WTF: 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.
WTF
Largest movements
- Receivables within one year -€14,906
down €14,906 (-19.8%), from €75,213 to €60,308
of which Trade receivables: -€9,282
- Cash +€12,837
up €12,837 (+58.5%), from €21,940 to €34,777
mainly Net result for the year (+€65,382) and Depreciation (+€17,811)
- Intangible fixed assets -€11,519
down €11,519 (-33.5%), from €34,428 to €22,909
- Tangible fixed assets +€2,659
up €2,659 (+14.5%), from €18,384 to €21,043
- Other debts -€65,900
no longer reported in 2025 (was €65,900)
- Reserves +€65,382
up €65,382 (+122%), from €53,500 to €118,882
- Tax, wage and social debts -€13,226
down €13,226 (-58.5%), from €22,611 to €9,385
- Trade debts +€3,070
up €3,070 (+111%), from €2,778 to €5,848
- Gross operating margin +€23,282
up €23,282 (+26.7%), from €87,360 to €110,642
- Taxes +€11,647
up €11,647 (+79.5%), from €14,659 to €26,306
- Depreciation -€1,159
down €1,159 (-6.1%), from €18,969 to €17,811
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 | €150,989 | €140,314 | -€10,674 | -7.1% |
| Fixed assets | 21/28 | €52,812 | €43,952 | -€8,860 | -16.8% |
| Intangible fixed assets | 21 | €34,428 | €22,909 | -€11,519 | -33.5% |
| Tangible fixed assets | 22/27 | €18,384 | €21,043 | +€2,659 | +14.5% |
| Furniture and vehicles | 24 | €18,384 | €21,043 | +€2,659 | +14.5% |
| Current assets | 29/58 | €98,177 | €96,363 | -€1,814 | -1.8% |
| Amounts receivable within one year | 40/41 | €75,213 | €60,308 | -€14,906 | -19.8% |
| Trade receivables | 40 | €28,612 | €19,330 | -€9,282 | -32.4% |
| Other amounts receivable | 41 | €46,602 | €40,978 | -€5,624 | -12.1% |
| Cash at bank and in hand | 54/58 | €21,940 | €34,777 | +€12,837 | +58.5% |
| Deferred charges and accrued income | 490/1 | €1,023 | €1,278 | +€255 | +24.9% |
| Total equity and liabilities | 10/49 | €150,989 | €140,314 | -€10,674 | -7.1% |
| Equity | 10/15 | €59,700 | €125,082 | +€65,382 | +110% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €53,500 | €118,882 | +€65,382 | +122% |
| Distributable reserves | 133 | €53,500 | €118,882 | +€65,382 | +122% |
| Amounts payable | 17/49 | €91,289 | €15,233 | -€76,056 | -83.3% |
| Amounts payable within one year | 42/48 | €91,289 | €15,233 | -€76,056 | -83.3% |
| Trade debts | 44 | €2,778 | €5,848 | +€3,070 | +111% |
| Suppliers | 440/4 | €2,778 | €5,848 | +€3,070 | +111% |
| Taxes, remuneration and social security | 45 | €22,611 | €9,385 | -€13,226 | -58.5% |
| Taxes | 450/3 | €22,611 | €9,385 | -€13,226 | -58.5% |
| Other amounts payable | 47/48 | €65,900 | - | -€65,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,969 | €17,811 | -€1,159 | -6.1% |
| Other operating charges | 640/8 | €1,581 | €698 | -€883 | -55.9% |
| Gross operating margin | 9900 | €87,360 | €110,642 | +€23,282 | +26.7% |
| Operating profit (loss) | 9901 | €66,810 | €92,134 | +€25,324 | +37.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €767 | €447 | -€320 | -41.7% |
| Recurring financial charges | 65 | €767 | €447 | -€320 | -41.7% |
| Profit (loss) for the period before taxes | 9903 | €66,043 | €91,687 | +€25,644 | +38.8% |
| Income taxes | 67/77 | €14,659 | €26,306 | +€11,647 | +79.5% |
| Profit (loss) for the period | 9904 | €51,384 | €65,382 | +€13,997 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,384 | €65,382 | +€13,997 | +27.2% |
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 31 October 2026 via checked.be.