Th Development: 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.
Th Development
Largest movements
- Current investments +€44,999
new in 2025: €44,999
- Cash +€12,220
up €12,220 (+16.9%), from €72,379 to €84,599
mainly Net result for the year (+€54,136) and Depreciation (+€13,120)
- Tangible fixed assets -€11,372
down €11,372 (-21.6%), from €52,720 to €41,348
- Reserves +€54,000
up €54,000 (+85.7%), from €63,000 to €117,000
- Debts after one year -€10,895
down €10,895 (-30.0%), from €36,262 to €25,367
- Tax, wage and social debts +€3,323
up €3,323 (+12.3%), from €26,998 to €30,322
- Gross operating margin +€16,263
up €16,263 (+21.1%), from €77,180 to €93,442
- Taxes +€4,311
up €4,311 (+22.5%), from €19,194 to €23,505
- Depreciation +€1,306
up €1,306 (+11.1%), from €11,814 to €13,120
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 | €142,492 | €190,157 | +€47,665 | +33.5% |
| Fixed assets | 21/28 | €52,720 | €41,348 | -€11,372 | -21.6% |
| Tangible fixed assets | 22/27 | €52,720 | €41,348 | -€11,372 | -21.6% |
| Furniture and vehicles | 24 | €52,720 | €41,348 | -€11,372 | -21.6% |
| Current assets | 29/58 | €89,772 | €148,809 | +€59,037 | +65.8% |
| Amounts receivable within one year | 40/41 | €17,393 | €19,210 | +€1,817 | +10.4% |
| Trade receivables | 40 | €17,287 | €19,104 | +€1,817 | +10.5% |
| Other amounts receivable | 41 | €106 | €106 | = | 0.0% |
| Current investments | 50/53 | - | €44,999 | +€44,999 | |
| Cash at bank and in hand | 54/58 | €72,379 | €84,599 | +€12,220 | +16.9% |
| Total equity and liabilities | 10/49 | €142,492 | €190,157 | +€47,665 | +33.5% |
| Equity | 10/15 | €65,168 | €119,304 | +€54,136 | +83.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €63,000 | €117,000 | +€54,000 | +85.7% |
| Distributable reserves | 133 | €63,000 | €117,000 | +€54,000 | +85.7% |
| Profit (loss) carried forward | 14 | €1,168 | €1,304 | +€136 | +11.7% |
| Amounts payable | 17/49 | €77,325 | €70,853 | -€6,471 | -8.4% |
| Amounts payable after more than one year | 17 | €36,262 | €25,367 | -€10,895 | -30.0% |
| Financial debts | 170/4 | €36,262 | €25,367 | -€10,895 | -30.0% |
| Amounts payable within one year | 42/48 | €41,063 | €45,487 | +€4,424 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €10,413 | €10,895 | +€482 | +4.6% |
| Trade debts | 44 | €181 | €800 | +€619 | +341.8% |
| Suppliers | 440/4 | €181 | €800 | +€619 | +341.8% |
| Taxes, remuneration and social security | 45 | €26,998 | €30,322 | +€3,323 | +12.3% |
| Taxes | 450/3 | €26,998 | €30,322 | +€3,323 | +12.3% |
| Other amounts payable | 47/48 | €3,470 | €3,470 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,814 | €13,120 | +€1,306 | +11.1% |
| Other operating charges | 640/8 | €1,211 | €844 | -€367 | -30.3% |
| Gross operating margin | 9900 | €77,180 | €93,442 | +€16,263 | +21.1% |
| Operating profit (loss) | 9901 | €64,155 | €79,478 | +€15,323 | +23.9% |
| Financial income | 75/76B | €296 | €779 | +€482 | +162.7% |
| Recurring financial income | 75 | €296 | €779 | +€482 | +162.7% |
| Financial charges | 65/66B | €2,816 | €2,616 | -€201 | -7.1% |
| Recurring financial charges | 65 | €2,816 | €2,616 | -€201 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €61,635 | €77,642 | +€16,006 | +26.0% |
| Income taxes | 67/77 | €19,194 | €23,505 | +€4,311 | +22.5% |
| Profit (loss) for the period | 9904 | €42,441 | €54,136 | +€11,695 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €42,441 | €54,136 | +€11,695 | +27.6% |
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 6 October 2026 via checked.be.