Volatile: 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.
Volatile
Largest movements
- Tangible fixed assets -€65,711
down €65,711 (-44.4%), from €147,938 to €82,226
of which Land and buildings: -€55,900
- Receivables within one year -€14,178
down €14,178 (-58.8%), from €24,108 to €9,930
of which Trade receivables: -€11,990
- Cash -€11,290
down €11,290 (-61.2%), from €18,459 to €7,170
mainly Debts after one year (-€66,054) and Trade debts (-€9,846)
- Debts after one year -€66,054
down €66,054 (-78.1%), from €84,534 to €18,480
- Trade debts -€9,846
down €9,846 (-30.5%), from €32,244 to €22,398
- Current portion of long-term debt -€8,062
down €8,062 (-50.3%), from €16,024 to €7,962
- Tax, wage and social debts -€5,239
down €5,239 (-52.6%), from €9,969 to €4,730
- Accrued charges and deferred income -€3,306
down €3,306 (-75.1%), from €4,400 to €1,094
- Gross operating margin +€16,964
up €16,964 (+119.8%), from €14,162 to €31,126
- Financial charges +€3,228
up €3,228 (+53.1%), from €6,084 to €9,312
- Other operating charges -€1,980
down €1,980 (-39.0%), from €5,075 to €3,094
- Depreciation +€1,720
up €1,720 (+10.6%), from €16,266 to €17,985
- Financial income -€1,210
down €1,210 (-72.4%), from €1,670 to €460
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 | €239,023 | €145,764 | -€93,259 | -39.0% |
| Fixed assets | 21/28 | €152,388 | €86,676 | -€65,711 | -43.1% |
| Tangible fixed assets | 22/27 | €147,938 | €82,226 | -€65,711 | -44.4% |
| Land and buildings | 22 | €55,900 | €0 | -€55,900 | -100.0% |
| Plant, machinery and equipment | 23 | €9,705 | €14,738 | +€5,033 | +51.9% |
| Furniture and vehicles | 24 | €24,303 | €16,958 | -€7,345 | -30.2% |
| Other tangible fixed assets | 26 | €58,030 | €50,531 | -€7,499 | -12.9% |
| Financial fixed assets | 28 | €4,450 | €4,450 | = | 0.0% |
| Current assets | 29/58 | €86,635 | €59,087 | -€27,548 | -31.8% |
| Stocks and contracts in progress | 3 | €41,674 | €40,906 | -€768 | -1.8% |
| Stocks | 30/36 | €41,674 | €40,906 | -€768 | -1.8% |
| Amounts receivable within one year | 40/41 | €24,108 | €9,930 | -€14,178 | -58.8% |
| Trade receivables | 40 | €21,520 | €9,530 | -€11,990 | -55.7% |
| Other amounts receivable | 41 | €2,588 | €400 | -€2,188 | -84.6% |
| Cash at bank and in hand | 54/58 | €18,459 | €7,170 | -€11,290 | -61.2% |
| Deferred charges and accrued income | 490/1 | €2,393 | €1,081 | -€1,312 | -54.8% |
| Total equity and liabilities | 10/49 | €239,023 | €145,764 | -€93,259 | -39.0% |
| Equity | 10/15 | €43,670 | €44,864 | +€1,194 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,070 | €26,264 | +€1,194 | +4.8% |
| Distributable reserves | 133 | €25,070 | €26,264 | +€1,194 | +4.8% |
| Amounts payable | 17/49 | €195,353 | €100,899 | -€94,454 | -48.4% |
| Amounts payable after more than one year | 17 | €84,534 | €18,480 | -€66,054 | -78.1% |
| Financial debts | 170/4 | €84,534 | €18,480 | -€66,054 | -78.1% |
| Amounts payable within one year | 42/48 | €106,419 | €81,326 | -€25,093 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €16,024 | €7,962 | -€8,062 | -50.3% |
| Financial debts | 43 | €35,110 | €35,502 | +€392 | +1.1% |
| Credit institutions | 430/8 | €35,110 | €35,502 | +€392 | +1.1% |
| Trade debts | 44 | €32,244 | €22,398 | -€9,846 | -30.5% |
| Suppliers | 440/4 | €32,244 | €22,398 | -€9,846 | -30.5% |
| Taxes, remuneration and social security | 45 | €9,969 | €4,730 | -€5,239 | -52.6% |
| Taxes | 450/3 | €9,969 | €4,730 | -€5,239 | -52.6% |
| Other amounts payable | 47/48 | €13,072 | €10,733 | -€2,339 | -17.9% |
| Accrued charges and deferred income | 492/3 | €4,400 | €1,094 | -€3,306 | -75.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,266 | €17,985 | +€1,720 | +10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €5,075 | €3,094 | -€1,980 | -39.0% |
| Gross operating margin | 9900 | €14,162 | €31,126 | +€16,964 | +119.8% |
| Operating profit (loss) | 9901 | -€7,179 | €10,046 | +€17,225 | |
| Financial income | 75/76B | €1,670 | €460 | -€1,210 | -72.4% |
| Recurring financial income | 75 | €1,670 | €460 | -€1,210 | -72.4% |
| Financial charges | 65/66B | €6,084 | €9,312 | +€3,228 | +53.1% |
| Recurring financial charges | 65 | €6,084 | €9,312 | +€3,228 | +53.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,593 | €1,194 | +€12,787 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€11,593 | €1,194 | +€12,787 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,593 | €1,194 | +€12,787 |
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.