THE WAVE: 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 WAVE
Largest movements
- Current investments +€350,000
up €350,000 (+43.8%), from €800,000 to €1.2m
- Cash -€249,648
down €249,648 (-84.1%), from €297,006 to €47,358
mainly Contributions, distributions and other (-€432,500) and Current investments (-€350,000)
- Receivables within one year +€188,989
up €188,989 (+17.7%), from €1.1m to €1.3m
of which Trade receivables: +€218,933
- Intangible fixed assets +€72,801
up €72,801 (+617.8%), from €11,783 to €84,584
- Trade debts +€287,395
up €287,395 (+230.5%), from €124,707 to €412,102
- Other debts +€131,496
up €131,496 (+43.8%), from €300,220 to €431,716
- Tax, wage and social debts -€107,933
down €107,933 (-69.0%), from €156,374 to €48,441
of which Taxes: -€100,865
- Profit (loss) carried forward +€92,375
up €92,375 (+6.2%), from €1.5m to €1.6m
- Current portion of long-term debt -€37,564
down €37,564 (-27.3%), from €137,564 to €100,000
- Staff costs +€54,579
up €54,579 (+22.7%), from €240,326 to €294,905
- Gross operating margin -€38,073
down €38,073 (-3.8%), from €992,981 to €954,908
- Depreciation -€24,857
down €24,857 (-31.4%), from €79,196 to €54,339
- Taxes -€15,097
down €15,097 (-15.1%), from €100,000 to €84,903
- Financial income +€10,395
up €10,395 (+1801.6%), from €577 to €10,972
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 | €2,302,693 | €2,649,140 | +€346,447 | +15.0% |
| Fixed assets | 21/28 | €129,777 | €185,603 | +€55,826 | +43.0% |
| Intangible fixed assets | 21 | €11,783 | €84,584 | +€72,801 | +617.8% |
| Tangible fixed assets | 22/27 | €115,710 | €98,735 | -€16,975 | -14.7% |
| Plant, machinery and equipment | 23 | €3,276 | €2,705 | -€571 | -17.4% |
| Furniture and vehicles | 24 | €112,434 | €96,030 | -€16,404 | -14.6% |
| Financial fixed assets | 28 | €2,284 | €2,284 | = | 0.0% |
| Current assets | 29/58 | €2,172,916 | €2,463,537 | +€290,621 | +13.4% |
| Amounts receivable within one year | 40/41 | €1,069,823 | €1,258,812 | +€188,989 | +17.7% |
| Trade receivables | 40 | €709,209 | €928,142 | +€218,933 | +30.9% |
| Other amounts receivable | 41 | €360,614 | €330,670 | -€29,944 | -8.3% |
| Current investments | 50/53 | €800,000 | €1,150,000 | +€350,000 | +43.8% |
| Cash at bank and in hand | 54/58 | €297,006 | €47,358 | -€249,648 | -84.1% |
| Deferred charges and accrued income | 490/1 | €6,087 | €7,367 | +€1,280 | +21.0% |
| Total equity and liabilities | 10/49 | €2,302,693 | €2,649,140 | +€346,447 | +15.0% |
| Equity | 10/15 | €1,564,506 | €1,656,881 | +€92,375 | +5.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,483,006 | €1,575,381 | +€92,375 | +6.2% |
| Amounts payable | 17/49 | €738,187 | €992,259 | +€254,072 | +34.4% |
| Amounts payable after more than one year | 17 | €14,179 | - | -€14,179 | |
| Financial debts | 170/4 | €14,179 | - | -€14,179 | |
| Amounts payable within one year | 42/48 | €724,008 | €992,259 | +€268,251 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €137,564 | €100,000 | -€37,564 | -27.3% |
| Financial debts | 43 | €5,143 | - | -€5,143 | |
| Credit institutions | 430/8 | €5,143 | - | -€5,143 | |
| Trade debts | 44 | €124,707 | €412,102 | +€287,395 | +230.5% |
| Suppliers | 440/4 | €124,707 | €412,102 | +€287,395 | +230.5% |
| Taxes, remuneration and social security | 45 | €156,374 | €48,441 | -€107,933 | -69.0% |
| Taxes | 450/3 | €127,249 | €26,384 | -€100,865 | -79.3% |
| Remuneration and social security | 454/9 | €29,125 | €22,057 | -€7,068 | -24.3% |
| Other amounts payable | 47/48 | €300,220 | €431,716 | +€131,496 | +43.8% |
| Remuneration, social security and pensions | 62 | €240,326 | €294,905 | +€54,579 | +22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,196 | €54,339 | -€24,857 | -31.4% |
| Other operating charges | 640/8 | €968 | €1,579 | +€611 | +63.1% |
| Gross operating margin | 9900 | €992,981 | €954,908 | -€38,073 | -3.8% |
| Operating profit (loss) | 9901 | €672,491 | €604,085 | -€68,406 | -10.2% |
| Financial income | 75/76B | €577 | €10,972 | +€10,395 | +1801.6% |
| Recurring financial income | 75 | €577 | €10,972 | +€10,395 | +1801.6% |
| Financial charges | 65/66B | €5,519 | €5,279 | -€240 | -4.3% |
| Recurring financial charges | 65 | €5,519 | €5,279 | -€240 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €667,549 | €609,778 | -€57,771 | -8.7% |
| Income taxes | 67/77 | €100,000 | €84,903 | -€15,097 | -15.1% |
| Profit (loss) for the period | 9904 | €567,549 | €524,875 | -€42,674 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €567,549 | €524,875 | -€42,674 | -7.5% |
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 30 September 2026 via checked.be.