THE HIDDEN SOURCES: 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 HIDDEN SOURCES
Largest movements
- Tangible fixed assets +€19,177
up €19,177 (+84.1%), from €22,812 to €41,989
of which Furniture and vehicles: +€21,145
- Cash -€11,625
down €11,625 (-31.8%), from €36,562 to €24,937
mainly Investment in fixed assets (net) (-€27,853) and Receivables within one year (-€2,732)
- Receivables within one year +€2,732
up €2,732 (+91.1%), from €2,998 to €5,730
of which Trade receivables: +€2,519
- Reserves +€9,058
up €9,058 (+52.0%), from €17,420 to €26,478
of which Distributable reserves: +€9,058
- Other debts +€1,842
up €1,842 (+5.9%), from €31,258 to €33,100
- Gross operating margin +€6,092
up €6,092 (+45.5%), from €13,389 to €19,481
- Depreciation -€1,903
down €1,903 (-18.0%), from €10,579 to €8,676
- Taxes +€763
up €763 (+213.4%), from €358 to €1,121
- Other operating charges -€333
down €333 (-39.4%), from €845 to €511
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 | €63,306 | €74,225 | +€10,919 | +17.2% |
| Fixed assets | 21/28 | €22,812 | €41,989 | +€19,177 | +84.1% |
| Tangible fixed assets | 22/27 | €22,812 | €41,989 | +€19,177 | +84.1% |
| Furniture and vehicles | 24 | €10,772 | €31,917 | +€21,145 | +196.3% |
| Other tangible fixed assets | 26 | €12,040 | €10,072 | -€1,968 | -16.3% |
| Current assets | 29/58 | €40,494 | €32,236 | -€8,258 | -20.4% |
| Amounts receivable within one year | 40/41 | €2,998 | €5,730 | +€2,732 | +91.1% |
| Trade receivables | 40 | €2,344 | €4,863 | +€2,519 | +107.5% |
| Other amounts receivable | 41 | €654 | €867 | +€213 | +32.5% |
| Cash at bank and in hand | 54/58 | €36,562 | €24,937 | -€11,625 | -31.8% |
| Deferred charges and accrued income | 490/1 | €934 | €1,569 | +€635 | +68.0% |
| Total equity and liabilities | 10/49 | €63,306 | €74,225 | +€10,919 | +17.2% |
| Equity | 10/15 | €29,920 | €38,978 | +€9,058 | +30.3% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €17,420 | €26,478 | +€9,058 | +52.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €17,420 | €26,478 | +€9,058 | +52.0% |
| Profit (loss) carried forward | 14 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €33,387 | €35,248 | +€1,861 | +5.6% |
| Amounts payable within one year | 42/48 | €33,387 | €35,248 | +€1,861 | +5.6% |
| Trade debts | 44 | €0 | €337 | +€337 | |
| Suppliers | 440/4 | €0 | €337 | +€337 | |
| Taxes, remuneration and social security | 45 | €2,129 | €1,811 | -€318 | -15.0% |
| Taxes | 450/3 | €2,129 | €1,811 | -€318 | -15.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €31,258 | €33,100 | +€1,842 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,579 | €8,676 | -€1,903 | -18.0% |
| Other operating charges | 640/8 | €845 | €511 | -€333 | -39.4% |
| Gross operating margin | 9900 | €13,389 | €19,481 | +€6,092 | +45.5% |
| Operating profit (loss) | 9901 | €1,965 | €10,294 | +€8,329 | +423.8% |
| Financial charges | 65/66B | €147 | €115 | -€32 | -21.6% |
| Recurring financial charges | 65 | €147 | €115 | -€32 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €1,819 | €10,179 | +€8,360 | +459.7% |
| Income taxes | 67/77 | €358 | €1,121 | +€763 | +213.4% |
| Profit (loss) for the period | 9904 | €1,461 | €9,058 | +€7,597 | +520.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,461 | €9,058 | +€7,597 | +520.0% |
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 12 October 2026 via checked.be.