The Five Elements: 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 Five Elements
Largest movements
- Receivables within one year -€291,949
down €291,949 (-56.7%), from €514,585 to €222,635
of which Other amounts receivable: -€150,621
- Cash +€145,517
up €145,517 (+291.8%), from €49,869 to €195,386
mainly Net result for the year (+€385,537) and Receivables within one year (+€291,949)
- Debts after one year -€556,667
down €556,667 (-25.0%), from €2.2m to €1.7m
- Reserves +€385,537
up €385,537 (+11.4%), from €3.4m to €3.8m
- Financial income -€627,712
down €627,712 (-66.0%), from €951,250 to €323,538
- Gross operating margin -€21,987
down €21,987 (-10.4%), from €211,990 to €190,003
- Financial charges -€15,949
down €15,949 (-12.8%), from €125,016 to €109,067
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 | €6,866,302 | €6,724,137 | -€142,165 | -2.1% |
| Fixed assets | 21/28 | €6,300,849 | €6,304,944 | +€4,095 | +0.1% |
| Tangible fixed assets | 22/27 | €849 | €4,944 | +€4,095 | +482.3% |
| Furniture and vehicles | 24 | €849 | €4,944 | +€4,095 | +482.3% |
| Financial fixed assets | 28 | €6,300,000 | €6,300,000 | = | 0.0% |
| Current assets | 29/58 | €565,453 | €419,193 | -€146,259 | -25.9% |
| Amounts receivable within one year | 40/41 | €514,585 | €222,635 | -€291,949 | -56.7% |
| Trade receivables | 40 | €211,024 | €69,696 | -€141,328 | -67.0% |
| Other amounts receivable | 41 | €303,561 | €152,939 | -€150,621 | -49.6% |
| Cash at bank and in hand | 54/58 | €49,869 | €195,386 | +€145,517 | +291.8% |
| Deferred charges and accrued income | 490/1 | €999 | €1,173 | +€173 | +17.4% |
| Total equity and liabilities | 10/49 | €6,866,302 | €6,724,137 | -€142,165 | -2.1% |
| Equity | 10/15 | €3,385,469 | €3,771,006 | +€385,537 | +11.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €3,370,469 | €3,756,006 | +€385,537 | +11.4% |
| Distributable reserves | 133 | €3,370,469 | €3,756,006 | +€385,537 | +11.4% |
| Amounts payable | 17/49 | €3,480,833 | €2,953,131 | -€527,701 | -15.2% |
| Amounts payable after more than one year | 17 | €2,226,667 | €1,670,000 | -€556,667 | -25.0% |
| Financial debts | 170/4 | €2,226,667 | €1,670,000 | -€556,667 | -25.0% |
| Amounts payable within one year | 42/48 | €1,199,223 | €1,203,215 | +€3,992 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €1,166,667 | €1,166,667 | = | 0.0% |
| Trade debts | 44 | €4,033 | €7,821 | +€3,788 | +93.9% |
| Suppliers | 440/4 | €4,033 | €7,821 | +€3,788 | +93.9% |
| Taxes, remuneration and social security | 45 | €21,450 | €20,866 | -€584 | -2.7% |
| Taxes | 450/3 | €21,450 | €20,866 | -€584 | -2.7% |
| Other amounts payable | 47/48 | €7,073 | €7,862 | +€789 | +11.2% |
| Accrued charges and deferred income | 492/3 | €54,943 | €79,916 | +€24,973 | +45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €629 | €420 | -€210 | -33.3% |
| Other operating charges | 640/8 | €375 | €1,518 | +€1,143 | +304.7% |
| Non-recurring operating charges | 66A | - | €849 | +€849 | |
| Gross operating margin | 9900 | €211,990 | €190,003 | -€21,987 | -10.4% |
| Operating profit (loss) | 9901 | €210,986 | €187,217 | -€23,769 | -11.3% |
| Financial income | 75/76B | €951,250 | €323,538 | -€627,712 | -66.0% |
| Recurring financial income | 75 | €951,250 | €323,538 | -€627,712 | -66.0% |
| Financial charges | 65/66B | €125,016 | €109,067 | -€15,949 | -12.8% |
| Recurring financial charges | 65 | €125,016 | €109,067 | -€15,949 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €1,037,220 | €401,688 | -€635,532 | -61.3% |
| Income taxes | 67/77 | €17,695 | €16,151 | -€1,544 | -8.7% |
| Profit (loss) for the period | 9904 | €1,019,524 | €385,537 | -€633,987 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,019,524 | €385,537 | -€633,987 | -62.2% |
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 9 October 2026 via checked.be.