UPGRADED: 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.
UPGRADED
Largest movements
- Deferred charges and accrued income +€176,184
up €176,184 (+88.1%), from €199,880 to €376,064
- Receivables after one year +€65,000
up €65,000 (+34.2%), from €190,000 to €255,000
- Intangible fixed assets +€25,000
new in 2025: €25,000
- Cash -€12,068
down €12,068 (-5.6%), from €216,748 to €204,680
mainly Deferred charges and accrued income (-€176,184) and Receivables after one year (-€65,000)
- Short-term financial debts +€103,399
up €103,399 (+1526.5%), from €6,774 to €110,173
- Accrued charges and deferred income +€103,000
up €103,000 (+23.1%), from €446,852 to €549,852
- Trade debts +€36,073
up €36,073 (+74.7%), from €48,295 to €84,369
- Reserves +€33,658
up €33,658 (+21.0%), from €160,649 to €194,308
of which Distributable reserves: +€33,658
- Current portion of long-term debt -€20,196
down €20,196 (-57.6%), from €35,074 to €14,878
- Gross operating margin +€71,465
up €71,465 (+53.0%), from €134,963 to €206,428
- Staff costs +€29,630
up €29,630 (+26.0%), from €113,949 to €143,579
- Financial charges +€9,295
up €9,295 (+141.3%), from €6,580 to €15,875
- Taxes +€6,476
up €6,476 (+116.1%), from €5,577 to €12,053
- Financial income +€3,279
up €3,279 (+3453.9%), from €95 to €3,374
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 | €761,082 | €1,004,316 | +€243,234 | +32.0% |
| Fixed assets | 21/28 | €13,995 | €31,647 | +€17,652 | +126.1% |
| Intangible fixed assets | 21 | - | €25,000 | +€25,000 | |
| Tangible fixed assets | 22/27 | €6,435 | €6,587 | +€152 | +2.4% |
| Plant, machinery and equipment | 23 | €2,607 | €3,821 | +€1,214 | +46.6% |
| Furniture and vehicles | 24 | €3,828 | €2,766 | -€1,062 | -27.7% |
| Financial fixed assets | 28 | €7,560 | €60 | -€7,500 | -99.2% |
| Current assets | 29/58 | €747,087 | €972,669 | +€225,582 | +30.2% |
| Amounts receivable after more than one year | 29 | €190,000 | €255,000 | +€65,000 | +34.2% |
| Other amounts receivable | 291 | €190,000 | €255,000 | +€65,000 | +34.2% |
| Amounts receivable within one year | 40/41 | €140,458 | €136,924 | -€3,534 | -2.5% |
| Trade receivables | 40 | €118,800 | €113,837 | -€4,964 | -4.2% |
| Other amounts receivable | 41 | €21,658 | €23,087 | +€1,430 | +6.6% |
| Cash at bank and in hand | 54/58 | €216,748 | €204,680 | -€12,068 | -5.6% |
| Deferred charges and accrued income | 490/1 | €199,880 | €376,064 | +€176,184 | +88.1% |
| Total equity and liabilities | 10/49 | €761,082 | €1,004,316 | +€243,234 | +32.0% |
| Equity | 10/15 | €185,649 | €219,308 | +€33,658 | +18.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €160,649 | €194,308 | +€33,658 | +21.0% |
| Non-distributable reserves | 130/1 | €14,636 | €14,636 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €14,636 | €14,636 | = | 0.0% |
| Distributable reserves | 133 | €146,014 | €179,672 | +€33,658 | +23.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €575,433 | €785,008 | +€209,576 | +36.4% |
| Amounts payable after more than one year | 17 | €14,878 | €0 | -€14,878 | -100.0% |
| Financial debts | 170/4 | €14,878 | €0 | -€14,878 | -100.0% |
| Amounts payable within one year | 42/48 | €113,702 | €235,156 | +€121,454 | +106.8% |
| Current portion of amounts payable after more than one year | 42 | €35,074 | €14,878 | -€20,196 | -57.6% |
| Financial debts | 43 | €6,774 | €110,173 | +€103,399 | +1526.5% |
| Credit institutions | 430/8 | €6,774 | €110,173 | +€103,399 | +1526.5% |
| Trade debts | 44 | €48,295 | €84,369 | +€36,073 | +74.7% |
| Suppliers | 440/4 | €48,295 | €84,369 | +€36,073 | +74.7% |
| Taxes, remuneration and social security | 45 | €16,309 | €18,338 | +€2,029 | +12.4% |
| Taxes | 450/3 | €4,460 | €5,339 | +€879 | +19.7% |
| Remuneration and social security | 454/9 | €11,849 | €12,999 | +€1,150 | +9.7% |
| Other amounts payable | 47/48 | €7,250 | €7,398 | +€148 | +2.0% |
| Accrued charges and deferred income | 492/3 | €446,852 | €549,852 | +€103,000 | +23.1% |
| Remuneration, social security and pensions | 62 | €113,949 | €143,579 | +€29,630 | +26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,225 | €2,840 | +€615 | +27.6% |
| Other operating charges | 640/8 | €3,943 | €1,796 | -€2,147 | -54.4% |
| Gross operating margin | 9900 | €134,963 | €206,428 | +€71,465 | +53.0% |
| Operating profit (loss) | 9901 | €14,846 | €58,212 | +€43,367 | +292.1% |
| Financial income | 75/76B | €95 | €3,374 | +€3,279 | +3453.9% |
| Recurring financial income | 75 | €95 | €3,374 | +€3,279 | +3453.9% |
| Financial charges | 65/66B | €6,580 | €15,875 | +€9,295 | +141.3% |
| Recurring financial charges | 65 | €6,580 | €15,875 | +€9,295 | +141.3% |
| Profit (loss) for the period before taxes | 9903 | €8,361 | €45,711 | +€37,351 | +446.7% |
| Income taxes | 67/77 | €5,577 | €12,053 | +€6,476 | +116.1% |
| Profit (loss) for the period | 9904 | €2,784 | €33,658 | +€30,875 | +1109.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,784 | €33,658 | +€30,875 | +1109.2% |
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 7 October 2026 via checked.be.