THE SHORTCUT: 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 SHORTCUT
Largest movements
- Financial fixed assets +€90,000
up €90,000 (+15.8%), from €567,900 to €657,900
- Receivables within one year -€29,231
down €29,231 (-31.7%), from €92,116 to €62,885
- Cash +€20,182
up €20,182 (+19.4%), from €104,087 to €124,269
mainly Net result for the year (+€71,940) and Tax, wage and social debts (+€39,738)
- Tax, wage and social debts +€39,738
up €39,738 (+120%), from €33,151 to €72,889
of which Taxes: +€39,738
- Other debts +€37,032
up €37,032 (+5.9%), from €625,992 to €663,024
- Gross operating margin +€23,832
up €23,832 (+26.5%), from €89,874 to €113,707
- Financial charges +€2,806
up €2,806 (+61.6%), from €4,553 to €7,358
- Other operating charges +€2,342
up €2,342 (+866%), from €270 to €2,613
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 | €765,698 | €846,031 | +€80,333 | +10.5% |
| Fixed assets | 21/28 | €569,495 | €658,877 | +€89,382 | +15.7% |
| Tangible fixed assets | 22/27 | €1,595 | €977 | -€618 | -38.7% |
| Furniture and vehicles | 24 | €1,595 | €977 | -€618 | -38.7% |
| Financial fixed assets | 28 | €567,900 | €657,900 | +€90,000 | +15.8% |
| Current assets | 29/58 | €196,203 | €187,154 | -€9,049 | -4.6% |
| Amounts receivable within one year | 40/41 | €92,116 | €62,885 | -€29,231 | -31.7% |
| Trade receivables | 40 | €92,116 | €62,885 | -€29,231 | -31.7% |
| Cash at bank and in hand | 54/58 | €104,087 | €124,269 | +€20,182 | +19.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €765,698 | €846,031 | +€80,333 | +10.5% |
| Equity | 10/15 | €101,939 | €101,939 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €96,939 | €96,939 | = | 0.0% |
| Distributable reserves | 133 | €96,939 | €96,939 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €663,759 | €744,092 | +€80,333 | +12.1% |
| Amounts payable within one year | 42/48 | €659,334 | €736,875 | +€77,541 | +11.8% |
| Trade debts | 44 | €191 | €961 | +€770 | +404% |
| Suppliers | 440/4 | €191 | €961 | +€770 | +404% |
| Taxes, remuneration and social security | 45 | €33,151 | €72,889 | +€39,738 | +120% |
| Taxes | 450/3 | €31,835 | €71,573 | +€39,738 | +125% |
| Remuneration and social security | 454/9 | €1,317 | €1,317 | = | 0.0% |
| Other amounts payable | 47/48 | €625,992 | €663,024 | +€37,032 | +5.9% |
| Accrued charges and deferred income | 492/3 | €4,425 | €7,217 | +€2,793 | +63.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €618 | €618 | = | 0.0% |
| Other operating charges | 640/8 | €270 | €2,613 | +€2,342 | +866% |
| Non-recurring operating charges | 66A | €6,807 | €0 | -€6,807 | -100% |
| Gross operating margin | 9900 | €89,874 | €113,707 | +€23,832 | +26.5% |
| Operating profit (loss) | 9901 | €82,179 | €110,476 | +€28,297 | +34.4% |
| Financial charges | 65/66B | €4,553 | €7,358 | +€2,806 | +61.6% |
| Recurring financial charges | 65 | €4,553 | €7,358 | +€2,806 | +61.6% |
| Profit (loss) for the period before taxes | 9903 | €77,627 | €103,118 | +€25,491 | +32.8% |
| Income taxes | 67/77 | €30,858 | €31,177 | +€319 | +1.0% |
| Profit (loss) for the period | 9904 | €46,768 | €71,940 | +€25,172 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,768 | €71,940 | +€25,172 | +53.8% |
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 29 October 2026 via checked.be.