THE SQUAD: 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 SQUAD
Largest movements
- Cash -€18,949
down €18,949 (-38.8%), from €48,858 to €29,909
mainly Contributions, distributions and other (-€30,000) and Net result for the year (-€23,519)
- Receivables within one year -€6,982
down €6,982 (-19.1%), from €36,564 to €29,581
of which Other amounts receivable: -€10,796
- Tangible fixed assets +€3,738
up €3,738 (+203.4%), from €1,838 to €5,576
of which Furniture and vehicles: +€4,368
- Reserves -€53,056
down €53,056 (-61.3%), from €86,519 to €33,462
- Other debts +€26,240
new in 2025: €26,240
- Tax, wage and social debts +€4,296
up €4,296 (+2104.6%), from €204 to €4,500
- Gross operating margin -€14,313
down €14,313 (-218.5%), from -€6,552 to -€20,865
- Depreciation -€1,704
down €1,704 (-46.9%), from €3,636 to €1,932
- Other operating charges +€258
up €258 (+79.2%), from €325 to €583
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 | €87,259 | €65,066 | -€22,194 | -25.4% |
| Fixed assets | 21/28 | €1,838 | €5,576 | +€3,738 | +203.4% |
| Tangible fixed assets | 22/27 | €1,838 | €5,576 | +€3,738 | +203.4% |
| Land and buildings | 22 | €1,244 | €614 | -€630 | -50.6% |
| Furniture and vehicles | 24 | €593 | €4,961 | +€4,368 | +736.2% |
| Current assets | 29/58 | €85,421 | €59,490 | -€25,932 | -30.4% |
| Amounts receivable within one year | 40/41 | €36,564 | €29,581 | -€6,982 | -19.1% |
| Trade receivables | 40 | €6,713 | €10,527 | +€3,814 | +56.8% |
| Other amounts receivable | 41 | €29,850 | €19,054 | -€10,796 | -36.2% |
| Cash at bank and in hand | 54/58 | €48,858 | €29,909 | -€18,949 | -38.8% |
| Total equity and liabilities | 10/49 | €87,259 | €65,066 | -€22,194 | -25.4% |
| Equity | 10/15 | €77,700 | €24,182 | -€53,519 | -68.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €86,519 | €33,462 | -€53,056 | -61.3% |
| Distributable reserves | 133 | €86,519 | €33,462 | -€53,056 | -61.3% |
| Profit (loss) carried forward | 14 | -€10,819 | -€11,281 | -€462 | -4.3% |
| Amounts payable | 17/49 | €9,559 | €40,884 | +€31,325 | +327.7% |
| Amounts payable within one year | 42/48 | €9,559 | €40,884 | +€31,325 | +327.7% |
| Trade debts | 44 | €9,355 | €10,144 | +€789 | +8.4% |
| Suppliers | 440/4 | €9,355 | €10,144 | +€789 | +8.4% |
| Taxes, remuneration and social security | 45 | €204 | €4,500 | +€4,296 | +2104.6% |
| Taxes | 450/3 | €204 | €4,500 | +€4,296 | +2104.6% |
| Other amounts payable | 47/48 | - | €26,240 | +€26,240 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,636 | €1,932 | -€1,704 | -46.9% |
| Other operating charges | 640/8 | €325 | €583 | +€258 | +79.2% |
| Gross operating margin | 9900 | -€6,552 | -€20,865 | -€14,313 | -218.5% |
| Operating profit (loss) | 9901 | -€10,513 | -€23,380 | -€12,866 | -122.4% |
| Financial income | 75/76B | €107 | €145 | +€38 | +35.8% |
| Recurring financial income | 75 | €106 | €145 | +€40 | +37.7% |
| Non-recurring financial income | 76B | €2 | €0 | -€1 | -93.5% |
| Financial charges | 65/66B | €262 | €149 | -€113 | -43.0% |
| Recurring financial charges | 65 | €259 | €146 | -€113 | -43.6% |
| Non-recurring financial charges | 66B | €4 | €4 | -€0 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,668 | -€23,384 | -€12,715 | -119.2% |
| Income taxes | 67/77 | €150 | €135 | -€15 | -10.1% |
| Profit (loss) for the period | 9904 | -€10,819 | -€23,519 | -€12,700 | -117.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,819 | -€23,519 | -€12,700 | -117.4% |
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 29 September 2026 via checked.be.