TRACE: 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.
TRACE
Largest movements
- Receivables within one year -€373,324
down €373,324 (-60.5%), from €616,634 to €243,310
- Cash +€215,579
up €215,579 (+375.2%), from €57,461 to €273,040
mainly Receivables within one year (+€373,324) and Advances received (+€199,661)
- Accrued charges and deferred income -€247,854
no longer reported in 2025 (was €247,854)
- Advances received +€199,661
new in 2025: €199,661
- Reserves -€115,746
down €115,746 (-74.0%), from €156,476 to €40,729
- Turnover -€370,936
down €370,936 (-33.0%), from €1.1m to €753,768
- Gross operating margin -€207,168
down €207,168 (-19.0%), from €1.1m to €883,219
- Staff costs +€53,644
up €53,644 (+5.7%), from €939,712 to €993,357
- Purchases and services +€15,276
up €15,276 (+7.1%), from €215,347 to €230,623
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 | €692,404 | €536,152 | -€156,252 | -22.6% |
| Fixed assets | 21/28 | €7,259 | €8,227 | +€968 | +13.3% |
| Tangible fixed assets | 22/27 | €7,259 | €8,227 | +€968 | +13.3% |
| Plant, machinery and equipment | 23 | €540 | €338 | -€201 | -37.3% |
| Furniture and vehicles | 24 | €6,720 | €7,889 | +€1,169 | +17.4% |
| Current assets | 29/58 | €685,144 | €527,925 | -€157,220 | -22.9% |
| Amounts receivable within one year | 40/41 | €616,634 | €243,310 | -€373,324 | -60.5% |
| Trade receivables | 40 | €616,634 | €243,310 | -€373,324 | -60.5% |
| Cash at bank and in hand | 54/58 | €57,461 | €273,040 | +€215,579 | +375.2% |
| Deferred charges and accrued income | 490/1 | €11,049 | €11,575 | +€526 | +4.8% |
| Total equity and liabilities | 10/49 | €692,404 | €536,152 | -€156,252 | -22.6% |
| Equity | 10/15 | €156,476 | €40,729 | -€115,746 | -74.0% |
| Reserves | 13 | €156,476 | €40,729 | -€115,746 | -74.0% |
| Amounts payable | 17/49 | €535,928 | €495,422 | -€40,506 | -7.6% |
| Amounts payable within one year | 42/48 | €288,074 | €495,422 | +€207,349 | +72.0% |
| Trade debts | 44 | €55,694 | €61,390 | +€5,696 | +10.2% |
| Suppliers | 440/4 | €55,694 | €61,390 | +€5,696 | +10.2% |
| Advances received on contracts in progress | 46 | - | €199,661 | +€199,661 | |
| Taxes, remuneration and social security | 45 | €232,380 | €234,372 | +€1,992 | +0.9% |
| Taxes | 450/3 | €32,992 | €97,334 | +€64,342 | +195.0% |
| Remuneration and social security | 454/9 | €199,388 | €137,038 | -€62,350 | -31.3% |
| Accrued charges and deferred income | 492/3 | €247,854 | - | -€247,854 | |
| Turnover | 70 | €1,124,704 | €753,768 | -€370,936 | -33.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €215,347 | €230,623 | +€15,276 | +7.1% |
| Remuneration, social security and pensions | 62 | €939,712 | €993,357 | +€53,644 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,121 | €5,411 | +€290 | +5.7% |
| Gross operating margin | 9900 | €1,090,387 | €883,219 | -€207,168 | -19.0% |
| Operating profit (loss) | 9901 | €145,554 | -€115,548 | -€261,102 | |
| Financial charges | 65/66B | €198 | €199 | +€0 | +0.1% |
| Recurring financial charges | 65 | €198 | €199 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €145,356 | -€115,746 | -€261,102 | |
| Profit (loss) for the period | 9904 | €145,356 | -€115,746 | -€261,102 | |
| Profit (loss) for the period to be appropriated | 9905 | €145,356 | -€115,746 | -€261,102 |
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 30 September 2026 via checked.be.