €113,087 | €141,988 | +€28,901 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €368,493 | -€2,054,117 | -€2.4m | |
| Income taxes | 67/77 | €2,018 | €5,821 | +€3,803 | +188% |
| Profit (loss) for the period | 9904 | €366,475 | -€2,059,938 | -€2.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €366,475 | -€2,059,938 | -€2.4m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.