THE GROWTH LAB: what changed
THE GROWTH LAB
Largest movements
- Receivables within one year -€27,181
down €27,181 (-47.8%), from €56,827 to €29,646
of which Trade receivables: -€16,328
- Cash +€19,963
up €19,963 (+46.7%), from €42,783 to €62,746
mainly Receivables within one year (+€27,181) and Net result for the year (+€1,485)
- Tax, wage and social debts -€4,697
down €4,697 (-22.5%), from €20,861 to €16,164
of which Taxes: -€4,697
- Other debts -€4,069
down €4,069 (-19.7%), from €20,682 to €16,613
- Profit (loss) carried forward +€1,485
up €1,485 (+7.8%), from €18,931 to €20,416
- Gross operating margin -€22,403
down €22,403 (-86.1%), from €26,008 to €3,604
- Taxes -€7,172
down €7,172 (-87.8%), from €8,171 to €999
- Other operating charges -€1,056
down €1,056 (-70.3%), from €1,503 to €447
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €101,459 | €93,793 | -€7,666 | -7.6% |
| Fixed assets | 21/28 | €1,175 | €797 | -€379 | -32.2% |
| Tangible fixed assets | 22/27 | €621 | €243 | -€379 | -60.9% |
| Furniture and vehicles | 24 | €621 | €243 | -€379 | -60.9% |
| Financial fixed assets | 28 | €554 | €554 | = | 0.0% |
| Current assets | 29/58 | €100,283 | €92,996 | -€7,287 | -7.3% |
| Amounts receivable within one year | 40/41 | €56,827 | €29,646 | -€27,181 | -47.8% |
| Trade receivables | 40 | €44,866 | €28,538 | -€16,328 | -36.4% |
| Other amounts receivable | 41 | €11,961 | €1,108 | -€10,853 | -90.7% |
| Cash at bank and in hand | 54/58 | €42,783 | €62,746 | +€19,963 | +46.7% |
| Deferred charges and accrued income | 490/1 | €673 | €605 | -€69 | -10.2% |
| Total equity and liabilities | 10/49 | €101,459 | €93,793 | -€7,666 | -7.6% |
| Equity | 10/15 | €58,431 | €59,916 | +€1,485 | +2.5% |
| Reserves | 13 | €39,500 | €39,500 | = | 0.0% |
| Distributable reserves | 133 | €39,500 | €39,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,931 | €20,416 | +€1,485 | +7.8% |
| Amounts payable | 17/49 | €43,028 | €33,877 | -€9,151 | -21.3% |
| Amounts payable within one year | 42/48 | €43,028 | €33,877 | -€9,151 | -21.3% |
| Trade debts | 44 | €1,485 | €1,100 | -€385 | -25.9% |
| Suppliers | 440/4 | €1,485 | €1,100 | -€385 | -25.9% |
| Taxes, remuneration and social security | 45 | €20,861 | €16,164 | -€4,697 | -22.5% |
| Taxes | 450/3 | €19,352 | €14,655 | -€4,697 | -24.3% |
| Remuneration and social security | 454/9 | €1,509 | €1,509 | = | 0.0% |
| Other amounts payable | 47/48 | €20,682 | €16,613 | -€4,069 | -19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €372 | €379 | +€6 | +1.6% |
| Other operating charges | 640/8 | €1,503 | €447 | -€1,056 | -70.3% |
| Gross operating margin | 9900 | €26,008 | €3,604 | -€22,403 | -86.1% |
| Operating profit (loss) | 9901 | €24,132 | €2,779 | -€21,353 | -88.5% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €260 | €298 | +€38 | +14.7% |
| Recurring financial charges | 65 | €260 | €298 | +€38 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €23,872 | €2,484 | -€21,388 | -89.6% |
| Income taxes | 67/77 | €8,171 | €999 | -€7,172 | -87.8% |
| Profit (loss) for the period | 9904 | €15,701 | €1,485 | -€14,216 | -90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,701 | €1,485 | -€14,216 | -90.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.