The Dots Connected: 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 Dots Connected
Largest movements
- Financial fixed assets +€321,762
up €321,762 (+158%), from €203,919 to €525,681
- Receivables within one year +€21,328
up €21,328 (+75.6%), from €28,209 to €49,537
of which Trade receivables: +€26,462
- Tangible fixed assets -€9,079
down €9,079 (-36.1%), from €25,164 to €16,085
of which Furniture and vehicles: -€7,961
- Profit (loss) carried forward +€262,041
up €262,041 (+121%), from €216,840 to €478,881
- Tax, wage and social debts +€58,039
up €58,039 (+345%), from €16,817 to €74,856
- Current portion of long-term debt +€11,085
up €11,085 (+32.6%), from €34,000 to €45,085
- Gross operating margin +€190,709
up €190,709 (+126%), from €151,334 to €342,042
- Taxes +€55,884
up €55,884 (+188%), from €29,801 to €85,685
- Other operating charges -€16,558
down €16,558 (-91.3%), from €18,131 to €1,573
- Financial income +€9,677
up €9,677 (+132%), from €7,346 to €17,023
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 | €281,986 | €615,772 | +€333,786 | +118% |
| Fixed assets | 21/28 | €229,083 | €541,766 | +€312,683 | +136% |
| Tangible fixed assets | 22/27 | €25,164 | €16,085 | -€9,079 | -36.1% |
| Plant, machinery and equipment | 23 | €1,351 | €966 | -€385 | -28.5% |
| Furniture and vehicles | 24 | €21,527 | €13,566 | -€7,961 | -37.0% |
| Other tangible fixed assets | 26 | €2,286 | €1,554 | -€733 | -32.0% |
| Financial fixed assets | 28 | €203,919 | €525,681 | +€321,762 | +158% |
| Current assets | 29/58 | €52,903 | €74,006 | +€21,103 | +39.9% |
| Amounts receivable within one year | 40/41 | €28,209 | €49,537 | +€21,328 | +75.6% |
| Trade receivables | 40 | €18,876 | €45,338 | +€26,462 | +140% |
| Other amounts receivable | 41 | €9,333 | €4,199 | -€5,134 | -55.0% |
| Cash at bank and in hand | 54/58 | €22,798 | €19,860 | -€2,937 | -12.9% |
| Deferred charges and accrued income | 490/1 | €1,897 | €4,608 | +€2,712 | +143% |
| Total equity and liabilities | 10/49 | €281,986 | €615,772 | +€333,786 | +118% |
| Equity | 10/15 | €224,340 | €486,381 | +€262,041 | +117% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,840 | €478,881 | +€262,041 | +121% |
| Amounts payable | 17/49 | €57,647 | €129,391 | +€71,745 | +124% |
| Amounts payable within one year | 42/48 | €57,647 | €129,391 | +€71,745 | +124% |
| Current portion of amounts payable after more than one year | 42 | €34,000 | €45,085 | +€11,085 | +32.6% |
| Trade debts | 44 | €1,990 | €2,901 | +€911 | +45.8% |
| Suppliers | 440/4 | €1,990 | €2,901 | +€911 | +45.8% |
| Advances received on contracts in progress | 46 | €788 | €0 | -€788 | -100% |
| Taxes, remuneration and social security | 45 | €16,817 | €74,856 | +€58,039 | +345% |
| Taxes | 450/3 | €16,817 | €74,856 | +€58,039 | +345% |
| Other amounts payable | 47/48 | €4,051 | €6,550 | +€2,498 | +61.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,681 | €9,079 | +€398 | +4.6% |
| Other operating charges | 640/8 | €18,131 | €1,573 | -€16,558 | -91.3% |
| Gross operating margin | 9900 | €151,334 | €342,042 | +€190,709 | +126% |
| Operating profit (loss) | 9901 | €124,522 | €331,391 | +€206,868 | +166% |
| Financial income | 75/76B | €7,346 | €17,023 | +€9,677 | +132% |
| Recurring financial income | 75 | €7,346 | €17,023 | +€9,677 | +132% |
| Financial charges | 65/66B | €2,099 | €687 | -€1,412 | -67.3% |
| Recurring financial charges | 65 | €2,099 | €687 | -€1,412 | -67.3% |
| Profit (loss) for the period before taxes | 9903 | €129,769 | €347,726 | +€217,957 | +168% |
| Income taxes | 67/77 | €29,801 | €85,685 | +€55,884 | +188% |
| Profit (loss) for the period | 9904 | €99,968 | €262,041 | +€162,073 | +162% |
| Profit (loss) for the period to be appropriated | 9905 | €99,968 | €262,041 | +€162,073 | +162% |
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 13 October 2026 via checked.be.