THE ADDRESS: 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 ADDRESS
Largest movements
- Stocks and contracts -€246,760
down €246,760 (-100.0%), from €246,760 to €0
- Cash -€65,525
down €65,525 (-77.4%), from €84,605 to €19,080
mainly Short-term financial debts (-€169,233) and Net result for the year (-€140,775)
- Short-term financial debts -€169,233
down €169,233 (-100.0%), from €169,233 to €0
- Profit (loss) carried forward -€140,775
down €140,775 (-129.2%), from -€108,981 to -€249,756
- Gross operating margin -€100,379
down €100,379 (-334.3%), from -€30,028 to -€130,408
- Financial charges -€3,855
down €3,855 (-39.1%), from €9,854 to €5,999
- Other operating charges +€1,633
up €1,633 (+59.7%), from €2,735 to €4,368
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 | €331,721 | €19,294 | -€312,427 | -94.2% |
| Current assets | 29/58 | €331,721 | €19,294 | -€312,427 | -94.2% |
| Stocks and contracts in progress | 3 | €246,760 | €0 | -€246,760 | -100.0% |
| Stocks | 30/36 | €246,760 | €0 | -€246,760 | -100.0% |
| Amounts receivable within one year | 40/41 | €30 | €0 | -€30 | -100.0% |
| Other amounts receivable | 41 | €30 | €0 | -€30 | -100.0% |
| Cash at bank and in hand | 54/58 | €84,605 | €19,080 | -€65,525 | -77.4% |
| Deferred charges and accrued income | 490/1 | €325 | €214 | -€111 | -34.3% |
| Total equity and liabilities | 10/49 | €331,721 | €19,294 | -€312,427 | -94.2% |
| Equity | 10/15 | €109,569 | -€31,206 | -€140,775 | |
| Contributions | 10/11 | €218,550 | €218,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,981 | -€249,756 | -€140,775 | -129.2% |
| Amounts payable | 17/49 | €222,152 | €50,500 | -€171,652 | -77.3% |
| Amounts payable after more than one year | 17 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 170/4 | €50,000 | €50,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €169,607 | €0 | -€169,607 | -100.0% |
| Financial debts | 43 | €169,233 | €0 | -€169,233 | -100.0% |
| Credit institutions | 430/8 | €169,233 | €0 | -€169,233 | -100.0% |
| Trade debts | 44 | €374 | €0 | -€374 | -100.0% |
| Suppliers | 440/4 | €374 | €0 | -€374 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,545 | €500 | -€2,045 | -80.4% |
| Other operating charges | 640/8 | €2,735 | €4,368 | +€1,633 | +59.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€30,028 | -€130,408 | -€100,379 | -334.3% |
| Operating profit (loss) | 9901 | -€32,763 | -€134,776 | -€102,013 | -311.4% |
| Financial charges | 65/66B | €9,854 | €5,999 | -€3,855 | -39.1% |
| Recurring financial charges | 65 | €9,854 | €5,999 | -€3,855 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | -€42,617 | -€140,775 | -€98,158 | -230.3% |
| Profit (loss) for the period | 9904 | -€42,617 | -€140,775 | -€98,158 | -230.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,617 | -€140,775 | -€98,158 | -230.3% |
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 12 October 2026 via checked.be.