TIME FLIES: 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.
TIME FLIES
Largest movements
- Stocks and contracts -€1.5m
down €1.5m (-100%), from €1.5m to €0
- Receivables within one year -€1.4m
down €1.4m (-70.7%), from €2.0m to €572,568
of which Trade receivables: -€1.4m
- Cash -€142,662
down €142,662 (-53.8%), from €265,270 to €122,608
mainly Other debts (-€1.7m) and Trade debts (-€1.3m)
- Other debts -€1.7m
down €1.7m (-59.4%), from €2.9m to €1.2m
- Trade debts -€1.3m
down €1.3m (-95.0%), from €1.4m to €69,701
- Other operating charges -€58,320
down €58,320 (-98.1%), from €59,463 to €1,143
- Gross operating margin -€57,614
down €57,614 (-96.9%), from €59,463 to €1,848
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
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 | €4,722,363 | €1,660,561 | -€3.1m | -64.8% |
| Fixed assets | 21/28 | €965,385 | €965,385 | = | 0.0% |
| Tangible fixed assets | 22/27 | €965,385 | €965,385 | = | 0.0% |
| Land and buildings | 22 | €965,385 | €965,385 | = | 0.0% |
| Current assets | 29/58 | €3,756,978 | €695,176 | -€3.1m | -81.5% |
| Stocks and contracts in progress | 3 | €1,538,417 | €0 | -€1.5m | -100% |
| Stocks | 30/36 | €1,538,417 | €0 | -€1.5m | -100% |
| Amounts receivable within one year | 40/41 | €1,953,291 | €572,568 | -€1.4m | -70.7% |
| Trade receivables | 40 | €1,936,455 | €572,568 | -€1.4m | -70.4% |
| Other amounts receivable | 41 | €16,835 | €0 | -€16,835 | -100% |
| Cash at bank and in hand | 54/58 | €265,270 | €122,608 | -€142,662 | -53.8% |
| Total equity and liabilities | 10/49 | €4,722,363 | €1,660,561 | -€3.1m | -64.8% |
| Equity | 10/15 | €400,000 | €400,085 | +€85 | 0.0% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | - | €85 | +€85 | |
| Distributable reserves | 133 | - | €85 | +€85 | |
| Amounts payable | 17/49 | €4,322,363 | €1,260,476 | -€3.1m | -70.8% |
| Amounts payable within one year | 42/48 | €4,322,363 | €1,260,476 | -€3.1m | -70.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,391,958 | €69,701 | -€1.3m | -95.0% |
| Suppliers | 440/4 | €1,391,958 | €69,701 | -€1.3m | -95.0% |
| Taxes, remuneration and social security | 45 | €0 | €638 | +€638 | |
| Taxes | 450/3 | €0 | €638 | +€638 | |
| Other amounts payable | 47/48 | €2,930,405 | €1,190,137 | -€1.7m | -59.4% |
| Other operating charges | 640/8 | €59,463 | €1,143 | -€58,320 | -98.1% |
| Gross operating margin | 9900 | €59,463 | €1,848 | -€57,614 | -96.9% |
| Operating profit (loss) | 9901 | €0 | €706 | +€706 | |
| Financial charges | 65/66B | €0 | €517 | +€517 | |
| Recurring financial charges | 65 | €0 | €517 | +€517 | |
| Profit (loss) for the period before taxes | 9903 | - | €188 | +€188 | |
| Income taxes | 67/77 | - | €104 | +€104 | |
| Profit (loss) for the period | 9904 | - | €85 | +€85 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €85 | +€85 |
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 28 October 2026 via checked.be.