THE STAGE: 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 STAGE
Largest movements
- Receivables within one year -€49,758
down €49,758 (-73.5%), from €67,679 to €17,920
of which Trade receivables: -€50,000
- Cash +€15,237
up €15,237 (+14.5%), from €104,739 to €119,976
mainly Receivables within one year (+€49,758) and Depreciation (+€8,660)
- Tangible fixed assets -€8,660
down €8,660 (-10.6%), from €81,474 to €72,814
of which Land and buildings: -€8,458
- Reserves -€42,406
down €42,406 (-27.4%), from €154,834 to €112,428
of which Distributable reserves: -€42,406
- Gross operating margin -€51,423
down €51,423, from €20,504 to -€30,919
- Other operating charges -€1,266
down €1,266 (-37.2%), from €3,403 to €2,137
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 | €255,318 | €211,485 | -€43,833 | -17.2% |
| Fixed assets | 21/28 | €82,224 | €73,564 | -€8,660 | -10.5% |
| Tangible fixed assets | 22/27 | €81,474 | €72,814 | -€8,660 | -10.6% |
| Land and buildings | 22 | €81,272 | €72,814 | -€8,458 | -10.4% |
| Furniture and vehicles | 24 | €202 | €0 | -€202 | -100.0% |
| Financial fixed assets | 28 | €750 | €750 | = | 0.0% |
| Current assets | 29/58 | €173,094 | €137,921 | -€35,173 | -20.3% |
| Amounts receivable within one year | 40/41 | €67,679 | €17,920 | -€49,758 | -73.5% |
| Trade receivables | 40 | €61,382 | €11,382 | -€50,000 | -81.5% |
| Other amounts receivable | 41 | €6,297 | €6,539 | +€242 | +3.8% |
| Cash at bank and in hand | 54/58 | €104,739 | €119,976 | +€15,237 | +14.5% |
| Deferred charges and accrued income | 490/1 | €676 | €25 | -€651 | -96.3% |
| Total equity and liabilities | 10/49 | €255,318 | €211,485 | -€43,833 | -17.2% |
| Equity | 10/15 | €173,434 | €131,028 | -€42,406 | -24.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €154,834 | €112,428 | -€42,406 | -27.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €152,974 | €110,568 | -€42,406 | -27.7% |
| Amounts payable | 17/49 | €81,884 | €80,457 | -€1,427 | -1.7% |
| Amounts payable after more than one year | 17 | €77,550 | €77,550 | = | 0.0% |
| Other amounts payable | 178/9 | €77,550 | €77,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,334 | €2,907 | -€1,427 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,501 | €1,197 | -€304 | -20.3% |
| Suppliers | 440/4 | €1,501 | €1,197 | -€304 | -20.3% |
| Taxes, remuneration and social security | 45 | €480 | €179 | -€301 | -62.7% |
| Taxes | 450/3 | €480 | €179 | -€301 | -62.7% |
| Other amounts payable | 47/48 | €2,353 | €1,532 | -€821 | -34.9% |
| Non-recurring operating income | 76A | - | €7,511 | +€7,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,686 | €8,660 | -€26 | -0.3% |
| Other operating charges | 640/8 | €3,403 | €2,137 | -€1,266 | -37.2% |
| Gross operating margin | 9900 | €20,504 | -€30,919 | -€51,423 | |
| Operating profit (loss) | 9901 | €8,415 | -€41,716 | -€50,131 | |
| Financial income | 75/76B | - | €123 | +€123 | |
| Recurring financial income | 75 | - | €123 | +€123 | |
| Financial charges | 65/66B | €903 | €634 | -€269 | -29.8% |
| Recurring financial charges | 65 | €903 | €634 | -€269 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €7,512 | -€42,227 | -€49,739 | |
| Income taxes | 67/77 | €480 | €179 | -€301 | -62.7% |
| Profit (loss) for the period | 9904 | €7,032 | -€42,406 | -€49,438 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,032 | -€42,406 | -€49,438 |
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 12 October 2026 via checked.be.