VERSION 9: 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.
VERSION 9
Largest movements
- Receivables within one year -€39,368
down €39,368 (-64.8%), from €60,732 to €21,365
of which Trade receivables: -€26,867
- Cash -€18,585
down €18,585 (-3.6%), from €522,629 to €504,044
mainly Trade debts (-€99,815) and Advances received (-€10,600)
- Trade debts -€99,815
down €99,815 (-76.1%), from €131,246 to €31,431
- Profit (loss) carried forward +€54,089
up €54,089 (+11.4%), from €472,726 to €526,815
- Advances received -€10,600
no longer reported in 2025 (was €10,600)
- Current portion of long-term debt -€8,006
down €8,006 (-88.8%), from €9,017 to €1,011
- Gross operating margin +€62,268
up €62,268 (+139.8%), from €44,553 to €106,820
- Staff costs +€16,776
up €16,776 (+614.9%), from €2,728 to €19,505
- Taxes +€11,280
up €11,280 (+136.5%), from €8,266 to €19,547
- Other operating charges +€3,547
up €3,547 (+554.5%), from €640 to €4,186
- Depreciation -€3,294
down €3,294 (-25.6%), from €12,889 to €9,595
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 | €727,765 | €664,487 | -€63,279 | -8.7% |
| Fixed assets | 21/28 | €10,341 | €3,451 | -€6,889 | -66.6% |
| Tangible fixed assets | 22/27 | €10,341 | €3,451 | -€6,889 | -66.6% |
| Plant, machinery and equipment | 23 | €1,392 | €2,813 | +€1,421 | +102.1% |
| Furniture and vehicles | 24 | €8,949 | €638 | -€8,311 | -92.9% |
| Current assets | 29/58 | €717,425 | €661,035 | -€56,389 | -7.9% |
| Stocks and contracts in progress | 3 | €131,667 | €133,795 | +€2,129 | +1.6% |
| Stocks | 30/36 | €131,667 | €133,795 | +€2,129 | +1.6% |
| Amounts receivable within one year | 40/41 | €60,732 | €21,365 | -€39,368 | -64.8% |
| Trade receivables | 40 | €35,986 | €9,119 | -€26,867 | -74.7% |
| Other amounts receivable | 41 | €24,746 | €12,245 | -€12,501 | -50.5% |
| Cash at bank and in hand | 54/58 | €522,629 | €504,044 | -€18,585 | -3.6% |
| Deferred charges and accrued income | 490/1 | €2,397 | €1,832 | -€565 | -23.6% |
| Total equity and liabilities | 10/49 | €727,765 | €664,487 | -€63,279 | -8.7% |
| Equity | 10/15 | €569,897 | €623,986 | +€54,089 | +9.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €35,197 | €35,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €29,000 | €29,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €472,726 | €526,815 | +€54,089 | +11.4% |
| Amounts payable | 17/49 | €157,869 | €40,501 | -€117,368 | -74.3% |
| Amounts payable after more than one year | 17 | €1,011 | - | -€1,011 | |
| Financial debts | 170/4 | €1,011 | - | -€1,011 | |
| Amounts payable within one year | 42/48 | €156,858 | €39,744 | -€117,113 | -74.7% |
| Current portion of amounts payable after more than one year | 42 | €9,017 | €1,011 | -€8,006 | -88.8% |
| Trade debts | 44 | €131,246 | €31,431 | -€99,815 | -76.1% |
| Suppliers | 440/4 | €131,246 | €31,431 | -€99,815 | -76.1% |
| Advances received on contracts in progress | 46 | €10,600 | - | -€10,600 | |
| Taxes, remuneration and social security | 45 | - | €1,509 | +€1,509 | |
| Remuneration and social security | 454/9 | - | €1,509 | +€1,509 | |
| Other amounts payable | 47/48 | €5,995 | €5,794 | -€201 | -3.4% |
| Accrued charges and deferred income | 492/3 | - | €757 | +€757 | |
| Remuneration, social security and pensions | 62 | €2,728 | €19,505 | +€16,776 | +614.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,889 | €9,595 | -€3,294 | -25.6% |
| Other operating charges | 640/8 | €640 | €4,186 | +€3,547 | +554.5% |
| Gross operating margin | 9900 | €44,553 | €106,820 | +€62,268 | +139.8% |
| Operating profit (loss) | 9901 | €28,295 | €73,534 | +€45,239 | +159.9% |
| Financial income | 75/76B | €1,382 | €1,437 | +€55 | +4.0% |
| Recurring financial income | 75 | €1,382 | €1,437 | +€55 | +4.0% |
| Financial charges | 65/66B | €817 | €1,335 | +€518 | +63.4% |
| Recurring financial charges | 65 | €817 | €1,335 | +€518 | +63.4% |
| Profit (loss) for the period before taxes | 9903 | €28,860 | €73,636 | +€44,776 | +155.1% |
| Income taxes | 67/77 | €8,266 | €19,547 | +€11,280 | +136.5% |
| Profit (loss) for the period | 9904 | €20,594 | €54,089 | +€33,495 | +162.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,594 | €54,089 | +€33,495 | +162.6% |
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.