THE PHOTOSHOP: 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 PHOTOSHOP
Largest movements
- Cash +€31,081
up €31,081 (+59.6%), from €52,129 to €83,210
mainly Net result for the year (+€51,774) and Depreciation (+€15,815)
- Tangible fixed assets +€7,838
up €7,838 (+11.6%), from €67,508 to €75,346
of which Other tangible fixed assets: +€16,285
- Receivables within one year -€6,877
down €6,877 (-31.2%), from €22,064 to €15,187
of which Other amounts receivable: -€6,116
- Reserves +€51,774
up €51,774 (+145%), from €35,768 to €87,542
- Debts after one year -€12,855
down €12,855 (-33.1%), from €38,842 to €25,987
- Accrued charges and deferred income -€12,000
down €12,000 (-100%), from €12,000 to €0
- Other debts +€11,493
up €11,493 (+192%), from €5,981 to €17,475
- Trade debts -€10,145
down €10,145 (-66.5%), from €15,257 to €5,112
- Gross operating margin +€31,473
up €31,473 (+36.0%), from €87,521 to €118,994
- Depreciation +€11,547
up €11,547 (+271%), from €4,269 to €15,815
- Taxes +€8,535
up €8,535 (+49.5%), from €17,249 to €25,784
- Staff costs +€5,378
up €5,378 (+38.4%), from €14,012 to €19,391
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 | €146,380 | €179,296 | +€32,915 | +22.5% |
| Fixed assets | 21/28 | €67,508 | €75,346 | +€7,838 | +11.6% |
| Tangible fixed assets | 22/27 | €67,508 | €75,346 | +€7,838 | +11.6% |
| Plant, machinery and equipment | 23 | €5,511 | €7,265 | +€1,754 | +31.8% |
| Furniture and vehicles | 24 | €59,209 | €49,007 | -€10,201 | -17.2% |
| Other tangible fixed assets | 26 | €2,789 | €19,074 | +€16,285 | +584% |
| Current assets | 29/58 | €78,872 | €103,950 | +€25,078 | +31.8% |
| Stocks and contracts in progress | 3 | €2,820 | €3,311 | +€491 | +17.4% |
| Stocks | 30/36 | €2,820 | €3,311 | +€491 | +17.4% |
| Amounts receivable within one year | 40/41 | €22,064 | €15,187 | -€6,877 | -31.2% |
| Trade receivables | 40 | €5,202 | €4,441 | -€761 | -14.6% |
| Other amounts receivable | 41 | €16,862 | €10,746 | -€6,116 | -36.3% |
| Cash at bank and in hand | 54/58 | €52,129 | €83,210 | +€31,081 | +59.6% |
| Deferred charges and accrued income | 490/1 | €1,859 | €2,241 | +€382 | +20.5% |
| Total equity and liabilities | 10/49 | €146,380 | €179,296 | +€32,915 | +22.5% |
| Equity | 10/15 | €54,368 | €106,142 | +€51,774 | +95.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,768 | €87,542 | +€51,774 | +145% |
| Distributable reserves | 133 | €35,768 | €87,542 | +€51,774 | +145% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €92,012 | €73,154 | -€18,859 | -20.5% |
| Amounts payable after more than one year | 17 | €38,842 | €25,987 | -€12,855 | -33.1% |
| Financial debts | 170/4 | €38,842 | €25,987 | -€12,855 | -33.1% |
| Amounts payable within one year | 42/48 | €41,170 | €47,166 | +€5,996 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €12,395 | €12,855 | +€460 | +3.7% |
| Trade debts | 44 | €15,257 | €5,112 | -€10,145 | -66.5% |
| Suppliers | 440/4 | €15,257 | €5,112 | -€10,145 | -66.5% |
| Taxes, remuneration and social security | 45 | €7,537 | €11,725 | +€4,188 | +55.6% |
| Taxes | 450/3 | €5,631 | €11,580 | +€5,949 | +106% |
| Remuneration and social security | 454/9 | €1,906 | €146 | -€1,761 | -92.4% |
| Other amounts payable | 47/48 | €5,981 | €17,475 | +€11,493 | +192% |
| Accrued charges and deferred income | 492/3 | €12,000 | €0 | -€12,000 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €14,012 | €19,391 | +€5,378 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,269 | €15,815 | +€11,547 | +271% |
| Other operating charges | 640/8 | €4,977 | €4,409 | -€568 | -11.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €87,521 | €118,994 | +€31,473 | +36.0% |
| Operating profit (loss) | 9901 | €64,263 | €79,379 | +€15,116 | +23.5% |
| Financial income | 75/76B | €52 | €0 | -€52 | -100% |
| Recurring financial income | 75 | €52 | €0 | -€52 | -100% |
| Financial charges | 65/66B | €1,109 | €1,821 | +€712 | +64.2% |
| Recurring financial charges | 65 | €1,109 | €1,821 | +€712 | +64.2% |
| Profit (loss) for the period before taxes | 9903 | €63,206 | €77,558 | +€14,352 | +22.7% |
| Income taxes | 67/77 | €17,249 | €25,784 | +€8,535 | +49.5% |
| Profit (loss) for the period | 9904 | €45,957 | €51,774 | +€5,817 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €45,957 | €51,774 | +€5,817 | +12.7% |
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 21 October 2026 via checked.be.