The Labyrinth: 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 Labyrinth
Largest movements
- Stocks and contracts +€762,606
up €762,606 (+35.6%), from €2.1m to €2.9m
of which Stocks: +€1.1m
- Receivables within one year +€77,294
up €77,294 (+75.9%), from €101,886 to €179,180
of which Trade receivables: +€75,625
- Debts after one year +€550,000
up €550,000 (+80.9%), from €679,500 to €1.2m
- Short-term financial debts +€248,231
up €248,231 (+35.9%), from €692,119 to €940,350
- Profit (loss) carried forward -€155,583
new in 2025: -€155,583
- Contributions +€145,000
up €145,000 (+1115.4%), from €13,000 to €158,000
- Current portion of long-term debt +€107,641
up €107,641 (+14.8%), from €725,000 to €832,641
- Gross operating margin -€210,273
down €210,273, from €24,833 to -€185,440
- Financial charges -€15,252
down €15,252 (-68.6%), from €22,220 to €6,968
- Other operating charges +€2,281
up €2,281 (+225.7%), from €1,011 to €3,292
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 | €2,276,373 | €3,147,236 | +€870,863 | +38.3% |
| Fixed assets | 21/28 | €2,562 | €5,011 | +€2,448 | +95.6% |
| Intangible fixed assets | 21 | €2,562 | €5,011 | +€2,448 | +95.6% |
| Current assets | 29/58 | €2,273,811 | €3,142,226 | +€868,415 | +38.2% |
| Stocks and contracts in progress | 3 | €2,140,274 | €2,902,880 | +€762,606 | +35.6% |
| Stocks | 30/36 | €1,615,309 | €2,690,104 | +€1.1m | +66.5% |
| Contracts in progress | 37 | €524,965 | €212,776 | -€312,189 | -59.5% |
| Amounts receivable within one year | 40/41 | €101,886 | €179,180 | +€77,294 | +75.9% |
| Trade receivables | 40 | €100,959 | €176,584 | +€75,625 | +74.9% |
| Other amounts receivable | 41 | €927 | €2,596 | +€1,669 | +180.0% |
| Cash at bank and in hand | 54/58 | €31,651 | €59,921 | +€28,270 | +89.3% |
| Deferred charges and accrued income | 490/1 | - | €245 | +€245 | |
| Total equity and liabilities | 10/49 | €2,276,373 | €3,147,236 | +€870,863 | +38.3% |
| Equity | 10/15 | €53,092 | €2,417 | -€50,675 | -95.4% |
| Contributions | 10/11 | €13,000 | €158,000 | +€145,000 | +1115.4% |
| Reserves | 13 | €40,092 | €0 | -€40,092 | -100.0% |
| Distributable reserves | 133 | €40,092 | €0 | -€40,092 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€155,583 | -€155,583 | |
| Amounts payable | 17/49 | €2,223,281 | €3,144,819 | +€921,538 | +41.4% |
| Amounts payable after more than one year | 17 | €679,500 | €1,229,500 | +€550,000 | +80.9% |
| Financial debts | 170/4 | €679,500 | €1,229,500 | +€550,000 | +80.9% |
| Amounts payable within one year | 42/48 | €1,524,371 | €1,851,843 | +€327,472 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €725,000 | €832,641 | +€107,641 | +14.8% |
| Financial debts | 43 | €692,119 | €940,350 | +€248,231 | +35.9% |
| Credit institutions | 430/8 | €692,119 | €940,350 | +€248,231 | +35.9% |
| Trade debts | 44 | €28,071 | €32,128 | +€4,057 | +14.5% |
| Suppliers | 440/4 | €28,071 | €32,128 | +€4,057 | +14.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €12,405 | €7,061 | -€5,344 | -43.1% |
| Taxes | 450/3 | €12,405 | €7,061 | -€5,344 | -43.1% |
| Other amounts payable | 47/48 | €66,776 | €39,664 | -€27,112 | -40.6% |
| Accrued charges and deferred income | 492/3 | €19,410 | €63,476 | +€44,066 | +227.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145 | €1,253 | +€1,108 | +764.5% |
| Other operating charges | 640/8 | €1,011 | €3,292 | +€2,281 | +225.7% |
| Gross operating margin | 9900 | €24,833 | -€185,440 | -€210,273 | |
| Operating profit (loss) | 9901 | €23,677 | -€189,986 | -€213,663 | |
| Financial income | 75/76B | €650 | €1,285 | +€635 | +97.7% |
| Recurring financial income | 75 | €650 | €1,285 | +€635 | +97.7% |
| Financial charges | 65/66B | €22,220 | €6,968 | -€15,252 | -68.6% |
| Recurring financial charges | 65 | €22,220 | €6,968 | -€15,252 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | €2,107 | -€195,668 | -€197,775 | |
| Income taxes | 67/77 | -€8 | €7 | +€14 | |
| Profit (loss) for the period | 9904 | €2,115 | -€195,675 | -€197,790 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,115 | -€195,675 | -€197,790 |
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.