THE BASELINE: 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 BASELINE
Largest movements
- Cash +€24,624
up €24,624 (+20.3%), from €121,402 to €146,026
mainly Net result for the year (+€84,360) and Depreciation (+€17,122)
- Tangible fixed assets -€17,122
down €17,122 (-66.1%), from €25,921 to €8,799
of which Furniture and vehicles: -€16,627
- Receivables within one year -€12,754
down €12,754 (-35.8%), from €35,635 to €22,881
of which Trade receivables: -€12,239
- Deferred charges and accrued income +€2,668
up €2,668 (+347%), from €768 to €3,436
- Debts after one year -€32,000
no longer reported in 2025 (was €32,000)
- Profit (loss) carried forward +€19,360
up €19,360 (+19.2%), from €101,062 to €120,422
- Tax, wage and social debts +€13,513
up €13,513 (+59.4%), from €22,758 to €36,271
- Accrued charges and deferred income -€3,628
down €3,628 (-87.8%), from €4,132 to €504
- Gross operating margin +€20,854
up €20,854 (+19.7%), from €105,922 to €126,775
- Taxes +€5,480
up €5,480 (+30.8%), from €17,812 to €23,291
- Financial charges -€1,682
down €1,682 (-57.0%), from €2,948 to €1,267
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 | €183,726 | €181,143 | -€2,583 | -1.4% |
| Fixed assets | 21/28 | €25,921 | €8,799 | -€17,122 | -66.1% |
| Tangible fixed assets | 22/27 | €25,921 | €8,799 | -€17,122 | -66.1% |
| Plant, machinery and equipment | 23 | €1,423 | €929 | -€495 | -34.7% |
| Furniture and vehicles | 24 | €24,497 | €7,870 | -€16,627 | -67.9% |
| Current assets | 29/58 | €157,805 | €172,344 | +€14,539 | +9.2% |
| Amounts receivable within one year | 40/41 | €35,635 | €22,881 | -€12,754 | -35.8% |
| Trade receivables | 40 | €35,120 | €22,881 | -€12,239 | -34.8% |
| Other amounts receivable | 41 | €514 | - | -€514 | |
| Cash at bank and in hand | 54/58 | €121,402 | €146,026 | +€24,624 | +20.3% |
| Deferred charges and accrued income | 490/1 | €768 | €3,436 | +€2,668 | +347% |
| Total equity and liabilities | 10/49 | €183,726 | €181,143 | -€2,583 | -1.4% |
| Equity | 10/15 | €121,461 | €140,821 | +€19,360 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,799 | €1,799 | = | 0.0% |
| Distributable reserves | 133 | €1,799 | €1,799 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,062 | €120,422 | +€19,360 | +19.2% |
| Amounts payable | 17/49 | €62,266 | €40,322 | -€21,943 | -35.2% |
| Amounts payable after more than one year | 17 | €32,000 | - | -€32,000 | |
| Financial debts | 170/4 | €32,000 | - | -€32,000 | |
| Amounts payable within one year | 42/48 | €26,134 | €39,818 | +€13,685 | +52.4% |
| Trade debts | 44 | €3,376 | €3,402 | +€27 | +0.8% |
| Suppliers | 440/4 | €3,376 | €3,402 | +€27 | +0.8% |
| Taxes, remuneration and social security | 45 | €22,758 | €36,271 | +€13,513 | +59.4% |
| Taxes | 450/3 | €22,758 | €36,271 | +€13,513 | +59.4% |
| Other amounts payable | 47/48 | - | €145 | +€145 | |
| Accrued charges and deferred income | 492/3 | €4,132 | €504 | -€3,628 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,374 | €17,122 | -€1,252 | -6.8% |
| Other operating charges | 640/8 | €846 | €746 | -€100 | -11.8% |
| Gross operating margin | 9900 | €105,922 | €126,775 | +€20,854 | +19.7% |
| Operating profit (loss) | 9901 | €86,702 | €108,908 | +€22,206 | +25.6% |
| Financial income | 75/76B | €88 | €10 | -€78 | -88.5% |
| Recurring financial income | 75 | €88 | €10 | -€78 | -88.5% |
| Financial charges | 65/66B | €2,948 | €1,267 | -€1,682 | -57.0% |
| Recurring financial charges | 65 | €2,948 | €1,267 | -€1,682 | -57.0% |
| Profit (loss) for the period before taxes | 9903 | €83,842 | €107,651 | +€23,809 | +28.4% |
| Income taxes | 67/77 | €17,812 | €23,291 | +€5,480 | +30.8% |
| Profit (loss) for the period | 9904 | €66,030 | €84,360 | +€18,330 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €66,030 | €84,360 | +€18,330 | +27.8% |
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 17 October 2026 via checked.be.