THE HUMAN FACTOR: 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 HUMAN FACTOR
Largest movements
- Cash -€3,007
down €3,007 (-3.9%), from €77,363 to €74,357
mainly Net result for the year (-€7,313) and Trade debts (-€4,109)
- Reserves -€7,313
down €7,313 (-3.6%), from €202,007 to €194,694
- Other debts +€5,466
new in 2025: €5,466
- Trade debts -€4,109
down €4,109 (-90.6%), from €4,536 to €427
- Gross operating margin +€5,179
up €5,179 (+44.7%), from -€11,596 to -€6,416
- Financial income +€1,917
up €1,917 (+272.6%), from €703 to €2,620
- Financial charges +€1,344
up €1,344, from -€1,227 to €117
- Taxes +€801
up €801 (+135.8%), from €589 to €1,390
- Depreciation -€548
down €548 (-36.9%), from €1,484 to €936
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 | €226,430 | €220,647 | -€5,783 | -2.6% |
| Fixed assets | 21/28 | €1,128 | €192 | -€936 | -83.0% |
| Tangible fixed assets | 22/27 | €1,088 | €152 | -€936 | -86.0% |
| Furniture and vehicles | 24 | €1,088 | €152 | -€936 | -86.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €225,302 | €220,455 | -€4,847 | -2.2% |
| Amounts receivable within one year | 40/41 | €6,598 | €4,432 | -€2,166 | -32.8% |
| Trade receivables | 40 | €6,570 | €4,420 | -€2,150 | -32.7% |
| Other amounts receivable | 41 | €27 | €12 | -€15 | -55.8% |
| Current investments | 50/53 | €136,743 | €138,237 | +€1,494 | +1.1% |
| Cash at bank and in hand | 54/58 | €77,363 | €74,357 | -€3,007 | -3.9% |
| Deferred charges and accrued income | 490/1 | €4,598 | €3,430 | -€1,168 | -25.4% |
| Total equity and liabilities | 10/49 | €226,430 | €220,647 | -€5,783 | -2.6% |
| Equity | 10/15 | €220,557 | €213,244 | -€7,313 | -3.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €202,007 | €194,694 | -€7,313 | -3.6% |
| Distributable reserves | 133 | €202,007 | €194,694 | -€7,313 | -3.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,873 | €7,403 | +€1,530 | +26.1% |
| Amounts payable within one year | 42/48 | €5,873 | €7,403 | +€1,530 | +26.1% |
| Financial debts | 43 | €205 | €511 | +€306 | +149.5% |
| Credit institutions | 430/8 | €205 | €511 | +€306 | +149.5% |
| Trade debts | 44 | €4,536 | €427 | -€4,109 | -90.6% |
| Suppliers | 440/4 | €4,536 | €427 | -€4,109 | -90.6% |
| Taxes, remuneration and social security | 45 | €1,132 | €1,000 | -€132 | -11.7% |
| Taxes | 450/3 | €1,132 | €1,000 | -€132 | -11.7% |
| Other amounts payable | 47/48 | - | €5,466 | +€5,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,484 | €936 | -€548 | -36.9% |
| Other operating charges | 640/8 | €996 | €1,074 | +€78 | +7.8% |
| Gross operating margin | 9900 | -€11,596 | -€6,416 | +€5,179 | +44.7% |
| Operating profit (loss) | 9901 | -€14,076 | -€8,426 | +€5,649 | +40.1% |
| Financial income | 75/76B | €703 | €2,620 | +€1,917 | +272.6% |
| Recurring financial income | 75 | €703 | €2,620 | +€1,917 | +272.6% |
| Financial charges | 65/66B | -€1,227 | €117 | +€1,344 | |
| Recurring financial charges | 65 | -€1,227 | €117 | +€1,344 | |
| Profit (loss) for the period before taxes | 9903 | -€12,146 | -€5,923 | +€6,223 | +51.2% |
| Income taxes | 67/77 | €589 | €1,390 | +€801 | +135.8% |
| Profit (loss) for the period | 9904 | -€12,735 | -€7,313 | +€5,423 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,735 | -€7,313 | +€5,423 | +42.6% |
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.