The Grey: 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 Grey
Largest movements
- Tangible fixed assets +€52,292
new in 2025: €52,292
of which Other tangible fixed assets: +€50,705
- Cash +€20,806
up €20,806 (+70.7%), from €29,428 to €50,234
mainly Debts after one year (+€48,143) and Receivables within one year (+€17,339)
- Receivables within one year -€17,339
down €17,339 (-94.5%), from €18,339 to €1,000
of which Trade receivables: -€17,311
- Debts after one year +€48,143
new in 2025: €48,143
- Reserves +€5,908
up €5,908 (+19.0%), from €31,094 to €37,002
- Trade debts +€1,322
up €1,322 (+733.1%), from €180 to €1,503
- Other debts +€1,220
up €1,220 (+15.4%), from €7,946 to €9,166
- Gross operating margin -€10,395
down €10,395 (-42.2%), from €24,610 to €14,215
- Taxes -€3,515
down €3,515 (-63.4%), from €5,547 to €2,032
- Depreciation +€1,178
new in 2025: €1,178
- Other operating charges +€786
up €786 (+149.5%), from €525 to €1,311
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 | €47,767 | €103,526 | +€55,759 | +116.7% |
| Fixed assets | 21/28 | - | €52,292 | +€52,292 | |
| Tangible fixed assets | 22/27 | - | €52,292 | +€52,292 | |
| Furniture and vehicles | 24 | - | €1,586 | +€1,586 | |
| Other tangible fixed assets | 26 | - | €50,705 | +€50,705 | |
| Current assets | 29/58 | €47,767 | €51,234 | +€3,467 | +7.3% |
| Amounts receivable within one year | 40/41 | €18,339 | €1,000 | -€17,339 | -94.5% |
| Trade receivables | 40 | €18,311 | €1,000 | -€17,311 | -94.5% |
| Other amounts receivable | 41 | €28 | €0 | -€28 | -100.0% |
| Cash at bank and in hand | 54/58 | €29,428 | €50,234 | +€20,806 | +70.7% |
| Total equity and liabilities | 10/49 | €47,767 | €103,526 | +€55,759 | +116.7% |
| Equity | 10/15 | €34,094 | €40,002 | +€5,908 | +17.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €31,094 | €37,002 | +€5,908 | +19.0% |
| Distributable reserves | 133 | €31,094 | €37,002 | +€5,908 | +19.0% |
| Amounts payable | 17/49 | €13,673 | €63,524 | +€49,851 | +364.6% |
| Amounts payable after more than one year | 17 | - | €48,143 | +€48,143 | |
| Financial debts | 170/4 | - | €48,143 | +€48,143 | |
| Amounts payable within one year | 42/48 | €13,673 | €15,381 | +€1,708 | +12.5% |
| Trade debts | 44 | €180 | €1,503 | +€1,322 | +733.1% |
| Suppliers | 440/4 | €180 | €1,503 | +€1,322 | +733.1% |
| Taxes, remuneration and social security | 45 | €5,547 | €4,712 | -€835 | -15.0% |
| Taxes | 450/3 | €5,547 | €4,712 | -€835 | -15.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,946 | €9,166 | +€1,220 | +15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,178 | +€1,178 | |
| Other operating charges | 640/8 | €525 | €1,311 | +€786 | +149.5% |
| Gross operating margin | 9900 | €24,610 | €14,215 | -€10,395 | -42.2% |
| Operating profit (loss) | 9901 | €24,085 | €11,726 | -€12,359 | -51.3% |
| Financial income | 75/76B | €0 | €6 | +€6 | +5025.0% |
| Recurring financial income | 75 | €0 | €6 | +€6 | +5025.0% |
| Financial charges | 65/66B | €3,749 | €3,792 | +€43 | +1.1% |
| Recurring financial charges | 65 | €3,749 | €3,792 | +€43 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €20,336 | €7,940 | -€12,396 | -61.0% |
| Income taxes | 67/77 | €5,547 | €2,032 | -€3,515 | -63.4% |
| Profit (loss) for the period | 9904 | €14,789 | €5,908 | -€8,881 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,789 | €5,908 | -€8,881 | -60.1% |
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 8 October 2026 via checked.be.