THE CLOSET: 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 CLOSET
Largest movements
- Cash +€118,736
up €118,736 (+198%), from €60,082 to €178,818
mainly Receivables within one year (+€40,597) and Trade debts (+€31,956)
- Receivables within one year -€40,597
down €40,597 (-17.8%), from €227,522 to €186,925
of which Trade receivables: -€35,409
- Tangible fixed assets -€28,709
down €28,709 (-91.1%), from €31,499 to €2,789
- Deferred charges and accrued income -€10,664
down €10,664 (-90.9%), from €11,735 to €1,071
- Intangible fixed assets -€7,369
down €7,369 (-52.4%), from €14,060 to €6,691
- Trade debts +€31,956
up €31,956 (+25.4%), from €125,945 to €157,901
- Reserves +€14,611
up €14,611 (+9.4%), from €155,992 to €170,603
- Tax, wage and social debts -€6,911
down €6,911 (-35.4%), from €19,537 to €12,627
of which Remuneration and social security: -€7,267
- Current portion of long-term debt -€4,669
down €4,669 (-57.1%), from €8,181 to €3,512
- Staff costs -€50,122
down €50,122 (-27.4%), from €183,073 to €132,951
- Gross operating margin -€41,703
down €41,703 (-19.1%), from €217,996 to €176,293
- Depreciation -€14,875
down €14,875 (-55.9%), from €26,608 to €11,732
- Taxes +€2,999
up €2,999 (+66.5%), from €4,510 to €7,510
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 | €373,416 | €406,264 | +€32,848 | +8.8% |
| Fixed assets | 21/28 | €46,759 | €10,680 | -€36,079 | -77.2% |
| Intangible fixed assets | 21 | €14,060 | €6,691 | -€7,369 | -52.4% |
| Tangible fixed assets | 22/27 | €31,499 | €2,789 | -€28,709 | -91.1% |
| Furniture and vehicles | 24 | €31,499 | €2,789 | -€28,709 | -91.1% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €326,657 | €395,583 | +€68,927 | +21.1% |
| Stocks and contracts in progress | 3 | €27,318 | €28,770 | +€1,452 | +5.3% |
| Stocks | 30/36 | €27,318 | €28,770 | +€1,452 | +5.3% |
| Amounts receivable within one year | 40/41 | €227,522 | €186,925 | -€40,597 | -17.8% |
| Trade receivables | 40 | €202,599 | €167,191 | -€35,409 | -17.5% |
| Other amounts receivable | 41 | €24,923 | €19,734 | -€5,188 | -20.8% |
| Cash at bank and in hand | 54/58 | €60,082 | €178,818 | +€118,736 | +198% |
| Deferred charges and accrued income | 490/1 | €11,735 | €1,071 | -€10,664 | -90.9% |
| Total equity and liabilities | 10/49 | €373,416 | €406,264 | +€32,848 | +8.8% |
| Equity | 10/15 | €215,992 | €230,603 | +€14,611 | +6.8% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €155,992 | €170,603 | +€14,611 | +9.4% |
| Distributable reserves | 133 | €155,992 | €170,603 | +€14,611 | +9.4% |
| Amounts payable | 17/49 | €157,424 | €175,661 | +€18,237 | +11.6% |
| Amounts payable after more than one year | 17 | €3,512 | €0 | -€3,512 | -100% |
| Financial debts | 170/4 | €3,512 | €0 | -€3,512 | -100% |
| Amounts payable within one year | 42/48 | €153,912 | €174,288 | +€20,376 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €8,181 | €3,512 | -€4,669 | -57.1% |
| Trade debts | 44 | €125,945 | €157,901 | +€31,956 | +25.4% |
| Suppliers | 440/4 | €125,945 | €157,901 | +€31,956 | +25.4% |
| Taxes, remuneration and social security | 45 | €19,537 | €12,627 | -€6,911 | -35.4% |
| Taxes | 450/3 | €3,170 | €3,527 | +€357 | +11.3% |
| Remuneration and social security | 454/9 | €16,367 | €9,100 | -€7,267 | -44.4% |
| Other amounts payable | 47/48 | €249 | €249 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €1,373 | +€1,373 | |
| Non-recurring operating income | 76A | - | €9,089 | +€9,089 | |
| Remuneration, social security and pensions | 62 | €183,073 | €132,951 | -€50,122 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,608 | €11,732 | -€14,875 | -55.9% |
| Other operating charges | 640/8 | €3,612 | €3,534 | -€78 | -2.2% |
| Non-recurring operating charges | 66A | - | €4,974 | +€4,974 | |
| Gross operating margin | 9900 | €217,996 | €176,293 | -€41,703 | -19.1% |
| Operating profit (loss) | 9901 | €4,703 | €23,102 | +€18,399 | +391% |
| Financial income | 75/76B | €1,942 | €421 | -€1,521 | -78.3% |
| Recurring financial income | 75 | €1,942 | €421 | -€1,521 | -78.3% |
| Financial charges | 65/66B | €1,643 | €1,402 | -€241 | -14.7% |
| Recurring financial charges | 65 | €1,643 | €1,402 | -€241 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €5,002 | €22,121 | +€17,119 | +342% |
| Income taxes | 67/77 | €4,510 | €7,510 | +€2,999 | +66.5% |
| Profit (loss) for the period | 9904 | €492 | €14,611 | +€14,120 | +2,872% |
| Profit (loss) for the period to be appropriated | 9905 | €492 | €14,611 | +€14,120 | +2,872% |
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 26 October 2026 via checked.be.