V/H: 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.
V/H
Largest movements
- Receivables within one year +€123,806
up €123,806 (+1,565%), from €7,912 to €131,718
of which Trade receivables: +€90,000
- Cash -€22,485
down €22,485 (-39.1%), from €57,471 to €34,987
mainly Contributions, distributions and other (-€234,807) and Receivables within one year (-€123,806)
- Trade debts +€163,212
up €163,212 (+17,620%), from €926 to €164,138
- Reserves -€103,066
down €103,066 (-26.0%), from €396,729 to €293,663
of which Distributable reserves: -€109,653
- Other debts +€40,904
up €40,904 (+54.5%), from €75,000 to €115,904
- Gross operating margin -€134,842
down €134,842 (-79.1%), from €170,403 to €35,561
- Financial income +€120,000
new in 2025: €120,000
- Taxes -€8,240
down €8,240 (-27.7%), from €29,719 to €21,480
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.
Derived cash bridge
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 | €972,928 | €1,074,249 | +€101,321 | +10.4% |
| Fixed assets | 21/28 | €907,544 | €907,544 | = | 0.0% |
| Financial fixed assets | 28 | €907,544 | €907,544 | = | 0.0% |
| Current assets | 29/58 | €65,384 | €166,705 | +€101,321 | +155% |
| Amounts receivable within one year | 40/41 | €7,912 | €131,718 | +€123,806 | +1,565% |
| Trade receivables | 40 | - | €90,000 | +€90,000 | |
| Other amounts receivable | 41 | €7,912 | €41,718 | +€33,806 | +427% |
| Cash at bank and in hand | 54/58 | €57,471 | €34,987 | -€22,485 | -39.1% |
| Total equity and liabilities | 10/49 | €972,928 | €1,074,249 | +€101,321 | +10.4% |
| Equity | 10/15 | €877,729 | €774,663 | -€103,066 | -11.7% |
| Contributions | 10/11 | €481,000 | €481,000 | = | 0.0% |
| Capital | 10 | €481,000 | €481,000 | = | 0.0% |
| Issued capital | 100 | €481,000 | €481,000 | = | 0.0% |
| Reserves | 13 | €396,729 | €293,663 | -€103,066 | -26.0% |
| Non-distributable reserves | 130/1 | €26,967 | €33,554 | +€6,587 | +24.4% |
| Legal reserve | 130 | €26,967 | €33,554 | +€6,587 | +24.4% |
| Distributable reserves | 133 | €369,762 | €260,110 | -€109,653 | -29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,199 | €299,585 | +€204,387 | +215% |
| Amounts payable within one year | 42/48 | €95,199 | €299,585 | +€204,387 | +215% |
| Trade debts | 44 | €926 | €164,138 | +€163,212 | +17,620% |
| Suppliers | 440/4 | €926 | €164,138 | +€163,212 | +17,620% |
| Taxes, remuneration and social security | 45 | €19,272 | €19,543 | +€270 | +1.4% |
| Taxes | 450/3 | €19,272 | €19,543 | +€270 | +1.4% |
| Other amounts payable | 47/48 | €75,000 | €115,904 | +€40,904 | +54.5% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €170,403 | €35,561 | -€134,842 | -79.1% |
| Operating profit (loss) | 9901 | €169,295 | €34,419 | -€134,876 | -79.7% |
| Financial income | 75/76B | - | €120,000 | +€120,000 | |
| Recurring financial income | 75 | - | €120,000 | +€120,000 | |
| Financial charges | 65/66B | €891 | €1,197 | +€306 | +34.4% |
| Recurring financial charges | 65 | €891 | €1,197 | +€306 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €168,404 | €153,221 | -€15,182 | -9.0% |
| Income taxes | 67/77 | €29,719 | €21,480 | -€8,240 | -27.7% |
| Profit (loss) for the period | 9904 | €138,684 | €131,742 | -€6,943 | -5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €138,684 | €131,742 | -€6,943 | -5.0% |
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 22 October 2026 via checked.be.