The Swing: 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 Swing
Largest movements
- Receivables within one year +€15,838
up €15,838 (+53.3%), from €29,716 to €45,554
of which Other amounts receivable: +€18,034
- Cash -€13,609
down €13,609 (-71.6%), from €18,997 to €5,388
mainly Receivables within one year (-€15,838) and Tax, wage and social debts (-€6,423)
- Stocks and contracts -€2,326
no longer reported in 2025 (was €2,326)
- Tangible fixed assets -€2,099
down €2,099 (-35.2%), from €5,967 to €3,867
- Tax, wage and social debts -€6,423
down €6,423 (-59.3%), from €10,825 to €4,402
of which Taxes: -€6,117
- Trade debts +€2,281
up €2,281 (+47.6%), from €4,796 to €7,077
- Reserves +€1,910
up €1,910 (+6.1%), from €31,419 to €33,329
- Gross operating margin -€9,058
down €9,058 (-45.1%), from €20,079 to €11,021
- Staff costs -€8,737
down €8,737 (-64.3%), from €13,583 to €4,845
- Depreciation +€1,635
up €1,635 (+352.5%), from €464 to €2,099
- Financial income -€1,198
down €1,198 (-98.2%), from €1,220 to €22
- Taxes -€896
down €896 (-63.3%), from €1,414 to €519
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 | €57,406 | €54,809 | -€2,597 | -4.5% |
| Fixed assets | 21/28 | €5,967 | €3,867 | -€2,099 | -35.2% |
| Tangible fixed assets | 22/27 | €5,967 | €3,867 | -€2,099 | -35.2% |
| Plant, machinery and equipment | 23 | €5,967 | €3,867 | -€2,099 | -35.2% |
| Current assets | 29/58 | €51,440 | €50,942 | -€498 | -1.0% |
| Stocks and contracts in progress | 3 | €2,326 | - | -€2,326 | |
| Stocks | 30/36 | €2,326 | - | -€2,326 | |
| Amounts receivable within one year | 40/41 | €29,716 | €45,554 | +€15,838 | +53.3% |
| Trade receivables | 40 | €2,196 | - | -€2,196 | |
| Other amounts receivable | 41 | €27,520 | €45,554 | +€18,034 | +65.5% |
| Cash at bank and in hand | 54/58 | €18,997 | €5,388 | -€13,609 | -71.6% |
| Deferred charges and accrued income | 490/1 | €401 | - | -€401 | |
| Total equity and liabilities | 10/49 | €57,406 | €54,809 | -€2,597 | -4.5% |
| Equity | 10/15 | €41,419 | €43,329 | +€1,910 | +4.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €10,000 | +€10,000 | |
| Other | 1109/19 | - | €10,000 | +€10,000 | |
| Reserves | 13 | €31,419 | €33,329 | +€1,910 | +6.1% |
| Distributable reserves | 133 | €31,419 | €33,329 | +€1,910 | +6.1% |
| Amounts payable | 17/49 | €15,987 | €11,480 | -€4,508 | -28.2% |
| Amounts payable within one year | 42/48 | €15,749 | €11,480 | -€4,269 | -27.1% |
| Trade debts | 44 | €4,796 | €7,077 | +€2,281 | +47.6% |
| Suppliers | 440/4 | €4,796 | €7,077 | +€2,281 | +47.6% |
| Taxes, remuneration and social security | 45 | €10,825 | €4,402 | -€6,423 | -59.3% |
| Taxes | 450/3 | €10,519 | €4,402 | -€6,117 | -58.2% |
| Remuneration and social security | 454/9 | €306 | - | -€306 | |
| Other amounts payable | 47/48 | €127 | - | -€127 | |
| Accrued charges and deferred income | 492/3 | €239 | - | -€239 | |
| Remuneration, social security and pensions | 62 | €13,583 | €4,845 | -€8,737 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €464 | €2,099 | +€1,635 | +352.5% |
| Other operating charges | 640/8 | €325 | €733 | +€408 | +125.5% |
| Non-recurring operating charges | 66A | - | €230 | +€230 | |
| Gross operating margin | 9900 | €20,079 | €11,021 | -€9,058 | -45.1% |
| Operating profit (loss) | 9901 | €5,707 | €3,113 | -€2,594 | -45.5% |
| Financial income | 75/76B | €1,220 | €22 | -€1,198 | -98.2% |
| Recurring financial income | 75 | €1,220 | €22 | -€1,198 | -98.2% |
| Financial charges | 65/66B | €90 | €706 | +€616 | +687.0% |
| Recurring financial charges | 65 | €90 | €706 | +€616 | +687.0% |
| Profit (loss) for the period before taxes | 9903 | €6,838 | €2,429 | -€4,409 | -64.5% |
| Income taxes | 67/77 | €1,414 | €519 | -€896 | -63.3% |
| Profit (loss) for the period | 9904 | €5,423 | €1,910 | -€3,513 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,423 | €1,910 | -€3,513 | -64.8% |
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 12 October 2026 via checked.be.