True-shift: 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.
True-shift
Largest movements
- Tangible fixed assets +€26,758
up €26,758 (+339%), from €7,893 to €34,651
- Receivables within one year +€11,899
up €11,899 (+62.6%), from €19,011 to €30,911
of which Trade receivables: +€8,757
- Cash +€10,216
up €10,216 (+598%), from €1,708 to €11,924
mainly Net result for the year (+€23,968) and Tax, wage and social debts (+€10,831)
- Reserves +€23,968
up €23,968 (+183%), from €13,075 to €37,043
- Tax, wage and social debts +€10,831
up €10,831 (+154%), from €7,018 to €17,849
- Debts after one year +€10,497
new in 2025: €10,497
- Current portion of long-term debt +€3,553
new in 2025: €3,553
- Gross operating margin +€22,386
up €22,386 (+43.9%), from €50,978 to €73,364
- Financial charges +€6,343
up €6,343 (+21.1%), from €30,045 to €36,388
- Depreciation +€3,908
up €3,908 (+303%), from €1,288 to €5,196
- Taxes +€1,198
up €1,198 (+18.4%), from €6,509 to €7,707
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.
Derived cash bridge
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 | €29,375 | €77,886 | +€48,511 | +165% |
| Fixed assets | 21/28 | €7,893 | €34,651 | +€26,758 | +339% |
| Tangible fixed assets | 22/27 | €7,893 | €34,651 | +€26,758 | +339% |
| Furniture and vehicles | 24 | €7,893 | €34,651 | +€26,758 | +339% |
| Current assets | 29/58 | €21,482 | €43,236 | +€21,754 | +101% |
| Amounts receivable within one year | 40/41 | €19,011 | €30,911 | +€11,899 | +62.6% |
| Trade receivables | 40 | €9,164 | €17,921 | +€8,757 | +95.6% |
| Other amounts receivable | 41 | €9,847 | €12,989 | +€3,142 | +31.9% |
| Cash at bank and in hand | 54/58 | €1,708 | €11,924 | +€10,216 | +598% |
| Deferred charges and accrued income | 490/1 | €763 | €401 | -€362 | -47.4% |
| Total equity and liabilities | 10/49 | €29,375 | €77,886 | +€48,511 | +165% |
| Equity | 10/15 | €16,075 | €40,043 | +€23,968 | +149% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €13,075 | €37,043 | +€23,968 | +183% |
| Distributable reserves | 133 | €13,075 | €37,043 | +€23,968 | +183% |
| Amounts payable | 17/49 | €13,300 | €37,844 | +€24,544 | +185% |
| Amounts payable after more than one year | 17 | - | €10,497 | +€10,497 | |
| Financial debts | 170/4 | - | €10,497 | +€10,497 | |
| Amounts payable within one year | 42/48 | €13,300 | €27,347 | +€14,047 | +106% |
| Current portion of amounts payable after more than one year | 42 | - | €3,553 | +€3,553 | |
| Trade debts | 44 | €6,282 | €5,945 | -€337 | -5.4% |
| Suppliers | 440/4 | €6,282 | €5,945 | -€337 | -5.4% |
| Taxes, remuneration and social security | 45 | €7,018 | €17,849 | +€10,831 | +154% |
| Taxes | 450/3 | €7,018 | €17,849 | +€10,831 | +154% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,288 | €5,196 | +€3,908 | +303% |
| Other operating charges | 640/8 | €62 | €106 | +€44 | +71.0% |
| Gross operating margin | 9900 | €50,978 | €73,364 | +€22,386 | +43.9% |
| Operating profit (loss) | 9901 | €49,628 | €68,062 | +€18,435 | +37.1% |
| Financial charges | 65/66B | €30,045 | €36,388 | +€6,343 | +21.1% |
| Recurring financial charges | 65 | €30,045 | €36,388 | +€6,343 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €19,583 | €31,674 | +€12,091 | +61.7% |
| Income taxes | 67/77 | €6,509 | €7,707 | +€1,198 | +18.4% |
| Profit (loss) for the period | 9904 | €13,075 | €23,968 | +€10,893 | +83.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,075 | €23,968 | +€10,893 | +83.3% |
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 29 October 2026 via checked.be.