The Winning Brief: what changed
The Winning Brief
Largest movements
- Receivables within one year -€11,411
down €11,411 (-69.8%), from €16,353 to €4,942
of which Trade receivables: -€7,111
- Cash -€5,693
down €5,693 (-83.1%), from €6,853 to €1,160
mainly Net result for the year (-€11,272) and Debts after one year (-€4,286)
- Tangible fixed assets -€1,852
down €1,852 (-80.3%), from €2,306 to €454
of which Other tangible fixed assets: -€1,199
- Intangible fixed assets -€785
down €785 (-88.0%), from €892 to €107
- Profit (loss) carried forward -€11,272
down €11,272 (-59.9%), from -€18,815 to -€30,086
- Debts after one year -€4,286
down €4,286 (-56.2%), from €7,630 to €3,344
- Current portion of long-term debt -€2,213
down €2,213 (-32.4%), from €6,838 to €4,625
- Tax, wage and social debts -€1,564
down €1,564 (-27.6%), from €5,661 to €4,096
- Advances received -€954
no longer reported in 2025 (was €954)
- Gross operating margin -€13,124
down €13,124, from €7,237 to -€5,887
- Other operating charges -€2,903
down €2,903 (-74.9%), from €3,875 to €973
- Financial charges +€1,172
up €1,172 (+279%), from €420 to €1,592
- Depreciation -€1,010
down €1,010 (-27.7%), from €3,647 to €2,637
- Financial income -€656
down €656 (-92.1%), from €713 to €56
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,542 | €6,843 | -€19,699 | -74.2% |
| Fixed assets | 21/28 | €3,198 | €741 | -€2,457 | -76.8% |
| Intangible fixed assets | 21 | €892 | €107 | -€785 | -88.0% |
| Tangible fixed assets | 22/27 | €2,306 | €454 | -€1,852 | -80.3% |
| Furniture and vehicles | 24 | €1,107 | €454 | -€653 | -59.0% |
| Other tangible fixed assets | 26 | €1,199 | - | -€1,199 | |
| Financial fixed assets | 28 | - | €180 | +€180 | |
| Current assets | 29/58 | €23,344 | €6,102 | -€17,242 | -73.9% |
| Amounts receivable within one year | 40/41 | €16,353 | €4,942 | -€11,411 | -69.8% |
| Trade receivables | 40 | €11,931 | €4,820 | -€7,111 | -59.6% |
| Other amounts receivable | 41 | €4,422 | €122 | -€4,300 | -97.3% |
| Cash at bank and in hand | 54/58 | €6,853 | €1,160 | -€5,693 | -83.1% |
| Deferred charges and accrued income | 490/1 | €138 | - | -€138 | |
| Total equity and liabilities | 10/49 | €26,542 | €6,843 | -€19,699 | -74.2% |
| Equity | 10/15 | €5,047 | -€6,225 | -€11,272 | |
| Contributions | 10/11 | €23,861 | €23,861 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,815 | -€30,086 | -€11,272 | -59.9% |
| Amounts payable | 17/49 | €21,495 | €13,068 | -€8,427 | -39.2% |
| Amounts payable after more than one year | 17 | €7,630 | €3,344 | -€4,286 | -56.2% |
| Financial debts | 170/4 | €7,630 | €3,344 | -€4,286 | -56.2% |
| Amounts payable within one year | 42/48 | €13,865 | €9,724 | -€4,141 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €6,838 | €4,625 | -€2,213 | -32.4% |
| Financial debts | 43 | - | €535 | +€535 | |
| Credit institutions | 430/8 | - | €535 | +€535 | |
| Trade debts | 44 | €412 | €468 | +€56 | +13.6% |
| Suppliers | 440/4 | €412 | €468 | +€56 | +13.6% |
| Advances received on contracts in progress | 46 | €954 | - | -€954 | |
| Taxes, remuneration and social security | 45 | €5,661 | €4,096 | -€1,564 | -27.6% |
| Taxes | 450/3 | €5,661 | €4,096 | -€1,564 | -27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,647 | €2,637 | -€1,010 | -27.7% |
| Other operating charges | 640/8 | €3,875 | €973 | -€2,903 | -74.9% |
| Gross operating margin | 9900 | €7,237 | -€5,887 | -€13,124 | |
| Operating profit (loss) | 9901 | -€285 | -€9,497 | -€9,211 | -3,229% |
| Financial income | 75/76B | €713 | €56 | -€656 | -92.1% |
| Recurring financial income | 75 | €713 | €56 | -€656 | -92.1% |
| Financial charges | 65/66B | €420 | €1,592 | +€1,172 | +279% |
| Recurring financial charges | 65 | €420 | €1,592 | +€1,172 | +279% |
| Profit (loss) for the period before taxes | 9903 | €7 | -€11,032 | -€11,040 | |
| Income taxes | 67/77 | - | €239 | +€239 | |
| Profit (loss) for the period | 9904 | €7 | -€11,272 | -€11,279 | |
| Profit (loss) for the period to be appropriated | 9905 | €7 | -€11,272 | -€11,279 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.