THE BREEZE: 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 BREEZE
Largest movements
- Cash -€80,431
down €80,431 (-72.5%), from €111,000 to €30,569
mainly Tax, wage and social debts (-€41,082) and Net result for the year (-€34,452)
- Tangible fixed assets -€30,428
down €30,428 (-38.9%), from €78,134 to €47,706
of which Furniture and vehicles: -€19,399
- Stocks and contracts +€23,406
up €23,406 (+8.2%), from €286,603 to €310,009
- Receivables within one year +€10,280
up €10,280 (+3,079%), from €334 to €10,613
of which Trade receivables: +€10,561
- Tax, wage and social debts -€41,082
down €41,082 (-47.0%), from €87,400 to €46,318
of which Taxes: -€34,047
- Profit (loss) carried forward -€34,452
new in 2025: -€34,452
- Trade debts +€31,284
up €31,284 (+129%), from €24,191 to €55,475
- Debts after one year -€21,360
down €21,360 (-47.3%), from €45,198 to €23,838
- Current portion of long-term debt -€7,407
down €7,407 (-25.7%), from €28,767 to €21,360
- Gross operating margin -€62,490
down €62,490 (-31.1%), from €201,247 to €138,757
- Write-downs +€33,809
new in 2025: €33,809
- Taxes -€18,414
down €18,414 (-98.1%), from €18,766 to €352
- Staff costs -€15,512
down €15,512 (-13.1%), from €118,613 to €103,101
- Financial charges +€3,471
up €3,471 (+69.7%), from €4,978 to €8,449
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 | €478,500 | €401,054 | -€77,446 | -16.2% |
| Fixed assets | 21/28 | €78,134 | €47,706 | -€30,428 | -38.9% |
| Tangible fixed assets | 22/27 | €78,134 | €47,706 | -€30,428 | -38.9% |
| Plant, machinery and equipment | 23 | €1,871 | €1,372 | -€499 | -26.7% |
| Furniture and vehicles | 24 | €41,268 | €21,869 | -€19,399 | -47.0% |
| Leasing and similar rights | 25 | €34,994 | €24,464 | -€10,530 | -30.1% |
| Current assets | 29/58 | €400,366 | €353,348 | -€47,018 | -11.7% |
| Stocks and contracts in progress | 3 | €286,603 | €310,009 | +€23,406 | +8.2% |
| Stocks | 30/36 | €286,603 | €310,009 | +€23,406 | +8.2% |
| Amounts receivable within one year | 40/41 | €334 | €10,613 | +€10,280 | +3,079% |
| Trade receivables | 40 | €52 | €10,613 | +€10,561 | +20,267% |
| Other amounts receivable | 41 | €282 | €0 | -€282 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €111,000 | €30,569 | -€80,431 | -72.5% |
| Deferred charges and accrued income | 490/1 | €2,429 | €2,157 | -€273 | -11.2% |
| Total equity and liabilities | 10/49 | €478,500 | €401,054 | -€77,446 | -16.2% |
| Equity | 10/15 | €175,294 | €140,842 | -€34,452 | -19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €156,694 | €156,694 | = | 0.0% |
| Distributable reserves | 133 | €156,694 | €156,694 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€34,452 | -€34,452 | |
| Amounts payable | 17/49 | €303,206 | €260,211 | -€42,995 | -14.2% |
| Amounts payable after more than one year | 17 | €45,198 | €23,838 | -€21,360 | -47.3% |
| Financial debts | 170/4 | €45,198 | €23,838 | -€21,360 | -47.3% |
| Amounts payable within one year | 42/48 | €258,008 | €236,373 | -€21,634 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €28,767 | €21,360 | -€7,407 | -25.7% |
| Financial debts | 43 | €3,700 | €71 | -€3,629 | -98.1% |
| Credit institutions | 430/8 | €3,700 | €71 | -€3,629 | -98.1% |
| Trade debts | 44 | €24,191 | €55,475 | +€31,284 | +129% |
| Suppliers | 440/4 | €24,191 | €55,475 | +€31,284 | +129% |
| Taxes, remuneration and social security | 45 | €87,400 | €46,318 | -€41,082 | -47.0% |
| Taxes | 450/3 | €63,001 | €28,954 | -€34,047 | -54.0% |
| Remuneration and social security | 454/9 | €24,399 | €17,364 | -€7,036 | -28.8% |
| Other amounts payable | 47/48 | €113,949 | €113,150 | -€800 | -0.7% |
| Non-recurring operating income | 76A | €1,798 | €0 | -€1,798 | -100% |
| Remuneration, social security and pensions | 62 | €118,613 | €103,101 | -€15,512 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,506 | €21,365 | -€1,141 | -5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,809 | +€33,809 | |
| Other operating charges | 640/8 | €8,120 | €7,436 | -€684 | -8.4% |
| Gross operating margin | 9900 | €201,247 | €138,757 | -€62,490 | -31.1% |
| Operating profit (loss) | 9901 | €52,009 | -€26,953 | -€78,962 | |
| Financial income | 75/76B | €1,640 | €1,302 | -€338 | -20.6% |
| Recurring financial income | 75 | €1,640 | €1,302 | -€338 | -20.6% |
| Financial charges | 65/66B | €4,978 | €8,449 | +€3,471 | +69.7% |
| Recurring financial charges | 65 | €4,978 | €8,449 | +€3,471 | +69.7% |
| Profit (loss) for the period before taxes | 9903 | €48,671 | -€34,100 | -€82,771 | |
| Income taxes | 67/77 | €18,766 | €352 | -€18,414 | -98.1% |
| Profit (loss) for the period | 9904 | €29,905 | -€34,452 | -€64,357 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,905 | -€34,452 | -€64,357 |
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 23 October 2026 via checked.be.