THE CHALLENGE: what changed
Two fiscal 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 CHALLENGE
Largest movements
- Stocks and contracts -€12,878
down €12,878 (-22.5%), from €57,228 to €44,350
- Receivables within one year -€9,294
down €9,294 (-10.0%), from €93,303 to €84,009
of which Trade receivables: -€34,191
- Cash +€6,991
up €6,991 (+70.9%), from €9,856 to €16,847
mainly Stocks and contracts (+€12,878) and Receivables within one year (+€9,294)
- Trade debts -€10,894
down €10,894 (-18.3%), from €59,589 to €48,695
- Advances received -€6,527
down €6,527 (-70.7%), from €9,227 to €2,700
- Profit (loss) carried forward +€3,103
up €3,103 (+6.5%), from -€47,913 to -€44,811
- Gross operating margin +€7,263
up €7,263 (+341.5%), from €2,127 to €9,390
- Financial charges +€3,095
up €3,095 (+299.7%), from €1,033 to €4,127
- Taxes +€1,830
up €1,830, from -€80 to €1,750
- Financial income -€272
down €272 (-14.3%), from €1,903 to €1,631
- Depreciation +€143
up €143 (+9.6%), from €1,499 to €1,642
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.
Cash bridge derived
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 | €165,881 | €151,483 | -€14,398 | -8.7% |
| Fixed assets | 21/28 | €5,390 | €6,173 | +€783 | +14.5% |
| Tangible fixed assets | 22/27 | €1,932 | €2,715 | +€783 | +40.5% |
| Furniture and vehicles | 24 | €1,144 | €2,409 | +€1,265 | +110.6% |
| Other tangible fixed assets | 26 | €788 | €307 | -€482 | -61.1% |
| Financial fixed assets | 28 | €3,458 | €3,458 | = | 0.0% |
| Current assets | 29/58 | €160,492 | €145,310 | -€15,181 | -9.5% |
| Stocks and contracts in progress | 3 | €57,228 | €44,350 | -€12,878 | -22.5% |
| Stocks | 30/36 | €57,228 | €44,350 | -€12,878 | -22.5% |
| Amounts receivable within one year | 40/41 | €93,303 | €84,009 | -€9,294 | -10.0% |
| Trade receivables | 40 | €58,147 | €23,956 | -€34,191 | -58.8% |
| Other amounts receivable | 41 | €35,155 | €60,053 | +€24,898 | +70.8% |
| Cash at bank and in hand | 54/58 | €9,856 | €16,847 | +€6,991 | +70.9% |
| Deferred charges and accrued income | 490/1 | €105 | €104 | -€1 | -0.9% |
| Total equity and liabilities | 10/49 | €165,881 | €151,483 | -€14,398 | -8.7% |
| Equity | 10/15 | €96,055 | €99,157 | +€3,103 | +3.2% |
| Contributions | 10/11 | €142,109 | €142,109 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,913 | -€44,811 | +€3,103 | +6.5% |
| Amounts payable | 17/49 | €69,826 | €52,326 | -€17,500 | -25.1% |
| Amounts payable within one year | 42/48 | €69,826 | €52,326 | -€17,500 | -25.1% |
| Trade debts | 44 | €59,589 | €48,695 | -€10,894 | -18.3% |
| Suppliers | 440/4 | €59,589 | €48,695 | -€10,894 | -18.3% |
| Advances received on contracts in progress | 46 | €9,227 | €2,700 | -€6,527 | -70.7% |
| Taxes, remuneration and social security | 45 | €1,010 | €520 | -€490 | -48.5% |
| Taxes | 450/3 | €1,010 | €520 | -€490 | -48.5% |
| Other amounts payable | 47/48 | - | €411 | +€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,499 | €1,642 | +€143 | +9.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €2,127 | €9,390 | +€7,263 | +341.5% |
| Operating profit (loss) | 9901 | €241 | €7,349 | +€7,107 | +2947.9% |
| Financial income | 75/76B | €1,903 | €1,631 | -€272 | -14.3% |
| Recurring financial income | 75 | €1,903 | €1,631 | -€272 | -14.3% |
| Financial charges | 65/66B | €1,033 | €4,127 | +€3,095 | +299.7% |
| Recurring financial charges | 65 | €1,033 | €4,127 | +€3,095 | +299.7% |
| Profit (loss) for the period before taxes | 9903 | €1,112 | €4,853 | +€3,741 | +336.4% |
| Income taxes | 67/77 | -€80 | €1,750 | +€1,830 | |
| Profit (loss) for the period | 9904 | €1,192 | €3,103 | +€1,911 | +160.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,192 | €3,103 | +€1,911 | +160.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.