The Next Step: 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 Next Step
Largest movements
- Cash +€14,232
up €14,232 (+15.2%), from €93,409 to €107,641
mainly Depreciation (+€22,170) and Net result for the year (+€15,052)
- Tangible fixed assets -€12,508
down €12,508 (-14.5%), from €86,189 to €73,681
of which Furniture and vehicles: -€9,889
- Receivables within one year +€9,580
up €9,580 (+88.8%), from €10,783 to €20,362
of which Trade receivables: +€12,527
- Deferred charges and accrued income +€2,490
up €2,490 (+703%), from €354 to €2,844
- Debts after one year -€18,554
down €18,554 (-15.7%), from €118,090 to €99,535
of which Financial debts: -€18,554
- Reserves +€15,052
up €15,052 (+56.3%), from €26,729 to €41,781
- Tax, wage and social debts +€10,695
up €10,695 (+3,031%), from €353 to €11,048
of which Taxes: +€9,206
- Trade debts +€5,698
up €5,698 (+139%), from €4,093 to €9,791
- Gross operating margin +€20,272
up €20,272 (+75.3%), from €26,908 to €47,180
- Depreciation +€4,906
up €4,906 (+28.4%), from €17,264 to €22,170
- Taxes +€4,365
up €4,365 (+176%), from €2,481 to €6,847
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.
Derived cash bridge
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 | €190,734 | €204,529 | +€13,794 | +7.2% |
| Fixed assets | 21/28 | €86,189 | €73,681 | -€12,508 | -14.5% |
| Tangible fixed assets | 22/27 | €86,189 | €73,681 | -€12,508 | -14.5% |
| Plant, machinery and equipment | 23 | €18,861 | €16,242 | -€2,619 | -13.9% |
| Furniture and vehicles | 24 | €67,328 | €57,439 | -€9,889 | -14.7% |
| Current assets | 29/58 | €104,546 | €130,848 | +€26,302 | +25.2% |
| Amounts receivable within one year | 40/41 | €10,783 | €20,362 | +€9,580 | +88.8% |
| Trade receivables | 40 | €4,964 | €17,491 | +€12,527 | +252% |
| Other amounts receivable | 41 | €5,819 | €2,872 | -€2,947 | -50.6% |
| Cash at bank and in hand | 54/58 | €93,409 | €107,641 | +€14,232 | +15.2% |
| Deferred charges and accrued income | 490/1 | €354 | €2,844 | +€2,490 | +703% |
| Total equity and liabilities | 10/49 | €190,734 | €204,529 | +€13,794 | +7.2% |
| Equity | 10/15 | €45,329 | €60,381 | +€15,052 | +33.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,729 | €41,781 | +€15,052 | +56.3% |
| Distributable reserves | 133 | €26,729 | €41,781 | +€15,052 | +56.3% |
| Amounts payable | 17/49 | €145,406 | €144,148 | -€1,258 | -0.9% |
| Amounts payable after more than one year | 17 | €118,090 | €99,535 | -€18,554 | -15.7% |
| Financial debts | 170/4 | €43,090 | €24,535 | -€18,554 | -43.1% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €27,316 | €44,613 | +€17,297 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €17,650 | €18,554 | +€904 | +5.1% |
| Trade debts | 44 | €4,093 | €9,791 | +€5,698 | +139% |
| Suppliers | 440/4 | €4,093 | €9,791 | +€5,698 | +139% |
| Taxes, remuneration and social security | 45 | €353 | €11,048 | +€10,695 | +3,031% |
| Taxes | 450/3 | €353 | €9,559 | +€9,206 | +2,609% |
| Remuneration and social security | 454/9 | €0 | €1,489 | +€1,489 | |
| Other amounts payable | 47/48 | €5,220 | €5,220 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,264 | €22,170 | +€4,906 | +28.4% |
| Other operating charges | 640/8 | €790 | €769 | -€21 | -2.7% |
| Gross operating margin | 9900 | €26,908 | €47,180 | +€20,272 | +75.3% |
| Operating profit (loss) | 9901 | €8,854 | €24,241 | +€15,387 | +174% |
| Financial income | 75/76B | €17 | €373 | +€356 | +2,142% |
| Recurring financial income | 75 | €17 | €373 | +€356 | +2,142% |
| Financial charges | 65/66B | €2,861 | €2,715 | -€145 | -5.1% |
| Recurring financial charges | 65 | €2,861 | €2,715 | -€145 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €6,010 | €21,899 | +€15,889 | +264% |
| Income taxes | 67/77 | €2,481 | €6,847 | +€4,365 | +176% |
| Profit (loss) for the period | 9904 | €3,529 | €15,052 | +€11,523 | +327% |
| Profit (loss) for the period to be appropriated | 9905 | €3,529 | €15,052 | +€11,523 | +327% |
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 18 October 2026 via checked.be.