TODO: 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.
TODO
Largest movements
- Receivables within one year -€56,801
down €56,801 (-70.5%), from €80,550 to €23,749
of which Trade receivables: -€51,716
- Stocks and contracts +€8,021
up €8,021 (+15.1%), from €53,209 to €61,230
- Cash +€7,542
up €7,542 (+29.8%), from €25,338 to €32,879
mainly Receivables within one year (+€56,801) and Net result for the year (+€17,298)
- Tangible fixed assets -€4,553
down €4,553 (-50.0%), from €9,114 to €4,562
- Trade debts -€36,761
down €36,761 (-66.7%), from €55,147 to €18,386
- Accrued charges and deferred income -€25,956
no longer reported in 2025 (was €25,956)
- Reserves +€15,000
up €15,000 (+806.5%), from €1,860 to €16,860
- Other debts -€4,373
down €4,373 (-14.9%), from €29,307 to €24,934
- Tax, wage and social debts +€4,000
up €4,000 (+32.3%), from €12,400 to €16,400
- Gross operating margin +€17,736
up €17,736 (+71.6%), from €24,754 to €42,490
- Taxes +€3,097
up €3,097 (+36.9%), from €8,392 to €11,489
- Financial charges +€2,872
up €2,872 (+571.3%), from €503 to €3,374
- Other operating charges +€1,043
up €1,043 (+22.0%), from €4,733 to €5,776
- Financial income -€760
no longer reported in 2025 (was €760)
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 | €168,211 | €122,420 | -€45,791 | -27.2% |
| Fixed assets | 21/28 | €9,114 | €4,562 | -€4,553 | -50.0% |
| Tangible fixed assets | 22/27 | €9,114 | €4,562 | -€4,553 | -50.0% |
| Furniture and vehicles | 24 | €9,114 | €4,562 | -€4,553 | -50.0% |
| Current assets | 29/58 | €159,097 | €117,858 | -€41,239 | -25.9% |
| Stocks and contracts in progress | 3 | €53,209 | €61,230 | +€8,021 | +15.1% |
| Stocks | 30/36 | €53,209 | €61,230 | +€8,021 | +15.1% |
| Amounts receivable within one year | 40/41 | €80,550 | €23,749 | -€56,801 | -70.5% |
| Trade receivables | 40 | €60,191 | €8,475 | -€51,716 | -85.9% |
| Other amounts receivable | 41 | €20,359 | €15,274 | -€5,085 | -25.0% |
| Cash at bank and in hand | 54/58 | €25,338 | €32,879 | +€7,542 | +29.8% |
| Total equity and liabilities | 10/49 | €168,211 | €122,420 | -€45,791 | -27.2% |
| Equity | 10/15 | €45,401 | €62,699 | +€17,298 | +38.1% |
| Contributions | 10/11 | €27,600 | €27,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €16,860 | +€15,000 | +806.5% |
| Distributable reserves | 133 | €1,860 | €16,860 | +€15,000 | +806.5% |
| Profit (loss) carried forward | 14 | €15,941 | €18,239 | +€2,298 | +14.4% |
| Amounts payable | 17/49 | €122,810 | €59,720 | -€63,089 | -51.4% |
| Amounts payable within one year | 42/48 | €96,854 | €59,720 | -€37,134 | -38.3% |
| Trade debts | 44 | €55,147 | €18,386 | -€36,761 | -66.7% |
| Suppliers | 440/4 | €55,147 | €18,386 | -€36,761 | -66.7% |
| Taxes, remuneration and social security | 45 | €12,400 | €16,400 | +€4,000 | +32.3% |
| Taxes | 450/3 | €12,400 | €16,400 | +€4,000 | +32.3% |
| Other amounts payable | 47/48 | €29,307 | €24,934 | -€4,373 | -14.9% |
| Accrued charges and deferred income | 492/3 | €25,956 | - | -€25,956 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,638 | €4,553 | -€86 | -1.8% |
| Other operating charges | 640/8 | €4,733 | €5,776 | +€1,043 | +22.0% |
| Gross operating margin | 9900 | €24,754 | €42,490 | +€17,736 | +71.6% |
| Operating profit (loss) | 9901 | €15,382 | €32,162 | +€16,779 | +109.1% |
| Financial income | 75/76B | €760 | - | -€760 | |
| Recurring financial income | 75 | €760 | - | -€760 | |
| Financial charges | 65/66B | €503 | €3,374 | +€2,872 | +571.3% |
| Recurring financial charges | 65 | €503 | €3,374 | +€2,872 | +571.3% |
| Profit (loss) for the period before taxes | 9903 | €15,640 | €28,787 | +€13,148 | +84.1% |
| Income taxes | 67/77 | €8,392 | €11,489 | +€3,097 | +36.9% |
| Profit (loss) for the period | 9904 | €7,247 | €17,298 | +€10,050 | +138.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,247 | €17,298 | +€10,050 | +138.7% |
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 28 September 2026 via checked.be.