VERSION5: 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.
What changed
VERSION5
NACE 74.201, Photography, excluding press photography
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€133,730
2024 · -€121,191-€12,539
Equity
-€698,714
2024 · -€564,983-€133,730
Cash
€493
2024 · €1,837-€1,344
Balance sheet total
€618,096
2024 · €652,046-€33,951
Largest movements
Assets
- Tangible fixed assets -€56,427
down €56,427 (-8.8%), from €639,513 to €583,085
- Stocks and contracts +€30,145
up €30,145 (+2411.6%), from €1,250 to €31,395
Equity and liabilities
- Profit (loss) carried forward -€133,730
down €133,730 (-13.2%), from -€1.0m to -€1.1m
- Debts after one year +€119,175
up €119,175 (+10.1%), from €1.2m to €1.3m
of which Other amounts payable: +€135,414
- Current portion of long-term debt -€18,808
down €18,808 (-53.7%), from €35,047 to €16,239
Income statement
- Gross operating margin -€14,958
down €14,958 (-30.8%), from -€48,637 to -€63,594
- Financial charges -€1,884
down €1,884 (-49.9%), from €3,773 to €1,888
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.
Result 2024
-€121,191
Gross operating margin
-€14,958
Depreciation
+€136
Other operating charges
+€369
Financial income
-€122
Financial charges
+€1,884
Taxes
+€152
Result 2025
-€133,730
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.
From operations
-€92,263
Investment
-€9,448
Financing
+€100,366
Cash 2024
€1,837
From operations (derived)
-€92,263
Net result for the year
-€133,730
Depreciation
+€65,875
Stocks and contracts
-€30,145
Receivables within one year
+€6,440
Smaller working-capital items
-€209
Trade debts
-€494
Investment (derived)
-€9,448
Investment in fixed assets (net)
-€9,448
Financing
+€100,366
Debts after one year
+€119,175
Current portion of long-term debt
-€18,808
Cash 2025
€493
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €652,046 | €618,096 | -€33,951 | -5.2% |
| Fixed assets | 21/28 | €639,513 | €583,085 | -€56,427 | -8.8% |
| Tangible fixed assets | 22/27 | €639,513 | €583,085 | -€56,427 | -8.8% |
| Land and buildings | 22 | €449,223 | €432,531 | -€16,693 | -3.7% |
| Plant, machinery and equipment | 23 | €2,854 | €535 | -€2,319 | -81.2% |
| Furniture and vehicles | 24 | €74,590 | €53,014 | -€21,576 | -28.9% |
| Other tangible fixed assets | 26 | €112,845 | €97,005 | -€15,839 | -14.0% |
| Current assets | 29/58 | €12,534 | €35,011 | +€22,477 | +179.3% |
| Stocks and contracts in progress | 3 | €1,250 | €31,395 | +€30,145 | +2411.6% |
| Stocks | 30/36 | €1,250 | €31,395 | +€30,145 | +2411.6% |
| Amounts receivable within one year | 40/41 | €7,069 | €630 | -€6,440 | -91.1% |
| Trade receivables | 40 | €38 | €24 | -€14 | -37.1% |
| Other amounts receivable | 41 | €7,031 | €606 | -€6,425 | -91.4% |
| Cash at bank and in hand | 54/58 | €1,837 | €493 | -€1,344 | -73.2% |
| Deferred charges and accrued income | 490/1 | €2,377 | €2,493 | +€116 | +4.9% |
| Total equity and liabilities | 10/49 | €652,046 | €618,096 | -€33,951 | -5.2% |
| Equity | 10/15 | -€564,983 | -€698,714 | -€133,730 | -23.7% |
| Contributions | 10/11 | €161,500 | €161,500 | = | 0.0% |
| Capital | 10 | €161,500 | €161,500 | = | 0.0% |
| Issued capital | 100 | €161,500 | €161,500 | = | 0.0% |
| Revaluation surpluses | 12 | €285,000 | €285,000 | = | 0.0% |
| Reserves | 13 | €2,355 | €2,355 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,355 | €2,355 | = | 0.0% |
| Legal reserve | 130 | €2,355 | €2,355 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,013,838 | -€1,147,569 | -€133,730 | -13.2% |
| Amounts payable | 17/49 | €1,217,030 | €1,316,809 | +€99,780 | +8.2% |
| Amounts payable after more than one year | 17 | €1,178,023 | €1,297,198 | +€119,175 | +10.1% |
| Financial debts | 170/4 | €16,239 | €0 | -€16,239 | -100.0% |
| Other amounts payable | 178/9 | €1,161,785 | €1,297,198 | +€135,414 | +11.7% |
| Amounts payable within one year | 42/48 | €38,966 | €19,611 | -€19,355 | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €35,047 | €16,239 | -€18,808 | -53.7% |
| Trade debts | 44 | €3,609 | €3,115 | -€494 | -13.7% |
| Suppliers | 440/4 | €3,609 | €3,115 | -€494 | -13.7% |
| Taxes, remuneration and social security | 45 | €310 | €257 | -€52 | -16.9% |
| Taxes | 450/3 | €310 | €257 | -€52 | -16.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €41 | €0 | -€41 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,011 | €65,875 | -€136 | -0.2% |
| Other operating charges | 640/8 | €2,583 | €2,214 | -€369 | -14.3% |
| Gross operating margin | 9900 | -€48,637 | -€63,594 | -€14,958 | -30.8% |
| Operating profit (loss) | 9901 | -€117,231 | -€131,684 | -€14,453 | -12.3% |
| Financial income | 75/76B | €122 | €0 | -€122 | -100.0% |
| Recurring financial income | 75 | €122 | €0 | -€122 | -100.0% |
| Financial charges | 65/66B | €3,773 | €1,888 | -€1,884 | -49.9% |
| Recurring financial charges | 65 | €3,773 | €1,888 | -€1,884 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | -€120,882 | -€133,572 | -€12,691 | -10.5% |
| Income taxes | 67/77 | €310 | €158 | -€152 | -49.0% |
| Profit (loss) for the period | 9904 | -€121,191 | -€133,730 | -€12,539 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,191 | -€133,730 | -€12,539 | -10.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.