UPDATE: 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.
UPDATE
Largest movements
- Receivables within one year -€24,702
down €24,702 (-25.7%), from €95,960 to €71,258
of which Trade receivables: -€26,783
- Tangible fixed assets -€12,163
down €12,163 (-40.7%), from €29,852 to €17,689
of which Furniture and vehicles: -€8,193
- Stocks and contracts +€10,526
up €10,526 (+50.7%), from €20,763 to €31,288
- Profit (loss) carried forward -€57,679
down €57,679 (-7293.4%), from -€791 to -€58,470
- Trade debts +€39,432
up €39,432 (+219.4%), from €17,972 to €57,404
- Current portion of long-term debt -€6,901
no longer reported in 2025 (was €6,901)
- Short-term financial debts -€2,918
down €2,918 (-7.4%), from €39,666 to €36,748
- Gross operating margin -€58,289
down €58,289, from €18,434 to -€39,854
- Depreciation -€1,725
down €1,725 (-12.4%), from €13,889 to €12,163
- Taxes -€438
down €438 (-75.6%), from €579 to €141
- Financial charges -€416
down €416 (-9.2%), from €4,513 to €4,097
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €150,068 | €123,415 | -€26,653 | -17.8% |
| Fixed assets | 21/28 | €32,852 | €20,689 | -€12,163 | -37.0% |
| Tangible fixed assets | 22/27 | €29,852 | €17,689 | -€12,163 | -40.7% |
| Land and buildings | 22 | €9,472 | €7,455 | -€2,017 | -21.3% |
| Plant, machinery and equipment | 23 | €12,187 | €10,234 | -€1,953 | -16.0% |
| Furniture and vehicles | 24 | €8,193 | - | -€8,193 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €117,215 | €102,726 | -€14,490 | -12.4% |
| Stocks and contracts in progress | 3 | €20,763 | €31,288 | +€10,526 | +50.7% |
| Stocks | 30/36 | €20,763 | €31,288 | +€10,526 | +50.7% |
| Amounts receivable within one year | 40/41 | €95,960 | €71,258 | -€24,702 | -25.7% |
| Trade receivables | 40 | €92,522 | €65,739 | -€26,783 | -28.9% |
| Other amounts receivable | 41 | €3,438 | €5,519 | +€2,081 | +60.5% |
| Current investments | 50/53 | €493 | €179 | -€314 | -63.7% |
| Total equity and liabilities | 10/49 | €150,068 | €123,415 | -€26,653 | -17.8% |
| Equity | 10/15 | €52,298 | -€5,381 | -€57,679 | |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €46,883 | €46,883 | = | 0.0% |
| Distributable reserves | 133 | €46,883 | €46,883 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€791 | -€58,470 | -€57,679 | -7293.4% |
| Amounts payable | 17/49 | €97,770 | €128,796 | +€31,026 | +31.7% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Other amounts payable | 178/9 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €67,770 | €98,796 | +€31,026 | +45.8% |
| Current portion of amounts payable after more than one year | 42 | €6,901 | - | -€6,901 | |
| Financial debts | 43 | €39,666 | €36,748 | -€2,918 | -7.4% |
| Credit institutions | 430/8 | €39,666 | €36,748 | -€2,918 | -7.4% |
| Trade debts | 44 | €17,972 | €57,404 | +€39,432 | +219.4% |
| Suppliers | 440/4 | €17,972 | €57,404 | +€39,432 | +219.4% |
| Taxes, remuneration and social security | 45 | €3,231 | €4,644 | +€1,413 | +43.7% |
| Taxes | 450/3 | €3,231 | €4,644 | +€1,413 | +43.7% |
| Remuneration, social security and pensions | 62 | €133 | €170 | +€36 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,889 | €12,163 | -€1,725 | -12.4% |
| Other operating charges | 640/8 | €1,652 | €1,510 | -€141 | -8.5% |
| Gross operating margin | 9900 | €18,434 | -€39,854 | -€58,289 | |
| Operating profit (loss) | 9901 | €2,761 | -€53,698 | -€56,459 | |
| Financial income | 75/76B | €227 | €257 | +€29 | +13.0% |
| Recurring financial income | 75 | €227 | €257 | +€29 | +13.0% |
| Financial charges | 65/66B | €4,513 | €4,097 | -€416 | -9.2% |
| Recurring financial charges | 65 | €4,513 | €4,097 | -€416 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,525 | -€57,538 | -€56,014 | -3674.0% |
| Income taxes | 67/77 | €579 | €141 | -€438 | -75.6% |
| Profit (loss) for the period | 9904 | -€2,103 | -€57,679 | -€55,576 | -2642.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,103 | -€57,679 | -€55,576 | -2642.4% |
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 9 October 2026 via checked.be.