W7: what changed
Two fiscal 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.
W7
Largest movements
- Cash -€816,441
down €816,441 (-95.4%), from €855,378 to €38,937
mainly Debts after one year (-€650,000) and Receivables within one year (-€131,077)
- Receivables within one year +€131,077
up €131,077 (+16.3%), from €806,045 to €937,122
of which Other amounts receivable: +€144,263
- Debts after one year -€650,000
down €650,000 (-50.0%), from €1.3m to €650,000
- Profit (loss) carried forward -€128,887
down €128,887 (-54.9%), from -€234,981 to -€363,868
- Accrued charges and deferred income +€84,870
new in 2025: €84,870
- Other debts +€23,830
up €23,830 (+621.3%), from €3,835 to €27,665
- Financial charges +€57,011
up €57,011 (+204.0%), from €27,949 to €84,960
- Gross operating margin -€55,116
down €55,116, from €9,389 to -€45,727
- Taxes -€2,396
down €2,396 (-69.0%), from €3,473 to €1,077
- Depreciation -€836
down €836 (-33.2%), from €2,521 to €1,684
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 | €2,313,861 | €1,632,540 | -€681,321 | -29.4% |
| Fixed assets | 21/28 | €523,187 | €521,251 | -€1,936 | -0.4% |
| Tangible fixed assets | 22/27 | €143,568 | €141,884 | -€1,684 | -1.2% |
| Land and buildings | 22 | €138,629 | €138,629 | = | 0.0% |
| Furniture and vehicles | 24 | €4,940 | €3,255 | -€1,684 | -34.1% |
| Financial fixed assets | 28 | €379,618 | €379,367 | -€252 | -0.1% |
| Current assets | 29/58 | €1,790,674 | €1,111,289 | -€679,385 | -37.9% |
| Amounts receivable after more than one year | 29 | €48,344 | €48,344 | = | 0.0% |
| Trade receivables | 290 | €48,344 | €48,344 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €806,045 | €937,122 | +€131,077 | +16.3% |
| Trade receivables | 40 | €69,689 | €56,503 | -€13,186 | -18.9% |
| Other amounts receivable | 41 | €736,356 | €880,619 | +€144,263 | +19.6% |
| Cash at bank and in hand | 54/58 | €855,378 | €38,937 | -€816,441 | -95.4% |
| Deferred charges and accrued income | 490/1 | €80,907 | €86,885 | +€5,978 | +7.4% |
| Total equity and liabilities | 10/49 | €2,313,861 | €1,632,540 | -€681,321 | -29.4% |
| Equity | 10/15 | €994,676 | €865,789 | -€128,887 | -13.0% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €979,657 | €979,657 | = | 0.0% |
| Tax-exempt reserves | 132 | €254 | €254 | = | 0.0% |
| Distributable reserves | 133 | €979,403 | €979,403 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€234,981 | -€363,868 | -€128,887 | -54.9% |
| Amounts payable | 17/49 | €1,319,185 | €766,751 | -€552,434 | -41.9% |
| Amounts payable after more than one year | 17 | €1,300,000 | €650,000 | -€650,000 | -50.0% |
| Financial debts | 170/4 | €1,300,000 | €650,000 | -€650,000 | -50.0% |
| Amounts payable within one year | 42/48 | €19,185 | €31,881 | +€12,696 | +66.2% |
| Financial debts | 43 | €201 | - | -€201 | |
| Credit institutions | 430/8 | €201 | - | -€201 | |
| Trade debts | 44 | €8,560 | €2,082 | -€6,478 | -75.7% |
| Suppliers | 440/4 | €8,560 | €2,082 | -€6,478 | -75.7% |
| Taxes, remuneration and social security | 45 | €6,589 | €2,134 | -€4,455 | -67.6% |
| Taxes | 450/3 | €6,589 | €2,134 | -€4,455 | -67.6% |
| Other amounts payable | 47/48 | €3,835 | €27,665 | +€23,830 | +621.3% |
| Accrued charges and deferred income | 492/3 | - | €84,870 | +€84,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,521 | €1,684 | -€836 | -33.2% |
| Other operating charges | 640/8 | €2,248 | €2,323 | +€75 | +3.3% |
| Gross operating margin | 9900 | €9,389 | -€45,727 | -€55,116 | |
| Operating profit (loss) | 9901 | €4,621 | -€49,734 | -€54,355 | |
| Financial income | 75/76B | €7,097 | €6,883 | -€214 | -3.0% |
| Recurring financial income | 75 | €7,097 | €6,883 | -€214 | -3.0% |
| Financial charges | 65/66B | €27,949 | €84,960 | +€57,011 | +204.0% |
| Recurring financial charges | 65 | €27,949 | €84,960 | +€57,011 | +204.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,231 | -€127,810 | -€111,579 | -687.4% |
| Income taxes | 67/77 | €3,473 | €1,077 | -€2,396 | -69.0% |
| Profit (loss) for the period | 9904 | -€19,704 | -€128,887 | -€109,183 | -554.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,704 | -€128,887 | -€109,183 | -554.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.