TWELVE: 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.
TWELVE
Largest movements
- Current investments -€56,342
down €56,342 (-32.0%), from €176,342 to €120,000
- Tangible fixed assets +€7,282
up €7,282 (+54.3%), from €13,401 to €20,683
of which Furniture and vehicles: +€10,086
- Receivables within one year +€2,608
up €2,608 (+19.9%), from €13,122 to €15,730
of which Trade receivables: +€2,730
- Other debts -€49,862
down €49,862 (-97.5%), from €51,126 to €1,264
- Reserves +€2,930
up €2,930 (+2.2%), from €136,136 to €139,067
- Gross operating margin -€94,996
down €94,996 (-91.2%), from €104,180 to €9,185
- Taxes -€17,697
down €17,697 (-85.6%), from €20,680 to €2,983
- Depreciation +€2,366
up €2,366 (+106%), from €2,230 to €4,596
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 | €232,796 | €186,866 | -€45,930 | -19.7% |
| Fixed assets | 21/28 | €13,401 | €20,683 | +€7,282 | +54.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €13,401 | €20,683 | +€7,282 | +54.3% |
| Plant, machinery and equipment | 23 | €12,928 | €10,124 | -€2,804 | -21.7% |
| Furniture and vehicles | 24 | €473 | €10,560 | +€10,086 | +2,132% |
| Current assets | 29/58 | €219,395 | €166,183 | -€53,212 | -24.3% |
| Amounts receivable within one year | 40/41 | €13,122 | €15,730 | +€2,608 | +19.9% |
| Trade receivables | 40 | €13,000 | €15,730 | +€2,730 | +21.0% |
| Other amounts receivable | 41 | €122 | €0 | -€122 | -100% |
| Current investments | 50/53 | €176,342 | €120,000 | -€56,342 | -32.0% |
| Cash at bank and in hand | 54/58 | €18,597 | €16,806 | -€1,791 | -9.6% |
| Deferred charges and accrued income | 490/1 | €11,333 | €13,647 | +€2,313 | +20.4% |
| Total equity and liabilities | 10/49 | €232,796 | €186,866 | -€45,930 | -19.7% |
| Equity | 10/15 | €148,536 | €151,467 | +€2,930 | +2.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,136 | €139,067 | +€2,930 | +2.2% |
| Distributable reserves | 133 | €136,136 | €139,067 | +€2,930 | +2.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €84,259 | €35,399 | -€48,860 | -58.0% |
| Amounts payable within one year | 42/48 | €84,259 | €35,399 | -€48,860 | -58.0% |
| Financial debts | 43 | €338 | €727 | +€389 | +115% |
| Other loans | 439 | €338 | €727 | +€389 | +115% |
| Trade debts | 44 | €1,072 | €1,749 | +€677 | +63.1% |
| Suppliers | 440/4 | €1,072 | €1,749 | +€677 | +63.1% |
| Taxes, remuneration and social security | 45 | €31,723 | €31,659 | -€64 | -0.2% |
| Taxes | 450/3 | €31,723 | €31,659 | -€64 | -0.2% |
| Other amounts payable | 47/48 | €51,126 | €1,264 | -€49,862 | -97.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,230 | €4,596 | +€2,366 | +106% |
| Other operating charges | 640/8 | €1,234 | €1,268 | +€34 | +2.8% |
| Gross operating margin | 9900 | €104,180 | €9,185 | -€94,996 | -91.2% |
| Operating profit (loss) | 9901 | €100,717 | €3,321 | -€97,396 | -96.7% |
| Financial income | 75/76B | €2,111 | €2,911 | +€800 | +37.9% |
| Recurring financial income | 75 | €2,111 | €2,911 | +€800 | +37.9% |
| Financial charges | 65/66B | €737 | €318 | -€419 | -56.8% |
| Recurring financial charges | 65 | €737 | €318 | -€419 | -56.8% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €102,091 | €5,914 | -€96,178 | -94.2% |
| Income taxes | 67/77 | €20,680 | €2,983 | -€17,697 | -85.6% |
| Profit (loss) for the period | 9904 | €81,411 | €2,930 | -€78,481 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €81,411 | €2,930 | -€78,481 | -96.4% |
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 19 October 2026 via checked.be.