Vase: 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.
Vase
Largest movements
- Cash -€82,902
down €82,902 (-86.5%), from €95,885 to €12,983
mainly Net result for the year (-€85,373) and Debts after one year (-€28,127)
- Stocks and contracts -€30,596
down €30,596 (-21.8%), from €140,596 to €110,000
- Receivables within one year +€14,111
up €14,111 (+27.3%), from €51,664 to €65,775
of which Trade receivables: +€16,957
- Intangible fixed assets -€10,000
down €10,000 (-11.3%), from €88,274 to €78,274
- Profit (loss) carried forward -€83,634
new in 2025: -€83,634
- Debts after one year -€28,127
down €28,127 (-9.9%), from €285,421 to €257,294
- Other debts -€10,252
down €10,252 (-92.3%), from €11,112 to €860
- Trade debts +€8,334
up €8,334 (+88.0%), from €9,469 to €17,803
- Gross operating margin -€95,689
down €95,689, from €41,183 to -€54,506
- Financial charges -€7,842
down €7,842 (-30.6%), from €25,600 to €17,758
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 | €391,770 | €277,801 | -€113,969 | -29.1% |
| Fixed assets | 21/28 | €100,339 | €87,971 | -€12,369 | -12.3% |
| Intangible fixed assets | 21 | €88,274 | €78,274 | -€10,000 | -11.3% |
| Tangible fixed assets | 22/27 | €12,065 | €9,697 | -€2,369 | -19.6% |
| Plant, machinery and equipment | 23 | €4,794 | €4,296 | -€498 | -10.4% |
| Furniture and vehicles | 24 | €7,272 | €5,400 | -€1,871 | -25.7% |
| Current assets | 29/58 | €291,431 | €189,830 | -€101,600 | -34.9% |
| Stocks and contracts in progress | 3 | €140,596 | €110,000 | -€30,596 | -21.8% |
| Stocks | 30/36 | €140,596 | €110,000 | -€30,596 | -21.8% |
| Amounts receivable within one year | 40/41 | €51,664 | €65,775 | +€14,111 | +27.3% |
| Trade receivables | 40 | €45,123 | €62,080 | +€16,957 | +37.6% |
| Other amounts receivable | 41 | €6,541 | €3,695 | -€2,847 | -43.5% |
| Cash at bank and in hand | 54/58 | €95,885 | €12,983 | -€82,902 | -86.5% |
| Deferred charges and accrued income | 490/1 | €3,286 | €1,072 | -€2,213 | -67.4% |
| Total equity and liabilities | 10/49 | €391,770 | €277,801 | -€113,969 | -29.1% |
| Equity | 10/15 | €26,739 | -€58,634 | -€85,373 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,739 | €0 | -€1,739 | -100.0% |
| Distributable reserves | 133 | €1,739 | €0 | -€1,739 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€83,634 | -€83,634 | |
| Amounts payable | 17/49 | €365,031 | €336,435 | -€28,596 | -7.8% |
| Amounts payable after more than one year | 17 | €285,421 | €257,294 | -€28,127 | -9.9% |
| Financial debts | 170/4 | €285,421 | €257,294 | -€28,127 | -9.9% |
| Amounts payable within one year | 42/48 | €74,957 | €72,519 | -€2,438 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €52,598 | €53,127 | +€529 | +1.0% |
| Financial debts | 43 | - | €176 | +€176 | |
| Credit institutions | 430/8 | - | €176 | +€176 | |
| Trade debts | 44 | €9,469 | €17,803 | +€8,334 | +88.0% |
| Suppliers | 440/4 | €9,469 | €17,803 | +€8,334 | +88.0% |
| Taxes, remuneration and social security | 45 | €1,778 | €553 | -€1,225 | -68.9% |
| Taxes | 450/3 | €888 | €553 | -€335 | -37.7% |
| Remuneration and social security | 454/9 | €891 | €0 | -€891 | -100.0% |
| Other amounts payable | 47/48 | €11,112 | €860 | -€10,252 | -92.3% |
| Accrued charges and deferred income | 492/3 | €4,653 | €6,621 | +€1,969 | +42.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,571 | €12,369 | -€202 | -1.6% |
| Other operating charges | 640/8 | €890 | €1,421 | +€532 | +59.8% |
| Gross operating margin | 9900 | €41,183 | -€54,506 | -€95,689 | |
| Operating profit (loss) | 9901 | €27,722 | -€68,296 | -€96,018 | |
| Financial income | 75/76B | €170 | €696 | +€526 | +309.1% |
| Recurring financial income | 75 | €170 | €696 | +€526 | +309.1% |
| Financial charges | 65/66B | €25,600 | €17,758 | -€7,842 | -30.6% |
| Recurring financial charges | 65 | €25,600 | €17,758 | -€7,842 | -30.6% |
| Profit (loss) for the period before taxes | 9903 | €2,293 | -€85,358 | -€87,651 | |
| Income taxes | 67/77 | €553 | €15 | -€538 | -97.3% |
| Profit (loss) for the period | 9904 | €1,739 | -€85,373 | -€87,112 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,739 | -€85,373 | -€87,112 |
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 29 September 2026 via checked.be.