THE WORKS !: 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 WORKS !
Largest movements
- Cash +€58,734
up €58,734 (+335%), from €17,558 to €76,293
mainly Net result for the year (+€68,109) and Debts after one year (+€25,225)
- Tangible fixed assets +€27,652
up €27,652 (+105%), from €26,292 to €53,944
of which Furniture and vehicles: +€30,652
- Receivables within one year +€24,816
up €24,816 (+14.9%), from €166,650 to €191,466
of which Other amounts receivable: +€34,864
- Reserves +€68,109
up €68,109 (+36.7%), from €185,526 to €253,635
- Debts after one year +€25,225
new in 2025: €25,225
- Trade debts -€8,581
down €8,581 (-50.7%), from €16,915 to €8,334
- Tax, wage and social debts +€7,234
up €7,234 (+54.3%), from €13,321 to €20,555
- Accrued charges and deferred income +€6,400
new in 2025: €6,400
- Gross operating margin +€38,937
up €38,937 (+63.5%), from €61,289 to €100,226
- Taxes +€10,873
up €10,873 (+64.8%), from €16,782 to €27,655
- Depreciation +€2,287
up €2,287 (+28.1%), from €8,133 to €10,421
- Financial income +€1,623
up €1,623 (+29.1%), from €5,576 to €7,199
of which Non-recurring financial income: +€1,565
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 | €230,144 | €339,496 | +€109,353 | +47.5% |
| Fixed assets | 21/28 | €26,292 | €54,044 | +€27,752 | +106% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €26,292 | €53,944 | +€27,652 | +105% |
| Plant, machinery and equipment | 23 | €11,829 | €8,829 | -€3,000 | -25.4% |
| Furniture and vehicles | 24 | €14,463 | €45,115 | +€30,652 | +212% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €203,852 | €285,452 | +€81,600 | +40.0% |
| Amounts receivable within one year | 40/41 | €166,650 | €191,466 | +€24,816 | +14.9% |
| Trade receivables | 40 | €67,067 | €57,019 | -€10,048 | -15.0% |
| Other amounts receivable | 41 | €99,583 | €134,447 | +€34,864 | +35.0% |
| Current investments | 50/53 | €15,893 | €15,893 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,558 | €76,293 | +€58,734 | +335% |
| Deferred charges and accrued income | 490/1 | €3,750 | €1,800 | -€1,950 | -52.0% |
| Total equity and liabilities | 10/49 | €230,144 | €339,496 | +€109,353 | +47.5% |
| Equity | 10/15 | €196,526 | €264,635 | +€68,109 | +34.7% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Contributions outside capital | 11 | €11,000 | - | -€11,000 | |
| Other | 1109/19 | €11,000 | - | -€11,000 | |
| Reserves | 13 | €185,526 | €253,635 | +€68,109 | +36.7% |
| Distributable reserves | 133 | €185,526 | €253,635 | +€68,109 | +36.7% |
| Amounts payable | 17/49 | €33,618 | €74,862 | +€41,244 | +123% |
| Amounts payable after more than one year | 17 | - | €25,225 | +€25,225 | |
| Financial debts | 170/4 | - | €25,225 | +€25,225 | |
| Amounts payable within one year | 42/48 | €33,618 | €43,237 | +€9,619 | +28.6% |
| Current portion of amounts payable after more than one year | 42 | - | €6,198 | +€6,198 | |
| Financial debts | 43 | €3,381 | €5,665 | +€2,284 | +67.5% |
| Credit institutions | 430/8 | €3,381 | €5,665 | +€2,284 | +67.5% |
| Trade debts | 44 | €16,915 | €8,334 | -€8,581 | -50.7% |
| Suppliers | 440/4 | €16,915 | €8,334 | -€8,581 | -50.7% |
| Taxes, remuneration and social security | 45 | €13,321 | €20,555 | +€7,234 | +54.3% |
| Taxes | 450/3 | €13,321 | €20,555 | +€7,234 | +54.3% |
| Other amounts payable | 47/48 | - | €2,484 | +€2,484 | |
| Accrued charges and deferred income | 492/3 | - | €6,400 | +€6,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,133 | €10,421 | +€2,287 | +28.1% |
| Other operating charges | 640/8 | €741 | €564 | -€178 | -23.9% |
| Gross operating margin | 9900 | €61,289 | €100,226 | +€38,937 | +63.5% |
| Operating profit (loss) | 9901 | €52,415 | €89,242 | +€36,827 | +70.3% |
| Financial income | 75/76B | €5,576 | €7,199 | +€1,623 | +29.1% |
| Recurring financial income | 75 | €49 | €107 | +€58 | +117% |
| Non-recurring financial income | 76B | €5,526 | €7,092 | +€1,565 | +28.3% |
| Financial charges | 65/66B | €532 | €678 | +€145 | +27.3% |
| Recurring financial charges | 65 | €532 | €678 | +€145 | +27.3% |
| Profit (loss) for the period before taxes | 9903 | €57,458 | €95,763 | +€38,305 | +66.7% |
| Income taxes | 67/77 | €16,782 | €27,655 | +€10,873 | +64.8% |
| Profit (loss) for the period | 9904 | €40,676 | €68,109 | +€27,433 | +67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,676 | €68,109 | +€27,433 | +67.4% |
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 15 October 2026 via checked.be.