Warrant: 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.
Warrant
Largest movements
- Cash +€77,776
up €77,776 (+577.5%), from €13,469 to €91,245
mainly Provisions (+€237,689) and Other debts (+€142,505)
- Tangible fixed assets -€12,719
down €12,719 (-26.1%), from €48,823 to €36,105
- Deferred charges and accrued income -€9,613
down €9,613 (-22.6%), from €42,524 to €32,911
- Profit (loss) carried forward -€278,785
down €278,785 (-107.0%), from -€260,666 to -€539,452
- Provisions +€237,689
new in 2025: €237,689
- Other debts +€142,505
new in 2025: €142,505
- Trade debts -€66,156
down €66,156 (-73.4%), from €90,100 to €23,944
- Accrued charges and deferred income +€14,314
up €14,314 (+151.0%), from €9,481 to €23,795
- Gross operating margin +€95,579
up €95,579 (+30.7%), from €311,777 to €407,356
- Staff costs +€64,264
up €64,264 (+18.6%), from €344,975 to €409,239
- Depreciation +€10,354
up €10,354 (+437.8%), from €2,365 to €12,719
- Other operating charges +€9,624
up €9,624 (+755.6%), from €1,274 to €10,898
- Financial income -€6,221
down €6,221 (-62.5%), from €9,962 to €3,740
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 | €491,380 | €545,509 | +€54,129 | +11.0% |
| Fixed assets | 21/28 | €55,420 | €42,702 | -€12,719 | -22.9% |
| Tangible fixed assets | 22/27 | €48,823 | €36,105 | -€12,719 | -26.1% |
| Furniture and vehicles | 24 | €48,823 | €36,105 | -€12,719 | -26.1% |
| Financial fixed assets | 28 | €6,597 | €6,597 | = | 0.0% |
| Current assets | 29/58 | €435,960 | €502,807 | +€66,847 | +15.3% |
| Amounts receivable within one year | 40/41 | €379,967 | €378,652 | -€1,316 | -0.3% |
| Trade receivables | 40 | €125,490 | €91,482 | -€34,008 | -27.1% |
| Other amounts receivable | 41 | €254,477 | €287,170 | +€32,693 | +12.8% |
| Cash at bank and in hand | 54/58 | €13,469 | €91,245 | +€77,776 | +577.5% |
| Deferred charges and accrued income | 490/1 | €42,524 | €32,911 | -€9,613 | -22.6% |
| Total equity and liabilities | 10/49 | €491,380 | €545,509 | +€54,129 | +11.0% |
| Equity | 10/15 | €329,334 | €50,548 | -€278,785 | -84.7% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €90,000 | €90,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€260,666 | -€539,452 | -€278,785 | -107.0% |
| Provisions and deferred taxes | 16 | - | €237,689 | +€237,689 | |
| Provisions for liabilities and charges | 160/5 | - | €237,689 | +€237,689 | |
| Other liabilities and charges | 164/5 | - | €237,689 | +€237,689 | |
| Amounts payable | 17/49 | €162,047 | €257,272 | +€95,225 | +58.8% |
| Amounts payable within one year | 42/48 | €152,565 | €233,476 | +€80,911 | +53.0% |
| Trade debts | 44 | €90,100 | €23,944 | -€66,156 | -73.4% |
| Suppliers | 440/4 | €90,100 | €23,944 | -€66,156 | -73.4% |
| Taxes, remuneration and social security | 45 | €62,465 | €67,027 | +€4,562 | +7.3% |
| Taxes | 450/3 | €21,192 | €14,574 | -€6,618 | -31.2% |
| Remuneration and social security | 454/9 | €41,273 | €52,453 | +€11,180 | +27.1% |
| Other amounts payable | 47/48 | - | €142,505 | +€142,505 | |
| Accrued charges and deferred income | 492/3 | €9,481 | €23,795 | +€14,314 | +151.0% |
| Non-recurring operating income | 76A | €2,546 | €240 | -€2,306 | -90.6% |
| Remuneration, social security and pensions | 62 | €344,975 | €409,239 | +€64,264 | +18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,365 | €12,719 | +€10,354 | +437.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,540 | +€3,540 | |
| Other operating charges | 640/8 | €1,274 | €10,898 | +€9,624 | +755.6% |
| Non-recurring operating charges | 66A | - | €237,689 | +€237,689 | |
| Gross operating margin | 9900 | €311,777 | €407,356 | +€95,579 | +30.7% |
| Operating profit (loss) | 9901 | -€36,837 | -€266,729 | -€229,892 | -624.1% |
| Financial income | 75/76B | €9,962 | €3,740 | -€6,221 | -62.5% |
| Recurring financial income | 75 | €9,962 | €3,740 | -€6,221 | -62.5% |
| Financial charges | 65/66B | €12,125 | €14,217 | +€2,092 | +17.3% |
| Recurring financial charges | 65 | €12,125 | €14,217 | +€2,092 | +17.3% |
| Profit (loss) for the period before taxes | 9903 | -€39,001 | -€277,206 | -€238,205 | -610.8% |
| Income taxes | 67/77 | €914 | €1,580 | +€666 | +72.9% |
| Profit (loss) for the period | 9904 | -€39,914 | -€278,785 | -€238,871 | -598.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,914 | -€278,785 | -€238,871 | -598.5% |
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 5 October 2026 via checked.be.