THE ACTIVATORS: 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 ACTIVATORS
Largest movements
- Receivables within one year +€26,485
up €26,485 (+126%), from €20,948 to €47,433
of which Trade receivables: +€14,609
- Cash -€5,725
down €5,725 (-7.9%), from €72,267 to €66,542
mainly Contributions, distributions and other (-€40,814) and Receivables within one year (-€26,485)
- Tangible fixed assets -€1,425
down €1,425 (-25.1%), from €5,667 to €4,242
- Deferred charges and accrued income +€1,301
up €1,301 (+2,566%), from €51 to €1,352
- Other debts +€40,814
up €40,814, from €0 to €40,814
- Reserves -€14,823
down €14,823 (-19.9%), from €74,416 to €59,593
- Trade debts -€8,886
down €8,886 (-81.6%), from €10,886 to €2,000
- Tax, wage and social debts +€3,910
up €3,910 (+56.6%), from €6,903 to €10,813
of which Taxes: +€2,410
- Gross operating margin +€18,238
up €18,238 (+87.7%), from €20,797 to €39,035
- Taxes +€3,839
up €3,839 (+72.4%), from €5,302 to €9,141
- Financial income +€547
up €547, from €0 to €547
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 | €98,933 | €119,569 | +€20,636 | +20.9% |
| Fixed assets | 21/28 | €5,667 | €4,242 | -€1,425 | -25.1% |
| Tangible fixed assets | 22/27 | €5,667 | €4,242 | -€1,425 | -25.1% |
| Plant, machinery and equipment | 23 | €5,667 | €4,242 | -€1,425 | -25.1% |
| Current assets | 29/58 | €93,266 | €115,327 | +€22,061 | +23.7% |
| Amounts receivable within one year | 40/41 | €20,948 | €47,433 | +€26,485 | +126% |
| Trade receivables | 40 | €5,854 | €20,463 | +€14,609 | +250% |
| Other amounts receivable | 41 | €15,094 | €26,971 | +€11,876 | +78.7% |
| Cash at bank and in hand | 54/58 | €72,267 | €66,542 | -€5,725 | -7.9% |
| Deferred charges and accrued income | 490/1 | €51 | €1,352 | +€1,301 | +2,566% |
| Total equity and liabilities | 10/49 | €98,933 | €119,569 | +€20,636 | +20.9% |
| Equity | 10/15 | €80,616 | €65,793 | -€14,823 | -18.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €74,416 | €59,593 | -€14,823 | -19.9% |
| Distributable reserves | 133 | €74,416 | €59,593 | -€14,823 | -19.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €18,317 | €53,776 | +€35,460 | +194% |
| Amounts payable within one year | 42/48 | €18,317 | €53,776 | +€35,460 | +194% |
| Financial debts | 43 | €528 | €149 | -€379 | -71.7% |
| Credit institutions | 430/8 | €528 | €149 | -€379 | -71.7% |
| Trade debts | 44 | €10,886 | €2,000 | -€8,886 | -81.6% |
| Suppliers | 440/4 | €10,886 | €2,000 | -€8,886 | -81.6% |
| Taxes, remuneration and social security | 45 | €6,903 | €10,813 | +€3,910 | +56.6% |
| Taxes | 450/3 | €6,903 | €9,313 | +€2,410 | +34.9% |
| Remuneration and social security | 454/9 | - | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €0 | €40,814 | +€40,814 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,320 | €1,425 | +€105 | +8.0% |
| Other operating charges | 640/8 | €1,500 | €1,380 | -€120 | -8.0% |
| Gross operating margin | 9900 | €20,797 | €39,035 | +€18,238 | +87.7% |
| Operating profit (loss) | 9901 | €17,978 | €36,230 | +€18,253 | +102% |
| Financial income | 75/76B | €0 | €547 | +€547 | |
| Recurring financial income | 75 | €0 | €547 | +€547 | |
| Financial charges | 65/66B | €1,816 | €1,645 | -€170 | -9.4% |
| Recurring financial charges | 65 | €1,816 | €1,645 | -€170 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €16,162 | €35,132 | +€18,970 | +117% |
| Income taxes | 67/77 | €5,302 | €9,141 | +€3,839 | +72.4% |
| Profit (loss) for the period | 9904 | €10,860 | €25,991 | +€15,131 | +139% |
| Profit (loss) for the period to be appropriated | 9905 | €10,860 | €25,991 | +€15,131 | +139% |
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.