THE BLUE: 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 BLUE
Largest movements
- Cash +€26,951
up €26,951 (+31.6%), from €85,235 to €112,186
mainly Net result for the year (+€29,534) and Receivables within one year (+€14,385)
- Receivables within one year -€14,385
down €14,385 (-25.2%), from €57,190 to €42,805
of which Trade receivables: -€21,769
- Reserves +€8,970
up €8,970 (+3.3%), from €274,229 to €283,198
of which Distributable reserves: +€8,970
- Trade debts -€3,171
down €3,171 (-61.4%), from €5,163 to €1,993
- Gross operating margin -€30,927
down €30,927 (-39.5%), from €78,383 to €47,455
- Taxes -€8,618
down €8,618 (-41.4%), from €20,833 to €12,214
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 | €307,707 | €315,290 | +€7,583 | +2.5% |
| Fixed assets | 21/28 | €79,832 | €77,592 | -€2,241 | -2.8% |
| Tangible fixed assets | 22/27 | €8,411 | €6,170 | -€2,241 | -26.6% |
| Furniture and vehicles | 24 | €8,411 | €6,170 | -€2,241 | -26.6% |
| Financial fixed assets | 28 | €71,422 | €71,422 | = | 0.0% |
| Current assets | 29/58 | €227,875 | €237,698 | +€9,823 | +4.3% |
| Amounts receivable within one year | 40/41 | €57,190 | €42,805 | -€14,385 | -25.2% |
| Trade receivables | 40 | €54,436 | €32,667 | -€21,769 | -40.0% |
| Other amounts receivable | 41 | €2,754 | €10,138 | +€7,384 | +268% |
| Current investments | 50/53 | €82,707 | €82,707 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,235 | €112,186 | +€26,951 | +31.6% |
| Deferred charges and accrued income | 490/1 | €2,743 | €0 | -€2,743 | -100% |
| Total equity and liabilities | 10/49 | €307,707 | €315,290 | +€7,583 | +2.5% |
| Equity | 10/15 | €280,429 | €289,398 | +€8,970 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €274,229 | €283,198 | +€8,970 | +3.3% |
| Tax-exempt reserves | 132 | €7,140 | €7,140 | = | 0.0% |
| Distributable reserves | 133 | €267,089 | €276,058 | +€8,970 | +3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,278 | €25,891 | -€1,387 | -5.1% |
| Amounts payable within one year | 42/48 | €27,278 | €25,891 | -€1,387 | -5.1% |
| Financial debts | 43 | €70 | €200 | +€130 | +187% |
| Credit institutions | 430/8 | €70 | €200 | +€130 | +187% |
| Trade debts | 44 | €5,163 | €1,993 | -€3,171 | -61.4% |
| Suppliers | 440/4 | €5,163 | €1,993 | -€3,171 | -61.4% |
| Taxes, remuneration and social security | 45 | €22,045 | €23,699 | +€1,653 | +7.5% |
| Taxes | 450/3 | €19,195 | €20,539 | +€1,344 | +7.0% |
| Remuneration and social security | 454/9 | €2,850 | €3,160 | +€310 | +10.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,247 | €5,135 | -€112 | -2.1% |
| Other operating charges | 640/8 | €777 | €798 | +€21 | +2.7% |
| Gross operating margin | 9900 | €78,383 | €47,455 | -€30,927 | -39.5% |
| Operating profit (loss) | 9901 | €72,359 | €41,522 | -€30,836 | -42.6% |
| Financial income | 75/76B | €393 | €769 | +€377 | +95.8% |
| Recurring financial income | 75 | €393 | €769 | +€377 | +95.8% |
| Financial charges | 65/66B | €263 | €544 | +€281 | +107% |
| Recurring financial charges | 65 | €263 | €544 | +€281 | +107% |
| Profit (loss) for the period before taxes | 9903 | €72,488 | €41,748 | -€30,740 | -42.4% |
| Income taxes | 67/77 | €20,833 | €12,214 | -€8,618 | -41.4% |
| Profit (loss) for the period | 9904 | €51,656 | €29,534 | -€22,122 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,656 | €29,534 | -€22,122 | -42.8% |
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.