THE WRITE STUFF: 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 WRITE STUFF
Largest movements
- Receivables within one year -€121,121
down €121,121 (-99.7%), from €121,543 to €422
of which Other amounts receivable: -€108,656
- Tangible fixed assets -€11,222
down €11,222 (-5.6%), from €199,662 to €188,440
of which Land and buildings: -€5,818
- Deferred charges and accrued income -€9,500
down €9,500 (-86.4%), from €10,994 to €1,494
- Profit (loss) carried forward -€120,642
down €120,642 (-38.8%), from €311,119 to €190,477
- Trade debts -€10,978
down €10,978 (-88.2%), from €12,442 to €1,464
- Debts after one year -€5,961
no longer reported in 2025 (was €5,961)
- Gross operating margin +€10,322
up €10,322 (+146.1%), from €7,066 to €17,389
- Financial income -€6,009
down €6,009 (-85.7%), from €7,013 to €1,004
- Depreciation -€1,795
down €1,795 (-12.0%), from €14,910 to €13,115
- Other operating charges +€332
up €332 (+18.4%), from €1,804 to €2,137
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 | €387,533 | €248,619 | -€138,915 | -35.8% |
| Fixed assets | 21/28 | €199,687 | €188,465 | -€11,222 | -5.6% |
| Tangible fixed assets | 22/27 | €199,662 | €188,440 | -€11,222 | -5.6% |
| Land and buildings | 22 | €187,636 | €181,818 | -€5,818 | -3.1% |
| Plant, machinery and equipment | 23 | €5,797 | €3,246 | -€2,551 | -44.0% |
| Furniture and vehicles | 24 | €6,228 | €3,376 | -€2,853 | -45.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €187,846 | €60,153 | -€127,693 | -68.0% |
| Amounts receivable within one year | 40/41 | €121,543 | €422 | -€121,121 | -99.7% |
| Trade receivables | 40 | €12,694 | €229 | -€12,465 | -98.2% |
| Other amounts receivable | 41 | €108,849 | €193 | -€108,656 | -99.8% |
| Current investments | 50/53 | €13,331 | €13,331 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €41,978 | €44,907 | +€2,928 | +7.0% |
| Deferred charges and accrued income | 490/1 | €10,994 | €1,494 | -€9,500 | -86.4% |
| Total equity and liabilities | 10/49 | €387,533 | €248,619 | -€138,915 | -35.8% |
| Equity | 10/15 | €346,463 | €224,718 | -€121,745 | -35.1% |
| Contributions | 10/11 | €6,605 | €6,605 | = | 0.0% |
| Reserves | 13 | €28,738 | €27,636 | -€1,103 | -3.8% |
| Tax-exempt reserves | 132 | €26,838 | €25,736 | -€1,103 | -4.1% |
| Distributable reserves | 133 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €311,119 | €190,477 | -€120,642 | -38.8% |
| Provisions and deferred taxes | 16 | €13,817 | €13,249 | -€568 | -4.1% |
| Deferred taxes | 168 | €13,817 | €13,249 | -€568 | -4.1% |
| Amounts payable | 17/49 | €27,253 | €10,652 | -€16,601 | -60.9% |
| Amounts payable after more than one year | 17 | €5,961 | - | -€5,961 | |
| Financial debts | 170/4 | €5,961 | - | -€5,961 | |
| Amounts payable within one year | 42/48 | €21,292 | €10,652 | -€10,640 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €8,414 | €6,552 | -€1,862 | -22.1% |
| Trade debts | 44 | €12,442 | €1,464 | -€10,978 | -88.2% |
| Suppliers | 440/4 | €12,442 | €1,464 | -€10,978 | -88.2% |
| Taxes, remuneration and social security | 45 | €436 | €716 | +€280 | +64.4% |
| Taxes | 450/3 | €436 | €716 | +€280 | +64.4% |
| Other amounts payable | 47/48 | - | €1,920 | +€1,920 | |
| Non-recurring operating income | 76A | - | €11,312 | +€11,312 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,910 | €13,115 | -€1,795 | -12.0% |
| Other operating charges | 640/8 | €1,804 | €2,137 | +€332 | +18.4% |
| Gross operating margin | 9900 | €7,066 | €17,389 | +€10,322 | +146.1% |
| Operating profit (loss) | 9901 | -€9,648 | €2,137 | +€11,785 | |
| Financial income | 75/76B | €7,013 | €1,004 | -€6,009 | -85.7% |
| Recurring financial income | 75 | €7,013 | €1,004 | -€6,009 | -85.7% |
| Financial charges | 65/66B | €510 | €454 | -€56 | -11.0% |
| Recurring financial charges | 65 | €510 | €454 | -€56 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | -€3,145 | €2,687 | +€5,832 | |
| Transfer from deferred taxes | 780 | €568 | €568 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€2,577 | €3,255 | +€5,832 | |
| Transfer from tax-exempt reserves | 789 | €1,103 | €1,103 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,474 | €4,358 | +€5,832 |
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 5 October 2026 via checked.be.