WORK IN CAPITAL: 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.
WORK IN CAPITAL
Largest movements
- Cash -€77,496
down €77,496 (-70.4%), from €110,027 to €32,532
mainly Contributions, distributions and other (-€96,350) and Current investments (-€24,940)
- Receivables within one year -€35,860
down €35,860 (-36.8%), from €97,485 to €61,625
of which Other amounts receivable: -€38,391
- Current investments +€24,940
new in 2025: €24,940
- Receivables after one year -€18,571
down €18,571 (-18.8%), from €98,672 to €80,101
- Reserves -€82,553
down €82,553 (-33.9%), from €243,360 to €160,807
- Tax, wage and social debts -€11,424
down €11,424 (-53.5%), from €21,359 to €9,935
- Debts after one year -€11,339
down €11,339 (-43.5%), from €26,070 to €14,731
- Gross operating margin -€23,238
down €23,238 (-24.4%), from €95,045 to €71,807
- Financial charges +€19,939
up €19,939 (+52.3%), from €38,111 to €58,051
- Taxes -€12,153
down €12,153 (-63.9%), from €19,015 to €6,862
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 | €311,056 | €204,714 | -€106,342 | -34.2% |
| Fixed assets | 21/28 | €97 | €0 | -€97 | -100% |
| Tangible fixed assets | 22/27 | €97 | €0 | -€97 | -100% |
| Furniture and vehicles | 24 | €97 | €0 | -€97 | -100% |
| Current assets | 29/58 | €310,959 | €204,714 | -€106,245 | -34.2% |
| Amounts receivable after more than one year | 29 | €98,672 | €80,101 | -€18,571 | -18.8% |
| Other amounts receivable | 291 | €98,672 | €80,101 | -€18,571 | -18.8% |
| Amounts receivable within one year | 40/41 | €97,485 | €61,625 | -€35,860 | -36.8% |
| Trade receivables | 40 | €33,240 | €35,771 | +€2,531 | +7.6% |
| Other amounts receivable | 41 | €64,245 | €25,854 | -€38,391 | -59.8% |
| Current investments | 50/53 | - | €24,940 | +€24,940 | |
| Cash at bank and in hand | 54/58 | €110,027 | €32,532 | -€77,496 | -70.4% |
| Deferred charges and accrued income | 490/1 | €4,774 | €5,516 | +€742 | +15.5% |
| Total equity and liabilities | 10/49 | €311,056 | €204,714 | -€106,342 | -34.2% |
| Equity | 10/15 | €243,360 | €160,807 | -€82,553 | -33.9% |
| Reserves | 13 | €243,360 | €160,807 | -€82,553 | -33.9% |
| Distributable reserves | 133 | €243,360 | €160,807 | -€82,553 | -33.9% |
| Amounts payable | 17/49 | €67,696 | €43,907 | -€23,789 | -35.1% |
| Amounts payable after more than one year | 17 | €26,070 | €14,731 | -€11,339 | -43.5% |
| Financial debts | 170/4 | €26,070 | €14,731 | -€11,339 | -43.5% |
| Amounts payable within one year | 42/48 | €41,626 | €28,641 | -€12,985 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €14,001 | €11,339 | -€2,662 | -19.0% |
| Trade debts | 44 | €6,266 | €7,368 | +€1,102 | +17.6% |
| Suppliers | 440/4 | €6,266 | €7,368 | +€1,102 | +17.6% |
| Taxes, remuneration and social security | 45 | €21,359 | €9,935 | -€11,424 | -53.5% |
| Taxes | 450/3 | €21,359 | €9,935 | -€11,424 | -53.5% |
| Accrued charges and deferred income | 492/3 | - | €534 | +€534 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €557 | €97 | -€460 | -82.5% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €95,045 | €71,807 | -€23,238 | -24.4% |
| Operating profit (loss) | 9901 | €94,039 | €71,248 | -€22,790 | -24.2% |
| Financial income | 75/76B | €8,297 | €7,461 | -€837 | -10.1% |
| Recurring financial income | 75 | €8,297 | €7,461 | -€837 | -10.1% |
| Financial charges | 65/66B | €38,111 | €58,051 | +€19,939 | +52.3% |
| Recurring financial charges | 65 | €38,111 | €58,051 | +€19,939 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €64,225 | €20,658 | -€43,566 | -67.8% |
| Income taxes | 67/77 | €19,015 | €6,862 | -€12,153 | -63.9% |
| Profit (loss) for the period | 9904 | €45,210 | €13,796 | -€31,414 | -69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,210 | €13,796 | -€31,414 | -69.5% |
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.