WE COVER: 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.
WE COVER
Largest movements
- Receivables within one year -€64,776
down €64,776 (-76.2%), from €85,016 to €20,239
of which Trade receivables: -€63,599
- Intangible fixed assets +€51,618
new in 2025: €51,618
- Cash -€29,255
down €29,255 (-82.0%), from €35,684 to €6,430
mainly Investment in fixed assets (net) (-€51,852) and Net result for the year (-€35,302)
- Profit (loss) carried forward -€35,302
down €35,302, from €7,981 to -€27,321
- Other debts -€26,363
down €26,363 (-30.5%), from €86,364 to €60,002
- Tax, wage and social debts +€10,421
up €10,421 (+221%), from €4,707 to €15,129
of which Remuneration and social security: +€9,160
- Trade debts +€9,270
up €9,270 (+42.8%), from €21,681 to €30,951
- Staff costs +€51,500
new in 2025: €51,500
- Gross operating margin +€6,748
up €6,748 (+64.5%), from €10,463 to €17,211
- Taxes -€1,993
down €1,993 (-90.6%), from €2,201 to €207
- Financial charges +€332
up €332 (+586%), from €57 to €388
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.
Derived cash bridge
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 | €135,734 | €93,761 | -€41,973 | -30.9% |
| Formation expenses | 20 | €1,094 | €828 | -€265 | -24.3% |
| Fixed assets | 21/28 | - | €51,823 | +€51,823 | |
| Intangible fixed assets | 21 | - | €51,618 | +€51,618 | |
| Financial fixed assets | 28 | - | €205 | +€205 | |
| Current assets | 29/58 | €134,640 | €41,109 | -€93,531 | -69.5% |
| Stocks and contracts in progress | 3 | €13,940 | €14,440 | +€500 | +3.6% |
| Stocks | 30/36 | €13,940 | €14,440 | +€500 | +3.6% |
| Amounts receivable within one year | 40/41 | €85,016 | €20,239 | -€64,776 | -76.2% |
| Trade receivables | 40 | €81,818 | €18,219 | -€63,599 | -77.7% |
| Other amounts receivable | 41 | €3,198 | €2,020 | -€1,177 | -36.8% |
| Cash at bank and in hand | 54/58 | €35,684 | €6,430 | -€29,255 | -82.0% |
| Total equity and liabilities | 10/49 | €135,734 | €93,761 | -€41,973 | -30.9% |
| Equity | 10/15 | €22,981 | -€12,321 | -€35,302 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,981 | -€27,321 | -€35,302 | |
| Amounts payable | 17/49 | €112,753 | €106,082 | -€6,671 | -5.9% |
| Amounts payable within one year | 42/48 | €112,753 | €106,082 | -€6,671 | -5.9% |
| Trade debts | 44 | €21,681 | €30,951 | +€9,270 | +42.8% |
| Suppliers | 440/4 | €21,681 | €30,951 | +€9,270 | +42.8% |
| Taxes, remuneration and social security | 45 | €4,707 | €15,129 | +€10,421 | +221% |
| Taxes | 450/3 | €2,201 | €3,463 | +€1,262 | +57.3% |
| Remuneration and social security | 454/9 | €2,507 | €11,666 | +€9,160 | +365% |
| Other amounts payable | 47/48 | €86,364 | €60,002 | -€26,363 | -30.5% |
| Remuneration, social security and pensions | 62 | - | €51,500 | +€51,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235 | €294 | +€59 | +25.0% |
| Other operating charges | 640/8 | - | €160 | +€160 | |
| Gross operating margin | 9900 | €10,463 | €17,211 | +€6,748 | +64.5% |
| Operating profit (loss) | 9901 | €10,228 | -€34,743 | -€44,971 | |
| Financial income | 75/76B | €10 | €37 | +€26 | +252% |
| Recurring financial income | 75 | €10 | €37 | +€26 | +252% |
| Financial charges | 65/66B | €57 | €388 | +€332 | +586% |
| Recurring financial charges | 65 | €57 | €388 | +€332 | +586% |
| Profit (loss) for the period before taxes | 9903 | €10,182 | -€35,095 | -€45,277 | |
| Income taxes | 67/77 | €2,201 | €207 | -€1,993 | -90.6% |
| Profit (loss) for the period | 9904 | €7,981 | -€35,302 | -€43,283 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,981 | -€35,302 | -€43,283 |
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 21 October 2026 via checked.be.