TROUBLE SHAKERS: what changed
TROUBLE SHAKERS
Largest movements
- Receivables within one year +€111,184
up €111,184 (+260%), from €42,830 to €154,013
of which Other amounts receivable: +€86,239
- Cash -€76,747
down €76,747 (-39.1%), from €196,525 to €119,778
mainly Receivables within one year (-€111,184) and Current investments (-€15,002)
- Current investments +€15,002
new in 2025: €15,002
- Tangible fixed assets +€4,495
up €4,495 (+21.3%), from €21,105 to €25,601
of which Plant, machinery and equipment: +€8,095
- Stocks and contracts +€3,900
up €3,900 (+355%), from €1,100 to €5,000
- Reserves +€62,254
up €62,254 (+27.8%), from €223,943 to €286,197
of which Distributable reserves: +€62,254
- Trade debts +€6,242
up €6,242 (+32.7%), from €19,089 to €25,331
- Tax, wage and social debts -€5,342
down €5,342 (-69.3%), from €7,708 to €2,365
of which Remuneration and social security: -€3,131
- Other debts -€5,320
no longer reported in 2025 (was €5,320)
- Gross operating margin -€40,932
down €40,932 (-26.4%), from €155,236 to €114,305
- Taxes -€15,688
down €15,688 (-39.0%), from €40,238 to €24,550
- Staff costs +€4,969
up €4,969 (+30.9%), from €16,069 to €21,038
- Depreciation +€4,605
up €4,605 (+238%), from €1,933 to €6,539
- Financial income +€2,222
up €2,222 (+337%), from €659 to €2,881
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €262,260 | €320,093 | +€57,833 | +22.1% |
| Fixed assets | 21/28 | €21,805 | €26,301 | +€4,495 | +20.6% |
| Tangible fixed assets | 22/27 | €21,105 | €25,601 | +€4,495 | +21.3% |
| Plant, machinery and equipment | 23 | €3,424 | €11,520 | +€8,095 | +236% |
| Furniture and vehicles | 24 | €17,681 | €14,081 | -€3,600 | -20.4% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €240,455 | €293,792 | +€53,338 | +22.2% |
| Stocks and contracts in progress | 3 | €1,100 | €5,000 | +€3,900 | +355% |
| Stocks | 30/36 | €1,100 | €5,000 | +€3,900 | +355% |
| Amounts receivable within one year | 40/41 | €42,830 | €154,013 | +€111,184 | +260% |
| Trade receivables | 40 | €29,713 | €54,657 | +€24,945 | +84.0% |
| Other amounts receivable | 41 | €13,117 | €99,356 | +€86,239 | +657% |
| Current investments | 50/53 | - | €15,002 | +€15,002 | |
| Cash at bank and in hand | 54/58 | €196,525 | €119,778 | -€76,747 | -39.1% |
| Total equity and liabilities | 10/49 | €262,260 | €320,093 | +€57,833 | +22.1% |
| Equity | 10/15 | €230,143 | €292,397 | +€62,254 | +27.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €223,943 | €286,197 | +€62,254 | +27.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €222,083 | €284,337 | +€62,254 | +28.0% |
| Amounts payable | 17/49 | €32,117 | €27,696 | -€4,421 | -13.8% |
| Amounts payable within one year | 42/48 | €32,117 | €27,696 | -€4,421 | -13.8% |
| Trade debts | 44 | €19,089 | €25,331 | +€6,242 | +32.7% |
| Suppliers | 440/4 | €19,089 | €25,331 | +€6,242 | +32.7% |
| Taxes, remuneration and social security | 45 | €7,708 | €2,365 | -€5,342 | -69.3% |
| Taxes | 450/3 | €3,966 | €1,755 | -€2,211 | -55.8% |
| Remuneration and social security | 454/9 | €3,742 | €611 | -€3,131 | -83.7% |
| Other amounts payable | 47/48 | €5,320 | - | -€5,320 | |
| Remuneration, social security and pensions | 62 | €16,069 | €21,038 | +€4,969 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,933 | €6,539 | +€4,605 | +238% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €672 | +€672 | |
| Other operating charges | 640/8 | €1,952 | €1,953 | +€1 | 0.0% |
| Gross operating margin | 9900 | €155,236 | €114,305 | -€40,932 | -26.4% |
| Operating profit (loss) | 9901 | €135,282 | €84,103 | -€51,179 | -37.8% |
| Financial income | 75/76B | €659 | €2,881 | +€2,222 | +337% |
| Recurring financial income | 75 | €659 | €2,881 | +€2,222 | +337% |
| Financial charges | 65/66B | €164 | €181 | +€17 | +10.5% |
| Recurring financial charges | 65 | €164 | €181 | +€17 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €135,778 | €86,804 | -€48,974 | -36.1% |
| Income taxes | 67/77 | €40,238 | €24,550 | -€15,688 | -39.0% |
| Profit (loss) for the period | 9904 | €95,540 | €62,254 | -€33,286 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €95,540 | €62,254 | -€33,286 | -34.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.