Verbal: 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.
Verbal
Largest movements
- Cash +€38,130
up €38,130 (+211%), from €18,089 to €56,219
mainly Trade debts (+€22,918) and Depreciation (+€13,118)
- Tangible fixed assets -€11,177
down €11,177 (-24.2%), from €46,097 to €34,920
of which Other tangible fixed assets: -€9,728
- Stocks and contracts +€3,863
up €3,863 (+8.6%), from €44,794 to €48,657
- Trade debts +€22,918
up €22,918 (+46.1%), from €49,665 to €72,583
- Reserves +€8,159
up €8,159 (+7.9%), from €103,436 to €111,595
of which Distributable reserves: +€8,159
- Tax, wage and social debts +€4,895
up €4,895 (+77.5%), from €6,312 to €11,206
of which Taxes: +€4,888
- Gross operating margin +€19,366
up €19,366 (+66.2%), from €29,241 to €48,607
- Taxes +€4,684
up €4,684 (+504%), from €930 to €5,614
- Depreciation +€2,460
up €2,460 (+23.1%), from €10,658 to €13,118
- Financial charges -€1,400
down €1,400 (-8.8%), from €15,828 to €14,428
- Other operating charges +€1,358
up €1,358 (+14.5%), from €9,346 to €10,704
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 | €336,856 | €367,903 | +€31,047 | +9.2% |
| Fixed assets | 21/28 | €68,571 | €57,393 | -€11,177 | -16.3% |
| Tangible fixed assets | 22/27 | €46,097 | €34,920 | -€11,177 | -24.2% |
| Plant, machinery and equipment | 23 | €12,630 | €10,032 | -€2,598 | -20.6% |
| Furniture and vehicles | 24 | - | €1,650 | +€1,650 | |
| Leasing and similar rights | 25 | €2,128 | €1,627 | -€501 | -23.5% |
| Other tangible fixed assets | 26 | €31,339 | €21,612 | -€9,728 | -31.0% |
| Financial fixed assets | 28 | €22,473 | €22,473 | = | 0.0% |
| Current assets | 29/58 | €268,286 | €310,509 | +€42,224 | +15.7% |
| Stocks and contracts in progress | 3 | €44,794 | €48,657 | +€3,863 | +8.6% |
| Stocks | 30/36 | €44,794 | €48,657 | +€3,863 | +8.6% |
| Amounts receivable within one year | 40/41 | €204,318 | €204,829 | +€511 | +0.3% |
| Trade receivables | 40 | €55,917 | €45,967 | -€9,950 | -17.8% |
| Other amounts receivable | 41 | €148,400 | €158,862 | +€10,461 | +7.0% |
| Cash at bank and in hand | 54/58 | €18,089 | €56,219 | +€38,130 | +211% |
| Deferred charges and accrued income | 490/1 | €1,085 | €805 | -€280 | -25.8% |
| Total equity and liabilities | 10/49 | €336,856 | €367,903 | +€31,047 | +9.2% |
| Equity | 10/15 | €122,036 | €130,195 | +€8,159 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,436 | €111,595 | +€8,159 | +7.9% |
| Non-distributable reserves | 130/1 | €1,942 | €1,942 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,942 | €1,942 | = | 0.0% |
| Distributable reserves | 133 | €101,494 | €109,653 | +€8,159 | +8.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €214,821 | €237,708 | +€22,887 | +10.7% |
| Amounts payable within one year | 42/48 | €204,361 | €229,855 | +€25,493 | +12.5% |
| Trade debts | 44 | €49,665 | €72,583 | +€22,918 | +46.1% |
| Suppliers | 440/4 | €49,665 | €72,583 | +€22,918 | +46.1% |
| Advances received on contracts in progress | 46 | - | €625 | +€625 | |
| Taxes, remuneration and social security | 45 | €6,312 | €11,206 | +€4,895 | +77.5% |
| Taxes | 450/3 | €4,641 | €9,529 | +€4,888 | +105% |
| Remuneration and social security | 454/9 | €1,671 | €1,677 | +€6 | +0.4% |
| Other amounts payable | 47/48 | €148,384 | €145,440 | -€2,944 | -2.0% |
| Accrued charges and deferred income | 492/3 | €10,459 | €7,853 | -€2,606 | -24.9% |
| Remuneration, social security and pensions | 62 | €296 | €353 | +€57 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,658 | €13,118 | +€2,460 | +23.1% |
| Other operating charges | 640/8 | €9,346 | €10,704 | +€1,358 | +14.5% |
| Gross operating margin | 9900 | €29,241 | €48,607 | +€19,366 | +66.2% |
| Operating profit (loss) | 9901 | €8,941 | €24,432 | +€15,491 | +173% |
| Financial income | 75/76B | €3,553 | €3,770 | +€217 | +6.1% |
| Recurring financial income | 75 | €3,553 | €3,770 | +€217 | +6.1% |
| Financial charges | 65/66B | €15,828 | €14,428 | -€1,400 | -8.8% |
| Recurring financial charges | 65 | €15,828 | €14,428 | -€1,400 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,334 | €13,774 | +€17,108 | |
| Income taxes | 67/77 | €930 | €5,614 | +€4,684 | +504% |
| Profit (loss) for the period | 9904 | -€4,264 | €8,159 | +€12,424 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,264 | €8,159 | +€12,424 |
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 16 October 2026 via checked.be.