Unbelievable: 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.
Unbelievable
Largest movements
- Cash +€63,728
up €63,728 (+7,650%), from €833 to €64,561
mainly Contributions, distributions and other (+€334,872) and Debts after one year (+€86,194)
- Receivables within one year +€13,625
up €13,625 (+70.0%), from €19,477 to €33,102
of which Trade receivables: +€6,885
- Stocks and contracts +€10,703
up €10,703 (+11.5%), from €93,375 to €104,078
- Financial fixed assets -€5,370
down €5,370 (-7.0%), from €76,428 to €71,058
- Contributions +€334,872
up €334,872 (+260%), from €128,799 to €463,671
- Profit (loss) carried forward -€287,126
down €287,126 (-102%), from -€281,735 to -€568,861
- Debts after one year +€86,194
up €86,194 (+66.3%), from €130,070 to €216,264
- Short-term financial debts -€44,125
down €44,125 (-41.7%), from €105,823 to €61,699
- Current portion of long-term debt -€14,326
down €14,326 (-17.5%), from €81,679 to €67,353
- Financial income -€340,501
down €340,501 (-99.0%), from €343,777 to €3,276
of which Non-recurring financial income: -€343,641
- Financial charges +€69,441
up €69,441 (+172%), from €40,291 to €109,733
of which Non-recurring financial charges: +€75,716
- Gross operating margin -€61,625
down €61,625 (-56.2%), from -€109,653 to -€171,278
- Staff costs +€4,104
new in 2025: €4,104
- Depreciation -€3,035
down €3,035 (-43.2%), from €7,034 to €3,999
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 | €198,675 | €277,028 | +€78,353 | +39.4% |
| Formation expenses | 20 | €685 | €343 | -€343 | -50.0% |
| Fixed assets | 21/28 | €83,221 | €74,632 | -€8,588 | -10.3% |
| Intangible fixed assets | 21 | €562 | - | -€562 | |
| Tangible fixed assets | 22/27 | €6,231 | €3,574 | -€2,657 | -42.6% |
| Plant, machinery and equipment | 23 | €2,384 | €1,247 | -€1,137 | -47.7% |
| Furniture and vehicles | 24 | €3,848 | €2,327 | -€1,520 | -39.5% |
| Financial fixed assets | 28 | €76,428 | €71,058 | -€5,370 | -7.0% |
| Current assets | 29/58 | €114,768 | €202,053 | +€87,284 | +76.1% |
| Stocks and contracts in progress | 3 | €93,375 | €104,078 | +€10,703 | +11.5% |
| Stocks | 30/36 | €93,375 | €104,078 | +€10,703 | +11.5% |
| Amounts receivable within one year | 40/41 | €19,477 | €33,102 | +€13,625 | +70.0% |
| Trade receivables | 40 | €16,665 | €23,550 | +€6,885 | +41.3% |
| Other amounts receivable | 41 | €2,812 | €9,552 | +€6,740 | +240% |
| Cash at bank and in hand | 54/58 | €833 | €64,561 | +€63,728 | +7,650% |
| Deferred charges and accrued income | 490/1 | €1,084 | €312 | -€772 | -71.3% |
| Total equity and liabilities | 10/49 | €198,675 | €277,028 | +€78,353 | +39.4% |
| Equity | 10/15 | -€152,936 | -€105,190 | +€47,746 | +31.2% |
| Contributions | 10/11 | €128,799 | €463,671 | +€334,872 | +260% |
| Profit (loss) carried forward | 14 | -€281,735 | -€568,861 | -€287,126 | -102% |
| Amounts payable | 17/49 | €351,610 | €382,217 | +€30,607 | +8.7% |
| Amounts payable after more than one year | 17 | €130,070 | €216,264 | +€86,194 | +66.3% |
| Financial debts | 170/4 | €130,070 | €216,264 | +€86,194 | +66.3% |
| Amounts payable within one year | 42/48 | €213,351 | €164,543 | -€48,808 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €81,679 | €67,353 | -€14,326 | -17.5% |
| Financial debts | 43 | €105,823 | €61,699 | -€44,125 | -41.7% |
| Credit institutions | 430/8 | €105,823 | €61,699 | -€44,125 | -41.7% |
| Trade debts | 44 | €22,685 | €34,007 | +€11,322 | +49.9% |
| Suppliers | 440/4 | €22,685 | €34,007 | +€11,322 | +49.9% |
| Taxes, remuneration and social security | 45 | €1,775 | €1,466 | -€309 | -17.4% |
| Taxes | 450/3 | €1,775 | €927 | -€848 | -47.8% |
| Remuneration and social security | 454/9 | - | €539 | +€539 | |
| Other amounts payable | 47/48 | €1,388 | €18 | -€1,371 | -98.7% |
| Accrued charges and deferred income | 492/3 | €8,189 | €1,410 | -€6,779 | -82.8% |
| Remuneration, social security and pensions | 62 | - | €4,104 | +€4,104 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,034 | €3,999 | -€3,035 | -43.2% |
| Other operating charges | 640/8 | €3,413 | €1,096 | -€2,317 | -67.9% |
| Gross operating margin | 9900 | -€109,653 | -€171,278 | -€61,625 | -56.2% |
| Operating profit (loss) | 9901 | -€120,100 | -€180,477 | -€60,376 | -50.3% |
| Financial income | 75/76B | €343,777 | €3,276 | -€340,501 | -99.0% |
| Recurring financial income | 75 | €136 | €3,276 | +€3,140 | +2,311% |
| Non-recurring financial income | 76B | €343,641 | - | -€343,641 | |
| Financial charges | 65/66B | €40,291 | €109,733 | +€69,441 | +172% |
| Recurring financial charges | 65 | €40,291 | €34,016 | -€6,275 | -15.6% |
| Non-recurring financial charges | 66B | - | €75,716 | +€75,716 | |
| Profit (loss) for the period before taxes | 9903 | €183,386 | -€286,933 | -€470,319 | |
| Income taxes | 67/77 | -€150 | €193 | +€343 | |
| Profit (loss) for the period | 9904 | €183,535 | -€287,126 | -€470,661 | |
| Profit (loss) for the period to be appropriated | 9905 | €183,535 | -€287,126 | -€470,661 |
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 23 October 2026 via checked.be.