Vartika Appiah: 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.
Vartika Appiah
Largest movements
- Cash +€281,040
up €281,040 (+96.3%), from €291,813 to €572,854
mainly Other debts (+€245,100) and Net result for the year (+€238,450)
- Deferred charges and accrued income -€27,235
down €27,235 (-94.6%), from €28,792 to €1,557
- Intangible fixed assets -€15,400
down €15,400 (-16.7%), from €92,400 to €77,000
- Receivables within one year -€11,378
no longer reported in 2025 (was €11,378)
- Other debts +€245,100
up €245,100 (+817%), from €30,000 to €275,100
- Debts after one year -€27,866
down €27,866 (-39.8%), from €69,953 to €42,087
- Tax, wage and social debts +€19,124
up €19,124 (+80.3%), from €23,815 to €42,939
- Gross operating margin +€192,800
up €192,800 (+69.7%), from €276,448 to €469,247
- Taxes +€35,310
up €35,310 (+80.6%), from €43,815 to €79,124
- Financial charges +€17,363
up €17,363 (+16.2%), from €107,131 to €124,494
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 | €437,098 | €670,119 | +€233,021 | +53.3% |
| Fixed assets | 21/28 | €105,115 | €95,709 | -€9,406 | -8.9% |
| Intangible fixed assets | 21 | €92,400 | €77,000 | -€15,400 | -16.7% |
| Tangible fixed assets | 22/27 | €12,715 | €18,709 | +€5,994 | +47.1% |
| Furniture and vehicles | 24 | €6,648 | €6,283 | -€365 | -5.5% |
| Other tangible fixed assets | 26 | €6,067 | €12,426 | +€6,359 | +105% |
| Current assets | 29/58 | €331,983 | €574,410 | +€242,427 | +73.0% |
| Amounts receivable within one year | 40/41 | €11,378 | - | -€11,378 | |
| Other amounts receivable | 41 | €11,378 | - | -€11,378 | |
| Cash at bank and in hand | 54/58 | €291,813 | €572,854 | +€281,040 | +96.3% |
| Deferred charges and accrued income | 490/1 | €28,792 | €1,557 | -€27,235 | -94.6% |
| Total equity and liabilities | 10/49 | €437,098 | €670,119 | +€233,021 | +53.3% |
| Equity | 10/15 | €287,234 | €287,234 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €282,234 | €282,234 | = | 0.0% |
| Distributable reserves | 133 | €282,234 | €282,234 | = | 0.0% |
| Amounts payable | 17/49 | €149,864 | €382,885 | +€233,021 | +155% |
| Amounts payable after more than one year | 17 | €69,953 | €42,087 | -€27,866 | -39.8% |
| Financial debts | 170/4 | €69,953 | €42,087 | -€27,866 | -39.8% |
| Amounts payable within one year | 42/48 | €79,911 | €340,797 | +€260,886 | +326% |
| Current portion of amounts payable after more than one year | 42 | €25,940 | €22,612 | -€3,328 | -12.8% |
| Trade debts | 44 | €157 | €147 | -€10 | -6.3% |
| Suppliers | 440/4 | €157 | €147 | -€10 | -6.3% |
| Taxes, remuneration and social security | 45 | €23,815 | €42,939 | +€19,124 | +80.3% |
| Taxes | 450/3 | €23,815 | €42,939 | +€19,124 | +80.3% |
| Other amounts payable | 47/48 | €30,000 | €275,100 | +€245,100 | +817% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,556 | €21,987 | -€2,569 | -10.5% |
| Other operating charges | 640/8 | €975 | €5,427 | +€4,452 | +456% |
| Gross operating margin | 9900 | €276,448 | €469,247 | +€192,800 | +69.7% |
| Operating profit (loss) | 9901 | €250,916 | €441,833 | +€190,917 | +76.1% |
| Financial income | 75/76B | €648 | €234 | -€413 | -63.8% |
| Recurring financial income | 75 | €648 | €234 | -€413 | -63.8% |
| Financial charges | 65/66B | €107,131 | €124,494 | +€17,363 | +16.2% |
| Recurring financial charges | 65 | €107,131 | €124,494 | +€17,363 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €144,434 | €317,574 | +€173,140 | +120% |
| Income taxes | 67/77 | €43,815 | €79,124 | +€35,310 | +80.6% |
| Profit (loss) for the period | 9904 | €100,619 | €238,450 | +€137,830 | +137% |
| Profit (loss) for the period to be appropriated | 9905 | €100,619 | €238,450 | +€137,830 | +137% |
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 25 October 2026 via checked.be.