THE ANALYSTS: 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 ANALYSTS
Largest movements
- Receivables after one year +€36,000
new in 2025: €36,000
- Cash +€8,324
up €8,324 (+17.5%), from €47,577 to €55,901
mainly Net result for the year (+€38,108) and Tax, wage and social debts (+€14,260)
- Receivables within one year +€7,861
up €7,861 (+69.1%), from €11,378 to €19,239
of which Other amounts receivable: +€5,879
- Profit (loss) carried forward +€38,108
up €38,108 (+98.3%), from €38,774 to €76,882
- Tax, wage and social debts +€14,260
up €14,260 (+95.1%), from €14,999 to €29,259
- Gross operating margin -€7,032
down €7,032 (-11.8%), from €59,466 to €52,434
- Depreciation -€3,965
down €3,965 (-82.6%), from €4,801 to €836
- Taxes +€2,529
up €2,529 (+28.6%), from €8,848 to €11,378
- Financial charges -€2,106
down €2,106 (-59.3%), from €3,549 to €1,443
- Financial income -€1,955
down €1,955 (-75.3%), from €2,597 to €642
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 | €59,791 | €111,141 | +€51,350 | +85.9% |
| Fixed assets | 21/28 | €836 | - | -€836 | |
| Tangible fixed assets | 22/27 | €836 | €0 | -€836 | -100% |
| Furniture and vehicles | 24 | €836 | - | -€836 | |
| Current assets | 29/58 | €58,955 | €111,141 | +€52,186 | +88.5% |
| Amounts receivable after more than one year | 29 | - | €36,000 | +€36,000 | |
| Other amounts receivable | 291 | - | €36,000 | +€36,000 | |
| Amounts receivable within one year | 40/41 | €11,378 | €19,239 | +€7,861 | +69.1% |
| Trade receivables | 40 | €11,378 | €13,361 | +€1,983 | +17.4% |
| Other amounts receivable | 41 | - | €5,879 | +€5,879 | |
| Cash at bank and in hand | 54/58 | €47,577 | €55,901 | +€8,324 | +17.5% |
| Total equity and liabilities | 10/49 | €59,791 | €111,141 | +€51,350 | +85.9% |
| Equity | 10/15 | €43,774 | €81,882 | +€38,108 | +87.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,774 | €76,882 | +€38,108 | +98.3% |
| Amounts payable | 17/49 | €16,016 | €29,259 | +€13,242 | +82.7% |
| Amounts payable within one year | 42/48 | €16,016 | €29,259 | +€13,242 | +82.7% |
| Trade debts | 44 | €1,017 | - | -€1,017 | |
| Suppliers | 440/4 | €1,017 | €0 | -€1,017 | -100% |
| Taxes, remuneration and social security | 45 | €14,999 | €29,259 | +€14,260 | +95.1% |
| Taxes | 450/3 | €14,999 | €29,259 | +€14,260 | +95.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,801 | €836 | -€3,965 | -82.6% |
| Other operating charges | 640/8 | €311 | €1,312 | +€1,001 | +322% |
| Gross operating margin | 9900 | €59,466 | €52,434 | -€7,032 | -11.8% |
| Operating profit (loss) | 9901 | €54,354 | €50,286 | -€4,068 | -7.5% |
| Financial income | 75/76B | €2,597 | €642 | -€1,955 | -75.3% |
| Recurring financial income | 75 | €2,597 | €642 | -€1,955 | -75.3% |
| Financial charges | 65/66B | €3,549 | €1,443 | -€2,106 | -59.3% |
| Recurring financial charges | 65 | €3,549 | €1,443 | -€2,106 | -59.3% |
| Profit (loss) for the period before taxes | 9903 | €53,402 | €49,485 | -€3,916 | -7.3% |
| Income taxes | 67/77 | €8,848 | €11,378 | +€2,529 | +28.6% |
| Profit (loss) for the period | 9904 | €44,553 | €38,108 | -€6,446 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,553 | €38,108 | -€6,446 | -14.5% |
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 18 October 2026 via checked.be.