Third Way: 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.
Third Way
Largest movements
- Cash -€78,017
down €78,017 (-52.7%), from €147,960 to €69,943
mainly Current investments (-€45,000) and Investment in fixed assets (net) (-€44,177)
- Current investments +€45,000
new in 2025: €45,000
- Tangible fixed assets +€37,628
up €37,628 (+761%), from €4,947 to €42,575
of which Furniture and vehicles: +€37,803
- Receivables within one year +€17,322
up €17,322 (+103%), from €16,875 to €34,197
of which Trade receivables: +€10,970
- Reserves +€40,000
up €40,000 (+85.4%), from €46,860 to €86,860
- Profit (loss) carried forward -€33,423
down €33,423 (-49.0%), from €68,198 to €34,775
- Other debts +€26,000
up €26,000 (+325%), from €8,000 to €34,000
- Tax, wage and social debts -€12,047
down €12,047 (-44.3%), from €27,204 to €15,157
- Gross operating margin +€7,180
up €7,180 (+12.5%), from €57,466 to €64,646
- Depreciation +€4,133
up €4,133 (+171%), from €2,416 to €6,549
- Taxes +€2,135
up €2,135 (+14.9%), from €14,321 to €16,455
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 | €172,649 | €193,857 | +€21,208 | +12.3% |
| Fixed assets | 21/28 | €4,947 | €42,575 | +€37,628 | +761% |
| Tangible fixed assets | 22/27 | €4,947 | €42,575 | +€37,628 | +761% |
| Land and buildings | 22 | €274 | €99 | -€175 | -63.9% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €4,673 | €42,476 | +€37,803 | +809% |
| Current assets | 29/58 | €167,702 | €151,282 | -€16,420 | -9.8% |
| Amounts receivable within one year | 40/41 | €16,875 | €34,197 | +€17,322 | +103% |
| Trade receivables | 40 | €16,389 | €27,359 | +€10,970 | +66.9% |
| Other amounts receivable | 41 | €486 | €6,838 | +€6,353 | +1,307% |
| Current investments | 50/53 | - | €45,000 | +€45,000 | |
| Cash at bank and in hand | 54/58 | €147,960 | €69,943 | -€78,017 | -52.7% |
| Deferred charges and accrued income | 490/1 | €2,868 | €2,142 | -€725 | -25.3% |
| Total equity and liabilities | 10/49 | €172,649 | €193,857 | +€21,208 | +12.3% |
| Equity | 10/15 | €133,658 | €140,235 | +€6,577 | +4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,860 | €86,860 | +€40,000 | +85.4% |
| Distributable reserves | 133 | €46,860 | €86,860 | +€40,000 | +85.4% |
| Profit (loss) carried forward | 14 | €68,198 | €34,775 | -€33,423 | -49.0% |
| Amounts payable | 17/49 | €38,992 | €53,623 | +€14,631 | +37.5% |
| Amounts payable within one year | 42/48 | €38,940 | €53,623 | +€14,682 | +37.7% |
| Trade debts | 44 | €3,736 | €4,465 | +€729 | +19.5% |
| Suppliers | 440/4 | €3,736 | €4,465 | +€729 | +19.5% |
| Taxes, remuneration and social security | 45 | €27,204 | €15,157 | -€12,047 | -44.3% |
| Taxes | 450/3 | €27,204 | €15,157 | -€12,047 | -44.3% |
| Other amounts payable | 47/48 | €8,000 | €34,000 | +€26,000 | +325% |
| Accrued charges and deferred income | 492/3 | €51 | €0 | -€51 | -100% |
| Turnover | 70 | €173,279 | €173,679 | +€400 | +0.2% |
| Non-recurring operating income | 76A | €0 | €8,239 | +€8,239 | |
| Goods, raw materials, services and sundry goods | 60/61 | €118,314 | €119,197 | +€883 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,416 | €6,549 | +€4,133 | +171% |
| Other operating charges | 640/8 | €972 | €1,007 | +€34 | +3.5% |
| Gross operating margin | 9900 | €57,466 | €64,646 | +€7,180 | +12.5% |
| Operating profit (loss) | 9901 | €54,077 | €57,090 | +€3,013 | +5.6% |
| Financial income | 75/76B | €26 | €111 | +€85 | +324% |
| Recurring financial income | 75 | €26 | €111 | +€85 | +324% |
| Financial charges | 65/66B | €212 | €168 | -€44 | -20.6% |
| Recurring financial charges | 65 | €212 | €168 | -€44 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €53,891 | €57,032 | +€3,141 | +5.8% |
| Income taxes | 67/77 | €14,321 | €16,455 | +€2,135 | +14.9% |
| Profit (loss) for the period | 9904 | €39,570 | €40,577 | +€1,006 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €39,570 | €40,577 | +€1,006 | +2.5% |
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.