Tracey Jones: 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.
Tracey Jones
Largest movements
- Stocks and contracts -€21,734
down €21,734 (-58.0%), from €37,487 to €15,753
- Tangible fixed assets -€9,497
down €9,497 (-16.8%), from €56,386 to €46,889
- Receivables within one year -€3,301
down €3,301 (-17.8%), from €18,528 to €15,227
of which Trade receivables: -€2,280
- Cash -€1,528
down €1,528 (-4.4%), from €35,104 to €33,576
mainly Debts after one year (-€16,140) and Contributions, distributions and other (-€12,995)
- Reserves -€17,950
down €17,950 (-37.1%), from €48,333 to €30,383
- Debts after one year -€16,140
down €16,140 (-51.2%), from €31,500 to €15,360
- Other debts +€12,686
up €12,686 (+164%), from €7,734 to €20,420
- Trade debts -€10,764
down €10,764 (-35.5%), from €30,282 to €19,518
- Tax, wage and social debts -€3,452
down €3,452 (-60.9%), from €5,669 to €2,218
- Gross operating margin -€23,706
down €23,706 (-77.7%), from €30,515 to €6,809
- Taxes -€6,393
down €6,393 (-96.6%), from €6,618 to €224
- Depreciation +€3,148
up €3,148 (+49.6%), from €6,349 to €9,497
- Financial charges -€801
down €801 (-22.2%), from €3,615 to €2,814
- Other operating charges +€411
up €411 (+191%), from €216 to €626
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,344 | €113,486 | -€35,858 | -24.0% |
| Fixed assets | 21/28 | €56,386 | €46,889 | -€9,497 | -16.8% |
| Tangible fixed assets | 22/27 | €56,386 | €46,889 | -€9,497 | -16.8% |
| Plant, machinery and equipment | 23 | €1,082 | €543 | -€538 | -49.8% |
| Furniture and vehicles | 24 | €12,269 | €7,967 | -€4,302 | -35.1% |
| Other tangible fixed assets | 26 | €43,035 | €38,379 | -€4,657 | -10.8% |
| Current assets | 29/58 | €92,958 | €66,597 | -€26,362 | -28.4% |
| Stocks and contracts in progress | 3 | €37,487 | €15,753 | -€21,734 | -58.0% |
| Stocks | 30/36 | €37,487 | €15,753 | -€21,734 | -58.0% |
| Amounts receivable within one year | 40/41 | €18,528 | €15,227 | -€3,301 | -17.8% |
| Trade receivables | 40 | €17,125 | €14,844 | -€2,280 | -13.3% |
| Other amounts receivable | 41 | €1,403 | €382 | -€1,021 | -72.7% |
| Cash at bank and in hand | 54/58 | €35,104 | €33,576 | -€1,528 | -4.4% |
| Deferred charges and accrued income | 490/1 | €1,840 | €2,041 | +€202 | +11.0% |
| Total equity and liabilities | 10/49 | €149,344 | €113,486 | -€35,858 | -24.0% |
| Equity | 10/15 | €49,333 | €31,383 | -€17,950 | -36.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €48,333 | €30,383 | -€17,950 | -37.1% |
| Distributable reserves | 133 | €48,333 | €30,383 | -€17,950 | -37.1% |
| Amounts payable | 17/49 | €100,011 | €82,102 | -€17,909 | -17.9% |
| Amounts payable after more than one year | 17 | €31,500 | €15,360 | -€16,140 | -51.2% |
| Financial debts | 170/4 | €31,500 | €15,360 | -€16,140 | -51.2% |
| Amounts payable within one year | 42/48 | €63,534 | €63,938 | +€405 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €3,876 | €4,275 | +€398 | +10.3% |
| Financial debts | 43 | €11,600 | €11,600 | = | 0.0% |
| Credit institutions | 430/8 | €11,600 | €11,600 | = | 0.0% |
| Trade debts | 44 | €30,282 | €19,518 | -€10,764 | -35.5% |
| Suppliers | 440/4 | €30,282 | €19,518 | -€10,764 | -35.5% |
| Advances received on contracts in progress | 46 | €4,372 | €5,909 | +€1,537 | +35.1% |
| Taxes, remuneration and social security | 45 | €5,669 | €2,218 | -€3,452 | -60.9% |
| Taxes | 450/3 | €5,669 | €2,218 | -€3,452 | -60.9% |
| Other amounts payable | 47/48 | €7,734 | €20,420 | +€12,686 | +164% |
| Accrued charges and deferred income | 492/3 | €4,978 | €2,804 | -€2,174 | -43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,349 | €9,497 | +€3,148 | +49.6% |
| Other operating charges | 640/8 | €216 | €626 | +€411 | +191% |
| Gross operating margin | 9900 | €30,515 | €6,809 | -€23,706 | -77.7% |
| Operating profit (loss) | 9901 | €23,950 | -€3,315 | -€27,265 | |
| Financial income | 75/76B | €1,139 | €1,398 | +€259 | +22.7% |
| Recurring financial income | 75 | €1,139 | €1,398 | +€259 | +22.7% |
| Financial charges | 65/66B | €3,615 | €2,814 | -€801 | -22.2% |
| Recurring financial charges | 65 | €3,615 | €2,814 | -€801 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €21,475 | -€4,731 | -€26,205 | |
| Income taxes | 67/77 | €6,618 | €224 | -€6,393 | -96.6% |
| Profit (loss) for the period | 9904 | €14,857 | -€4,955 | -€19,812 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,857 | -€4,955 | -€19,812 |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.