UNPAVED: 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.
UNPAVED
Largest movements
- Receivables within one year +€27,308
up €27,308 (+20.4%), from €133,578 to €160,886
of which Trade receivables: +€17,471
- Cash +€19,950
up €19,950 (+17.7%), from €112,825 to €132,775
mainly Net result for the year (+€66,667) and Depreciation (+€1,078)
- Profit (loss) carried forward +€66,667
up €66,667 (+39.6%), from €168,282 to €234,949
- Tax, wage and social debts -€14,362
down €14,362 (-20.1%), from €71,475 to €57,113
- Other debts -€3,200
no longer reported in 2025 (was €3,200)
- Gross operating margin -€137,437
down €137,437 (-60.8%), from €225,963 to €88,526
- Taxes -€33,019
down €33,019 (-65.5%), from €50,376 to €17,357
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 | €248,445 | €296,848 | +€48,403 | +19.5% |
| Fixed assets | 21/28 | €2,042 | €3,187 | +€1,145 | +56.0% |
| Tangible fixed assets | 22/27 | €2,042 | €3,187 | +€1,145 | +56.0% |
| Furniture and vehicles | 24 | €2,042 | €3,187 | +€1,145 | +56.0% |
| Current assets | 29/58 | €246,403 | €293,661 | +€47,258 | +19.2% |
| Amounts receivable within one year | 40/41 | €133,578 | €160,886 | +€27,308 | +20.4% |
| Trade receivables | 40 | €133,578 | €151,048 | +€17,471 | +13.1% |
| Other amounts receivable | 41 | - | €9,838 | +€9,838 | |
| Cash at bank and in hand | 54/58 | €112,825 | €132,775 | +€19,950 | +17.7% |
| Total equity and liabilities | 10/49 | €248,445 | €296,848 | +€48,403 | +19.5% |
| Equity | 10/15 | €171,282 | €237,949 | +€66,667 | +38.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,282 | €234,949 | +€66,667 | +39.6% |
| Amounts payable | 17/49 | €77,163 | €58,899 | -€18,264 | -23.7% |
| Amounts payable within one year | 42/48 | €77,163 | €58,899 | -€18,264 | -23.7% |
| Trade debts | 44 | €2,487 | €1,786 | -€702 | -28.2% |
| Suppliers | 440/4 | €2,487 | €1,786 | -€702 | -28.2% |
| Taxes, remuneration and social security | 45 | €71,475 | €57,113 | -€14,362 | -20.1% |
| Taxes | 450/3 | €71,475 | €57,113 | -€14,362 | -20.1% |
| Other amounts payable | 47/48 | €3,200 | - | -€3,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €635 | €1,078 | +€443 | +69.7% |
| Other operating charges | 640/8 | €1,145 | €701 | -€443 | -38.7% |
| Gross operating margin | 9900 | €225,963 | €88,526 | -€137,437 | -60.8% |
| Operating profit (loss) | 9901 | €224,183 | €86,747 | -€137,436 | -61.3% |
| Financial income | 75/76B | - | €63 | +€63 | |
| Recurring financial income | 75 | - | €63 | +€63 | |
| Financial charges | 65/66B | €3,359 | €2,786 | -€574 | -17.1% |
| Recurring financial charges | 65 | €3,359 | €2,786 | -€574 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €220,824 | €84,024 | -€136,800 | -61.9% |
| Income taxes | 67/77 | €50,376 | €17,357 | -€33,019 | -65.5% |
| Profit (loss) for the period | 9904 | €170,448 | €66,667 | -€103,781 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €170,448 | €66,667 | -€103,781 | -60.9% |
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 28 October 2026 via checked.be.