THE ROAD: 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 ROAD
Largest movements
- Receivables within one year +€27,210
up €27,210 (+2271.8%), from €1,198 to €28,408
of which Trade receivables: +€21,210
- Cash +€7,300
up €7,300 (+5.7%), from €128,049 to €135,348
mainly Trade debts (+€40,690) and Other debts (+€7,393)
- Trade debts +€40,690
up €40,690 (+4390.9%), from €927 to €41,617
- Profit (loss) carried forward -€10,264
down €10,264 (-8.0%), from €128,623 to €118,359
- Other debts +€7,393
up €7,393 (+25.8%), from €28,697 to €36,089
- Gross operating margin -€59,924
down €59,924 (-77.5%), from €77,354 to €17,431
- Taxes -€13,700
down €13,700 (-93.2%), from €14,700 to €1,000
- Staff costs +€9,430
up €9,430 (+80.6%), from €11,696 to €21,126
- Depreciation +€4,478
new in 2025: €4,478
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 | €224,081 | €262,053 | +€37,972 | +16.9% |
| Fixed assets | 21/28 | €16,497 | €18,567 | +€2,071 | +12.6% |
| Tangible fixed assets | 22/27 | €13,497 | €15,567 | +€2,071 | +15.3% |
| Plant, machinery and equipment | 23 | - | €5,298 | +€5,298 | |
| Furniture and vehicles | 24 | €13,497 | €10,269 | -€3,228 | -23.9% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €207,585 | €243,486 | +€35,901 | +17.3% |
| Stocks and contracts in progress | 3 | €78,236 | €78,620 | +€384 | +0.5% |
| Stocks | 30/36 | €78,236 | €78,620 | +€384 | +0.5% |
| Amounts receivable within one year | 40/41 | €1,198 | €28,408 | +€27,210 | +2271.8% |
| Trade receivables | 40 | €1,198 | €22,408 | +€21,210 | +1770.9% |
| Other amounts receivable | 41 | - | €6,000 | +€6,000 | |
| Cash at bank and in hand | 54/58 | €128,049 | €135,348 | +€7,300 | +5.7% |
| Deferred charges and accrued income | 490/1 | €102 | €1,109 | +€1,007 | +987.4% |
| Total equity and liabilities | 10/49 | €224,081 | €262,053 | +€37,972 | +16.9% |
| Equity | 10/15 | €152,223 | €141,959 | -€10,264 | -6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €128,623 | €118,359 | -€10,264 | -8.0% |
| Amounts payable | 17/49 | €71,858 | €120,094 | +€48,236 | +67.1% |
| Amounts payable within one year | 42/48 | €71,858 | €120,094 | +€48,236 | +67.1% |
| Current portion of amounts payable after more than one year | 42 | €2,364 | €2,357 | -€7 | -0.3% |
| Trade debts | 44 | €927 | €41,617 | +€40,690 | +4390.9% |
| Suppliers | 440/4 | €927 | €41,617 | +€40,690 | +4390.9% |
| Taxes, remuneration and social security | 45 | €39,870 | €40,030 | +€160 | +0.4% |
| Taxes | 450/3 | €37,501 | €34,361 | -€3,139 | -8.4% |
| Remuneration and social security | 454/9 | €2,370 | €5,669 | +€3,299 | +139.2% |
| Other amounts payable | 47/48 | €28,697 | €36,089 | +€7,393 | +25.8% |
| Remuneration, social security and pensions | 62 | €11,696 | €21,126 | +€9,430 | +80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,478 | +€4,478 | |
| Other operating charges | 640/8 | €1,242 | €579 | -€663 | -53.4% |
| Gross operating margin | 9900 | €77,354 | €17,431 | -€59,924 | -77.5% |
| Operating profit (loss) | 9901 | €64,417 | -€8,752 | -€73,169 | |
| Financial income | 75/76B | €3,318 | €3,077 | -€241 | -7.3% |
| Recurring financial income | 75 | €3,318 | €3,077 | -€241 | -7.3% |
| Financial charges | 65/66B | €2,900 | €3,590 | +€689 | +23.8% |
| Recurring financial charges | 65 | €2,900 | €3,590 | +€689 | +23.8% |
| Profit (loss) for the period before taxes | 9903 | €64,835 | -€9,264 | -€74,099 | |
| Income taxes | 67/77 | €14,700 | €1,000 | -€13,700 | -93.2% |
| Profit (loss) for the period | 9904 | €50,135 | -€10,264 | -€60,399 | |
| Profit (loss) for the period to be appropriated | 9905 | €50,135 | -€10,264 | -€60,399 |
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 9 October 2026 via checked.be.