VER.3: 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.
VER.3
Largest movements
- Tangible fixed assets -€22,650
down €22,650 (-32.1%), from €70,452 to €47,802
of which Plant, machinery and equipment: -€17,493
- Cash +€15,824
up €15,824 (+2344.3%), from €675 to €16,499
mainly Depreciation (+€22,650) and Debts after one year (+€14,625)
- Stocks and contracts -€11,285
down €11,285 (-28.7%), from €39,332 to €28,047
- Receivables within one year -€1,381
down €1,381 (-42.2%), from €3,271 to €1,890
- Profit (loss) carried forward -€31,906
down €31,906 (-37.5%), from -€85,087 to -€116,993
- Debts after one year +€14,625
up €14,625 (+25.8%), from €56,719 to €71,344
of which Other amounts payable: +€37,000
- Trade debts -€9,903
down €9,903 (-11.1%), from €89,356 to €79,453
- Short-term financial debts +€5,726
up €5,726 (+58.5%), from €9,797 to €15,523
- Tax, wage and social debts +€4,858
up €4,858 (+34.0%), from €14,294 to €19,152
of which Taxes: +€3,343
- Gross operating margin -€17,191
down €17,191 (-18.9%), from €90,766 to €73,575
- Staff costs -€5,320
down €5,320 (-6.6%), from €80,155 to €74,835
- Other operating charges -€3,513
down €3,513 (-76.9%), from €4,567 to €1,054
- Financial charges +€1,256
up €1,256 (+23.4%), from €5,369 to €6,625
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 | €121,497 | €102,904 | -€18,593 | -15.3% |
| Fixed assets | 21/28 | €77,720 | €55,070 | -€22,650 | -29.1% |
| Tangible fixed assets | 22/27 | €70,452 | €47,802 | -€22,650 | -32.1% |
| Plant, machinery and equipment | 23 | €52,034 | €34,541 | -€17,493 | -33.6% |
| Furniture and vehicles | 24 | €2,200 | €1,650 | -€550 | -25.0% |
| Other tangible fixed assets | 26 | €16,218 | €11,611 | -€4,607 | -28.4% |
| Financial fixed assets | 28 | €7,268 | €7,268 | +€0 | 0.0% |
| Current assets | 29/58 | €43,777 | €47,834 | +€4,057 | +9.3% |
| Stocks and contracts in progress | 3 | €39,332 | €28,047 | -€11,285 | -28.7% |
| Stocks | 30/36 | €39,332 | €28,047 | -€11,285 | -28.7% |
| Amounts receivable within one year | 40/41 | €3,271 | €1,890 | -€1,381 | -42.2% |
| Trade receivables | 40 | €3,271 | €1,890 | -€1,381 | -42.2% |
| Cash at bank and in hand | 54/58 | €675 | €16,499 | +€15,824 | +2344.3% |
| Deferred charges and accrued income | 490/1 | €499 | €1,398 | +€899 | +180.4% |
| Total equity and liabilities | 10/49 | €121,497 | €102,904 | -€18,593 | -15.3% |
| Equity | 10/15 | -€82,087 | -€113,993 | -€31,906 | -38.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€85,087 | -€116,993 | -€31,906 | -37.5% |
| Amounts payable | 17/49 | €203,583 | €216,897 | +€13,314 | +6.5% |
| Amounts payable after more than one year | 17 | €56,719 | €71,344 | +€14,625 | +25.8% |
| Financial debts | 170/4 | €56,719 | €34,344 | -€22,375 | -39.4% |
| Other amounts payable | 178/9 | - | €37,000 | +€37,000 | |
| Amounts payable within one year | 42/48 | €146,864 | €145,553 | -€1,311 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €21,966 | €22,374 | +€408 | +1.9% |
| Financial debts | 43 | €9,797 | €15,523 | +€5,726 | +58.5% |
| Credit institutions | 430/8 | €9,797 | €15,523 | +€5,726 | +58.5% |
| Trade debts | 44 | €89,356 | €79,453 | -€9,903 | -11.1% |
| Suppliers | 440/4 | €89,356 | €79,453 | -€9,903 | -11.1% |
| Taxes, remuneration and social security | 45 | €14,294 | €19,152 | +€4,858 | +34.0% |
| Taxes | 450/3 | €2,153 | €5,496 | +€3,343 | +155.3% |
| Remuneration and social security | 454/9 | €12,142 | €13,656 | +€1,514 | +12.5% |
| Other amounts payable | 47/48 | €11,452 | €9,051 | -€2,401 | -21.0% |
| Remuneration, social security and pensions | 62 | €80,155 | €74,835 | -€5,320 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,787 | €22,650 | -€137 | -0.6% |
| Other operating charges | 640/8 | €4,567 | €1,054 | -€3,513 | -76.9% |
| Gross operating margin | 9900 | €90,766 | €73,575 | -€17,191 | -18.9% |
| Operating profit (loss) | 9901 | -€16,743 | -€24,964 | -€8,221 | -49.1% |
| Financial income | 75/76B | €566 | - | -€566 | |
| Recurring financial income | 75 | €566 | - | -€566 | |
| Financial charges | 65/66B | €5,369 | €6,625 | +€1,256 | +23.4% |
| Recurring financial charges | 65 | €5,369 | €6,625 | +€1,256 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,546 | -€31,589 | -€10,043 | -46.6% |
| Income taxes | 67/77 | - | €317 | +€317 | |
| Profit (loss) for the period | 9904 | -€21,546 | -€31,906 | -€10,360 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,546 | -€31,906 | -€10,360 | -48.1% |
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 4 October 2026 via checked.be.