Why Not: 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.
Why Not
Largest movements
- Cash -€8,131
down €8,131 (-31.5%), from €25,836 to €17,705
mainly Receivables within one year (-€7,900) and Investment in fixed assets (net) (-€1,638)
- Receivables within one year +€7,900
up €7,900 (+26.5%), from €29,852 to €37,752
- Tangible fixed assets -€2,912
down €2,912 (-2.4%), from €121,242 to €118,330
of which Land and buildings: -€2,342
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€2,052
up €2,052 (+28.0%), from €7,326 to €9,378
- Other operating charges +€388
up €388 (+5.1%), from €7,673 to €8,061
- Financial income +€203
up €203 (+12.5%), from €1,628 to €1,832
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 | €241,833 | €239,330 | -€2,503 | -1.0% |
| Fixed assets | 21/28 | €181,159 | €178,247 | -€2,912 | -1.6% |
| Tangible fixed assets | 22/27 | €121,242 | €118,330 | -€2,912 | -2.4% |
| Land and buildings | 22 | €119,902 | €117,560 | -€2,342 | -2.0% |
| Plant, machinery and equipment | 23 | €420 | €0 | -€420 | -100.0% |
| Furniture and vehicles | 24 | €920 | €770 | -€150 | -16.3% |
| Financial fixed assets | 28 | €59,917 | €59,917 | = | 0.0% |
| Current assets | 29/58 | €60,674 | €61,083 | +€409 | +0.7% |
| Amounts receivable within one year | 40/41 | €29,852 | €37,752 | +€7,900 | +26.5% |
| Other amounts receivable | 41 | €29,852 | €37,752 | +€7,900 | +26.5% |
| Cash at bank and in hand | 54/58 | €25,836 | €17,705 | -€8,131 | -31.5% |
| Deferred charges and accrued income | 490/1 | €4,986 | €5,625 | +€639 | +12.8% |
| Total equity and liabilities | 10/49 | €241,833 | €239,330 | -€2,503 | -1.0% |
| Equity | 10/15 | €235,573 | €233,941 | -€1,632 | -0.7% |
| Contributions | 10/11 | €357,499 | €357,499 | = | 0.0% |
| Capital | 10 | €357,499 | €357,499 | = | 0.0% |
| Issued capital | 100 | €409,499 | €409,499 | = | 0.0% |
| Uncalled capital | 101 | €52,000 | €52,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,926 | -€123,558 | -€1,632 | -1.3% |
| Amounts payable | 17/49 | €6,260 | €5,389 | -€871 | -13.9% |
| Amounts payable within one year | 42/48 | €4,560 | €3,689 | -€871 | -19.1% |
| Trade debts | 44 | €1,104 | €230 | -€873 | -79.1% |
| Suppliers | 440/4 | €1,104 | €230 | -€873 | -79.1% |
| Taxes, remuneration and social security | 45 | €109 | €112 | +€3 | +2.3% |
| Taxes | 450/3 | €109 | €112 | +€3 | +2.3% |
| Other amounts payable | 47/48 | €3,347 | €3,347 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,700 | €1,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,460 | €4,550 | +€90 | +2.0% |
| Other operating charges | 640/8 | €7,673 | €8,061 | +€388 | +5.1% |
| Gross operating margin | 9900 | €7,326 | €9,378 | +€2,052 | +28.0% |
| Operating profit (loss) | 9901 | -€4,807 | -€3,233 | +€1,574 | +32.7% |
| Financial income | 75/76B | €1,628 | €1,832 | +€203 | +12.5% |
| Recurring financial income | 75 | €1,628 | €1,832 | +€203 | +12.5% |
| Financial charges | 65/66B | €112 | €119 | +€7 | +6.6% |
| Recurring financial charges | 65 | €112 | €119 | +€7 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€3,290 | -€1,520 | +€1,770 | +53.8% |
| Income taxes | 67/77 | €109 | €112 | +€3 | +2.3% |
| Profit (loss) for the period | 9904 | -€3,400 | -€1,632 | +€1,768 | +52.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,400 | -€1,632 | +€1,768 | +52.0% |
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 10 October 2026 via checked.be.