VALUE DRIVER: 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.
VALUE DRIVER
Largest movements
- Receivables within one year +€112,261
up €112,261 (+2916.4%), from €3,849 to €116,110
of which Trade receivables: +€92,256
- Cash -€21,284
down €21,284 (-33.3%), from €63,870 to €42,586
mainly Receivables within one year (-€112,261) and Other debts (-€93,816)
- Tangible fixed assets -€7,867
down €7,867 (-28.8%), from €27,309 to €19,442
- Other debts -€93,816
no longer reported in 2025 (was €93,816)
- Trade debts +€93,467
up €93,467 (+11175.7%), from €836 to €94,303
- Profit (loss) carried forward +€76,761
up €76,761, from -€31,721 to €45,040
- Accrued charges and deferred income +€13,500
new in 2025: €13,500
- Debts after one year -€7,261
down €7,261 (-38.7%), from €18,753 to €11,491
- Gross operating margin +€123,577
up €123,577, from -€22,252 to €101,326
- Taxes +€15,396
up €15,396 (+11035.0%), from €140 to €15,536
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 | €96,349 | €179,700 | +€83,352 | +86.5% |
| Fixed assets | 21/28 | €27,309 | €19,442 | -€7,867 | -28.8% |
| Tangible fixed assets | 22/27 | €27,309 | €19,442 | -€7,867 | -28.8% |
| Furniture and vehicles | 24 | €27,309 | €19,442 | -€7,867 | -28.8% |
| Current assets | 29/58 | €69,040 | €160,259 | +€91,219 | +132.1% |
| Amounts receivable within one year | 40/41 | €3,849 | €116,110 | +€112,261 | +2916.4% |
| Trade receivables | 40 | - | €92,256 | +€92,256 | |
| Other amounts receivable | 41 | €3,849 | €23,855 | +€20,005 | +519.7% |
| Cash at bank and in hand | 54/58 | €63,870 | €42,586 | -€21,284 | -33.3% |
| Deferred charges and accrued income | 490/1 | €1,320 | €1,562 | +€242 | +18.3% |
| Total equity and liabilities | 10/49 | €96,349 | €179,700 | +€83,352 | +86.5% |
| Equity | 10/15 | -€24,221 | €52,540 | +€76,761 | |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,721 | €45,040 | +€76,761 | |
| Amounts payable | 17/49 | €120,570 | €127,160 | +€6,590 | +5.5% |
| Amounts payable after more than one year | 17 | €18,753 | €11,491 | -€7,261 | -38.7% |
| Financial debts | 170/4 | €18,753 | €11,491 | -€7,261 | -38.7% |
| Amounts payable within one year | 42/48 | €101,817 | €102,169 | +€352 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €6,957 | €7,261 | +€304 | +4.4% |
| Trade debts | 44 | €836 | €94,303 | +€93,467 | +11175.7% |
| Suppliers | 440/4 | €836 | €94,303 | +€93,467 | +11175.7% |
| Taxes, remuneration and social security | 45 | €208 | €604 | +€396 | +190.8% |
| Taxes | 450/3 | €208 | €604 | +€396 | +190.8% |
| Other amounts payable | 47/48 | €93,816 | - | -€93,816 | |
| Accrued charges and deferred income | 492/3 | - | €13,500 | +€13,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,867 | €7,867 | -€0 | 0.0% |
| Gross operating margin | 9900 | -€22,252 | €101,326 | +€123,577 | |
| Operating profit (loss) | 9901 | -€30,119 | €93,459 | +€123,578 | |
| Financial income | 75/76B | - | €11 | +€11 | |
| Recurring financial income | 75 | - | €11 | +€11 | |
| Financial charges | 65/66B | €1,463 | €1,172 | -€290 | -19.9% |
| Recurring financial charges | 65 | €1,463 | €1,172 | -€290 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | -€31,582 | €92,297 | +€123,879 | |
| Income taxes | 67/77 | €140 | €15,536 | +€15,396 | +11035.0% |
| Profit (loss) for the period | 9904 | -€31,721 | €76,761 | +€108,483 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,721 | €76,761 | +€108,483 |
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 8 October 2026 via checked.be.