VO-line: 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.
VO-line
Largest movements
- Cash -€22,580
no longer reported in 2025 (was €22,580)
mainly Advances received (-€27,591) and Net result for the year (-€21,893)
- Receivables within one year +€3,624
up €3,624 (+4.4%), from €82,234 to €85,858
of which Other amounts receivable: +€22,382
- Deferred charges and accrued income -€1,715
down €1,715 (-59.4%), from €2,886 to €1,171
- Advances received -€27,591
no longer reported in 2025 (was €27,591)
- Profit (loss) carried forward -€21,893
down €21,893 (-23.2%), from €94,510 to €72,617
- Trade debts +€19,388
up €19,388 (+346.7%), from €5,592 to €24,980
- Short-term financial debts +€15,505
new in 2025: €15,505
- Tax, wage and social debts -€11,873
down €11,873 (-92.5%), from €12,838 to €965
of which Taxes: -€11,726
- Gross operating margin -€65,753
down €65,753, from €57,152 to -€8,601
- Taxes -€9,639
no longer reported in 2025 (was €9,639)
- Depreciation +€4,633
up €4,633 (+52.6%), from €8,810 to €13,443
- Financial income +€3,711
up €3,711 (+2309.9%), from €161 to €3,871
- Financial charges +€1,541
up €1,541 (+290.7%), from €530 to €2,072
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 | €153,419 | €132,907 | -€20,512 | -13.4% |
| Fixed assets | 21/28 | €45,719 | €45,878 | +€159 | +0.3% |
| Intangible fixed assets | 21 | €39,634 | €38,693 | -€942 | -2.4% |
| Tangible fixed assets | 22/27 | €2,455 | €3,555 | +€1,100 | +44.8% |
| Plant, machinery and equipment | 23 | - | €2,115 | +€2,115 | |
| Furniture and vehicles | 24 | €2,455 | €1,441 | -€1,014 | -41.3% |
| Financial fixed assets | 28 | €3,630 | €3,630 | = | 0.0% |
| Current assets | 29/58 | €107,699 | €87,029 | -€20,671 | -19.2% |
| Amounts receivable within one year | 40/41 | €82,234 | €85,858 | +€3,624 | +4.4% |
| Trade receivables | 40 | €68,429 | €49,672 | -€18,757 | -27.4% |
| Other amounts receivable | 41 | €13,805 | €36,186 | +€22,382 | +162.1% |
| Cash at bank and in hand | 54/58 | €22,580 | - | -€22,580 | |
| Deferred charges and accrued income | 490/1 | €2,886 | €1,171 | -€1,715 | -59.4% |
| Total equity and liabilities | 10/49 | €153,419 | €132,907 | -€20,512 | -13.4% |
| Equity | 10/15 | €105,397 | €88,289 | -€17,108 | -16.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,510 | €72,617 | -€21,893 | -23.2% |
| Investment grants | 15 | €7,886 | €12,672 | +€4,786 | +60.7% |
| Provisions and deferred taxes | 16 | €1,972 | €3,168 | +€1,196 | +60.7% |
| Deferred taxes | 168 | €1,972 | €3,168 | +€1,196 | +60.7% |
| Amounts payable | 17/49 | €46,050 | €41,450 | -€4,601 | -10.0% |
| Amounts payable within one year | 42/48 | €46,021 | €41,450 | -€4,571 | -9.9% |
| Financial debts | 43 | - | €15,505 | +€15,505 | |
| Credit institutions | 430/8 | - | €15,505 | +€15,505 | |
| Trade debts | 44 | €5,592 | €24,980 | +€19,388 | +346.7% |
| Suppliers | 440/4 | €5,592 | €24,980 | +€19,388 | +346.7% |
| Advances received on contracts in progress | 46 | €27,591 | - | -€27,591 | |
| Taxes, remuneration and social security | 45 | €12,838 | €965 | -€11,873 | -92.5% |
| Taxes | 450/3 | €12,690 | €965 | -€11,726 | -92.4% |
| Remuneration and social security | 454/9 | €148 | - | -€148 | |
| Accrued charges and deferred income | 492/3 | €30 | - | -€30 | |
| Remuneration, social security and pensions | 62 | €1,520 | €1,520 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,810 | €13,443 | +€4,633 | +52.6% |
| Other operating charges | 640/8 | €387 | €932 | +€545 | +140.7% |
| Gross operating margin | 9900 | €57,152 | -€8,601 | -€65,753 | |
| Operating profit (loss) | 9901 | €46,434 | -€24,496 | -€70,931 | |
| Financial income | 75/76B | €161 | €3,871 | +€3,711 | +2309.9% |
| Recurring financial income | 75 | €161 | €3,871 | +€3,711 | +2309.9% |
| Financial charges | 65/66B | €530 | €2,072 | +€1,541 | +290.7% |
| Recurring financial charges | 65 | €530 | €2,072 | +€1,541 | +290.7% |
| Profit (loss) for the period before taxes | 9903 | €46,065 | -€22,697 | -€68,762 | |
| Transfer from deferred taxes | 780 | €28 | €804 | +€775 | +2727.4% |
| Income taxes | 67/77 | €9,639 | - | -€9,639 | |
| Profit (loss) for the period | 9904 | €36,454 | -€21,893 | -€58,347 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,454 | -€21,893 | -€58,347 |
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.