The Artefact: 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 Artefact
Largest movements
- Stocks and contracts +€9,601
up €9,601 (+59.6%), from €16,097 to €25,698
- Tangible fixed assets -€6,948
down €6,948 (-26.6%), from €26,155 to €19,207
of which Other tangible fixed assets: -€6,797
- Cash -€5,712
down €5,712 (-30.0%), from €19,030 to €13,317
mainly Debts after one year (-€10,000) and Stocks and contracts (-€9,601)
- Intangible fixed assets -€2,000
down €2,000 (-30.9%), from €6,482 to €4,482
- Receivables within one year +€841
up €841 (+407%), from €207 to €1,048
of which Trade receivables: +€829
- Debts after one year -€10,000
no longer reported in 2025 (was €10,000)
- Profit (loss) carried forward +€9,539
up €9,539 (+114%), from €8,376 to €17,915
- Trade debts -€5,033
down €5,033 (-55.1%), from €9,139 to €4,105
- Other debts +€2,047
up €2,047 (+24.2%), from €8,463 to €10,510
- Gross operating margin +€17,979
up €17,979 (+82.6%), from €21,771 to €39,750
- Financial charges +€6,713
up €6,713 (+526%), from €1,275 to €7,988
- Other operating charges +€1,099
up €1,099 (+58.1%), from €1,892 to €2,991
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 | €71,336 | €66,967 | -€4,369 | -6.1% |
| Fixed assets | 21/28 | €32,637 | €23,689 | -€8,948 | -27.4% |
| Intangible fixed assets | 21 | €6,482 | €4,482 | -€2,000 | -30.9% |
| Tangible fixed assets | 22/27 | €26,155 | €19,207 | -€6,948 | -26.6% |
| Furniture and vehicles | 24 | €3,054 | €2,902 | -€151 | -5.0% |
| Other tangible fixed assets | 26 | €23,101 | €16,304 | -€6,797 | -29.4% |
| Current assets | 29/58 | €38,699 | €43,278 | +€4,579 | +11.8% |
| Stocks and contracts in progress | 3 | €16,097 | €25,698 | +€9,601 | +59.6% |
| Stocks | 30/36 | €16,097 | €25,698 | +€9,601 | +59.6% |
| Amounts receivable within one year | 40/41 | €207 | €1,048 | +€841 | +407% |
| Trade receivables | 40 | €189 | €1,018 | +€829 | +439% |
| Other amounts receivable | 41 | €18 | €30 | +€12 | +67.8% |
| Cash at bank and in hand | 54/58 | €19,030 | €13,317 | -€5,712 | -30.0% |
| Deferred charges and accrued income | 490/1 | €3,365 | €3,215 | -€150 | -4.5% |
| Total equity and liabilities | 10/49 | €71,336 | €66,967 | -€4,369 | -6.1% |
| Equity | 10/15 | €29,817 | €38,818 | +€9,002 | +30.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,376 | €17,915 | +€9,539 | +114% |
| Investment grants | 15 | €2,841 | €2,303 | -€537 | -18.9% |
| Amounts payable | 17/49 | €41,519 | €28,148 | -€13,371 | -32.2% |
| Amounts payable after more than one year | 17 | €10,000 | - | -€10,000 | |
| Other amounts payable | 178/9 | €10,000 | - | -€10,000 | |
| Amounts payable within one year | 42/48 | €31,519 | €28,148 | -€3,371 | -10.7% |
| Trade debts | 44 | €9,139 | €4,105 | -€5,033 | -55.1% |
| Suppliers | 440/4 | €9,139 | €4,105 | -€5,033 | -55.1% |
| Taxes, remuneration and social security | 45 | €13,917 | €13,533 | -€385 | -2.8% |
| Taxes | 450/3 | €8,732 | €12,671 | +€3,939 | +45.1% |
| Remuneration and social security | 454/9 | €5,186 | €861 | -€4,324 | -83.4% |
| Other amounts payable | 47/48 | €8,463 | €10,510 | +€2,047 | +24.2% |
| Remuneration, social security and pensions | 62 | €10,210 | €10,130 | -€79 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,431 | €9,790 | +€359 | +3.8% |
| Other operating charges | 640/8 | €1,892 | €2,991 | +€1,099 | +58.1% |
| Gross operating margin | 9900 | €21,771 | €39,750 | +€17,979 | +82.6% |
| Operating profit (loss) | 9901 | €239 | €16,838 | +€16,600 | +6,954% |
| Financial income | 75/76B | €1,026 | €689 | -€337 | -32.8% |
| Recurring financial income | 75 | €1,026 | €689 | -€337 | -32.8% |
| Financial charges | 65/66B | €1,275 | €7,988 | +€6,713 | +526% |
| Recurring financial charges | 65 | €1,275 | €7,988 | +€6,713 | +526% |
| Profit (loss) for the period before taxes | 9903 | -€10 | €9,539 | +€9,549 | |
| Income taxes | 67/77 | €3 | - | -€3 | |
| Profit (loss) for the period | 9904 | -€13 | €9,539 | +€9,552 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13 | €9,539 | +€9,552 |
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 21 October 2026 via checked.be.