UNTITLED 01: 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.
UNTITLED 01
Largest movements
- Tangible fixed assets -€33,362
down €33,362 (-9.5%), from €351,939 to €318,577
of which Land and buildings: -€22,340
- Deferred charges and accrued income -€22,172
down €22,172 (-81.4%), from €27,245 to €5,073
- Receivables within one year +€15,181
up €15,181 (+188.5%), from €8,052 to €23,234
of which Trade receivables: +€14,368
- Profit (loss) carried forward -€85,743
down €85,743 (-49.2%), from -€174,342 to -€260,086
- Other debts +€61,844
up €61,844 (+41.6%), from €148,509 to €210,353
- Debts after one year -€16,106
down €16,106 (-3.1%), from €516,201 to €500,095
of which Financial debts: -€16,106
- Tax, wage and social debts +€8,634
up €8,634 (+77.1%), from €11,203 to €19,838
of which Remuneration and social security: +€6,962
- Gross operating margin -€64,093
down €64,093 (-65.5%), from €97,864 to €33,771
- Depreciation -€10,109
down €10,109 (-19.8%), from €51,062 to €40,953
- Staff costs +€6,416
up €6,416 (+14.0%), from €45,780 to €52,196
- Other operating charges -€1,458
down €1,458 (-19.9%), from €7,343 to €5,885
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 | €676,172 | €641,676 | -€34,496 | -5.1% |
| Fixed assets | 21/28 | €351,939 | €318,577 | -€33,362 | -9.5% |
| Tangible fixed assets | 22/27 | €351,939 | €318,577 | -€33,362 | -9.5% |
| Land and buildings | 22 | €296,051 | €273,711 | -€22,340 | -7.5% |
| Plant, machinery and equipment | 23 | €34,888 | €27,798 | -€7,090 | -20.3% |
| Furniture and vehicles | 24 | €19,748 | €16,209 | -€3,539 | -17.9% |
| Other tangible fixed assets | 26 | €1,252 | €859 | -€393 | -31.4% |
| Current assets | 29/58 | €324,233 | €323,099 | -€1,134 | -0.3% |
| Stocks and contracts in progress | 3 | €280,786 | €280,186 | -€600 | -0.2% |
| Stocks | 30/36 | €280,786 | €280,186 | -€600 | -0.2% |
| Amounts receivable within one year | 40/41 | €8,052 | €23,234 | +€15,181 | +188.5% |
| Trade receivables | 40 | €2,017 | €16,384 | +€14,368 | +712.5% |
| Other amounts receivable | 41 | €6,036 | €6,849 | +€813 | +13.5% |
| Cash at bank and in hand | 54/58 | €8,149 | €14,607 | +€6,458 | +79.2% |
| Deferred charges and accrued income | 490/1 | €27,245 | €5,073 | -€22,172 | -81.4% |
| Total equity and liabilities | 10/49 | €676,172 | €641,676 | -€34,496 | -5.1% |
| Equity | 10/15 | -€35,801 | -€121,545 | -€85,743 | -239.5% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €18,541 | €18,541 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,042 | €7,042 | = | 0.0% |
| Distributable reserves | 133 | €11,499 | €11,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,342 | -€260,086 | -€85,743 | -49.2% |
| Amounts payable | 17/49 | €711,973 | €763,220 | +€51,247 | +7.2% |
| Amounts payable after more than one year | 17 | €516,201 | €500,095 | -€16,106 | -3.1% |
| Financial debts | 170/4 | €366,201 | €350,095 | -€16,106 | -4.4% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €190,972 | €252,653 | +€61,681 | +32.3% |
| Current portion of amounts payable after more than one year | 42 | €15,598 | €16,106 | +€508 | +3.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,662 | €6,356 | -€5,305 | -45.5% |
| Suppliers | 440/4 | €11,662 | €6,356 | -€5,305 | -45.5% |
| Advances received on contracts in progress | 46 | €4,000 | €0 | -€4,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,203 | €19,838 | +€8,634 | +77.1% |
| Taxes | 450/3 | €4,845 | €6,517 | +€1,672 | +34.5% |
| Remuneration and social security | 454/9 | €6,359 | €13,321 | +€6,962 | +109.5% |
| Other amounts payable | 47/48 | €148,509 | €210,353 | +€61,844 | +41.6% |
| Accrued charges and deferred income | 492/3 | €4,800 | €10,472 | +€5,672 | +118.2% |
| Remuneration, social security and pensions | 62 | €45,780 | €52,196 | +€6,416 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,062 | €40,953 | -€10,109 | -19.8% |
| Other operating charges | 640/8 | €7,343 | €5,885 | -€1,458 | -19.9% |
| Non-recurring operating charges | 66A | - | €11,500 | +€11,500 | |
| Gross operating margin | 9900 | €97,864 | €33,771 | -€64,093 | -65.5% |
| Operating profit (loss) | 9901 | -€6,321 | -€76,763 | -€70,442 | -1114.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €9,048 | €8,368 | -€679 | -7.5% |
| Recurring financial charges | 65 | €9,048 | €8,368 | -€679 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | -€15,369 | -€85,131 | -€69,762 | -453.9% |
| Income taxes | 67/77 | €671 | €612 | -€59 | -8.8% |
| Profit (loss) for the period | 9904 | -€16,040 | -€85,743 | -€69,703 | -434.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,040 | -€85,743 | -€69,703 | -434.6% |
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 6 October 2026 via checked.be.