UNBOXED LOGIC: 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.
UNBOXED LOGIC
Largest movements
- Receivables within one year -€3,653
down €3,653 (-18.7%), from €19,555 to €15,902
of which Other amounts receivable: -€2,300
- Cash -€3,064
down €3,064 (-4.7%), from €65,169 to €62,105
mainly Other debts (-€12,001) and Short-term financial debts (-€1,691)
- Tangible fixed assets -€1,691
down €1,691 (-33.3%), from €5,082 to €3,391
- Other debts -€12,001
down €12,001 (-99.5%), from €12,064 to €63
- Reserves +€5,000
up €5,000 (+29.7%), from €16,860 to €21,860
- Short-term financial debts -€1,691
down €1,691 (-82.7%), from €2,044 to €353
- Provisions +€1,016
up €1,016 (+3.2%), from €32,127 to €33,143
- Financial charges -€5,608
down €5,608 (-14.4%), from €39,071 to €33,463
- Gross operating margin +€4,880
up €4,880 (+11.7%), from €41,647 to €46,527
- Taxes +€2,111
up €2,111 (+177.6%), from €1,189 to €3,300
- Provisions +€1,889
up €1,889, from -€873 to €1,016
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 | €90,702 | €82,879 | -€7,823 | -8.6% |
| Fixed assets | 21/28 | €5,082 | €3,391 | -€1,691 | -33.3% |
| Tangible fixed assets | 22/27 | €5,082 | €3,391 | -€1,691 | -33.3% |
| Furniture and vehicles | 24 | €5,082 | €3,391 | -€1,691 | -33.3% |
| Current assets | 29/58 | €85,620 | €79,489 | -€6,132 | -7.2% |
| Amounts receivable within one year | 40/41 | €19,555 | €15,902 | -€3,653 | -18.7% |
| Trade receivables | 40 | €12,243 | €10,890 | -€1,353 | -11.1% |
| Other amounts receivable | 41 | €7,311 | €5,012 | -€2,300 | -31.5% |
| Cash at bank and in hand | 54/58 | €65,169 | €62,105 | -€3,064 | -4.7% |
| Deferred charges and accrued income | 490/1 | €897 | €1,482 | +€585 | +65.2% |
| Total equity and liabilities | 10/49 | €90,702 | €82,879 | -€7,823 | -8.6% |
| Equity | 10/15 | €40,705 | €45,852 | +€5,147 | +12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,860 | €21,860 | +€5,000 | +29.7% |
| Distributable reserves | 133 | €16,860 | €21,860 | +€5,000 | +29.7% |
| Profit (loss) carried forward | 14 | €11,445 | €11,592 | +€147 | +1.3% |
| Provisions and deferred taxes | 16 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Other liabilities and charges | 164/5 | €32,127 | €33,143 | +€1,016 | +3.2% |
| Amounts payable | 17/49 | €17,870 | €3,884 | -€13,986 | -78.3% |
| Amounts payable within one year | 42/48 | €17,870 | €3,884 | -€13,986 | -78.3% |
| Financial debts | 43 | €2,044 | €353 | -€1,691 | -82.7% |
| Credit institutions | 430/8 | €2,044 | €353 | -€1,691 | -82.7% |
| Trade debts | 44 | €1,856 | €1,669 | -€188 | -10.1% |
| Suppliers | 440/4 | €1,856 | €1,669 | -€188 | -10.1% |
| Taxes, remuneration and social security | 45 | €1,905 | €1,799 | -€107 | -5.6% |
| Taxes | 450/3 | €1,905 | €1,799 | -€107 | -5.6% |
| Other amounts payable | 47/48 | €12,064 | €63 | -€12,001 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,501 | €2,847 | +€346 | +13.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€873 | €1,016 | +€1,889 | |
| Other operating charges | 640/8 | €393 | €754 | +€361 | +91.8% |
| Non-recurring operating charges | 66A | €87 | - | -€87 | |
| Gross operating margin | 9900 | €41,647 | €46,527 | +€4,880 | +11.7% |
| Operating profit (loss) | 9901 | €39,539 | €41,909 | +€2,371 | +6.0% |
| Financial income | 75/76B | €40 | - | -€40 | |
| Recurring financial income | 75 | €40 | - | -€40 | |
| Financial charges | 65/66B | €39,071 | €33,463 | -€5,608 | -14.4% |
| Recurring financial charges | 65 | €39,071 | €33,463 | -€5,608 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €508 | €8,446 | +€7,939 | +1563.7% |
| Income taxes | 67/77 | €1,189 | €3,300 | +€2,111 | +177.6% |
| Profit (loss) for the period | 9904 | -€681 | €5,147 | +€5,828 | |
| Profit (loss) for the period to be appropriated | 9905 | -€681 | €5,147 | +€5,828 |
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 5 October 2026 via checked.be.