"w": 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.
"w"
Largest movements
- Receivables within one year -€459,629
down €459,629 (-37.7%), from €1.2m to €761,097
- Financial fixed assets -€16,940
down €16,940 (-40.8%), from €41,555 to €24,615
- Other debts -€666,614
down €666,614 (-22.9%), from €2.9m to €2.2m
- Accrued charges and deferred income +€113,530
up €113,530 (+27.8%), from €407,823 to €521,353
- Profit (loss) carried forward +€69,274
up €69,274 (+2.2%), from -€3.1m to -€3.0m
- Financial charges -€2.7m
down €2.7m (-85.9%), from €3.1m to €435,633
of which Non-recurring financial charges: -€2.5m
- Financial income -€804,963
down €804,963 (-61.0%), from €1.3m to €513,748
of which Non-recurring financial income: -€797,202
- Gross operating margin +€24,962
up €24,962 (+73.5%), from -€33,949 to -€8,987
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 | €1,272,724 | €786,426 | -€486,298 | -38.2% |
| Fixed assets | 21/28 | €41,555 | €24,615 | -€16,940 | -40.8% |
| Financial fixed assets | 28 | €41,555 | €24,615 | -€16,940 | -40.8% |
| Current assets | 29/58 | €1,231,169 | €761,811 | -€469,358 | -38.1% |
| Amounts receivable within one year | 40/41 | €1,220,725 | €761,097 | -€459,629 | -37.7% |
| Other amounts receivable | 41 | €1,220,725 | €761,097 | -€459,629 | -37.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €10,444 | €715 | -€9,729 | -93.2% |
| Total equity and liabilities | 10/49 | €1,272,724 | €786,426 | -€486,298 | -38.2% |
| Equity | 10/15 | -€3,070,383 | -€3,001,109 | +€69,274 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,090,843 | -€3,021,569 | +€69,274 | +2.2% |
| Amounts payable | 17/49 | €4,343,108 | €3,787,536 | -€555,572 | -12.8% |
| Amounts payable within one year | 42/48 | €3,935,284 | €3,266,182 | -€669,102 | -17.0% |
| Financial debts | 43 | €1,017,000 | €1,017,000 | = | 0.0% |
| Other loans | 439 | €1,017,000 | €1,017,000 | = | 0.0% |
| Trade debts | 44 | €9,711 | €7,222 | -€2,488 | -25.6% |
| Suppliers | 440/4 | €9,711 | €7,222 | -€2,488 | -25.6% |
| Taxes, remuneration and social security | 45 | €3,302 | €3,302 | = | 0.0% |
| Taxes | 450/3 | €3,302 | €3,302 | = | 0.0% |
| Other amounts payable | 47/48 | €2,905,271 | €2,238,658 | -€666,614 | -22.9% |
| Accrued charges and deferred income | 492/3 | €407,823 | €521,353 | +€113,530 | +27.8% |
| Gross operating margin | 9900 | -€33,949 | -€8,987 | +€24,962 | +73.5% |
| Operating profit (loss) | 9901 | -€33,949 | -€8,987 | +€24,962 | +73.5% |
| Financial income | 75/76B | €1,318,711 | €513,748 | -€804,963 | -61.0% |
| Recurring financial income | 75 | €116,509 | €108,748 | -€7,761 | -6.7% |
| Non-recurring financial income | 76B | €1,202,202 | €405,000 | -€797,202 | -66.3% |
| Financial charges | 65/66B | €3,100,454 | €435,633 | -€2.7m | -85.9% |
| Recurring financial charges | 65 | €261,492 | €117,413 | -€144,079 | -55.1% |
| Non-recurring financial charges | 66B | €2,838,963 | €318,220 | -€2.5m | -88.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,815,692 | €69,128 | +€1.9m | |
| Income taxes | 67/77 | €0 | -€146 | -€146 | |
| Profit (loss) for the period | 9904 | -€1,815,692 | €69,274 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,815,692 | €69,274 | +€1.9m |
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 11 October 2026 via checked.be.