The Pack: 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 Pack
Largest movements
- Receivables within one year -€228,580
down €228,580 (-38.6%), from €592,074 to €363,494
of which Trade receivables: -€128,690
- Cash +€54,428
up €54,428 (+38.5%), from €141,266 to €195,694
mainly Receivables within one year (+€228,580) and Net result for the year (+€203,918)
- Tangible fixed assets +€41,482
up €41,482 (+138%), from €30,000 to €71,483
of which Furniture and vehicles: +€29,683
- Stocks and contracts -€31,166
down €31,166 (-7.9%), from €393,718 to €362,552
- Trade debts -€387,967
down €387,967 (-66.8%), from €581,164 to €193,197
- Reserves +€202,000
up €202,000 (+204%), from €99,000 to €301,000
- Other debts +€40,493
up €40,493 (+2,714%), from €1,492 to €41,985
- Accrued charges and deferred income +€26,873
up €26,873 (+617%), from €4,354 to €31,226
- Short-term financial debts -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Gross operating margin +€285,335
up €285,335 (+49.9%), from €571,688 to €857,023
- Staff costs +€98,290
up €98,290 (+23.0%), from €427,314 to €525,605
- Taxes +€69,838
up €69,838 (+254%), from €27,500 to €97,338
- Financial charges +€10,294
up €10,294 (+130%), from €7,916 to €18,210
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 | €1,178,140 | €1,010,465 | -€167,675 | -14.2% |
| Fixed assets | 21/28 | €30,000 | €71,483 | +€41,482 | +138% |
| Tangible fixed assets | 22/27 | €30,000 | €71,483 | +€41,482 | +138% |
| Plant, machinery and equipment | 23 | - | €11,799 | +€11,799 | |
| Furniture and vehicles | 24 | €30,000 | €59,684 | +€29,683 | +98.9% |
| Current assets | 29/58 | €1,148,140 | €938,982 | -€209,158 | -18.2% |
| Stocks and contracts in progress | 3 | €393,718 | €362,552 | -€31,166 | -7.9% |
| Stocks | 30/36 | €393,718 | €362,552 | -€31,166 | -7.9% |
| Amounts receivable within one year | 40/41 | €592,074 | €363,494 | -€228,580 | -38.6% |
| Trade receivables | 40 | €451,382 | €322,691 | -€128,690 | -28.5% |
| Other amounts receivable | 41 | €140,692 | €40,802 | -€99,890 | -71.0% |
| Cash at bank and in hand | 54/58 | €141,266 | €195,694 | +€54,428 | +38.5% |
| Deferred charges and accrued income | 490/1 | €21,081 | €17,242 | -€3,839 | -18.2% |
| Total equity and liabilities | 10/49 | €1,178,140 | €1,010,465 | -€167,675 | -14.2% |
| Equity | 10/15 | €149,717 | €351,976 | +€202,258 | +135% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €99,000 | €301,000 | +€202,000 | +204% |
| Distributable reserves | 133 | €99,000 | €301,000 | +€202,000 | +204% |
| Profit (loss) carried forward | 14 | €717 | €976 | +€258 | +36.0% |
| Amounts payable | 17/49 | €1,028,423 | €658,489 | -€369,934 | -36.0% |
| Amounts payable after more than one year | 17 | €137,767 | €126,975 | -€10,792 | -7.8% |
| Financial debts | 170/4 | €137,767 | €126,975 | -€10,792 | -7.8% |
| Amounts payable within one year | 42/48 | €886,302 | €500,288 | -€386,014 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €37,841 | €46,131 | +€8,290 | +21.9% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Other loans | 439 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €581,164 | €193,197 | -€387,967 | -66.8% |
| Suppliers | 440/4 | €581,164 | €193,197 | -€387,967 | -66.8% |
| Taxes, remuneration and social security | 45 | €165,805 | €143,975 | -€21,830 | -13.2% |
| Taxes | 450/3 | €56,030 | €64,801 | +€8,771 | +15.7% |
| Remuneration and social security | 454/9 | €109,775 | €79,174 | -€30,601 | -27.9% |
| Other amounts payable | 47/48 | €1,492 | €41,985 | +€40,493 | +2,714% |
| Accrued charges and deferred income | 492/3 | €4,354 | €31,226 | +€26,873 | +617% |
| Remuneration, social security and pensions | 62 | €427,314 | €525,605 | +€98,290 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,129 | €8,846 | +€5,717 | +183% |
| Other operating charges | 640/8 | €7,089 | €7,574 | +€486 | +6.9% |
| Gross operating margin | 9900 | €571,688 | €857,023 | +€285,335 | +49.9% |
| Operating profit (loss) | 9901 | €134,157 | €314,999 | +€180,842 | +135% |
| Financial income | 75/76B | €976 | €4,467 | +€3,490 | +358% |
| Recurring financial income | 75 | €976 | €4,467 | +€3,490 | +358% |
| Financial charges | 65/66B | €7,916 | €18,210 | +€10,294 | +130% |
| Recurring financial charges | 65 | €7,916 | €18,210 | +€10,294 | +130% |
| Profit (loss) for the period before taxes | 9903 | €127,217 | €301,256 | +€174,038 | +137% |
| Income taxes | 67/77 | €27,500 | €97,338 | +€69,838 | +254% |
| Profit (loss) for the period | 9904 | €99,717 | €203,918 | +€104,201 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €99,717 | €203,918 | +€104,201 | +104% |
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 17 October 2026 via checked.be.