THE ICEBERG: what changed
THE ICEBERG
Largest movements
- Cash -€1,434
down €1,434 (-16.0%), from €8,950 to €7,516
mainly Net result for the year (-€2,859) and Trade debts (-€348)
- Stocks and contracts -€824
down €824 (-8.9%), from €9,283 to €8,459
- Tangible fixed assets -€458
down €458 (-100%), from €458 to €0
- Profit (loss) carried forward -€2,859
down €2,859, from €1,938 to -€920
- Other debts +€600
up €600 (+7.9%), from €7,562 to €8,161
- Trade debts -€348
down €348 (-58.0%), from €600 to €252
- Gross operating margin +€6,430
up €6,430 (+79.6%), from -€8,075 to -€1,645
- Taxes -€592
down €592 (-100%), from €592 to €0
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 | €20,320 | €17,616 | -€2,704 | -13.3% |
| Fixed assets | 21/28 | €458 | €0 | -€458 | -100% |
| Tangible fixed assets | 22/27 | €458 | €0 | -€458 | -100% |
| Furniture and vehicles | 24 | €458 | €0 | -€458 | -100% |
| Current assets | 29/58 | €19,862 | €17,616 | -€2,246 | -11.3% |
| Stocks and contracts in progress | 3 | €9,283 | €8,459 | -€824 | -8.9% |
| Stocks | 30/36 | €9,283 | €8,459 | -€824 | -8.9% |
| Amounts receivable within one year | 40/41 | €1,629 | €1,641 | +€12 | +0.7% |
| Trade receivables | 40 | €1,060 | €1,008 | -€52 | -4.9% |
| Other amounts receivable | 41 | €569 | €633 | +€64 | +11.2% |
| Cash at bank and in hand | 54/58 | €8,950 | €7,516 | -€1,434 | -16.0% |
| Total equity and liabilities | 10/49 | €20,320 | €17,616 | -€2,704 | -13.3% |
| Equity | 10/15 | €11,938 | €9,080 | -€2,859 | -23.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,938 | -€920 | -€2,859 | |
| Amounts payable | 17/49 | €8,382 | €8,536 | +€154 | +1.8% |
| Amounts payable within one year | 42/48 | €8,162 | €8,413 | +€252 | +3.1% |
| Trade debts | 44 | €600 | €252 | -€348 | -58.0% |
| Suppliers | 440/4 | €600 | €252 | -€348 | -58.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €7,562 | €8,161 | +€600 | +7.9% |
| Accrued charges and deferred income | 492/3 | €220 | €122 | -€98 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €525 | €458 | -€67 | -12.7% |
| Other operating charges | 640/8 | €667 | €620 | -€47 | -7.0% |
| Gross operating margin | 9900 | -€8,075 | -€1,645 | +€6,430 | +79.6% |
| Operating profit (loss) | 9901 | -€9,266 | -€2,723 | +€6,544 | +70.6% |
| Financial charges | 65/66B | €141 | €136 | -€5 | -3.7% |
| Recurring financial charges | 65 | €141 | €136 | -€5 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€9,407 | -€2,859 | +€6,549 | +69.6% |
| Income taxes | 67/77 | €592 | €0 | -€592 | -100% |
| Profit (loss) for the period | 9904 | -€9,999 | -€2,859 | +€7,141 | +71.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,999 | -€2,859 | +€7,141 | +71.4% |
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 6 November 2026 via checked.be.