TIME FOR QUALITY: 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 FOR QUALITY
Largest movements
- Receivables within one year +€292,556
up €292,556 (+13.1%), from €2.2m to €2.5m
of which Other amounts receivable: +€195,304
- Tangible fixed assets -€94,031
down €94,031 (-47.4%), from €198,179 to €104,148
of which Furniture and vehicles: -€51,242
- Cash +€27,558
up €27,558 (+58.7%), from €46,973 to €74,531
mainly Trade debts (+€187,354) and Short-term financial debts (+€125,000)
- Trade debts +€187,354
up €187,354 (+345%), from €54,331 to €241,685
- Short-term financial debts +€125,000
new in 2025: €125,000
- Debts after one year -€103,432
down €103,432 (-3.7%), from €2.8m to €2.7m
- Current portion of long-term debt +€59,115
up €59,115 (+50.5%), from €117,021 to €176,137
- Other debts -€45,620
down €45,620 (-29.2%), from €156,450 to €110,830
- Other operating charges +€57,872
up €57,872 (+42.3%), from €136,659 to €194,531
- Staff costs +€41,837
up €41,837 (+628%), from €6,667 to €48,504
- Depreciation -€21,939
down €21,939 (-18.9%), from €115,970 to €94,031
- Financial income -€13,853
down €13,853 (-11.8%), from €117,614 to €103,762
- Financial charges +€10,866
up €10,866 (+71.9%), from €15,116 to €25,981
of which Non-recurring financial charges: +€6,337
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 | €2,492,553 | €2,722,270 | +€229,717 | +9.2% |
| Fixed assets | 21/28 | €199,179 | €108,548 | -€90,631 | -45.5% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €198,179 | €104,148 | -€94,031 | -47.4% |
| Plant, machinery and equipment | 23 | €96,102 | €53,314 | -€42,789 | -44.5% |
| Furniture and vehicles | 24 | €102,077 | €50,834 | -€51,242 | -50.2% |
| Financial fixed assets | 28 | €1,000 | €4,400 | +€3,400 | +340% |
| Current assets | 29/58 | €2,293,374 | €2,613,723 | +€320,348 | +14.0% |
| Amounts receivable within one year | 40/41 | €2,240,283 | €2,532,839 | +€292,556 | +13.1% |
| Trade receivables | 40 | €73,336 | €170,589 | +€97,252 | +133% |
| Other amounts receivable | 41 | €2,166,947 | €2,362,251 | +€195,304 | +9.0% |
| Cash at bank and in hand | 54/58 | €46,973 | €74,531 | +€27,558 | +58.7% |
| Deferred charges and accrued income | 490/1 | €6,119 | €6,353 | +€234 | +3.8% |
| Total equity and liabilities | 10/49 | €2,492,553 | €2,722,270 | +€229,717 | +9.2% |
| Equity | 10/15 | -€619,117 | -€621,283 | -€2,167 | -0.3% |
| Contributions | 10/11 | €1,075,000 | €1,075,000 | = | 0.0% |
| Capital | 10 | €1,075,000 | €1,075,000 | = | 0.0% |
| Issued capital | 100 | €1,075,000 | €1,075,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,694,117 | -€1,696,283 | -€2,167 | -0.1% |
| Amounts payable | 17/49 | €3,111,670 | €3,343,554 | +€231,884 | +7.5% |
| Amounts payable after more than one year | 17 | €2,780,478 | €2,677,046 | -€103,432 | -3.7% |
| Financial debts | 170/4 | €2,780,478 | €2,677,046 | -€103,432 | -3.7% |
| Amounts payable within one year | 42/48 | €330,661 | €665,109 | +€334,449 | +101% |
| Current portion of amounts payable after more than one year | 42 | €117,021 | €176,137 | +€59,115 | +50.5% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €54,331 | €241,685 | +€187,354 | +345% |
| Suppliers | 440/4 | €54,331 | €241,685 | +€187,354 | +345% |
| Taxes, remuneration and social security | 45 | €2,858 | €11,458 | +€8,600 | +301% |
| Taxes | 450/3 | €644 | €1,128 | +€484 | +75.2% |
| Remuneration and social security | 454/9 | €2,214 | €10,330 | +€8,116 | +366% |
| Other amounts payable | 47/48 | €156,450 | €110,830 | -€45,620 | -29.2% |
| Accrued charges and deferred income | 492/3 | €531 | €1,398 | +€867 | +163% |
| Non-recurring operating income | 76A | €23,529 | €6,130 | -€17,400 | -73.9% |
| Remuneration, social security and pensions | 62 | €6,667 | €48,504 | +€41,837 | +628% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,970 | €94,031 | -€21,939 | -18.9% |
| Other operating charges | 640/8 | €136,659 | €194,531 | +€57,872 | +42.3% |
| Non-recurring operating charges | 66A | €2,524 | €650 | -€1,874 | -74.3% |
| Gross operating margin | 9900 | €250,822 | €257,770 | +€6,948 | +2.8% |
| Operating profit (loss) | 9901 | -€10,999 | -€79,947 | -€68,948 | -627% |
| Financial income | 75/76B | €117,614 | €103,762 | -€13,853 | -11.8% |
| Recurring financial income | 75 | €117,614 | €103,762 | -€13,853 | -11.8% |
| Financial charges | 65/66B | €15,116 | €25,981 | +€10,866 | +71.9% |
| Recurring financial charges | 65 | €15,116 | €19,645 | +€4,529 | +30.0% |
| Non-recurring financial charges | 66B | - | €6,337 | +€6,337 | |
| Profit (loss) for the period before taxes | 9903 | €91,499 | -€2,167 | -€93,666 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €91,499 | -€2,167 | -€93,666 | |
| Profit (loss) for the period to be appropriated | 9905 | €91,499 | -€2,167 | -€93,666 |
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 20 October 2026 via checked.be.