VAT explained: 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.
VAT explained
Largest movements
- Cash +€61,885
up €61,885 (+226.6%), from €27,315 to €89,200
mainly Net result for the year (+€88,518) and Tax, wage and social debts (+€17,305)
- Current investments +€41,500
up €41,500 (+107.8%), from €38,500 to €80,000
- Tangible fixed assets -€5,587
down €5,587 (-21.0%), from €26,572 to €20,985
of which Leasing and similar rights: -€6,346
- Receivables within one year +€3,011
up €3,011 (+15.5%), from €19,472 to €22,484
of which Trade receivables: +€3,019
- Reserves +€87,685
up €87,685 (+153.6%), from €57,089 to €144,774
- Tax, wage and social debts +€17,305
up €17,305 (+96.7%), from €17,887 to €35,193
of which Taxes: +€15,615
- Debts after one year -€4,470
down €4,470 (-29.2%), from €15,288 to €10,818
- Turnover +€151,410
new in 2025: €151,410
- Gross operating margin +€37,708
up €37,708 (+46.3%), from €81,358 to €119,066
- Purchases and services +€34,361
new in 2025: €34,361
- Taxes +€8,382
up €8,382 (+57.1%), from €14,688 to €23,070
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 | €113,833 | €214,093 | +€100,259 | +88.1% |
| Formation expenses | 20 | €959 | €719 | -€240 | -25.0% |
| Fixed assets | 21/28 | €26,572 | €20,985 | -€5,587 | -21.0% |
| Tangible fixed assets | 22/27 | €26,572 | €20,985 | -€5,587 | -21.0% |
| Plant, machinery and equipment | 23 | €362 | €181 | -€181 | -50.0% |
| Leasing and similar rights | 25 | €25,382 | €19,037 | -€6,346 | -25.0% |
| Other tangible fixed assets | 26 | €828 | €1,768 | +€939 | +113.3% |
| Current assets | 29/58 | €86,302 | €192,388 | +€106,087 | +122.9% |
| Amounts receivable within one year | 40/41 | €19,472 | €22,484 | +€3,011 | +15.5% |
| Trade receivables | 40 | €19,465 | €22,483 | +€3,019 | +15.5% |
| Other amounts receivable | 41 | €7 | €0 | -€7 | -99.9% |
| Current investments | 50/53 | €38,500 | €80,000 | +€41,500 | +107.8% |
| Cash at bank and in hand | 54/58 | €27,315 | €89,200 | +€61,885 | +226.6% |
| Deferred charges and accrued income | 490/1 | €1,014 | €705 | -€309 | -30.5% |
| Total equity and liabilities | 10/49 | €113,833 | €214,093 | +€100,259 | +88.1% |
| Equity | 10/15 | €74,589 | €162,274 | +€87,685 | +117.6% |
| Contributions | 10/11 | €17,500 | €17,500 | = | 0.0% |
| Reserves | 13 | €57,089 | €144,774 | +€87,685 | +153.6% |
| Non-distributable reserves | 130/1 | €57,089 | €144,774 | +€87,685 | +153.6% |
| Other | 1319 | €57,089 | €144,774 | +€87,685 | +153.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,244 | €51,818 | +€12,575 | +32.0% |
| Amounts payable after more than one year | 17 | €15,288 | €10,818 | -€4,470 | -29.2% |
| Financial debts | 170/4 | €15,288 | €10,818 | -€4,470 | -29.2% |
| Amounts payable within one year | 42/48 | €23,955 | €41,000 | +€17,045 | +71.2% |
| Current portion of amounts payable after more than one year | 42 | €4,215 | €4,269 | +€54 | +1.3% |
| Trade debts | 44 | €1,020 | €705 | -€315 | -30.8% |
| Suppliers | 440/4 | €1,020 | €705 | -€315 | -30.8% |
| Taxes, remuneration and social security | 45 | €17,887 | €35,193 | +€17,305 | +96.7% |
| Taxes | 450/3 | €17,887 | €33,502 | +€15,615 | +87.3% |
| Remuneration and social security | 454/9 | - | €1,691 | +€1,691 | |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Turnover | 70 | - | €151,410 | +€151,410 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €34,361 | +€34,361 | |
| Remuneration, social security and pensions | 62 | - | €111 | +€111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,973 | €7,522 | +€549 | +7.9% |
| Other operating charges | 640/8 | €1,284 | €366 | -€918 | -71.5% |
| Gross operating margin | 9900 | €81,358 | €119,066 | +€37,708 | +46.3% |
| Operating profit (loss) | 9901 | €73,102 | €111,068 | +€37,966 | +51.9% |
| Financial income | 75/76B | €302 | €1,343 | +€1,041 | +345.3% |
| Recurring financial income | 75 | €302 | €1,343 | +€1,041 | +345.3% |
| Financial charges | 65/66B | €793 | €823 | +€30 | +3.8% |
| Recurring financial charges | 65 | €793 | €823 | +€30 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €72,610 | €111,587 | +€38,977 | +53.7% |
| Income taxes | 67/77 | €14,688 | €23,070 | +€8,382 | +57.1% |
| Profit (loss) for the period | 9904 | €57,922 | €88,518 | +€30,595 | +52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €57,922 | €88,518 | +€30,595 | +52.8% |
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 11 October 2026 via checked.be.