Work-Out: what changed
Two fiscal 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-Out
Largest movements
- Receivables within one year +€67,508
up €67,508 (+59.2%), from €114,019 to €181,527
of which Trade receivables: +€100,824
- Tangible fixed assets +€23,240
up €23,240 (+144.1%), from €16,129 to €39,369
- Deferred charges and accrued income +€19,775
new in 2025: €19,775
- Cash -€9,556
down €9,556 (-29.3%), from €32,617 to €23,061
mainly Receivables within one year (-€67,508) and Investment in fixed assets (net) (-€40,594)
- Tax, wage and social debts +€58,904
up €58,904 (+48.6%), from €121,265 to €180,169
of which Remuneration and social security: +€34,156
- Profit (loss) carried forward +€55,407
up €55,407 (+351.3%), from €15,772 to €71,179
- Trade debts +€30,595
up €30,595, from €0 to €30,595
- Accrued charges and deferred income -€30,000
no longer reported in 2025 (was €30,000)
- Other debts -€11,538
no longer reported in 2025 (was €11,538)
- Gross operating margin +€650,551
up €650,551 (+60.3%), from €1.1m to €1.7m
- Staff costs +€581,875
up €581,875 (+56.4%), from €1.0m to €1.6m
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 | €181,075 | €284,443 | +€103,367 | +57.1% |
| Fixed assets | 21/28 | €34,439 | €60,079 | +€25,640 | +74.4% |
| Tangible fixed assets | 22/27 | €16,129 | €39,369 | +€23,240 | +144.1% |
| Furniture and vehicles | 24 | €16,129 | €39,369 | +€23,240 | +144.1% |
| Financial fixed assets | 28 | €18,310 | €20,710 | +€2,400 | +13.1% |
| Current assets | 29/58 | €146,636 | €224,364 | +€77,728 | +53.0% |
| Amounts receivable within one year | 40/41 | €114,019 | €181,527 | +€67,508 | +59.2% |
| Trade receivables | 40 | - | €100,824 | +€100,824 | |
| Other amounts receivable | 41 | €114,019 | €80,704 | -€33,316 | -29.2% |
| Cash at bank and in hand | 54/58 | €32,617 | €23,061 | -€9,556 | -29.3% |
| Deferred charges and accrued income | 490/1 | - | €19,775 | +€19,775 | |
| Total equity and liabilities | 10/49 | €181,075 | €284,443 | +€103,367 | +57.1% |
| Equity | 10/15 | €18,272 | €73,679 | +€55,407 | +303.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,772 | €71,179 | +€55,407 | +351.3% |
| Amounts payable | 17/49 | €162,803 | €210,764 | +€47,961 | +29.5% |
| Amounts payable within one year | 42/48 | €132,803 | €210,764 | +€77,961 | +58.7% |
| Trade debts | 44 | €0 | €30,595 | +€30,595 | |
| Suppliers | 440/4 | €0 | €30,595 | +€30,595 | |
| Taxes, remuneration and social security | 45 | €121,265 | €180,169 | +€58,904 | +48.6% |
| Taxes | 450/3 | €46,804 | €71,551 | +€24,747 | +52.9% |
| Remuneration and social security | 454/9 | €74,461 | €108,618 | +€34,156 | +45.9% |
| Other amounts payable | 47/48 | €11,538 | - | -€11,538 | |
| Accrued charges and deferred income | 492/3 | €30,000 | - | -€30,000 | |
| Remuneration, social security and pensions | 62 | €1,032,212 | €1,614,088 | +€581,875 | +56.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,028 | €14,955 | +€8,927 | +148.1% |
| Other operating charges | 640/8 | €18,684 | €16,729 | -€1,955 | -10.5% |
| Gross operating margin | 9900 | €1,079,103 | €1,729,654 | +€650,551 | +60.3% |
| Operating profit (loss) | 9901 | €22,179 | €83,883 | +€61,704 | +278.2% |
| Financial income | 75/76B | €0 | €2,190 | +€2,190 | +10950150.0% |
| Recurring financial income | 75 | €0 | €2,190 | +€2,190 | +10950150.0% |
| Financial charges | 65/66B | €1,481 | €1,462 | -€19 | -1.3% |
| Recurring financial charges | 65 | €1,481 | €1,462 | -€19 | -1.3% |
| Profit (loss) for the period before taxes | 9903 | €20,697 | €84,611 | +€63,913 | +308.8% |
| Income taxes | 67/77 | €14,888 | €29,204 | +€14,316 | +96.2% |
| Profit (loss) for the period | 9904 | €5,809 | €55,407 | +€49,597 | +853.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,809 | €55,407 | +€49,597 | +853.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.