THE: 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.
THE
Largest movements
- Cash +€7,662
up €7,662 (+25.8%), from €29,734 to €37,397
mainly Net result for the year (+€47,549) and Depreciation (+€679)
- Reserves +€47,549
up €47,549 (+36.1%), from €131,572 to €179,121
- Tax, wage and social debts -€26,090
down €26,090 (-52.3%), from €49,881 to €23,790
- Short-term financial debts -€11,000
down €11,000 (-18.0%), from €61,000 to €50,000
- Gross operating margin +€15,274
up €15,274 (+24.3%), from €62,967 to €78,241
- Financial income -€7,588
down €7,588 (-100%), from €7,588 to €0
- Taxes -€4,624
down €4,624 (-16.1%), from €28,725 to €24,102
- Financial charges -€2,132
down €2,132 (-29.6%), from €7,196 to €5,064
- Other operating charges -€1,523
down €1,523 (-64.3%), from €2,371 to €847
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 | €248,050 | €256,273 | +€8,224 | +3.3% |
| Fixed assets | 21/28 | €202,889 | €202,210 | -€679 | -0.3% |
| Tangible fixed assets | 22/27 | €2,771 | €2,092 | -€679 | -24.5% |
| Furniture and vehicles | 24 | €2,771 | €2,092 | -€679 | -24.5% |
| Financial fixed assets | 28 | €200,118 | €200,118 | = | 0.0% |
| Current assets | 29/58 | €45,161 | €54,063 | +€8,902 | +19.7% |
| Amounts receivable within one year | 40/41 | €13,915 | €15,363 | +€1,448 | +10.4% |
| Trade receivables | 40 | €13,915 | €13,021 | -€894 | -6.4% |
| Other amounts receivable | 41 | - | €2,342 | +€2,342 | |
| Cash at bank and in hand | 54/58 | €29,734 | €37,397 | +€7,662 | +25.8% |
| Deferred charges and accrued income | 490/1 | €1,511 | €1,304 | -€208 | -13.7% |
| Total equity and liabilities | 10/49 | €248,050 | €256,273 | +€8,224 | +3.3% |
| Equity | 10/15 | €134,072 | €181,621 | +€47,549 | +35.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €131,572 | €179,121 | +€47,549 | +36.1% |
| Distributable reserves | 133 | €131,572 | €179,121 | +€47,549 | +36.1% |
| Amounts payable | 17/49 | €113,977 | €74,652 | -€39,325 | -34.5% |
| Amounts payable within one year | 42/48 | €113,562 | €74,467 | -€39,095 | -34.4% |
| Financial debts | 43 | €61,000 | €50,000 | -€11,000 | -18.0% |
| Credit institutions | 430/8 | €61,000 | €50,000 | -€11,000 | -18.0% |
| Trade debts | 44 | €2,623 | €677 | -€1,946 | -74.2% |
| Suppliers | 440/4 | €2,623 | €677 | -€1,946 | -74.2% |
| Taxes, remuneration and social security | 45 | €49,881 | €23,790 | -€26,090 | -52.3% |
| Taxes | 450/3 | €49,881 | €23,790 | -€26,090 | -52.3% |
| Other amounts payable | 47/48 | €58 | €0 | -€58 | -100% |
| Accrued charges and deferred income | 492/3 | €415 | €185 | -€230 | -55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,178 | €679 | -€499 | -42.4% |
| Other operating charges | 640/8 | €2,371 | €847 | -€1,523 | -64.3% |
| Gross operating margin | 9900 | €62,967 | €78,241 | +€15,274 | +24.3% |
| Operating profit (loss) | 9901 | €59,418 | €76,715 | +€17,297 | +29.1% |
| Financial income | 75/76B | €7,588 | €0 | -€7,588 | -100% |
| Recurring financial income | 75 | €7,588 | €0 | -€7,588 | -100% |
| Financial charges | 65/66B | €7,196 | €5,064 | -€2,132 | -29.6% |
| Recurring financial charges | 65 | €7,196 | €5,064 | -€2,132 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €59,810 | €71,650 | +€11,841 | +19.8% |
| Income taxes | 67/77 | €28,725 | €24,102 | -€4,624 | -16.1% |
| Profit (loss) for the period | 9904 | €31,084 | €47,549 | +€16,464 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,084 | €47,549 | +€16,464 | +53.0% |
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 19 October 2026 via checked.be.