THE GLUE: 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 GLUE
Largest movements
- Receivables after one year -€401,350
down €401,350 (-100.0%), from €401,350 to €0
- Financial fixed assets +€92,836
up €92,836 (+2.3%), from €4.0m to €4.1m
- Receivables within one year -€60,147
down €60,147 (-98.8%), from €60,893 to €746
of which Trade receivables: -€31,897
- Profit (loss) carried forward -€300,896
down €300,896 (-3.2%), from -€9.4m to -€9.7m
- Financial charges +€337,876
up €337,876 (+35651.5%), from €948 to €338,824
of which Non-recurring financial charges: +€338,393
- Gross operating margin +€120,100
up €120,100 (+88.3%), from -€136,042 to -€15,942
- Taxes -€45,103
down €45,103, from €0 to -€45,103
- Financial income -€8,305
down €8,305 (-45.5%), from €18,265 to €9,960
of which Financial income: -€8,305
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 | €4,545,499 | €4,159,740 | -€385,758 | -8.5% |
| Fixed assets | 21/28 | €4,034,080 | €4,126,916 | +€92,836 | +2.3% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €4,034,080 | €4,126,916 | +€92,836 | +2.3% |
| Current assets | 29/58 | €511,419 | €32,825 | -€478,594 | -93.6% |
| Amounts receivable after more than one year | 29 | €401,350 | €0 | -€401,350 | -100.0% |
| Other amounts receivable | 291 | €401,350 | €0 | -€401,350 | -100.0% |
| Amounts receivable within one year | 40/41 | €60,893 | €746 | -€60,147 | -98.8% |
| Trade receivables | 40 | €31,897 | €0 | -€31,897 | -100.0% |
| Other amounts receivable | 41 | €28,996 | €746 | -€28,250 | -97.4% |
| Cash at bank and in hand | 54/58 | €28,969 | €32,079 | +€3,110 | +10.7% |
| Deferred charges and accrued income | 490/1 | €20,207 | €0 | -€20,207 | -100.0% |
| Total equity and liabilities | 10/49 | €4,545,499 | €4,159,740 | -€385,758 | -8.5% |
| Equity | 10/15 | €4,422,534 | €4,121,638 | -€300,896 | -6.8% |
| Contributions | 10/11 | €13,787,531 | €13,787,531 | = | 0.0% |
| Capital | 10 | €240,883 | €240,883 | = | 0.0% |
| Issued capital | 100 | €240,883 | €240,883 | = | 0.0% |
| Outside capital | 11 | €13,546,648 | €13,546,648 | = | 0.0% |
| Share premium | 1100/10 | €13,546,648 | €13,546,648 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,364,997 | -€9,665,893 | -€300,896 | -3.2% |
| Amounts payable | 17/49 | €122,964 | €38,103 | -€84,862 | -69.0% |
| Amounts payable within one year | 42/48 | €112,964 | €33,103 | -€79,862 | -70.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €67,862 | €33,103 | -€34,759 | -51.2% |
| Suppliers | 440/4 | €67,862 | €33,103 | -€34,759 | -51.2% |
| Taxes, remuneration and social security | 45 | €45,103 | €0 | -€45,103 | -100.0% |
| Taxes | 450/3 | €45,103 | €0 | -€45,103 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Non-recurring operating income | 76A | €9,674 | €250 | -€9,423 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,756 | €1,193 | -€563 | -32.0% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | -€136,042 | -€15,942 | +€120,100 | +88.3% |
| Operating profit (loss) | 9901 | -€137,798 | -€17,136 | +€120,662 | +87.6% |
| Financial income | 75/76B | €18,265 | €9,960 | -€8,305 | -45.5% |
| Recurring financial income | 75 | €18,265 | €9,960 | -€8,305 | -45.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €948 | €338,824 | +€337,876 | +35651.5% |
| Recurring financial charges | 65 | €748 | €231 | -€517 | -69.1% |
| Non-recurring financial charges | 66B | €200 | €338,593 | +€338,393 | +169111.9% |
| Profit (loss) for the period before taxes | 9903 | -€120,480 | -€345,999 | -€225,519 | -187.2% |
| Income taxes | 67/77 | €0 | -€45,103 | -€45,103 | |
| Profit (loss) for the period | 9904 | -€120,480 | -€300,896 | -€180,416 | -149.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€120,480 | -€300,896 | -€180,416 | -149.7% |
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 1 October 2026 via checked.be.