WE SEE WELL: 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 SEE WELL
Largest movements
- Cash +€108,544
up €108,544 (+94.3%), from €115,147 to €223,692
mainly Other debts (+€99,401) and Net result for the year (+€86,598)
- Receivables within one year -€39,696
down €39,696 (-59.3%), from €66,943 to €27,247
of which Trade receivables: -€39,936
- Tangible fixed assets -€15,883
down €15,883 (-19.0%), from €83,620 to €67,737
- Other debts +€99,401
up €99,401 (+156%), from €63,918 to €163,319
- Reserves -€46,025
down €46,025 (-14.9%), from €308,005 to €261,980
- Tax, wage and social debts +€7,288
up €7,288 (+39.7%), from €18,373 to €25,661
- Trade debts -€5,015
down €5,015 (-46.6%), from €10,763 to €5,749
- Depreciation -€17,500
down €17,500 (-52.4%), from €33,383 to €15,883
- Gross operating margin -€6,345
down €6,345 (-4.3%), from €148,535 to €142,189
- Write-downs +€4,000
up €4,000, from €0 to €4,000
- Taxes +€2,487
up €2,487 (+7.3%), from €34,036 to €36,523
- Financial income +€2,298
up €2,298 (+249%), from €924 to €3,221
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 | €415,787 | €471,440 | +€55,653 | +13.4% |
| Fixed assets | 21/28 | €83,620 | €67,737 | -€15,883 | -19.0% |
| Tangible fixed assets | 22/27 | €83,620 | €67,737 | -€15,883 | -19.0% |
| Plant, machinery and equipment | 23 | €7,186 | €4,537 | -€2,649 | -36.9% |
| Furniture and vehicles | 24 | €11,845 | €5,425 | -€6,420 | -54.2% |
| Other tangible fixed assets | 26 | €64,589 | €57,775 | -€6,814 | -10.5% |
| Current assets | 29/58 | €332,168 | €403,703 | +€71,535 | +21.5% |
| Amounts receivable within one year | 40/41 | €66,943 | €27,247 | -€39,696 | -59.3% |
| Trade receivables | 40 | €65,979 | €26,043 | -€39,936 | -60.5% |
| Other amounts receivable | 41 | €964 | €1,204 | +€240 | +24.9% |
| Current investments | 50/53 | €150,000 | €149,028 | -€972 | -0.6% |
| Cash at bank and in hand | 54/58 | €115,147 | €223,692 | +€108,544 | +94.3% |
| Deferred charges and accrued income | 490/1 | €77 | €3,737 | +€3,659 | +4,734% |
| Total equity and liabilities | 10/49 | €415,787 | €471,440 | +€55,653 | +13.4% |
| Equity | 10/15 | €322,733 | €276,711 | -€46,022 | -14.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €308,005 | €261,980 | -€46,025 | -14.9% |
| Distributable reserves | 133 | €308,005 | €261,980 | -€46,025 | -14.9% |
| Profit (loss) carried forward | 14 | €2,228 | €2,231 | +€3 | +0.1% |
| Amounts payable | 17/49 | €93,054 | €194,729 | +€101,675 | +109% |
| Amounts payable within one year | 42/48 | €93,054 | €194,729 | +€101,675 | +109% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €10,763 | €5,749 | -€5,015 | -46.6% |
| Suppliers | 440/4 | €10,763 | €5,749 | -€5,015 | -46.6% |
| Taxes, remuneration and social security | 45 | €18,373 | €25,661 | +€7,288 | +39.7% |
| Taxes | 450/3 | €18,373 | €25,661 | +€7,288 | +39.7% |
| Other amounts payable | 47/48 | €63,918 | €163,319 | +€99,401 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,383 | €15,883 | -€17,500 | -52.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €4,000 | +€4,000 | |
| Other operating charges | 640/8 | €955 | €465 | -€489 | -51.3% |
| Gross operating margin | 9900 | €148,535 | €142,189 | -€6,345 | -4.3% |
| Operating profit (loss) | 9901 | €114,197 | €121,841 | +€7,644 | +6.7% |
| Financial income | 75/76B | €924 | €3,221 | +€2,298 | +249% |
| Recurring financial income | 75 | €924 | €3,221 | +€2,298 | +249% |
| Financial charges | 65/66B | €414 | €1,942 | +€1,528 | +369% |
| Recurring financial charges | 65 | €414 | €1,942 | +€1,528 | +369% |
| Profit (loss) for the period before taxes | 9903 | €114,707 | €123,121 | +€8,414 | +7.3% |
| Income taxes | 67/77 | €34,036 | €36,523 | +€2,487 | +7.3% |
| Profit (loss) for the period | 9904 | €80,671 | €86,598 | +€5,927 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,671 | €86,598 | +€5,927 | +7.3% |
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 18 October 2026 via checked.be.