The K: 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 K
Largest movements
- Cash -€26,502
down €26,502 (-86.7%), from €30,581 to €4,080
mainly Net result for the year (-€94,035) and Stocks and contracts (-€5,964)
- Tangible fixed assets -€9,415
down €9,415 (-5.4%), from €174,669 to €165,254
of which Land and buildings: -€8,167
- Stocks and contracts +€5,964
new in 2025: €5,964
- Profit (loss) carried forward -€94,035
down €94,035 (-207.4%), from -€45,349 to -€139,384
- Other debts +€31,264
up €31,264 (+363117.5%), from €9 to €31,273
- Contributions +€30,000
up €30,000 (+42.9%), from €70,000 to €100,000
- Gross operating margin -€34,039
down €34,039 (-87.5%), from -€38,886 to -€72,925
- Depreciation +€7,829
up €7,829 (+147.1%), from €5,322 to €13,150
- Financial charges +€6,807
up €6,807 (+902.7%), from €754 to €7,561
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 | €213,415 | €182,932 | -€30,483 | -14.3% |
| Fixed assets | 21/28 | €180,361 | €169,753 | -€10,609 | -5.9% |
| Intangible fixed assets | 21 | €5,631 | €4,437 | -€1,194 | -21.2% |
| Tangible fixed assets | 22/27 | €174,669 | €165,254 | -€9,415 | -5.4% |
| Land and buildings | 22 | €159,309 | €151,141 | -€8,167 | -5.1% |
| Plant, machinery and equipment | 23 | €8,439 | €6,357 | -€2,083 | -24.7% |
| Furniture and vehicles | 24 | €6,921 | €7,756 | +€835 | +12.1% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €33,054 | €13,179 | -€19,874 | -60.1% |
| Stocks and contracts in progress | 3 | - | €5,964 | +€5,964 | |
| Stocks | 30/36 | - | €5,964 | +€5,964 | |
| Amounts receivable within one year | 40/41 | - | €650 | +€650 | |
| Trade receivables | 40 | - | €650 | +€650 | |
| Cash at bank and in hand | 54/58 | €30,581 | €4,080 | -€26,502 | -86.7% |
| Deferred charges and accrued income | 490/1 | €2,472 | €2,485 | +€13 | +0.5% |
| Total equity and liabilities | 10/49 | €213,415 | €182,932 | -€30,483 | -14.3% |
| Equity | 10/15 | €24,651 | -€39,384 | -€64,035 | |
| Contributions | 10/11 | €70,000 | €100,000 | +€30,000 | +42.9% |
| Profit (loss) carried forward | 14 | -€45,349 | -€139,384 | -€94,035 | -207.4% |
| Amounts payable | 17/49 | €188,764 | €222,316 | +€33,552 | +17.8% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €38,764 | €71,316 | +€32,552 | +84.0% |
| Financial debts | 43 | €30,000 | €30,000 | = | 0.0% |
| Other loans | 439 | €30,000 | €30,000 | = | 0.0% |
| Trade debts | 44 | €8,089 | €9,336 | +€1,248 | +15.4% |
| Suppliers | 440/4 | €8,089 | €9,336 | +€1,248 | +15.4% |
| Taxes, remuneration and social security | 45 | €666 | €706 | +€40 | +6.0% |
| Taxes | 450/3 | €666 | €706 | +€40 | +6.0% |
| Other amounts payable | 47/48 | €9 | €31,273 | +€31,264 | +363117.5% |
| Accrued charges and deferred income | 492/3 | - | €1,000 | +€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,322 | €13,150 | +€7,829 | +147.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | -€38,886 | -€72,925 | -€34,039 | -87.5% |
| Operating profit (loss) | 9901 | -€44,595 | -€86,474 | -€41,880 | -93.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €754 | €7,561 | +€6,807 | +902.7% |
| Recurring financial charges | 65 | €754 | €7,561 | +€6,807 | +902.7% |
| Profit (loss) for the period before taxes | 9903 | -€45,349 | -€94,035 | -€48,686 | -107.4% |
| Profit (loss) for the period | 9904 | -€45,349 | -€94,035 | -€48,686 | -107.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,349 | -€94,035 | -€48,686 | -107.4% |
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 4 October 2026 via checked.be.