WEB - REFER: 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.
WEB - REFER
Largest movements
- Receivables within one year -€31,788
down €31,788 (-34.0%), from €93,584 to €61,796
of which Trade receivables: -€31,752
- Deferred charges and accrued income -€15,173
down €15,173 (-100.0%), from €15,173 to €0
- Tangible fixed assets -€11,654
down €11,654 (-9.2%), from €126,444 to €114,790
of which Land and buildings: -€11,654
- Cash +€2,602
up €2,602 (+638.4%), from €408 to €3,010
mainly Receivables within one year (+€31,788) and Other debts (+€16,190)
- Trade debts -€42,989
down €42,989 (-89.6%), from €47,953 to €4,965
- Debts after one year -€17,008
down €17,008 (-17.6%), from €96,458 to €79,450
- Other debts +€16,190
up €16,190 (+83.0%), from €19,504 to €35,694
- Current portion of long-term debt -€12,498
down €12,498 (-66.9%), from €18,669 to €6,171
- Turnover +€88,080
new in 2025: €88,080
- Purchases and services +€78,667
new in 2025: €78,667
- Gross operating margin -€3,274
down €3,274 (-15.4%), from €21,194 to €17,920
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 | €235,608 | €179,596 | -€56,012 | -23.8% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €126,444 | €114,790 | -€11,654 | -9.2% |
| Tangible fixed assets | 22/27 | €126,444 | €114,790 | -€11,654 | -9.2% |
| Land and buildings | 22 | €126,444 | €114,790 | -€11,654 | -9.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €109,164 | €64,806 | -€44,358 | -40.6% |
| Amounts receivable within one year | 40/41 | €93,584 | €61,796 | -€31,788 | -34.0% |
| Trade receivables | 40 | €93,274 | €61,522 | -€31,752 | -34.0% |
| Other amounts receivable | 41 | €310 | €274 | -€36 | -11.7% |
| Cash at bank and in hand | 54/58 | €408 | €3,010 | +€2,602 | +638.4% |
| Deferred charges and accrued income | 490/1 | €15,173 | €0 | -€15,173 | -100.0% |
| Total equity and liabilities | 10/49 | €235,608 | €179,596 | -€56,012 | -23.8% |
| Equity | 10/15 | €49,283 | €50,303 | +€1,020 | +2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,223 | €42,243 | +€1,020 | +2.5% |
| Amounts payable | 17/49 | €186,325 | €129,293 | -€57,032 | -30.6% |
| Amounts payable after more than one year | 17 | €96,458 | €79,450 | -€17,008 | -17.6% |
| Financial debts | 170/4 | €96,458 | €79,450 | -€17,008 | -17.6% |
| Amounts payable within one year | 42/48 | €88,312 | €48,288 | -€40,023 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €18,669 | €6,171 | -€12,498 | -66.9% |
| Trade debts | 44 | €47,953 | €4,965 | -€42,989 | -89.6% |
| Suppliers | 440/4 | €47,953 | €4,965 | -€42,989 | -89.6% |
| Advances received on contracts in progress | 46 | €984 | €0 | -€984 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,201 | €1,459 | +€258 | +21.5% |
| Taxes | 450/3 | €1,201 | €1,459 | +€258 | +21.5% |
| Other amounts payable | 47/48 | €19,504 | €35,694 | +€16,190 | +83.0% |
| Accrued charges and deferred income | 492/3 | €1,556 | €1,556 | = | 0.0% |
| Turnover | 70 | - | €88,080 | +€88,080 | |
| Non-recurring operating income | 76A | - | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €78,667 | +€78,667 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,654 | €11,654 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €21,194 | €17,920 | -€3,274 | -15.4% |
| Operating profit (loss) | 9901 | €9,153 | €5,867 | -€3,287 | -35.9% |
| Financial charges | 65/66B | €5,162 | €4,476 | -€686 | -13.3% |
| Recurring financial charges | 65 | €5,162 | €4,476 | -€686 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €3,992 | €1,391 | -€2,601 | -65.2% |
| Income taxes | 67/77 | €1,088 | €371 | -€717 | -65.9% |
| Profit (loss) for the period | 9904 | €2,904 | €1,020 | -€1,884 | -64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,904 | €1,020 | -€1,884 | -64.9% |
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 3 October 2026 via checked.be.