WRONG MEN: 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.
WRONG MEN
Largest movements
- Receivables within one year +€6.4m
up €6.4m (+288.7%), from €2.2m to €8.6m
of which Trade receivables: +€6.5m
- Intangible fixed assets -€3.1m
down €3.1m (-30.4%), from €10.3m to €7.2m
- Cash -€294,273
down €294,273 (-49.7%), from €592,652 to €298,379
mainly Receivables within one year (-€6.4m) and Investment in fixed assets (net) (-€5.0m)
- Accrued charges and deferred income +€2.1m
up €2.1m (+27.1%), from €7.7m to €9.8m
- Other debts +€877,141
up €877,141 (+79.7%), from €1.1m to €2.0m
- Short-term financial debts +€770,724
up €770,724 (+47.4%), from €1.6m to €2.4m
- Debts after one year -€694,305
no longer reported in 2025 (was €694,305)
- Depreciation +€3.0m
up €3.0m (+57.5%), from €5.2m to €8.1m
- Staff costs -€1.2m
down €1.2m (-42.8%), from €2.8m to €1.6m
- Gross operating margin +€993,263
up €993,263 (+11.0%), from €9.1m to €10.1m
- Financial charges -€589,437
down €589,437 (-56.0%), from €1.1m to €463,053
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 | €13,140,290 | €16,115,332 | +€3.0m | +22.6% |
| Fixed assets | 21/28 | €10,330,221 | €7,196,112 | -€3.1m | -30.3% |
| Intangible fixed assets | 21 | €10,319,935 | €7,184,562 | -€3.1m | -30.4% |
| Tangible fixed assets | 22/27 | €2,141 | €1,362 | -€779 | -36.4% |
| Furniture and vehicles | 24 | €2,141 | €1,362 | -€779 | -36.4% |
| Financial fixed assets | 28 | €8,145 | €10,188 | +€2,043 | +25.1% |
| Current assets | 29/58 | €2,810,070 | €8,919,220 | +€6.1m | +217.4% |
| Amounts receivable within one year | 40/41 | €2,212,931 | €8,600,969 | +€6.4m | +288.7% |
| Trade receivables | 40 | €536,129 | €7,048,643 | +€6.5m | +1214.7% |
| Other amounts receivable | 41 | €1,676,802 | €1,552,326 | -€124,476 | -7.4% |
| Cash at bank and in hand | 54/58 | €592,652 | €298,379 | -€294,273 | -49.7% |
| Deferred charges and accrued income | 490/1 | €4,487 | €19,872 | +€15,386 | +342.9% |
| Total equity and liabilities | 10/49 | €13,140,290 | €16,115,332 | +€3.0m | +22.6% |
| Equity | 10/15 | €388,621 | €286,289 | -€102,332 | -26.3% |
| Contributions | 10/11 | €9,600 | €9,600 | = | 0.0% |
| Capital | 10 | €9,600 | €9,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €51,860 | €51,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €327,161 | €224,829 | -€102,332 | -31.3% |
| Amounts payable | 17/49 | €12,751,669 | €15,829,043 | +€3.1m | +24.1% |
| Amounts payable after more than one year | 17 | €694,305 | - | -€694,305 | |
| Financial debts | 170/4 | €694,305 | - | -€694,305 | |
| Amounts payable within one year | 42/48 | €4,319,905 | €5,993,299 | +€1.7m | +38.7% |
| Financial debts | 43 | €1,625,150 | €2,395,875 | +€770,724 | +47.4% |
| Credit institutions | 430/8 | €1,625,150 | €2,395,875 | +€770,724 | +47.4% |
| Trade debts | 44 | €1,470,063 | €1,561,194 | +€91,131 | +6.2% |
| Suppliers | 440/4 | €1,470,063 | €1,561,194 | +€91,131 | +6.2% |
| Taxes, remuneration and social security | 45 | €123,540 | €57,937 | -€65,602 | -53.1% |
| Taxes | 450/3 | €14,902 | €31,870 | +€16,968 | +113.9% |
| Remuneration and social security | 454/9 | €108,637 | €26,067 | -€82,570 | -76.0% |
| Other amounts payable | 47/48 | €1,101,152 | €1,978,293 | +€877,141 | +79.7% |
| Accrued charges and deferred income | 492/3 | €7,737,459 | €9,835,745 | +€2.1m | +27.1% |
| Remuneration, social security and pensions | 62 | €2,756,240 | €1,575,962 | -€1.2m | -42.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,151,760 | €8,116,262 | +€3.0m | +57.5% |
| Other operating charges | 640/8 | €3,939 | €3,637 | -€302 | -7.7% |
| Non-recurring operating charges | 66A | €871 | - | -€871 | |
| Gross operating margin | 9900 | €9,063,315 | €10,056,578 | +€993,263 | +11.0% |
| Operating profit (loss) | 9901 | €1,150,505 | €360,717 | -€789,788 | -68.6% |
| Financial income | 75/76B | €3 | €4 | +€1 | +33.3% |
| Recurring financial income | 75 | €3 | €4 | +€1 | +33.3% |
| Financial charges | 65/66B | €1,052,490 | €463,053 | -€589,437 | -56.0% |
| Recurring financial charges | 65 | €1,052,490 | €463,053 | -€589,437 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €98,018 | -€102,332 | -€200,350 | |
| Income taxes | 67/77 | €5,000 | - | -€5,000 | |
| Profit (loss) for the period | 9904 | €93,018 | -€102,332 | -€195,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €93,018 | -€102,332 | -€195,350 |
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 6 October 2026 via checked.be.