unpuzzled: 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.
unpuzzled
Largest movements
- Receivables within one year -€19,363
down €19,363 (-53.5%), from €36,164 to €16,800
of which Trade receivables: -€13,564
- Tangible fixed assets -€16,296
down €16,296 (-44.3%), from €36,820 to €20,524
of which Furniture and vehicles: -€12,493
- Cash -€7,169
down €7,169 (-9.7%), from €73,916 to €66,747
mainly Contributions, distributions and other (-€78,997) and Other debts (-€22,202)
- Other debts -€22,202
down €22,202 (-22.9%), from €96,876 to €74,674
- Debts after one year -€12,097
no longer reported in 2025 (was €12,097)
- Tax, wage and social debts -€8,439
down €8,439 (-36.9%), from €22,885 to €14,447
- Gross operating margin -€21,412
down €21,412 (-14.6%), from €146,854 to €125,442
- Depreciation -€5,367
down €5,367 (-25.0%), from €21,435 to €16,067
- Taxes -€4,311
down €4,311 (-13.6%), from €31,771 to €27,460
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 | €146,899 | €104,072 | -€42,827 | -29.2% |
| Fixed assets | 21/28 | €36,820 | €20,524 | -€16,296 | -44.3% |
| Tangible fixed assets | 22/27 | €36,820 | €20,524 | -€16,296 | -44.3% |
| Plant, machinery and equipment | 23 | €13,157 | €9,354 | -€3,803 | -28.9% |
| Furniture and vehicles | 24 | €23,663 | €11,170 | -€12,493 | -52.8% |
| Current assets | 29/58 | €110,079 | €83,548 | -€26,532 | -24.1% |
| Amounts receivable within one year | 40/41 | €36,164 | €16,800 | -€19,363 | -53.5% |
| Trade receivables | 40 | €28,061 | €14,497 | -€13,564 | -48.3% |
| Other amounts receivable | 41 | €8,103 | €2,304 | -€5,799 | -71.6% |
| Cash at bank and in hand | 54/58 | €73,916 | €66,747 | -€7,169 | -9.7% |
| Total equity and liabilities | 10/49 | €146,899 | €104,072 | -€42,827 | -29.2% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €144,899 | €102,072 | -€42,827 | -29.6% |
| Amounts payable after more than one year | 17 | €12,097 | - | -€12,097 | |
| Financial debts | 170/4 | €12,097 | - | -€12,097 | |
| Amounts payable within one year | 42/48 | €132,803 | €102,072 | -€30,731 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €13,042 | €12,097 | -€945 | -7.2% |
| Trade debts | 44 | - | €855 | +€855 | |
| Suppliers | 440/4 | - | €855 | +€855 | |
| Taxes, remuneration and social security | 45 | €22,885 | €14,447 | -€8,439 | -36.9% |
| Taxes | 450/3 | €22,885 | €14,447 | -€8,439 | -36.9% |
| Other amounts payable | 47/48 | €96,876 | €74,674 | -€22,202 | -22.9% |
| Non-recurring operating income | 76A | - | €2,822 | +€2,822 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,435 | €16,067 | -€5,367 | -25.0% |
| Other operating charges | 640/8 | €1,091 | €1,143 | +€52 | +4.8% |
| Non-recurring operating charges | 66A | €825 | €1,500 | +€675 | +81.8% |
| Gross operating margin | 9900 | €146,854 | €125,442 | -€21,412 | -14.6% |
| Operating profit (loss) | 9901 | €123,503 | €106,731 | -€16,772 | -13.6% |
| Financial income | 75/76B | €355 | €179 | -€176 | -49.5% |
| Recurring financial income | 75 | €355 | €179 | -€176 | -49.5% |
| Financial charges | 65/66B | €586 | €453 | -€133 | -22.7% |
| Recurring financial charges | 65 | €586 | €453 | -€133 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €123,272 | €106,457 | -€16,815 | -13.6% |
| Income taxes | 67/77 | €31,771 | €27,460 | -€4,311 | -13.6% |
| Profit (loss) for the period | 9904 | €91,501 | €78,997 | -€12,504 | -13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €91,501 | €78,997 | -€12,504 | -13.7% |
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.