Undertake: 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.
Undertake
Largest movements
- Tangible fixed assets +€54,687
up €54,687 (+102.9%), from €53,143 to €107,830
of which Plant, machinery and equipment: +€42,930
- Cash +€17,870
up €17,870 (+39.9%), from €44,792 to €62,662
mainly Debts after one year (+€34,885) and Tax, wage and social debts (+€23,337)
- Financial fixed assets +€3,721
up €3,721 (+354.1%), from €1,051 to €4,772
- Stocks and contracts +€2,375
up €2,375 (+194.8%), from €1,219 to €3,594
- Deferred charges and accrued income +€1,987
new in 2025: €1,987
- Debts after one year +€34,885
up €34,885 (+76.0%), from €45,913 to €80,798
- Tax, wage and social debts +€23,337
up €23,337 (+166.5%), from €14,014 to €37,351
of which Remuneration and social security: +€17,737
- Current portion of long-term debt +€13,846
up €13,846 (+102.5%), from €13,511 to €27,357
- Trade debts +€10,022
up €10,022 (+101.2%), from €9,901 to €19,923
- Profit (loss) carried forward -€2,430
down €2,430 (-312.2%), from -€778 to -€3,209
- Gross operating margin +€158,173
up €158,173 (+245.1%), from €64,527 to €222,701
- Staff costs +€146,495
up €146,495 (+255.9%), from €57,258 to €203,753
- Depreciation +€7,838
up €7,838 (+149.3%), from €5,250 to €13,087
- Financial charges +€5,287
up €5,287 (+236.4%), from €2,236 to €7,522
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 | €100,204 | €181,553 | +€81,349 | +81.2% |
| Fixed assets | 21/28 | €54,193 | €112,601 | +€58,408 | +107.8% |
| Tangible fixed assets | 22/27 | €53,143 | €107,830 | +€54,687 | +102.9% |
| Land and buildings | 22 | €12,893 | €17,892 | +€4,999 | +38.8% |
| Plant, machinery and equipment | 23 | €23,995 | €66,925 | +€42,930 | +178.9% |
| Furniture and vehicles | 24 | €16,254 | €23,013 | +€6,758 | +41.6% |
| Financial fixed assets | 28 | €1,051 | €4,772 | +€3,721 | +354.1% |
| Current assets | 29/58 | €46,011 | €68,952 | +€22,941 | +49.9% |
| Stocks and contracts in progress | 3 | €1,219 | €3,594 | +€2,375 | +194.8% |
| Stocks | 30/36 | €1,219 | €3,594 | +€2,375 | +194.8% |
| Amounts receivable within one year | 40/41 | - | €709 | +€709 | |
| Trade receivables | 40 | - | €709 | +€709 | |
| Cash at bank and in hand | 54/58 | €44,792 | €62,662 | +€17,870 | +39.9% |
| Deferred charges and accrued income | 490/1 | - | €1,987 | +€1,987 | |
| Total equity and liabilities | 10/49 | €100,204 | €181,553 | +€81,349 | +81.2% |
| Equity | 10/15 | €9,222 | €6,791 | -€2,430 | -26.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€778 | -€3,209 | -€2,430 | -312.2% |
| Amounts payable | 17/49 | €90,983 | €174,762 | +€83,779 | +92.1% |
| Amounts payable after more than one year | 17 | €45,913 | €80,798 | +€34,885 | +76.0% |
| Financial debts | 170/4 | €45,913 | €80,798 | +€34,885 | +76.0% |
| Amounts payable within one year | 42/48 | €43,736 | €91,370 | +€47,635 | +108.9% |
| Current portion of amounts payable after more than one year | 42 | €13,511 | €27,357 | +€13,846 | +102.5% |
| Trade debts | 44 | €9,901 | €19,923 | +€10,022 | +101.2% |
| Suppliers | 440/4 | €9,901 | €19,923 | +€10,022 | +101.2% |
| Taxes, remuneration and social security | 45 | €14,014 | €37,351 | +€23,337 | +166.5% |
| Taxes | 450/3 | €7,478 | €13,078 | +€5,600 | +74.9% |
| Remuneration and social security | 454/9 | €6,536 | €24,273 | +€17,737 | +271.4% |
| Other amounts payable | 47/48 | €6,309 | €6,739 | +€430 | +6.8% |
| Accrued charges and deferred income | 492/3 | €1,334 | €2,594 | +€1,260 | +94.4% |
| Remuneration, social security and pensions | 62 | €57,258 | €203,753 | +€146,495 | +255.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,250 | €13,087 | +€7,838 | +149.3% |
| Other operating charges | 640/8 | €639 | €1,016 | +€377 | +59.1% |
| Gross operating margin | 9900 | €64,527 | €222,701 | +€158,173 | +245.1% |
| Operating profit (loss) | 9901 | €1,382 | €4,845 | +€3,463 | +250.7% |
| Financial income | 75/76B | €76 | €247 | +€171 | +225.4% |
| Recurring financial income | 75 | €76 | €247 | +€171 | +225.4% |
| Financial charges | 65/66B | €2,236 | €7,522 | +€5,287 | +236.4% |
| Recurring financial charges | 65 | €2,236 | €7,522 | +€5,287 | +236.4% |
| Profit (loss) for the period before taxes | 9903 | -€778 | -€2,430 | -€1,652 | -212.2% |
| Profit (loss) for the period | 9904 | -€778 | -€2,430 | -€1,652 | -212.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€778 | -€2,430 | -€1,652 | -212.2% |
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 8 October 2026 via checked.be.