TRACER & IMAGE: 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.
TRACER & IMAGE
Largest movements
- Cash +€58,130
up €58,130 (+102.6%), from €56,638 to €114,768
mainly Net result for the year (+€88,304) and Depreciation (+€17,210)
- Tangible fixed assets -€10,710
down €10,710 (-20.7%), from €51,718 to €41,008
- Receivables within one year -€9,052
down €9,052 (-54.0%), from €16,768 to €7,716
of which Trade receivables: -€9,052
- Reserves +€35,502
up €35,502 (+44.1%), from €80,431 to €115,933
- Tax, wage and social debts +€1,697
up €1,697 (+43.5%), from €3,900 to €5,597
- Other operating charges -€8,694
down €8,694 (-92.3%), from €9,416 to €722
- Depreciation +€5,483
up €5,483 (+46.8%), from €11,727 to €17,210
- Gross operating margin -€3,588
down €3,588 (-2.4%), from €150,684 to €147,097
- Taxes +€2,206
up €2,206 (+5.7%), from €38,575 to €40,781
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 | €128,161 | €165,611 | +€37,450 | +29.2% |
| Fixed assets | 21/28 | €51,718 | €41,008 | -€10,710 | -20.7% |
| Tangible fixed assets | 22/27 | €51,718 | €41,008 | -€10,710 | -20.7% |
| Furniture and vehicles | 24 | €51,718 | €41,008 | -€10,710 | -20.7% |
| Current assets | 29/58 | €76,443 | €124,603 | +€48,160 | +63.0% |
| Amounts receivable within one year | 40/41 | €16,768 | €7,716 | -€9,052 | -54.0% |
| Trade receivables | 40 | €16,768 | €7,716 | -€9,052 | -54.0% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €56,638 | €114,768 | +€58,130 | +102.6% |
| Deferred charges and accrued income | 490/1 | €3,037 | €2,118 | -€919 | -30.3% |
| Total equity and liabilities | 10/49 | €128,161 | €165,611 | +€37,450 | +29.2% |
| Equity | 10/15 | €99,031 | €134,533 | +€35,502 | +35.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €80,431 | €115,933 | +€35,502 | +44.1% |
| Distributable reserves | 133 | €80,431 | €115,933 | +€35,502 | +44.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €29,130 | €31,078 | +€1,948 | +6.7% |
| Amounts payable within one year | 42/48 | €29,130 | €31,078 | +€1,948 | +6.7% |
| Trade debts | 44 | €157 | €490 | +€333 | +212.3% |
| Suppliers | 440/4 | €157 | €490 | +€333 | +212.3% |
| Taxes, remuneration and social security | 45 | €3,900 | €5,597 | +€1,697 | +43.5% |
| Taxes | 450/3 | €3,900 | €5,597 | +€1,697 | +43.5% |
| Other amounts payable | 47/48 | €25,073 | €24,991 | -€82 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,727 | €17,210 | +€5,483 | +46.8% |
| Other operating charges | 640/8 | €9,416 | €722 | -€8,694 | -92.3% |
| Gross operating margin | 9900 | €150,684 | €147,097 | -€3,588 | -2.4% |
| Operating profit (loss) | 9901 | €129,541 | €129,165 | -€376 | -0.3% |
| Financial charges | 65/66B | €82 | €80 | -€2 | -3.0% |
| Recurring financial charges | 65 | €82 | €80 | -€2 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €129,459 | €129,085 | -€374 | -0.3% |
| Income taxes | 67/77 | €38,575 | €40,781 | +€2,206 | +5.7% |
| Profit (loss) for the period | 9904 | €90,883 | €88,304 | -€2,580 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,883 | €88,304 | -€2,580 | -2.8% |
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 10 October 2026 via checked.be.