white shadows: 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.
white shadows
Largest movements
- Cash +€10,268
up €10,268 (+39.8%), from €25,773 to €36,040
mainly Depreciation (+€8,188) and Current portion of long-term debt (+€7,234)
- Receivables within one year +€7,082
up €7,082 (+50.7%), from €13,978 to €21,060
of which Other amounts receivable: +€7,718
- Current portion of long-term debt +€7,234
up €7,234 (+57.5%), from €12,583 to €19,817
- Debts after one year +€5,579
up €5,579 (+50.4%), from €11,069 to €16,648
- Accrued charges and deferred income +€3,266
new in 2025: €3,266
- Trade debts +€2,031
up €2,031 (+42.0%), from €4,839 to €6,870
- Gross operating margin -€24,835
down €24,835 (-50.8%), from €48,865 to €24,030
- Taxes -€6,222
down €6,222 (-49.3%), from €12,632 to €6,410
- Depreciation +€1,529
up €1,529 (+23.0%), from €6,660 to €8,188
- Financial charges +€551
up €551 (+13.8%), from €3,983 to €4,534
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 | €94,627 | €111,827 | +€17,200 | +18.2% |
| Fixed assets | 21/28 | €53,272 | €53,113 | -€158 | -0.3% |
| Tangible fixed assets | 22/27 | €22,641 | €22,482 | -€158 | -0.7% |
| Plant, machinery and equipment | 23 | €15,343 | €13,329 | -€2,014 | -13.1% |
| Furniture and vehicles | 24 | €7,297 | €9,153 | +€1,855 | +25.4% |
| Financial fixed assets | 28 | €30,631 | €30,631 | = | 0.0% |
| Current assets | 29/58 | €41,355 | €58,713 | +€17,358 | +42.0% |
| Amounts receivable within one year | 40/41 | €13,978 | €21,060 | +€7,082 | +50.7% |
| Trade receivables | 40 | €13,978 | €13,342 | -€636 | -4.6% |
| Other amounts receivable | 41 | - | €7,718 | +€7,718 | |
| Cash at bank and in hand | 54/58 | €25,773 | €36,040 | +€10,268 | +39.8% |
| Deferred charges and accrued income | 490/1 | €1,604 | €1,613 | +€9 | +0.6% |
| Total equity and liabilities | 10/49 | €94,627 | €111,827 | +€17,200 | +18.2% |
| Equity | 10/15 | €61,129 | €62,065 | +€936 | +1.5% |
| Contributions | 10/11 | €14,310 | €14,310 | = | 0.0% |
| Reserves | 13 | €46,819 | €47,755 | +€936 | +2.0% |
| Distributable reserves | 133 | €46,819 | €47,755 | +€936 | +2.0% |
| Amounts payable | 17/49 | €33,498 | €49,761 | +€16,264 | +48.6% |
| Amounts payable after more than one year | 17 | €11,069 | €16,648 | +€5,579 | +50.4% |
| Financial debts | 170/4 | €11,069 | €16,648 | +€5,579 | +50.4% |
| Amounts payable within one year | 42/48 | €22,429 | €29,847 | +€7,418 | +33.1% |
| Current portion of amounts payable after more than one year | 42 | €12,583 | €19,817 | +€7,234 | +57.5% |
| Trade debts | 44 | €4,839 | €6,870 | +€2,031 | +42.0% |
| Suppliers | 440/4 | €4,839 | €6,870 | +€2,031 | +42.0% |
| Taxes, remuneration and social security | 45 | €4,129 | €3,160 | -€969 | -23.5% |
| Taxes | 450/3 | €4,129 | €3,160 | -€969 | -23.5% |
| Other amounts payable | 47/48 | €877 | - | -€877 | |
| Accrued charges and deferred income | 492/3 | - | €3,266 | +€3,266 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,660 | €8,188 | +€1,529 | +23.0% |
| Other operating charges | 640/8 | €1,756 | €1,494 | -€262 | -14.9% |
| Gross operating margin | 9900 | €48,865 | €24,030 | -€24,835 | -50.8% |
| Operating profit (loss) | 9901 | €40,450 | €14,348 | -€26,102 | -64.5% |
| Financial income | 75/76B | €217 | €33 | -€184 | -84.8% |
| Recurring financial income | 75 | €217 | €33 | -€184 | -84.8% |
| Financial charges | 65/66B | €3,983 | €4,534 | +€551 | +13.8% |
| Recurring financial charges | 65 | €3,983 | €4,534 | +€551 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €36,683 | €9,846 | -€26,837 | -73.2% |
| Income taxes | 67/77 | €12,632 | €6,410 | -€6,222 | -49.3% |
| Profit (loss) for the period | 9904 | €24,051 | €3,436 | -€20,615 | -85.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,051 | €3,436 | -€20,615 | -85.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.