THE VIEW: 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 VIEW
Largest movements
- Cash +€95,555
up €95,555 (+94.3%), from €101,278 to €196,833
mainly Net result for the year (+€147,368) and Tax, wage and social debts (+€145,667)
- Receivables within one year -€87,971
down €87,971 (-44.7%), from €196,855 to €108,884
of which Trade receivables: -€97,921
- Tangible fixed assets +€66,671
up €66,671 (+35.3%), from €188,634 to €255,305
of which Other tangible fixed assets: +€42,601
- Deferred charges and accrued income +€32,142
new in 2025: €32,142
- Receivables after one year -€28,271
down €28,271 (-6.0%), from €470,000 to €441,729
- Trade debts -€247,081
down €247,081 (-61.9%), from €398,981 to €151,900
- Reserves +€147,368
up €147,368 (+31.3%), from €471,317 to €618,685
- Tax, wage and social debts +€145,667
up €145,667 (+129%), from €112,931 to €258,598
of which Remuneration and social security: +€124,814
- Current portion of long-term debt +€19,493
new in 2025: €19,493
- Gross operating margin +€167,794
up €167,794 (+16.5%), from €1.0m to €1.2m
- Taxes +€45,258
up €45,258 (+614%), from €7,375 to €52,633
- Staff costs -€12,676
down €12,676 (-1.4%), from €915,727 to €903,051
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 | €994,767 | €1,061,753 | +€66,986 | +6.7% |
| Fixed assets | 21/28 | €188,634 | €255,305 | +€66,671 | +35.3% |
| Tangible fixed assets | 22/27 | €188,634 | €255,305 | +€66,671 | +35.3% |
| Plant, machinery and equipment | 23 | €188,634 | €210,269 | +€21,635 | +11.5% |
| Furniture and vehicles | 24 | - | €2,435 | +€2,435 | |
| Other tangible fixed assets | 26 | - | €42,601 | +€42,601 | |
| Current assets | 29/58 | €806,133 | €806,448 | +€315 | 0.0% |
| Amounts receivable after more than one year | 29 | €470,000 | €441,729 | -€28,271 | -6.0% |
| Other amounts receivable | 291 | €470,000 | €441,729 | -€28,271 | -6.0% |
| Stocks and contracts in progress | 3 | €38,000 | €26,860 | -€11,140 | -29.3% |
| Stocks | 30/36 | €38,000 | €26,860 | -€11,140 | -29.3% |
| Amounts receivable within one year | 40/41 | €196,855 | €108,884 | -€87,971 | -44.7% |
| Trade receivables | 40 | €191,564 | €93,643 | -€97,921 | -51.1% |
| Other amounts receivable | 41 | €5,291 | €15,240 | +€9,949 | +188% |
| Cash at bank and in hand | 54/58 | €101,278 | €196,833 | +€95,555 | +94.3% |
| Deferred charges and accrued income | 490/1 | - | €32,142 | +€32,142 | |
| Total equity and liabilities | 10/49 | €994,767 | €1,061,753 | +€66,986 | +6.7% |
| Equity | 10/15 | €482,855 | €630,222 | +€147,367 | +30.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €471,317 | €618,685 | +€147,368 | +31.3% |
| Distributable reserves | 133 | €471,317 | €618,685 | +€147,368 | +31.3% |
| Profit (loss) carried forward | 14 | €1,538 | €1,538 | -€0 | 0.0% |
| Amounts payable | 17/49 | €511,912 | €431,531 | -€80,381 | -15.7% |
| Amounts payable within one year | 42/48 | €511,912 | €431,531 | -€80,381 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | - | €19,493 | +€19,493 | |
| Trade debts | 44 | €398,981 | €151,900 | -€247,081 | -61.9% |
| Suppliers | 440/4 | €398,981 | €151,900 | -€247,081 | -61.9% |
| Taxes, remuneration and social security | 45 | €112,931 | €258,598 | +€145,667 | +129% |
| Taxes | 450/3 | €79,313 | €100,166 | +€20,853 | +26.3% |
| Remuneration and social security | 454/9 | €33,618 | €158,432 | +€124,814 | +371% |
| Other amounts payable | 47/48 | - | €1,540 | +€1,540 | |
| Remuneration, social security and pensions | 62 | €915,727 | €903,051 | -€12,676 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,566 | €63,559 | +€7,993 | +14.4% |
| Other operating charges | 640/8 | €14,645 | €7,996 | -€6,649 | -45.4% |
| Gross operating margin | 9900 | €1,014,812 | €1,182,606 | +€167,794 | +16.5% |
| Operating profit (loss) | 9901 | €28,874 | €208,000 | +€179,126 | +620% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €19,367 | €7,999 | -€11,368 | -58.7% |
| Recurring financial charges | 65 | €19,367 | €7,999 | -€11,368 | -58.7% |
| Profit (loss) for the period before taxes | 9903 | €9,507 | €200,001 | +€190,494 | +2,004% |
| Income taxes | 67/77 | €7,375 | €52,633 | +€45,258 | +614% |
| Profit (loss) for the period | 9904 | €2,132 | €147,368 | +€145,236 | +6,812% |
| Profit (loss) for the period to be appropriated | 9905 | €2,132 | €147,368 | +€145,236 | +6,812% |
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 14 October 2026 via checked.be.