TWO TO TANGO: 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.
TWO TO TANGO
Largest movements
- Cash -€105,690
down €105,690 (-56.5%), from €187,077 to €81,388
mainly Contributions, distributions and other (-€100,000) and Deferred charges and accrued income (-€50,000)
- Deferred charges and accrued income +€50,000
new in 2025: €50,000
- Receivables within one year +€11,542
up €11,542 (+22.7%), from €50,790 to €62,332
of which Trade receivables: +€25,731
- Reserves -€70,000
down €70,000 (-23.5%), from €297,500 to €227,500
of which Distributable reserves: -€70,000
- Other debts +€34,621
up €34,621 (+48.9%), from €70,756 to €105,378
- Trade debts -€15,925
down €15,925 (-52.4%), from €30,418 to €14,493
- Gross operating margin +€8,026
up €8,026 (+5.8%), from €139,251 to €147,277
- Staff costs +€7,593
up €7,593 (+15.1%), from €50,171 to €57,764
- Taxes +€3,585
up €3,585 (+22.6%), from €15,885 to €19,471
- Financial charges -€2,060
down €2,060 (-27.5%), from €7,484 to €5,424
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 | €516,181 | €468,790 | -€47,392 | -9.2% |
| Fixed assets | 21/28 | €278,314 | €275,071 | -€3,244 | -1.2% |
| Tangible fixed assets | 22/27 | €278,314 | €275,071 | -€3,244 | -1.2% |
| Plant, machinery and equipment | 23 | €38,978 | €54,630 | +€15,653 | +40.2% |
| Furniture and vehicles | 24 | €2,208 | €1,327 | -€881 | -39.9% |
| Leasing and similar rights | 25 | €237,128 | €219,113 | -€18,015 | -7.6% |
| Current assets | 29/58 | €237,867 | €193,719 | -€44,148 | -18.6% |
| Amounts receivable within one year | 40/41 | €50,790 | €62,332 | +€11,542 | +22.7% |
| Trade receivables | 40 | €36,601 | €62,332 | +€25,731 | +70.3% |
| Other amounts receivable | 41 | €14,189 | - | -€14,189 | |
| Cash at bank and in hand | 54/58 | €187,077 | €81,388 | -€105,690 | -56.5% |
| Deferred charges and accrued income | 490/1 | - | €50,000 | +€50,000 | |
| Total equity and liabilities | 10/49 | €516,181 | €468,790 | -€47,392 | -9.2% |
| Equity | 10/15 | €398,241 | €331,555 | -€66,686 | -16.7% |
| Contributions | 10/11 | €27,605 | €27,605 | = | 0.0% |
| Reserves | 13 | €297,500 | €227,500 | -€70,000 | -23.5% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €293,500 | €223,500 | -€70,000 | -23.9% |
| Profit (loss) carried forward | 14 | €73,136 | €76,450 | +€3,314 | +4.5% |
| Amounts payable | 17/49 | €117,940 | €137,234 | +€19,294 | +16.4% |
| Amounts payable within one year | 42/48 | €117,940 | €137,176 | +€19,236 | +16.3% |
| Trade debts | 44 | €30,418 | €14,493 | -€15,925 | -52.4% |
| Suppliers | 440/4 | €30,418 | €14,493 | -€15,925 | -52.4% |
| Taxes, remuneration and social security | 45 | €16,766 | €17,306 | +€540 | +3.2% |
| Taxes | 450/3 | €16,766 | €17,306 | +€540 | +3.2% |
| Other amounts payable | 47/48 | €70,756 | €105,378 | +€34,621 | +48.9% |
| Accrued charges and deferred income | 492/3 | - | €58 | +€58 | |
| Remuneration, social security and pensions | 62 | €50,171 | €57,764 | +€7,593 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,622 | €28,470 | -€152 | -0.5% |
| Other operating charges | 640/8 | €2,289 | €3,696 | +€1,406 | +61.4% |
| Gross operating margin | 9900 | €139,251 | €147,277 | +€8,026 | +5.8% |
| Operating profit (loss) | 9901 | €58,168 | €57,347 | -€821 | -1.4% |
| Financial income | 75/76B | €248 | €862 | +€614 | +247.5% |
| Recurring financial income | 75 | €248 | €862 | +€614 | +247.5% |
| Financial charges | 65/66B | €7,484 | €5,424 | -€2,060 | -27.5% |
| Recurring financial charges | 65 | €7,484 | €5,424 | -€2,060 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €50,932 | €52,785 | +€1,853 | +3.6% |
| Income taxes | 67/77 | €15,885 | €19,471 | +€3,585 | +22.6% |
| Profit (loss) for the period | 9904 | €35,047 | €33,314 | -€1,732 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,047 | €33,314 | -€1,732 | -4.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.