THE ROAD TRIP: 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 TRIP
Largest movements
- Intangible fixed assets +€103,956
up €103,956 (+746%), from €13,938 to €117,893
- Receivables within one year -€71,341
down €71,341 (-8.5%), from €834,970 to €763,629
of which Trade receivables: -€144,338
- Deferred charges and accrued income +€42,128
up €42,128 (+7.1%), from €597,148 to €639,276
- Cash -€24,157
down €24,157 (-6.3%), from €386,211 to €362,054
mainly Other debts (-€219,914) and Contributions, distributions and other (-€154,751)
- Accrued charges and deferred income +€314,098
up €314,098 (+23.0%), from €1.4m to €1.7m
- Other debts -€219,914
down €219,914 (-58.7%), from €374,665 to €154,751
- Trade debts -€43,951
down €43,951 (-36.0%), from €122,053 to €78,102
- Gross operating margin +€179,805
up €179,805 (+143%), from €125,766 to €305,571
- Taxes +€36,308
up €36,308 (+310%), from €11,728 to €48,036
- Depreciation +€16,986
up €16,986 (+86.0%), from €19,745 to €36,731
- Staff costs +€6,402
up €6,402 (+12.9%), from €49,798 to €56,200
- Financial charges +€3,495
up €3,495 (+65.1%), from €5,368 to €8,863
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 | €1,913,681 | €1,961,220 | +€47,539 | +2.5% |
| Fixed assets | 21/28 | €95,351 | €196,261 | +€100,910 | +106% |
| Intangible fixed assets | 21 | €13,938 | €117,893 | +€103,956 | +746% |
| Tangible fixed assets | 22/27 | €79,113 | €73,868 | -€5,246 | -6.6% |
| Plant, machinery and equipment | 23 | €470 | €403 | -€66 | -14.1% |
| Furniture and vehicles | 24 | €73,134 | €63,827 | -€9,308 | -12.7% |
| Other tangible fixed assets | 26 | €5,510 | €9,637 | +€4,128 | +74.9% |
| Financial fixed assets | 28 | €2,300 | €4,500 | +€2,200 | +95.7% |
| Current assets | 29/58 | €1,818,330 | €1,764,959 | -€53,371 | -2.9% |
| Amounts receivable within one year | 40/41 | €834,970 | €763,629 | -€71,341 | -8.5% |
| Trade receivables | 40 | €718,464 | €574,126 | -€144,338 | -20.1% |
| Other amounts receivable | 41 | €116,506 | €189,503 | +€72,996 | +62.7% |
| Cash at bank and in hand | 54/58 | €386,211 | €362,054 | -€24,157 | -6.3% |
| Deferred charges and accrued income | 490/1 | €597,148 | €639,276 | +€42,128 | +7.1% |
| Total equity and liabilities | 10/49 | €1,913,681 | €1,961,220 | +€47,539 | +2.5% |
| Equity | 10/15 | €38,500 | €38,500 | = | 0.0% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €3,500 | €3,500 | = | 0.0% |
| Amounts payable | 17/49 | €1,875,181 | €1,922,720 | +€47,539 | +2.5% |
| Amounts payable within one year | 42/48 | €507,615 | €241,056 | -€266,559 | -52.5% |
| Trade debts | 44 | €122,053 | €78,102 | -€43,951 | -36.0% |
| Suppliers | 440/4 | €122,053 | €78,102 | -€43,951 | -36.0% |
| Taxes, remuneration and social security | 45 | €10,897 | €8,203 | -€2,694 | -24.7% |
| Remuneration and social security | 454/9 | €10,897 | €8,203 | -€2,694 | -24.7% |
| Other amounts payable | 47/48 | €374,665 | €154,751 | -€219,914 | -58.7% |
| Accrued charges and deferred income | 492/3 | €1,367,566 | €1,681,664 | +€314,098 | +23.0% |
| Remuneration, social security and pensions | 62 | €49,798 | €56,200 | +€6,402 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,745 | €36,731 | +€16,986 | +86.0% |
| Other operating charges | 640/8 | €1,024 | €1,078 | +€54 | +5.3% |
| Gross operating margin | 9900 | €125,766 | €305,571 | +€179,805 | +143% |
| Operating profit (loss) | 9901 | €55,199 | €211,562 | +€156,363 | +283% |
| Financial income | 75/76B | €77 | €88 | +€10 | +13.4% |
| Recurring financial income | 75 | €77 | €88 | +€10 | +13.4% |
| Financial charges | 65/66B | €5,368 | €8,863 | +€3,495 | +65.1% |
| Recurring financial charges | 65 | €5,368 | €8,863 | +€3,495 | +65.1% |
| Profit (loss) for the period before taxes | 9903 | €49,908 | €202,787 | +€152,879 | +306% |
| Income taxes | 67/77 | €11,728 | €48,036 | +€36,308 | +310% |
| Profit (loss) for the period | 9904 | €38,180 | €154,751 | +€116,571 | +305% |
| Profit (loss) for the period to be appropriated | 9905 | €38,180 | €154,751 | +€116,571 | +305% |
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 1 November 2026 via checked.be.