The Plug: 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 Plug
Largest movements
- Tangible fixed assets +€18,989
up €18,989 (+495.0%), from €3,836 to €22,825
of which Other tangible fixed assets: +€12,108
- Financial fixed assets +€15,819
new in 2025: €15,819
- Cash -€13,930
down €13,930 (-22.0%), from €63,323 to €49,393
mainly Investment in fixed assets (net) (-€38,708) and Contributions, distributions and other (-€30,992)
- Receivables within one year -€10,819
down €10,819 (-70.4%), from €15,366 to €4,547
of which Trade receivables: -€9,216
- Other debts +€14,332
new in 2025: €14,332
- Reserves -€14,130
down €14,130 (-21.6%), from €65,392 to €51,262
- Tax, wage and social debts +€9,577
up €9,577 (+66.4%), from €14,413 to €23,990
- Gross operating margin -€4,549
down €4,549 (-14.4%), from €31,611 to €27,061
- Taxes -€2,748
down €2,748 (-35.3%), from €7,788 to €5,040
- Depreciation +€2,066
up €2,066 (+112.6%), from €1,834 to €3,900
- Financial charges -€1,591
down €1,591 (-63.0%), from €2,523 to €933
- Other operating charges -€1,161
down €1,161 (-78.0%), from €1,488 to €327
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 | €82,897 | €92,584 | +€9,687 | +11.7% |
| Fixed assets | 21/28 | €3,836 | €38,644 | +€34,808 | +907.3% |
| Tangible fixed assets | 22/27 | €3,836 | €22,825 | +€18,989 | +495.0% |
| Plant, machinery and equipment | 23 | - | €1,306 | +€1,306 | |
| Furniture and vehicles | 24 | €3,836 | €9,412 | +€5,576 | +145.3% |
| Other tangible fixed assets | 26 | - | €12,108 | +€12,108 | |
| Financial fixed assets | 28 | - | €15,819 | +€15,819 | |
| Current assets | 29/58 | €79,061 | €53,940 | -€25,121 | -31.8% |
| Amounts receivable within one year | 40/41 | €15,366 | €4,547 | -€10,819 | -70.4% |
| Trade receivables | 40 | €11,616 | €2,400 | -€9,216 | -79.3% |
| Other amounts receivable | 41 | €3,750 | €2,147 | -€1,603 | -42.7% |
| Cash at bank and in hand | 54/58 | €63,323 | €49,393 | -€13,930 | -22.0% |
| Deferred charges and accrued income | 490/1 | €372 | - | -€372 | |
| Total equity and liabilities | 10/49 | €82,897 | €92,584 | +€9,687 | +11.7% |
| Equity | 10/15 | €68,392 | €54,262 | -€14,130 | -20.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €65,392 | €51,262 | -€14,130 | -21.6% |
| Distributable reserves | 133 | €65,392 | €51,262 | -€14,130 | -21.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €14,505 | €38,322 | +€23,817 | +164.2% |
| Amounts payable within one year | 42/48 | €14,505 | €38,322 | +€23,817 | +164.2% |
| Trade debts | 44 | €92 | - | -€92 | |
| Suppliers | 440/4 | €92 | - | -€92 | |
| Taxes, remuneration and social security | 45 | €14,413 | €23,990 | +€9,577 | +66.4% |
| Taxes | 450/3 | €14,413 | €23,990 | +€9,577 | +66.4% |
| Other amounts payable | 47/48 | - | €14,332 | +€14,332 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,834 | €3,900 | +€2,066 | +112.6% |
| Other operating charges | 640/8 | €1,488 | €327 | -€1,161 | -78.0% |
| Gross operating margin | 9900 | €31,611 | €27,061 | -€4,549 | -14.4% |
| Operating profit (loss) | 9901 | €28,288 | €22,834 | -€5,454 | -19.3% |
| Financial charges | 65/66B | €2,523 | €933 | -€1,591 | -63.0% |
| Recurring financial charges | 65 | €2,523 | €933 | -€1,591 | -63.0% |
| Profit (loss) for the period before taxes | 9903 | €25,765 | €21,901 | -€3,863 | -15.0% |
| Income taxes | 67/77 | €7,788 | €5,040 | -€2,748 | -35.3% |
| Profit (loss) for the period | 9904 | €17,976 | €16,862 | -€1,115 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,976 | €16,862 | -€1,115 | -6.2% |
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 3 October 2026 via checked.be.