THEMATIQUES: 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.
THEMATIQUES
Largest movements
- Receivables within one year -€66,552
down €66,552 (-60.4%), from €110,098 to €43,546
of which Trade receivables: -€63,676
- Tangible fixed assets -€3,354
down €3,354 (-22.6%), from €14,858 to €11,505
of which Furniture and vehicles: -€1,941
- Stocks and contracts -€2,500
down €2,500 (-36.1%), from €6,930 to €4,430
- Cash -€2,341
down €2,341 (-99.6%), from €2,350 to €9
mainly Net result for the year (-€58,688) and Trade debts (-€14,481)
- Profit (loss) carried forward -€58,688
down €58,688, from €45,853 to -€12,835
- Trade debts -€14,481
down €14,481 (-46.9%), from €30,844 to €16,364
- Short-term financial debts +€10,901
new in 2025: €10,901
- Current portion of long-term debt -€9,502
down €9,502 (-71.8%), from €13,237 to €3,735
- Debts after one year -€3,735
down €3,735 (-48.6%), from €7,691 to €3,956
- Gross operating margin -€71,872
down €71,872 (-50.5%), from €142,246 to €70,374
- Staff costs -€15,173
down €15,173 (-10.9%), from €139,386 to €124,213
- Depreciation +€1,444
up €1,444 (+75.6%), from €1,909 to €3,354
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 | €136,028 | €60,502 | -€75,526 | -55.5% |
| Fixed assets | 21/28 | €15,443 | €12,027 | -€3,415 | -22.1% |
| Tangible fixed assets | 22/27 | €14,858 | €11,505 | -€3,354 | -22.6% |
| Plant, machinery and equipment | 23 | €6,985 | €5,572 | -€1,412 | -20.2% |
| Furniture and vehicles | 24 | €7,874 | €5,932 | -€1,941 | -24.7% |
| Financial fixed assets | 28 | €585 | €523 | -€62 | -10.6% |
| Current assets | 29/58 | €120,585 | €48,475 | -€72,111 | -59.8% |
| Stocks and contracts in progress | 3 | €6,930 | €4,430 | -€2,500 | -36.1% |
| Stocks | 30/36 | €6,930 | €4,430 | -€2,500 | -36.1% |
| Amounts receivable within one year | 40/41 | €110,098 | €43,546 | -€66,552 | -60.4% |
| Trade receivables | 40 | €93,010 | €29,334 | -€63,676 | -68.5% |
| Other amounts receivable | 41 | €17,089 | €14,212 | -€2,876 | -16.8% |
| Cash at bank and in hand | 54/58 | €2,350 | €9 | -€2,341 | -99.6% |
| Deferred charges and accrued income | 490/1 | €1,207 | €490 | -€717 | -59.4% |
| Total equity and liabilities | 10/49 | €136,028 | €60,502 | -€75,526 | -55.5% |
| Equity | 10/15 | €66,753 | €8,065 | -€58,688 | -87.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,853 | -€12,835 | -€58,688 | |
| Amounts payable | 17/49 | €69,275 | €52,436 | -€16,838 | -24.3% |
| Amounts payable after more than one year | 17 | €7,691 | €3,956 | -€3,735 | -48.6% |
| Financial debts | 170/4 | €7,691 | €3,956 | -€3,735 | -48.6% |
| Amounts payable within one year | 42/48 | €61,584 | €48,480 | -€13,103 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €13,237 | €3,735 | -€9,502 | -71.8% |
| Financial debts | 43 | - | €10,901 | +€10,901 | |
| Credit institutions | 430/8 | - | €10,901 | +€10,901 | |
| Trade debts | 44 | €30,844 | €16,364 | -€14,481 | -46.9% |
| Suppliers | 440/4 | €30,844 | €16,364 | -€14,481 | -46.9% |
| Taxes, remuneration and social security | 45 | €17,502 | €17,481 | -€21 | -0.1% |
| Taxes | 450/3 | €8,129 | €2,375 | -€5,754 | -70.8% |
| Remuneration and social security | 454/9 | €9,373 | €15,106 | +€5,733 | +61.2% |
| Remuneration, social security and pensions | 62 | €139,386 | €124,213 | -€15,173 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,909 | €3,354 | +€1,444 | +75.6% |
| Other operating charges | 640/8 | €430 | €653 | +€223 | +51.8% |
| Gross operating margin | 9900 | €142,246 | €70,374 | -€71,872 | -50.5% |
| Operating profit (loss) | 9901 | €521 | -€57,845 | -€58,366 | |
| Financial income | 75/76B | - | €887 | +€887 | |
| Recurring financial income | 75 | - | €887 | +€887 | |
| Financial charges | 65/66B | €1,764 | €1,277 | -€488 | -27.6% |
| Recurring financial charges | 65 | €1,764 | €1,277 | -€488 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,243 | -€58,235 | -€56,991 | -4,583% |
| Income taxes | 67/77 | - | €453 | +€453 | |
| Profit (loss) for the period | 9904 | -€1,243 | -€58,688 | -€57,444 | -4,620% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,243 | -€58,688 | -€57,444 | -4,620% |
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 17 October 2026 via checked.be.