Words That Matter: 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.
Words That Matter
Largest movements
- Cash -€39,410
down €39,410 (-43.3%), from €91,053 to €51,643
mainly Accrued charges and deferred income (-€21,500) and Investment in fixed assets (net) (-€8,285)
- Tangible fixed assets -€4,812
down €4,812 (-43.8%), from €10,975 to €6,163
of which Furniture and vehicles: -€2,921
- Receivables within one year +€4,181
up €4,181 (+60.7%), from €6,892 to €11,072
of which Trade receivables: +€4,181
- Accrued charges and deferred income -€21,500
down €21,500 (-100%), from €21,500 to €0
- Other debts -€4,411
down €4,411 (-11.9%), from €37,047 to €32,636
- Trade debts -€4,007
down €4,007 (-78.6%), from €5,099 to €1,091
- Tax, wage and social debts -€3,790
down €3,790 (-36.1%), from €10,503 to €6,713
- Profit (loss) carried forward -€2,812
down €2,812, from €110 to -€2,702
- Gross operating margin -€42,501
down €42,501 (-78.9%), from €53,891 to €11,391
- Taxes -€9,278
down €9,278 (-92.8%), from €9,998 to €720
- Depreciation +€1,254
up €1,254 (+11.0%), from €11,431 to €12,685
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 | €134,829 | €95,723 | -€39,106 | -29.0% |
| Fixed assets | 21/28 | €35,506 | €31,106 | -€4,400 | -12.4% |
| Intangible fixed assets | 21 | €24,531 | €24,943 | +€412 | +1.7% |
| Tangible fixed assets | 22/27 | €10,975 | €6,163 | -€4,812 | -43.8% |
| Furniture and vehicles | 24 | €6,729 | €3,807 | -€2,921 | -43.4% |
| Other tangible fixed assets | 26 | €4,246 | €2,355 | -€1,891 | -44.5% |
| Current assets | 29/58 | €99,323 | €64,618 | -€34,705 | -34.9% |
| Amounts receivable within one year | 40/41 | €6,892 | €11,072 | +€4,181 | +60.7% |
| Trade receivables | 40 | €6,892 | €11,072 | +€4,181 | +60.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €91,053 | €51,643 | -€39,410 | -43.3% |
| Deferred charges and accrued income | 490/1 | €1,378 | €1,902 | +€524 | +38.0% |
| Total equity and liabilities | 10/49 | €134,829 | €95,723 | -€39,106 | -29.0% |
| Equity | 10/15 | €52,610 | €49,798 | -€2,812 | -5.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €33,900 | €33,900 | = | 0.0% |
| Distributable reserves | 133 | €33,900 | €33,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110 | -€2,702 | -€2,812 | |
| Amounts payable | 17/49 | €82,219 | €45,926 | -€36,294 | -44.1% |
| Amounts payable after more than one year | 17 | €5,485 | €2,861 | -€2,624 | -47.8% |
| Financial debts | 170/4 | €5,485 | €2,861 | -€2,624 | -47.8% |
| Amounts payable within one year | 42/48 | €55,235 | €43,065 | -€12,170 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €2,585 | €2,624 | +€39 | +1.5% |
| Trade debts | 44 | €5,099 | €1,091 | -€4,007 | -78.6% |
| Suppliers | 440/4 | €5,099 | €1,091 | -€4,007 | -78.6% |
| Taxes, remuneration and social security | 45 | €10,503 | €6,713 | -€3,790 | -36.1% |
| Taxes | 450/3 | €10,503 | €6,713 | -€3,790 | -36.1% |
| Other amounts payable | 47/48 | €37,047 | €32,636 | -€4,411 | -11.9% |
| Accrued charges and deferred income | 492/3 | €21,500 | €0 | -€21,500 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,431 | €12,685 | +€1,254 | +11.0% |
| Other operating charges | 640/8 | €925 | €595 | -€330 | -35.7% |
| Gross operating margin | 9900 | €53,891 | €11,391 | -€42,501 | -78.9% |
| Operating profit (loss) | 9901 | €41,535 | -€1,889 | -€43,424 | |
| Financial income | 75/76B | €105 | €0 | -€105 | -99.7% |
| Recurring financial income | 75 | €105 | €0 | -€105 | -99.7% |
| Financial charges | 65/66B | €273 | €203 | -€69 | -25.4% |
| Recurring financial charges | 65 | €273 | €203 | -€69 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €41,368 | -€2,092 | -€43,460 | |
| Income taxes | 67/77 | €9,998 | €720 | -€9,278 | -92.8% |
| Profit (loss) for the period | 9904 | €31,370 | -€2,812 | -€34,182 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,370 | -€2,812 | -€34,182 |
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 28 October 2026 via checked.be.