V12M: 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.
V12M
Largest movements
- Stocks and contracts +€63,078
up €63,078 (+70.7%), from €89,273 to €152,350
- Deferred charges and accrued income +€22,340
up €22,340 (+13,968%), from €160 to €22,500
- Receivables within one year +€13,924
up €13,924 (+222%), from €6,275 to €20,199
of which Trade receivables: +€14,449
- Cash +€12,550
up €12,550 (+210%), from €5,981 to €18,532
mainly Short-term financial debts (+€125,000) and Contributions, distributions and other (+€7,933)
- Short-term financial debts +€125,000
new in 2025: €125,000
- Trade debts -€25,970
down €25,970 (-37.5%), from €69,308 to €43,338
- Profit (loss) carried forward +€13,523
new in 2025: €13,523
- Tax, wage and social debts +€6,101
up €6,101 (+77.3%), from €7,891 to €13,992
of which Taxes: +€4,901
- Accrued charges and deferred income -€5,879
down €5,879 (-98.0%), from €5,999 to €120
- Gross operating margin -€8,667
down €8,667 (-47.1%), from €18,407 to €9,740
- Financial charges +€372
up €372 (+115%), from €324 to €696
- Other operating charges -€324
down €324 (-83.6%), from €387 to €63
- Taxes -€249
down €249 (-6.8%), from €3,669 to €3,420
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 | €108,289 | €220,181 | +€111,892 | +103% |
| Fixed assets | 21/28 | €6,600 | €6,600 | = | 0.0% |
| Financial fixed assets | 28 | €6,600 | €6,600 | = | 0.0% |
| Current assets | 29/58 | €101,689 | €213,581 | +€111,892 | +110% |
| Stocks and contracts in progress | 3 | €89,273 | €152,350 | +€63,078 | +70.7% |
| Stocks | 30/36 | €89,273 | €152,350 | +€63,078 | +70.7% |
| Amounts receivable within one year | 40/41 | €6,275 | €20,199 | +€13,924 | +222% |
| Trade receivables | 40 | €5,750 | €20,199 | +€14,449 | +251% |
| Other amounts receivable | 41 | €525 | - | -€525 | |
| Cash at bank and in hand | 54/58 | €5,981 | €18,532 | +€12,550 | +210% |
| Deferred charges and accrued income | 490/1 | €160 | €22,500 | +€22,340 | +13,968% |
| Total equity and liabilities | 10/49 | €108,289 | €220,181 | +€111,892 | +103% |
| Equity | 10/15 | €18,726 | €32,248 | +€13,523 | +72.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €13,726 | €13,726 | = | 0.0% |
| Distributable reserves | 133 | €13,726 | €13,726 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €13,523 | +€13,523 | |
| Amounts payable | 17/49 | €89,563 | €187,933 | +€98,369 | +110% |
| Amounts payable within one year | 42/48 | €83,564 | €187,813 | +€104,248 | +125% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €69,308 | €43,338 | -€25,970 | -37.5% |
| Suppliers | 440/4 | €69,308 | €43,338 | -€25,970 | -37.5% |
| Taxes, remuneration and social security | 45 | €7,891 | €13,992 | +€6,101 | +77.3% |
| Taxes | 450/3 | €7,891 | €12,792 | +€4,901 | +62.1% |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €6,364 | €5,482 | -€882 | -13.9% |
| Accrued charges and deferred income | 492/3 | €5,999 | €120 | -€5,879 | -98.0% |
| Other operating charges | 640/8 | €387 | €63 | -€324 | -83.6% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €18,407 | €9,740 | -€8,667 | -47.1% |
| Operating profit (loss) | 9901 | €17,719 | €9,676 | -€8,043 | -45.4% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €324 | €696 | +€372 | +115% |
| Recurring financial charges | 65 | €324 | €696 | +€372 | +115% |
| Profit (loss) for the period before taxes | 9903 | €17,394 | €9,010 | -€8,385 | -48.2% |
| Income taxes | 67/77 | €3,669 | €3,420 | -€249 | -6.8% |
| Profit (loss) for the period | 9904 | €13,726 | €5,590 | -€8,136 | -59.3% |
| Profit (loss) for the period to be appropriated | 9905 | €13,726 | €5,590 | -€8,136 | -59.3% |
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 27 October 2026 via checked.be.