WHY5RESEARCH: 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.
WHY5RESEARCH
Largest movements
- Receivables within one year +€319,046
up €319,046 (+81.0%), from €393,720 to €712,766
of which Trade receivables: +€302,069
- Cash +€238,791
up €238,791 (+92.7%), from €257,684 to €496,475
mainly Trade debts (+€367,939) and Accrued charges and deferred income (+€119,800)
- Trade debts +€367,939
up €367,939 (+98.3%), from €374,484 to €742,423
- Accrued charges and deferred income +€119,800
up €119,800 (+84.8%), from €141,268 to €261,068
- Reserves +€49,164
up €49,164 (+51.1%), from €96,171 to €145,335
of which Distributable reserves: +€49,164
- Tax, wage and social debts +€24,796
up €24,796 (+30.3%), from €81,809 to €106,605
of which Remuneration and social security: +€29,940
- Gross operating margin +€134,928
up €134,928 (+25.4%), from €531,865 to €666,793
- Staff costs +€85,335
up €85,335 (+17.2%), from €494,819 to €580,154
- Financial charges +€13,268
up €13,268 (+622%), from €2,134 to €15,402
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 | €794,007 | €1,355,855 | +€561,848 | +70.8% |
| Fixed assets | 21/28 | €34,662 | €36,254 | +€1,592 | +4.6% |
| Intangible fixed assets | 21 | €1,697 | €1,254 | -€443 | -26.1% |
| Tangible fixed assets | 22/27 | €13,698 | €15,733 | +€2,035 | +14.9% |
| Plant, machinery and equipment | 23 | €6,386 | €10,734 | +€4,348 | +68.1% |
| Furniture and vehicles | 24 | €3,152 | €2,226 | -€926 | -29.4% |
| Other tangible fixed assets | 26 | €4,160 | €2,773 | -€1,386 | -33.3% |
| Financial fixed assets | 28 | €19,267 | €19,267 | = | 0.0% |
| Current assets | 29/58 | €759,345 | €1,319,601 | +€560,256 | +73.8% |
| Amounts receivable within one year | 40/41 | €393,720 | €712,766 | +€319,046 | +81.0% |
| Trade receivables | 40 | €385,610 | €687,680 | +€302,069 | +78.3% |
| Other amounts receivable | 41 | €8,110 | €25,087 | +€16,977 | +209% |
| Current investments | 50/53 | €27,333 | €27,333 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €257,684 | €496,475 | +€238,791 | +92.7% |
| Deferred charges and accrued income | 490/1 | €80,607 | €83,026 | +€2,419 | +3.0% |
| Total equity and liabilities | 10/49 | €794,007 | €1,355,855 | +€561,848 | +70.8% |
| Equity | 10/15 | €192,838 | €242,002 | +€49,164 | +25.5% |
| Contributions | 10/11 | €96,667 | €96,667 | = | 0.0% |
| Capital | 10 | €96,667 | €96,667 | = | 0.0% |
| Issued capital | 100 | €96,667 | €96,667 | = | 0.0% |
| Reserves | 13 | €96,171 | €145,335 | +€49,164 | +51.1% |
| Non-distributable reserves | 130/1 | €55,778 | €55,778 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Own shares acquired | 1312 | €30,778 | €30,778 | = | 0.0% |
| Tax-exempt reserves | 132 | €480 | €480 | = | 0.0% |
| Distributable reserves | 133 | €39,913 | €89,077 | +€49,164 | +123% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €601,169 | €1,113,853 | +€512,684 | +85.3% |
| Amounts payable within one year | 42/48 | €459,902 | €852,785 | +€392,884 | +85.4% |
| Trade debts | 44 | €374,484 | €742,423 | +€367,939 | +98.3% |
| Suppliers | 440/4 | €374,484 | €742,423 | +€367,939 | +98.3% |
| Taxes, remuneration and social security | 45 | €81,809 | €106,605 | +€24,796 | +30.3% |
| Taxes | 450/3 | €27,389 | €22,245 | -€5,144 | -18.8% |
| Remuneration and social security | 454/9 | €54,420 | €84,360 | +€29,940 | +55.0% |
| Other amounts payable | 47/48 | €3,609 | €3,758 | +€149 | +4.1% |
| Accrued charges and deferred income | 492/3 | €141,268 | €261,068 | +€119,800 | +84.8% |
| Remuneration, social security and pensions | 62 | €494,819 | €580,154 | +€85,335 | +17.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,241 | €5,969 | -€1,272 | -17.6% |
| Other operating charges | 640/8 | €766 | €1,152 | +€385 | +50.2% |
| Gross operating margin | 9900 | €531,865 | €666,793 | +€134,928 | +25.4% |
| Operating profit (loss) | 9901 | €29,039 | €79,519 | +€50,480 | +174% |
| Financial income | 75/76B | €4,364 | €543 | -€3,821 | -87.6% |
| Recurring financial income | 75 | €4,364 | €543 | -€3,821 | -87.6% |
| Financial charges | 65/66B | €2,134 | €15,402 | +€13,268 | +622% |
| Recurring financial charges | 65 | €2,134 | €15,402 | +€13,268 | +622% |
| Profit (loss) for the period before taxes | 9903 | €31,268 | €64,660 | +€33,392 | +107% |
| Income taxes | 67/77 | €3,216 | €3,099 | -€116 | -3.6% |
| Profit (loss) for the period | 9904 | €28,053 | €61,561 | +€33,508 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €28,053 | €61,561 | +€33,508 | +119% |
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 14 October 2026 via checked.be.