Underdog production: what changed
Underdog production
Largest movements
- Cash -€10,100
down €10,100 (-37.2%), from €27,175 to €17,075
mainly Debts after one year (-€35,000) and Net result for the year (-€6,217)
- Receivables within one year -€9,196
down €9,196 (-93.1%), from €9,875 to €679
- Formation expenses -€800
down €800 (-50.0%), from €1,601 to €800
- Debts after one year -€35,000
down €35,000 (-26.9%), from €130,000 to €95,000
- Trade debts +€18,735
up €18,735 (+41,829%), from €45 to €18,780
- Profit (loss) carried forward -€6,217
down €6,217 (-6.0%), from -€103,543 to -€109,760
- Other debts +€1,765
up €1,765 (+48.2%), from €3,663 to €5,428
- Gross operating margin +€53,033
up €53,033 (+95.5%), from -€55,516 to -€2,484
- Financial charges -€2,011
down €2,011 (-51.2%), from €3,924 to €1,914
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,165 | €19,448 | -€20,717 | -51.6% |
| Formation expenses | 20 | €1,601 | €800 | -€800 | -50.0% |
| Fixed assets | 21/28 | €1,515 | €894 | -€620 | -41.0% |
| Intangible fixed assets | 21 | €900 | €500 | -€400 | -44.4% |
| Tangible fixed assets | 22/27 | €615 | €394 | -€220 | -35.9% |
| Furniture and vehicles | 24 | €615 | €394 | -€220 | -35.9% |
| Current assets | 29/58 | €37,050 | €17,753 | -€19,296 | -52.1% |
| Amounts receivable within one year | 40/41 | €9,875 | €679 | -€9,196 | -93.1% |
| Other amounts receivable | 41 | €9,875 | €679 | -€9,196 | -93.1% |
| Cash at bank and in hand | 54/58 | €27,175 | €17,075 | -€10,100 | -37.2% |
| Total equity and liabilities | 10/49 | €40,165 | €19,448 | -€20,717 | -51.6% |
| Equity | 10/15 | -€93,543 | -€99,760 | -€6,217 | -6.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€103,543 | -€109,760 | -€6,217 | -6.0% |
| Amounts payable | 17/49 | €133,708 | €119,208 | -€14,500 | -10.8% |
| Amounts payable after more than one year | 17 | €130,000 | €95,000 | -€35,000 | -26.9% |
| Other amounts payable | 178/9 | €130,000 | €95,000 | -€35,000 | -26.9% |
| Amounts payable within one year | 42/48 | €3,708 | €24,208 | +€20,500 | +553% |
| Trade debts | 44 | €45 | €18,780 | +€18,735 | +41,829% |
| Suppliers | 440/4 | €45 | €18,780 | +€18,735 | +41,829% |
| Other amounts payable | 47/48 | €3,663 | €5,428 | +€1,765 | +48.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,247 | €1,421 | +€174 | +14.0% |
| Other operating charges | 640/8 | €384 | €400 | +€15 | +4.0% |
| Gross operating margin | 9900 | -€55,516 | -€2,484 | +€53,033 | +95.5% |
| Operating profit (loss) | 9901 | -€57,148 | -€4,304 | +€52,843 | +92.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €3,924 | €1,914 | -€2,011 | -51.2% |
| Recurring financial charges | 65 | €3,924 | €1,914 | -€2,011 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | -€61,072 | -€6,217 | +€54,855 | +89.8% |
| Profit (loss) for the period | 9904 | -€61,072 | -€6,217 | +€54,855 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,072 | -€6,217 | +€54,855 | +89.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.