VERTICAL DIVER: 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.
VERTICAL DIVER
Largest movements
- Financial fixed assets +€790,000
up €790,000 (+109722.2%), from €720 to €790,720
- Receivables within one year +€36,510
up €36,510 (+145.9%), from €25,031 to €61,541
of which Trade receivables: +€28,785
- Tangible fixed assets -€11,404
down €11,404 (-26.1%), from €43,619 to €32,215
of which Plant, machinery and equipment: -€9,191
- Debts after one year +€663,175
up €663,175 (+2298.5%), from €28,852 to €692,027
- Trade debts +€167,943
up €167,943 (+3170.5%), from €5,297 to €173,240
- Profit (loss) carried forward -€24,578
down €24,578, from €5,444 to -€19,134
- Gross operating margin -€25,971
down €25,971, from €3,636 to -€22,335
- Financial income +€14,283
up €14,283 (+1739.7%), from €821 to €15,104
- Financial charges +€3,383
up €3,383 (+186.9%), from €1,810 to €5,193
- Depreciation -€529
down €529 (-4.4%), from €11,933 to €11,404
- Other operating charges +€363
up €363 (+93.8%), from €387 to €750
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 | €83,909 | €891,445 | +€807,536 | +962.4% |
| Fixed assets | 21/28 | €44,339 | €822,935 | +€778,596 | +1756.0% |
| Tangible fixed assets | 22/27 | €43,619 | €32,215 | -€11,404 | -26.1% |
| Plant, machinery and equipment | 23 | €37,214 | €28,023 | -€9,191 | -24.7% |
| Furniture and vehicles | 24 | €4,932 | €2,974 | -€1,958 | -39.7% |
| Other tangible fixed assets | 26 | €1,473 | €1,218 | -€255 | -17.3% |
| Financial fixed assets | 28 | €720 | €790,720 | +€790,000 | +109722.2% |
| Current assets | 29/58 | €39,570 | €68,510 | +€28,940 | +73.1% |
| Amounts receivable within one year | 40/41 | €25,031 | €61,541 | +€36,510 | +145.9% |
| Trade receivables | 40 | €6,565 | €35,350 | +€28,785 | +438.5% |
| Other amounts receivable | 41 | €18,466 | €26,191 | +€7,725 | +41.8% |
| Current investments | 50/53 | €5,540 | - | -€5,540 | |
| Cash at bank and in hand | 54/58 | €8,177 | €6,119 | -€2,058 | -25.2% |
| Deferred charges and accrued income | 490/1 | €822 | €850 | +€28 | +3.4% |
| Total equity and liabilities | 10/49 | €83,909 | €891,445 | +€807,536 | +962.4% |
| Equity | 10/15 | €30,461 | €5,883 | -€24,578 | -80.7% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €3,017 | €3,017 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,200 | €2,200 | = | 0.0% |
| Other | 1319 | €2,200 | €2,200 | = | 0.0% |
| Distributable reserves | 133 | €817 | €817 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,444 | -€19,134 | -€24,578 | |
| Amounts payable | 17/49 | €53,448 | €885,562 | +€832,114 | +1556.9% |
| Amounts payable after more than one year | 17 | €28,852 | €692,027 | +€663,175 | +2298.5% |
| Financial debts | 170/4 | €28,852 | €692,027 | +€663,175 | +2298.5% |
| Amounts payable within one year | 42/48 | €24,596 | €193,535 | +€168,939 | +686.9% |
| Current portion of amounts payable after more than one year | 42 | €9,779 | €7,825 | -€1,954 | -20.0% |
| Trade debts | 44 | €5,297 | €173,240 | +€167,943 | +3170.5% |
| Suppliers | 440/4 | €5,297 | €173,240 | +€167,943 | +3170.5% |
| Taxes, remuneration and social security | 45 | €9,520 | €12,470 | +€2,950 | +31.0% |
| Taxes | 450/3 | €9,520 | €12,470 | +€2,950 | +31.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,933 | €11,404 | -€529 | -4.4% |
| Other operating charges | 640/8 | €387 | €750 | +€363 | +93.8% |
| Gross operating margin | 9900 | €3,636 | -€22,335 | -€25,971 | |
| Operating profit (loss) | 9901 | -€8,684 | -€34,489 | -€25,805 | -297.2% |
| Financial income | 75/76B | €821 | €15,104 | +€14,283 | +1739.7% |
| Recurring financial income | 75 | €821 | €15,104 | +€14,283 | +1739.7% |
| Financial charges | 65/66B | €1,810 | €5,193 | +€3,383 | +186.9% |
| Recurring financial charges | 65 | €1,810 | €5,193 | +€3,383 | +186.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,673 | -€24,578 | -€14,905 | -154.1% |
| Profit (loss) for the period | 9904 | -€9,673 | -€24,578 | -€14,905 | -154.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,673 | -€24,578 | -€14,905 | -154.1% |
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 10 October 2026 via checked.be.