VERTICAL: 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.
VERTICAL
Largest movements
- Cash +€328,224
up €328,224 (+327.5%), from €100,213 to €428,437
mainly Receivables within one year (+€244,593) and Net result for the year (+€73,296)
- Receivables within one year -€244,593
down €244,593 (-60.5%), from €404,567 to €159,974
of which Trade receivables: -€244,593
- Reserves +€73,296
up €73,296 (+12.6%), from €579,588 to €652,883
- Debts after one year +€25,194
up €25,194 (+17.4%), from €145,123 to €170,317
- Financial income -€105,009
down €105,009 (-54.5%), from €192,851 to €87,842
- Financial charges -€18,711
down €18,711 (-73.8%), from €25,347 to €6,636
- Taxes +€3,490
new in 2025: €3,490
- Gross operating margin -€2,393
down €2,393 (-118.1%), from -€2,027 to -€4,420
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 | €1,912,473 | €1,996,105 | +€83,632 | +4.4% |
| Fixed assets | 21/28 | €1,108,682 | €1,108,682 | = | 0.0% |
| Financial fixed assets | 28 | €1,108,682 | €1,108,682 | = | 0.0% |
| Current assets | 29/58 | €803,791 | €887,423 | +€83,632 | +10.4% |
| Amounts receivable within one year | 40/41 | €404,567 | €159,974 | -€244,593 | -60.5% |
| Trade receivables | 40 | €367,030 | €122,437 | -€244,593 | -66.6% |
| Other amounts receivable | 41 | €37,537 | €37,537 | = | 0.0% |
| Current investments | 50/53 | €299,012 | €299,012 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €100,213 | €428,437 | +€328,224 | +327.5% |
| Total equity and liabilities | 10/49 | €1,912,473 | €1,996,105 | +€83,632 | +4.4% |
| Equity | 10/15 | €679,588 | €752,883 | +€73,296 | +10.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €579,588 | €652,883 | +€73,296 | +12.6% |
| Distributable reserves | 133 | €579,588 | €652,883 | +€73,296 | +12.6% |
| Amounts payable | 17/49 | €1,232,886 | €1,243,222 | +€10,336 | +0.8% |
| Amounts payable after more than one year | 17 | €145,123 | €170,317 | +€25,194 | +17.4% |
| Financial debts | 170/4 | €145,123 | €170,317 | +€25,194 | +17.4% |
| Amounts payable within one year | 42/48 | €1,062,569 | €1,066,422 | +€3,853 | +0.4% |
| Trade debts | 44 | €22,021 | €22,384 | +€363 | +1.6% |
| Suppliers | 440/4 | €22,021 | €22,384 | +€363 | +1.6% |
| Taxes, remuneration and social security | 45 | - | €3,490 | +€3,490 | |
| Taxes | 450/3 | - | €3,490 | +€3,490 | |
| Other amounts payable | 47/48 | €1,040,548 | €1,040,548 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €25,194 | €6,483 | -€18,711 | -74.3% |
| Gross operating margin | 9900 | -€2,027 | -€4,420 | -€2,393 | -118.1% |
| Operating profit (loss) | 9901 | -€2,027 | -€4,420 | -€2,393 | -118.1% |
| Financial income | 75/76B | €192,851 | €87,842 | -€105,009 | -54.5% |
| Recurring financial income | 75 | €192,851 | €87,842 | -€105,009 | -54.5% |
| Financial charges | 65/66B | €25,347 | €6,636 | -€18,711 | -73.8% |
| Recurring financial charges | 65 | €25,347 | €6,636 | -€18,711 | -73.8% |
| Profit (loss) for the period before taxes | 9903 | €165,477 | €76,786 | -€88,691 | -53.6% |
| Income taxes | 67/77 | - | €3,490 | +€3,490 | |
| Profit (loss) for the period | 9904 | €165,477 | €73,296 | -€92,181 | -55.7% |
| Profit (loss) for the period to be appropriated | 9905 | €165,477 | €73,296 | -€92,181 | -55.7% |
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 28 September 2026 via checked.be.