THE BOOKSHELF: 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 BOOKSHELF
Largest movements
- Receivables within one year +€51,492
up €51,492 (+973%), from €5,293 to €56,786
of which Trade receivables: +€53,912
- Cash -€9,325
down €9,325 (-9.0%), from €103,059 to €93,734
mainly Receivables within one year (-€51,492) and Debts after one year (-€20,000)
- Tangible fixed assets -€1,622
down €1,622 (-36.5%), from €4,448 to €2,827
- Trade debts +€46,611
up €46,611 (+83.9%), from €55,527 to €102,138
- Debts after one year -€20,000
no longer reported in 2025 (was €20,000)
- Reserves +€11,372
up €11,372 (+196%), from €5,796 to €17,169
- Tax, wage and social debts +€3,916
up €3,916 (+81.3%), from €4,814 to €8,730
- Other debts -€2,191
down €2,191 (-12.4%), from €17,725 to €15,534
- Gross operating margin +€14,156
up €14,156 (+113%), from €12,548 to €26,704
- Taxes +€2,903
up €2,903 (+338%), from €860 to €3,762
- Financial charges +€763
up €763 (+8.4%), from €9,065 to €9,828
of which Financial charges: +€850
- Depreciation +€528
up €528 (+48.2%), from €1,094 to €1,622
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 | €115,426 | €155,134 | +€39,708 | +34.4% |
| Fixed assets | 21/28 | €4,448 | €2,827 | -€1,622 | -36.5% |
| Tangible fixed assets | 22/27 | €4,448 | €2,827 | -€1,622 | -36.5% |
| Furniture and vehicles | 24 | €4,448 | €2,827 | -€1,622 | -36.5% |
| Current assets | 29/58 | €110,978 | €152,307 | +€41,329 | +37.2% |
| Stocks and contracts in progress | 3 | €2,626 | €1,788 | -€838 | -31.9% |
| Stocks | 30/36 | €2,626 | €1,788 | -€838 | -31.9% |
| Amounts receivable within one year | 40/41 | €5,293 | €56,786 | +€51,492 | +973% |
| Trade receivables | 40 | €2,874 | €56,786 | +€53,912 | +1,876% |
| Other amounts receivable | 41 | €2,420 | - | -€2,420 | |
| Cash at bank and in hand | 54/58 | €103,059 | €93,734 | -€9,325 | -9.0% |
| Total equity and liabilities | 10/49 | €115,426 | €155,134 | +€39,708 | +34.4% |
| Equity | 10/15 | €15,796 | €27,169 | +€11,372 | +72.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €5,796 | €17,169 | +€11,372 | +196% |
| Distributable reserves | 133 | €5,796 | €17,169 | +€11,372 | +196% |
| Amounts payable | 17/49 | €99,630 | €127,965 | +€28,335 | +28.4% |
| Amounts payable after more than one year | 17 | €20,000 | - | -€20,000 | |
| Financial debts | 170/4 | €20,000 | - | -€20,000 | |
| Amounts payable within one year | 42/48 | €79,630 | €127,965 | +€48,335 | +60.7% |
| Trade debts | 44 | €55,527 | €102,138 | +€46,611 | +83.9% |
| Suppliers | 440/4 | €55,527 | €102,138 | +€46,611 | +83.9% |
| Advances received on contracts in progress | 46 | €1,564 | €1,564 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €4,814 | €8,730 | +€3,916 | +81.3% |
| Taxes | 450/3 | €4,814 | €8,730 | +€3,916 | +81.3% |
| Other amounts payable | 47/48 | €17,725 | €15,534 | -€2,191 | -12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,094 | €1,622 | +€528 | +48.2% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €12,548 | €26,704 | +€14,156 | +113% |
| Operating profit (loss) | 9901 | €11,336 | €24,963 | +€13,627 | +120% |
| Financial charges | 65/66B | €9,065 | €9,828 | +€763 | +8.4% |
| Recurring financial charges | 65 | €8,978 | €9,828 | +€850 | +9.5% |
| Non-recurring financial charges | 66B | €87 | - | -€87 | |
| Profit (loss) for the period before taxes | 9903 | €2,271 | €15,135 | +€12,864 | +567% |
| Income taxes | 67/77 | €860 | €3,762 | +€2,903 | +338% |
| Profit (loss) for the period | 9904 | €1,411 | €11,372 | +€9,961 | +706% |
| Profit (loss) for the period to be appropriated | 9905 | €1,411 | €11,372 | +€9,961 | +706% |
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 14 October 2026 via checked.be.