Velocity: 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.
Velocity
Largest movements
- Stocks and contracts -€169,873
down €169,873 (-35.5%), from €477,926 to €308,054
- Cash -€10,660
down €10,660 (-64.2%), from €16,594 to €5,935
- Trade debts -€129,892
down €129,892 (-44.7%), from €290,759 to €160,867
- Other debts -€22,079
down €22,079 (-56.7%), from €38,913 to €16,834
- Tax, wage and social debts -€13,732
down €13,732 (-40.6%), from €33,827 to €20,094
of which Taxes: -€10,193
- Profit (loss) carried forward -€13,409
down €13,409 (-68.6%), from -€19,542 to -€32,951
- Staff costs -€31,372
down €31,372 (-18.2%), from €172,771 to €141,400
- Gross operating margin -€21,167
down €21,167 (-13.2%), from €160,638 to €139,471
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €495,457 | €318,077 | -€177,380 | -35.8% |
| Fixed assets | 21/28 | €937 | €703 | -€234 | -25.0% |
| Tangible fixed assets | 22/27 | €937 | €703 | -€234 | -25.0% |
| Furniture and vehicles | 24 | €937 | €703 | -€234 | -25.0% |
| Current assets | 29/58 | €494,520 | €317,375 | -€177,146 | -35.8% |
| Stocks and contracts in progress | 3 | €477,926 | €308,054 | -€169,873 | -35.5% |
| Stocks | 30/36 | €477,926 | €308,054 | -€169,873 | -35.5% |
| Cash at bank and in hand | 54/58 | €16,594 | €5,935 | -€10,660 | -64.2% |
| Deferred charges and accrued income | 490/1 | - | €3,387 | +€3,387 | |
| Total equity and liabilities | 10/49 | €495,457 | €318,077 | -€177,380 | -35.8% |
| Equity | 10/15 | -€18,042 | -€31,451 | -€13,409 | -74.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,542 | -€32,951 | -€13,409 | -68.6% |
| Amounts payable | 17/49 | €513,500 | €349,528 | -€163,971 | -31.9% |
| Amounts payable within one year | 42/48 | €513,500 | €349,528 | -€163,971 | -31.9% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Other loans | 439 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €290,759 | €160,867 | -€129,892 | -44.7% |
| Suppliers | 440/4 | €290,759 | €160,867 | -€129,892 | -44.7% |
| Advances received on contracts in progress | 46 | - | €1,733 | +€1,733 | |
| Taxes, remuneration and social security | 45 | €33,827 | €20,094 | -€13,732 | -40.6% |
| Taxes | 450/3 | €18,034 | €7,841 | -€10,193 | -56.5% |
| Remuneration and social security | 454/9 | €15,793 | €12,253 | -€3,540 | -22.4% |
| Other amounts payable | 47/48 | €38,913 | €16,834 | -€22,079 | -56.7% |
| Remuneration, social security and pensions | 62 | €172,771 | €141,400 | -€31,372 | -18.2% |
| Other operating charges | 640/8 | €1,136 | €994 | -€142 | -12.5% |
| Gross operating margin | 9900 | €160,638 | €139,471 | -€21,167 | -13.2% |
| Operating profit (loss) | 9901 | -€13,269 | -€2,922 | +€10,347 | +78.0% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €8,037 | €8,274 | +€238 | +3.0% |
| Recurring financial charges | 65 | €8,037 | €8,274 | +€238 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,304 | -€11,197 | +€10,107 | +47.4% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | -€21,304 | -€11,197 | +€10,107 | +47.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,304 | -€11,197 | +€10,107 | +47.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.