True Test: 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 Test
Largest movements
- Receivables within one year +€10,310
up €10,310 (+377.2%), from €2,733 to €13,043
of which Trade receivables: +€9,225
- Cash +€7,122
up €7,122 (+4.9%), from €144,264 to €151,387
mainly Other debts (+€172,304) and Net result for the year (+€46,224)
- Tangible fixed assets -€2,036
down €2,036 (-18.1%), from €11,273 to €9,238
of which Other tangible fixed assets: -€1,102
- Other debts +€172,304
new in 2025: €172,304
- Reserves -€124,767
no longer reported in 2025 (was €124,767)
- Profit (loss) carried forward -€31,907
no longer reported in 2025 (was €31,907)
- Gross operating margin +€14,553
up €14,553 (+31.4%), from €46,359 to €60,912
- Taxes +€772
up €772 (+6.6%), from €11,636 to €12,408
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 | €160,106 | €175,727 | +€15,621 | +9.8% |
| Fixed assets | 21/28 | €11,273 | €9,238 | -€2,036 | -18.1% |
| Tangible fixed assets | 22/27 | €11,273 | €9,238 | -€2,036 | -18.1% |
| Plant, machinery and equipment | 23 | €934 | - | -€934 | |
| Other tangible fixed assets | 26 | €10,339 | €9,238 | -€1,102 | -10.7% |
| Current assets | 29/58 | €148,833 | €166,490 | +€17,657 | +11.9% |
| Amounts receivable within one year | 40/41 | €2,733 | €13,043 | +€10,310 | +377.2% |
| Trade receivables | 40 | - | €9,225 | +€9,225 | |
| Other amounts receivable | 41 | €2,733 | €3,818 | +€1,085 | +39.7% |
| Cash at bank and in hand | 54/58 | €144,264 | €151,387 | +€7,122 | +4.9% |
| Deferred charges and accrued income | 490/1 | €1,836 | €2,061 | +€225 | +12.3% |
| Total equity and liabilities | 10/49 | €160,106 | €175,727 | +€15,621 | +9.8% |
| Equity | 10/15 | €159,674 | €3,000 | -€156,674 | -98.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €124,767 | - | -€124,767 | |
| Distributable reserves | 133 | €124,767 | - | -€124,767 | |
| Profit (loss) carried forward | 14 | €31,907 | - | -€31,907 | |
| Amounts payable | 17/49 | €432 | €172,727 | +€172,296 | +39918.4% |
| Amounts payable within one year | 42/48 | €432 | €172,727 | +€172,296 | +39918.4% |
| Trade debts | 44 | €432 | €423 | -€8 | -1.9% |
| Suppliers | 440/4 | €432 | €423 | -€8 | -1.9% |
| Other amounts payable | 47/48 | - | €172,304 | +€172,304 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,624 | €2,036 | -€588 | -22.4% |
| Other operating charges | 640/8 | €149 | €199 | +€50 | +33.7% |
| Gross operating margin | 9900 | €46,359 | €60,912 | +€14,553 | +31.4% |
| Operating profit (loss) | 9901 | €43,587 | €58,678 | +€15,091 | +34.6% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +4.3% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Non-recurring financial charges | 66B | - | €5 | +€5 | |
| Profit (loss) for the period before taxes | 9903 | €43,543 | €58,633 | +€15,089 | +34.7% |
| Income taxes | 67/77 | €11,636 | €12,408 | +€772 | +6.6% |
| Profit (loss) for the period | 9904 | €31,907 | €46,224 | +€14,317 | +44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,907 | €46,224 | +€14,317 | +44.9% |
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 11 October 2026 via checked.be.