The Nine: 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 Nine
Largest movements
- Receivables within one year +€151,099
up €151,099 (+124.9%), from €120,990 to €272,088
of which Trade receivables: +€147,599
- Cash +€102,192
up €102,192 (+130.9%), from €78,059 to €180,251
mainly Trade debts (+€107,832) and Depreciation (+€107,294)
- Tangible fixed assets -€74,517
down €74,517 (-12.4%), from €603,080 to €528,563
of which Land and buildings: -€76,723
- Trade debts +€107,832
up €107,832 (+171.8%), from €62,771 to €170,603
- Accrued charges and deferred income +€86,735
up €86,735 (+96.2%), from €90,141 to €176,876
- Profit (loss) carried forward -€38,569
down €38,569 (-11.0%), from -€350,248 to -€388,817
- Tax, wage and social debts +€24,988
up €24,988 (+62.6%), from €39,934 to €64,922
of which Taxes: +€22,652
- Gross operating margin -€49,386
down €49,386 (-25.3%), from €194,951 to €145,565
- Staff costs -€2,817
down €2,817 (-3.7%), from €75,628 to €72,811
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 | €814,229 | €992,087 | +€177,858 | +21.8% |
| Fixed assets | 21/28 | €614,079 | €538,563 | -€75,516 | -12.3% |
| Intangible fixed assets | 21 | €999 | - | -€999 | |
| Tangible fixed assets | 22/27 | €603,080 | €528,563 | -€74,517 | -12.4% |
| Land and buildings | 22 | €513,264 | €436,541 | -€76,723 | -14.9% |
| Plant, machinery and equipment | 23 | €52,474 | €52,832 | +€358 | +0.7% |
| Furniture and vehicles | 24 | €37,342 | €39,191 | +€1,849 | +5.0% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €200,149 | €453,524 | +€253,374 | +126.6% |
| Amounts receivable within one year | 40/41 | €120,990 | €272,088 | +€151,099 | +124.9% |
| Trade receivables | 40 | €115,575 | €263,174 | +€147,599 | +127.7% |
| Other amounts receivable | 41 | €5,415 | €8,914 | +€3,499 | +64.6% |
| Cash at bank and in hand | 54/58 | €78,059 | €180,251 | +€102,192 | +130.9% |
| Deferred charges and accrued income | 490/1 | €1,101 | €1,185 | +€84 | +7.6% |
| Total equity and liabilities | 10/49 | €814,229 | €992,087 | +€177,858 | +21.8% |
| Equity | 10/15 | -€345,248 | -€383,817 | -€38,569 | -11.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€350,248 | -€388,817 | -€38,569 | -11.0% |
| Amounts payable | 17/49 | €1,159,477 | €1,375,904 | +€216,427 | +18.7% |
| Amounts payable within one year | 42/48 | €1,069,336 | €1,199,028 | +€129,692 | +12.1% |
| Trade debts | 44 | €62,771 | €170,603 | +€107,832 | +171.8% |
| Suppliers | 440/4 | €62,771 | €170,603 | +€107,832 | +171.8% |
| Taxes, remuneration and social security | 45 | €39,934 | €64,922 | +€24,988 | +62.6% |
| Taxes | 450/3 | €30,437 | €53,089 | +€22,652 | +74.4% |
| Remuneration and social security | 454/9 | €9,497 | €11,832 | +€2,336 | +24.6% |
| Other amounts payable | 47/48 | €966,631 | €963,504 | -€3,127 | -0.3% |
| Accrued charges and deferred income | 492/3 | €90,141 | €176,876 | +€86,735 | +96.2% |
| Remuneration, social security and pensions | 62 | €75,628 | €72,811 | -€2,817 | -3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,878 | €107,294 | -€1,584 | -1.5% |
| Other operating charges | 640/8 | €1,990 | €1,966 | -€24 | -1.2% |
| Gross operating margin | 9900 | €194,951 | €145,565 | -€49,386 | -25.3% |
| Operating profit (loss) | 9901 | €8,454 | -€36,506 | -€44,960 | |
| Financial income | 75/76B | €114 | €187 | +€73 | +64.7% |
| Recurring financial income | 75 | €114 | €187 | +€73 | +64.7% |
| Financial charges | 65/66B | €1,529 | €2,249 | +€721 | +47.1% |
| Recurring financial charges | 65 | €1,529 | €2,249 | +€721 | +47.1% |
| Profit (loss) for the period before taxes | 9903 | €7,039 | -€38,569 | -€45,608 | |
| Profit (loss) for the period | 9904 | €7,039 | -€38,569 | -€45,608 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,039 | -€38,569 | -€45,608 |
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 5 October 2026 via checked.be.