TURTLE: 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.
TURTLE
Largest movements
- Stocks and contracts +€170,186
up €170,186 (+36.6%), from €465,295 to €635,480
- Receivables within one year -€72,791
down €72,791 (-12.2%), from €595,225 to €522,434
of which Trade receivables: -€80,147
- Tangible fixed assets +€65,549
new in 2025: €65,549
- Cash -€38,921
down €38,921 (-47.3%), from €82,313 to €43,392
mainly Net result for the year (-€359,103) and Stocks and contracts (-€170,186)
- Deferred charges and accrued income +€19,767
up €19,767 (+434%), from €4,552 to €24,319
- Profit (loss) carried forward -€359,103
down €359,103 (-67.8%), from -€530,028 to -€889,131
- Trade debts +€346,681
up €346,681 (+94.2%), from €367,975 to €714,656
- Current portion of long-term debt +€67,481
up €67,481 (+45.2%), from €149,139 to €216,619
- Short-term financial debts +€60,000
up €60,000 (+150%), from €40,000 to €100,000
- Debts after one year +€41,565
up €41,565 (+9.4%), from €440,019 to €481,583
- Staff costs +€169,577
up €169,577 (+153%), from €110,482 to €280,059
- Gross operating margin +€58,008
up €58,008 (+69.8%), from -€83,087 to -€25,079
- Financial charges +€12,681
up €12,681 (+41.9%), from €30,262 to €42,943
- Depreciation +€4,477
new in 2025: €4,477
- Other operating charges +€3,462
up €3,462 (+114%), from €3,035 to €6,496
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 | €1,147,387 | €1,321,532 | +€174,145 | +15.2% |
| Fixed assets | 21/28 | €2 | €95,906 | +€95,904 | +4,795,219% |
| Intangible fixed assets | 21 | - | €10,650 | +€10,650 | |
| Tangible fixed assets | 22/27 | - | €65,549 | +€65,549 | |
| Furniture and vehicles | 24 | - | €65,549 | +€65,549 | |
| Financial fixed assets | 28 | €2 | €19,707 | +€19,705 | +985,250% |
| Current assets | 29/58 | €1,147,385 | €1,225,626 | +€78,241 | +6.8% |
| Stocks and contracts in progress | 3 | €465,295 | €635,480 | +€170,186 | +36.6% |
| Stocks | 30/36 | €465,295 | €635,480 | +€170,186 | +36.6% |
| Amounts receivable within one year | 40/41 | €595,225 | €522,434 | -€72,791 | -12.2% |
| Trade receivables | 40 | €574,464 | €494,317 | -€80,147 | -14.0% |
| Other amounts receivable | 41 | €20,762 | €28,117 | +€7,356 | +35.4% |
| Cash at bank and in hand | 54/58 | €82,313 | €43,392 | -€38,921 | -47.3% |
| Deferred charges and accrued income | 490/1 | €4,552 | €24,319 | +€19,767 | +434% |
| Total equity and liabilities | 10/49 | €1,147,387 | €1,321,532 | +€174,145 | +15.2% |
| Equity | 10/15 | €136,994 | -€222,109 | -€359,103 | |
| Contributions | 10/11 | €667,022 | €667,022 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€530,028 | -€889,131 | -€359,103 | -67.8% |
| Amounts payable | 17/49 | €1,010,393 | €1,543,641 | +€533,248 | +52.8% |
| Amounts payable after more than one year | 17 | €440,019 | €481,583 | +€41,565 | +9.4% |
| Financial debts | 170/4 | €440,019 | €481,583 | +€41,565 | +9.4% |
| Amounts payable within one year | 42/48 | €570,374 | €1,062,058 | +€491,684 | +86.2% |
| Current portion of amounts payable after more than one year | 42 | €149,139 | €216,619 | +€67,481 | +45.2% |
| Financial debts | 43 | €40,000 | €100,000 | +€60,000 | +150% |
| Other loans | 439 | €40,000 | €100,000 | +€60,000 | +150% |
| Trade debts | 44 | €367,975 | €714,656 | +€346,681 | +94.2% |
| Suppliers | 440/4 | €367,975 | €714,656 | +€346,681 | +94.2% |
| Taxes, remuneration and social security | 45 | €12,670 | €30,222 | +€17,552 | +139% |
| Taxes | 450/3 | - | €1,581 | +€1,581 | |
| Remuneration and social security | 454/9 | €12,670 | €28,641 | +€15,971 | +126% |
| Other amounts payable | 47/48 | €591 | €561 | -€30 | -5.0% |
| Remuneration, social security and pensions | 62 | €110,482 | €280,059 | +€169,577 | +153% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,477 | +€4,477 | |
| Other operating charges | 640/8 | €3,035 | €6,496 | +€3,462 | +114% |
| Gross operating margin | 9900 | -€83,087 | -€25,079 | +€58,008 | +69.8% |
| Operating profit (loss) | 9901 | -€196,603 | -€316,111 | -€119,508 | -60.8% |
| Financial income | 75/76B | €374 | €261 | -€113 | -30.1% |
| Recurring financial income | 75 | €374 | €261 | -€113 | -30.1% |
| Financial charges | 65/66B | €30,262 | €42,943 | +€12,681 | +41.9% |
| Recurring financial charges | 65 | €30,262 | €42,943 | +€12,681 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | -€226,491 | -€358,793 | -€132,302 | -58.4% |
| Income taxes | 67/77 | €367 | €310 | -€57 | -15.6% |
| Profit (loss) for the period | 9904 | -€226,858 | -€359,103 | -€132,245 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€226,858 | -€359,103 | -€132,245 | -58.3% |
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 24 October 2026 via checked.be.