TWENTYEIGHT: what changed
Two fiscal 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.
TWENTYEIGHT
Largest movements
- Stocks and contracts -€74,618
down €74,618 (-59.9%), from €124,618 to €50,000
- Receivables within one year -€29,682
down €29,682 (-67.0%), from €44,277 to €14,596
of which Trade receivables: -€27,631
- Cash +€13,399
up €13,399 (+390.8%), from €3,429 to €16,827
mainly Stocks and contracts (+€74,618) and Receivables within one year (+€29,682)
- Deferred charges and accrued income -€4,485
down €4,485 (-100.0%), from €4,485 to €0
- Profit (loss) carried forward -€70,218
down €70,218 (-44.7%), from -€157,188 to -€227,406
- Trade debts -€29,389
down €29,389 (-20.1%), from €146,445 to €117,055
- Other debts +€8,910
up €8,910 (+123.6%), from €7,211 to €16,121
- Tax, wage and social debts -€4,517
down €4,517 (-94.3%), from €4,791 to €274
of which Remuneration and social security: -€4,575
- Staff costs -€34,806
down €34,806 (-87.7%), from €39,683 to €4,877
- Gross operating margin -€14,478
down €14,478 (-32.7%), from -€44,246 to -€58,724
- Financial charges -€4,623
down €4,623 (-44.4%), from €10,404 to €5,780
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 | €176,809 | €81,423 | -€95,386 | -53.9% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €176,809 | €81,423 | -€95,386 | -53.9% |
| Stocks and contracts in progress | 3 | €124,618 | €50,000 | -€74,618 | -59.9% |
| Stocks | 30/36 | €124,618 | €50,000 | -€74,618 | -59.9% |
| Amounts receivable within one year | 40/41 | €44,277 | €14,596 | -€29,682 | -67.0% |
| Trade receivables | 40 | €42,153 | €14,522 | -€27,631 | -65.5% |
| Other amounts receivable | 41 | €2,124 | €73 | -€2,051 | -96.6% |
| Cash at bank and in hand | 54/58 | €3,429 | €16,827 | +€13,399 | +390.8% |
| Deferred charges and accrued income | 490/1 | €4,485 | €0 | -€4,485 | -100.0% |
| Total equity and liabilities | 10/49 | €176,809 | €81,423 | -€95,386 | -53.9% |
| Equity | 10/15 | -€147,188 | -€217,406 | -€70,218 | -47.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,188 | -€227,406 | -€70,218 | -44.7% |
| Amounts payable | 17/49 | €323,997 | €298,829 | -€25,169 | -7.8% |
| Amounts payable after more than one year | 17 | €165,551 | €165,378 | -€173 | -0.1% |
| Other amounts payable | 178/9 | €165,551 | €165,378 | -€173 | -0.1% |
| Amounts payable within one year | 42/48 | €158,446 | €133,450 | -€24,996 | -15.8% |
| Trade debts | 44 | €146,445 | €117,055 | -€29,389 | -20.1% |
| Suppliers | 440/4 | €146,445 | €117,055 | -€29,389 | -20.1% |
| Taxes, remuneration and social security | 45 | €4,791 | €274 | -€4,517 | -94.3% |
| Taxes | 450/3 | €215 | €274 | +€59 | +27.3% |
| Remuneration and social security | 454/9 | €4,575 | €0 | -€4,575 | -100.0% |
| Other amounts payable | 47/48 | €7,211 | €16,121 | +€8,910 | +123.6% |
| Remuneration, social security and pensions | 62 | €39,683 | €4,877 | -€34,806 | -87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €565 | €0 | -€565 | -100.0% |
| Other operating charges | 640/8 | €1,135 | €935 | -€200 | -17.6% |
| Gross operating margin | 9900 | -€44,246 | -€58,724 | -€14,478 | -32.7% |
| Operating profit (loss) | 9901 | -€85,629 | -€64,535 | +€21,094 | +24.6% |
| Financial income | 75/76B | €23 | €98 | +€75 | +331.8% |
| Recurring financial income | 75 | €23 | €98 | +€75 | +331.8% |
| Financial charges | 65/66B | €10,404 | €5,780 | -€4,623 | -44.4% |
| Recurring financial charges | 65 | €10,404 | €5,780 | -€4,623 | -44.4% |
| Profit (loss) for the period before taxes | 9903 | -€96,010 | -€70,218 | +€25,792 | +26.9% |
| Income taxes | 67/77 | €234 | €0 | -€234 | -100.0% |
| Profit (loss) for the period | 9904 | -€96,244 | -€70,218 | +€26,026 | +27.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,244 | -€70,218 | +€26,026 | +27.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.