Untangled: 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.
Untangled
Largest movements
- Cash +€38,739
up €38,739 (+73.0%), from €53,050 to €91,789
mainly Net result for the year (+€42,568) and Depreciation (+€10,389)
- Tangible fixed assets -€9,526
down €9,526 (-90.5%), from €10,527 to €1,001
of which Furniture and vehicles: -€8,739
- Receivables within one year +€7,845
up €7,845 (+42.1%), from €18,653 to €26,498
of which Trade receivables: +€14,013
- Current investments -€5,000
down €5,000 (-14.3%), from €35,000 to €30,000
- Profit (loss) carried forward +€35,000
new in 2025: €35,000
- Other debts +€7,454
up €7,454 (+148.3%), from €5,026 to €12,480
- Debts after one year -€6,003
down €6,003 (-53.8%), from €11,160 to €5,157
- Tax, wage and social debts -€4,630
down €4,630 (-39.4%), from €11,745 to €7,115
- Depreciation -€2,048
down €2,048 (-16.5%), from €12,437 to €10,389
- Taxes -€1,841
down €1,841 (-14.5%), from €12,720 to €10,878
- Gross operating margin -€1,563
down €1,563 (-2.4%), from €65,929 to €64,366
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 | €118,701 | €150,725 | +€32,024 | +27.0% |
| Fixed assets | 21/28 | €11,213 | €1,544 | -€9,668 | -86.2% |
| Intangible fixed assets | 21 | €686 | €543 | -€143 | -20.8% |
| Tangible fixed assets | 22/27 | €10,527 | €1,001 | -€9,526 | -90.5% |
| Plant, machinery and equipment | 23 | €787 | - | -€787 | |
| Furniture and vehicles | 24 | €9,740 | €1,001 | -€8,739 | -89.7% |
| Current assets | 29/58 | €107,488 | €149,181 | +€41,693 | +38.8% |
| Amounts receivable within one year | 40/41 | €18,653 | €26,498 | +€7,845 | +42.1% |
| Trade receivables | 40 | €12,103 | €26,117 | +€14,013 | +115.8% |
| Other amounts receivable | 41 | €6,550 | €382 | -€6,168 | -94.2% |
| Current investments | 50/53 | €35,000 | €30,000 | -€5,000 | -14.3% |
| Cash at bank and in hand | 54/58 | €53,050 | €91,789 | +€38,739 | +73.0% |
| Deferred charges and accrued income | 490/1 | €785 | €894 | +€109 | +13.9% |
| Total equity and liabilities | 10/49 | €118,701 | €150,725 | +€32,024 | +27.0% |
| Equity | 10/15 | €84,340 | €119,340 | +€35,000 | +41.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €80,340 | €80,340 | = | 0.0% |
| Distributable reserves | 133 | €80,340 | €80,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €35,000 | +€35,000 | |
| Amounts payable | 17/49 | €34,361 | €31,385 | -€2,976 | -8.7% |
| Amounts payable after more than one year | 17 | €11,160 | €5,157 | -€6,003 | -53.8% |
| Financial debts | 170/4 | €11,160 | €5,157 | -€6,003 | -53.8% |
| Amounts payable within one year | 42/48 | €22,824 | €25,930 | +€3,106 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €5,806 | €6,003 | +€197 | +3.4% |
| Trade debts | 44 | €248 | €332 | +€84 | +34.1% |
| Suppliers | 440/4 | €248 | €332 | +€84 | +34.1% |
| Taxes, remuneration and social security | 45 | €11,745 | €7,115 | -€4,630 | -39.4% |
| Taxes | 450/3 | €11,745 | €7,115 | -€4,630 | -39.4% |
| Other amounts payable | 47/48 | €5,026 | €12,480 | +€7,454 | +148.3% |
| Accrued charges and deferred income | 492/3 | €378 | €298 | -€79 | -21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,437 | €10,389 | -€2,048 | -16.5% |
| Other operating charges | 640/8 | €326 | €544 | +€218 | +67.0% |
| Non-recurring operating charges | 66A | €163 | - | -€163 | |
| Gross operating margin | 9900 | €65,929 | €64,366 | -€1,563 | -2.4% |
| Operating profit (loss) | 9901 | €53,004 | €53,434 | +€430 | +0.8% |
| Financial income | 75/76B | €1,071 | €874 | -€197 | -18.4% |
| Recurring financial income | 75 | €1,071 | €874 | -€197 | -18.4% |
| Financial charges | 65/66B | €1,130 | €862 | -€268 | -23.8% |
| Recurring financial charges | 65 | €1,130 | €862 | -€268 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €52,944 | €53,446 | +€502 | +0.9% |
| Income taxes | 67/77 | €12,720 | €10,878 | -€1,841 | -14.5% |
| Profit (loss) for the period | 9904 | €40,225 | €42,568 | +€2,343 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,225 | €42,568 | +€2,343 | +5.8% |
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 30 September 2026 via checked.be.