VERTICAL IMPACT: 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 IMPACT
Largest movements
- Receivables within one year -€46,580
down €46,580 (-64.3%), from €72,414 to €25,834
of which Trade receivables: -€49,702
- Tangible fixed assets -€26,374
down €26,374 (-12.1%), from €217,296 to €190,922
of which Other tangible fixed assets: -€25,338
- Deferred charges and accrued income -€4,246
down €4,246 (-80.9%), from €5,246 to €1,000
- Other debts -€66,560
down €66,560 (-78.8%), from €84,425 to €17,865
- Accrued charges and deferred income +€37,801
up €37,801 (+6300.2%), from €600 to €38,401
- Trade debts -€33,656
down €33,656 (-98.6%), from €34,139 to €484
- Debts after one year -€12,763
down €12,763 (-7.6%), from €167,735 to €154,972
- Profit (loss) carried forward +€9,230
up €9,230 (+39.5%), from -€23,392 to -€14,163
- Gross operating margin +€18,687
up €18,687 (+65.9%), from €28,362 to €47,049
- Staff costs -€11,349
no longer reported in 2025 (was €11,349)
- Other operating charges -€6,495
down €6,495 (-61.5%), from €10,552 to €4,057
- Depreciation +€535
up €535 (+2.1%), from €25,838 to €26,374
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 | €297,586 | €223,252 | -€74,333 | -25.0% |
| Fixed assets | 21/28 | €217,471 | €191,097 | -€26,374 | -12.1% |
| Tangible fixed assets | 22/27 | €217,296 | €190,922 | -€26,374 | -12.1% |
| Furniture and vehicles | 24 | €2,214 | €1,178 | -€1,036 | -46.8% |
| Other tangible fixed assets | 26 | €215,082 | €189,745 | -€25,338 | -11.8% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €80,114 | €32,155 | -€47,960 | -59.9% |
| Amounts receivable within one year | 40/41 | €72,414 | €25,834 | -€46,580 | -64.3% |
| Trade receivables | 40 | €49,726 | €24 | -€49,702 | -100.0% |
| Other amounts receivable | 41 | €22,688 | €25,810 | +€3,122 | +13.8% |
| Cash at bank and in hand | 54/58 | €2,454 | €5,321 | +€2,867 | +116.8% |
| Deferred charges and accrued income | 490/1 | €5,246 | €1,000 | -€4,246 | -80.9% |
| Total equity and liabilities | 10/49 | €297,586 | €223,252 | -€74,333 | -25.0% |
| Equity | 10/15 | -€17,192 | -€7,963 | +€9,230 | +53.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,392 | -€14,163 | +€9,230 | +39.5% |
| Amounts payable | 17/49 | €314,778 | €231,215 | -€83,563 | -26.5% |
| Amounts payable after more than one year | 17 | €167,735 | €154,972 | -€12,763 | -7.6% |
| Financial debts | 170/4 | €167,735 | €154,972 | -€12,763 | -7.6% |
| Amounts payable within one year | 42/48 | €146,443 | €37,842 | -€108,601 | -74.2% |
| Current portion of amounts payable after more than one year | 42 | €12,282 | €12,763 | +€481 | +3.9% |
| Trade debts | 44 | €34,139 | €484 | -€33,656 | -98.6% |
| Suppliers | 440/4 | €34,139 | €484 | -€33,656 | -98.6% |
| Taxes, remuneration and social security | 45 | €15,597 | €6,730 | -€8,867 | -56.9% |
| Taxes | 450/3 | €15,597 | €6,730 | -€8,867 | -56.9% |
| Other amounts payable | 47/48 | €84,425 | €17,865 | -€66,560 | -78.8% |
| Accrued charges and deferred income | 492/3 | €600 | €38,401 | +€37,801 | +6300.2% |
| Remuneration, social security and pensions | 62 | €11,349 | - | -€11,349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,838 | €26,374 | +€535 | +2.1% |
| Other operating charges | 640/8 | €10,552 | €4,057 | -€6,495 | -61.5% |
| Gross operating margin | 9900 | €28,362 | €47,049 | +€18,687 | +65.9% |
| Operating profit (loss) | 9901 | -€19,377 | €16,618 | +€35,995 | |
| Financial charges | 65/66B | €6,940 | €7,388 | +€448 | +6.5% |
| Recurring financial charges | 65 | €6,940 | €7,388 | +€448 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | -€26,317 | €9,230 | +€35,547 | |
| Profit (loss) for the period | 9904 | -€26,317 | €9,230 | +€35,547 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,317 | €9,230 | +€35,547 |
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.