Wow-effect: 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.
Wow-effect
Largest movements
- Financial fixed assets +€210,000
new in 2025: €210,000
- Current investments +€100,000
new in 2025: €100,000
- Cash -€90,879
down €90,879 (-66.1%), from €137,501 to €46,622
mainly Investment in fixed assets (net) (-€260,138) and Current investments (-€100,000)
- Tangible fixed assets +€40,044
up €40,044 (+59.3%), from €67,485 to €107,529
of which Leasing and similar rights: +€65,188
- Receivables within one year -€13,010
down €13,010 (-93.5%), from €13,918 to €908
- Debts after one year +€181,552
up €181,552 (+907.8%), from €20,000 to €201,552
- Reserves +€37,368
up €37,368 (+22.2%), from €168,558 to €205,926
- Current portion of long-term debt +€33,728
up €33,728 (+327.4%), from €10,301 to €44,030
- Tax, wage and social debts -€8,147
down €8,147 (-51.8%), from €15,740 to €7,592
of which Taxes: -€7,334
- Gross operating margin +€37,192
up €37,192 (+76.2%), from €48,832 to €86,024
- Taxes +€12,432
up €12,432 (+196.6%), from €6,324 to €18,757
- Depreciation -€11,018
down €11,018 (-52.2%), from €21,112 to €10,094
- Financial charges +€6,474
up €6,474 (+514.5%), from €1,258 to €7,732
- Staff costs -€2,960
down €2,960 (-71.8%), from €4,121 to €1,161
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 | €218,903 | €466,965 | +€248,063 | +113.3% |
| Fixed assets | 21/28 | €67,485 | €317,529 | +€250,044 | +370.5% |
| Tangible fixed assets | 22/27 | €67,485 | €107,529 | +€40,044 | +59.3% |
| Plant, machinery and equipment | 23 | €1,040 | €643 | -€397 | -38.2% |
| Furniture and vehicles | 24 | €50,936 | €27,810 | -€23,126 | -45.4% |
| Leasing and similar rights | 25 | - | €65,188 | +€65,188 | |
| Other tangible fixed assets | 26 | €15,508 | €13,888 | -€1,620 | -10.4% |
| Financial fixed assets | 28 | - | €210,000 | +€210,000 | |
| Current assets | 29/58 | €151,418 | €149,437 | -€1,981 | -1.3% |
| Amounts receivable within one year | 40/41 | €13,918 | €908 | -€13,010 | -93.5% |
| Trade receivables | 40 | €13,918 | €908 | -€13,010 | -93.5% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €137,501 | €46,622 | -€90,879 | -66.1% |
| Deferred charges and accrued income | 490/1 | €0 | €1,907 | +€1,907 | |
| Total equity and liabilities | 10/49 | €218,903 | €466,965 | +€248,063 | +113.3% |
| Equity | 10/15 | €169,558 | €206,926 | +€37,368 | +22.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €168,558 | €205,926 | +€37,368 | +22.2% |
| Distributable reserves | 133 | €168,558 | €205,926 | +€37,368 | +22.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €49,345 | €260,040 | +€210,695 | +427.0% |
| Amounts payable after more than one year | 17 | €20,000 | €201,552 | +€181,552 | +907.8% |
| Financial debts | 170/4 | €20,000 | €201,552 | +€181,552 | +907.8% |
| Amounts payable within one year | 42/48 | €28,378 | €58,488 | +€30,110 | +106.1% |
| Current portion of amounts payable after more than one year | 42 | €10,301 | €44,030 | +€33,728 | +327.4% |
| Financial debts | 43 | - | €468 | +€468 | |
| Credit institutions | 430/8 | - | €468 | +€468 | |
| Trade debts | 44 | €1,655 | €1,329 | -€326 | -19.7% |
| Suppliers | 440/4 | €1,655 | €1,329 | -€326 | -19.7% |
| Taxes, remuneration and social security | 45 | €15,740 | €7,592 | -€8,147 | -51.8% |
| Taxes | 450/3 | €14,927 | €7,592 | -€7,334 | -49.1% |
| Remuneration and social security | 454/9 | €813 | €0 | -€813 | -100.0% |
| Other amounts payable | 47/48 | €682 | €5,068 | +€4,387 | +643.5% |
| Accrued charges and deferred income | 492/3 | €967 | €0 | -€967 | -100.0% |
| Remuneration, social security and pensions | 62 | €4,121 | €1,161 | -€2,960 | -71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,112 | €10,094 | -€11,018 | -52.2% |
| Other operating charges | 640/8 | €1,365 | €868 | -€497 | -36.4% |
| Non-recurring operating charges | 66A | - | €9,212 | +€9,212 | |
| Gross operating margin | 9900 | €48,832 | €86,024 | +€37,192 | +76.2% |
| Operating profit (loss) | 9901 | €22,235 | €64,690 | +€42,455 | +190.9% |
| Financial charges | 65/66B | €1,258 | €7,732 | +€6,474 | +514.5% |
| Recurring financial charges | 65 | €1,258 | €7,732 | +€6,474 | +514.5% |
| Profit (loss) for the period before taxes | 9903 | €20,977 | €56,958 | +€35,981 | +171.5% |
| Income taxes | 67/77 | €6,324 | €18,757 | +€12,432 | +196.6% |
| Profit (loss) for the period | 9904 | €14,652 | €38,201 | +€23,549 | +160.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,652 | €38,201 | +€23,549 | +160.7% |
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 2 October 2026 via checked.be.