YELLOW CYCLE: 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.
YELLOW CYCLE
Largest movements
- Stocks and contracts +€110,261
up €110,261 (+32.4%), from €339,812 to €450,074
- Cash -€23,413
down €23,413 (-18.8%), from €124,372 to €100,959
mainly Contributions, distributions and other (-€200,000) and Stocks and contracts (-€110,261)
- Tangible fixed assets -€9,996
down €9,996 (-16.6%), from €60,266 to €50,270
- Receivables within one year +€6,404
up €6,404 (+162.4%), from €3,942 to €10,346
of which Trade receivables: +€6,073
- Profit (loss) carried forward -€103,646
down €103,646 (-64.5%), from €160,576 to €56,930
- Other debts +€89,901
up €89,901 (+115.8%), from €77,616 to €167,517
- Debts after one year +€48,875
up €48,875 (+439.3%), from €11,125 to €60,000
- Tax, wage and social debts +€22,546
up €22,546 (+33.7%), from €66,972 to €89,518
of which Taxes: +€25,697
- Advances received +€16,626
up €16,626 (+81.8%), from €20,334 to €36,960
- Staff costs +€39,867
up €39,867 (+152.0%), from €26,233 to €66,100
- Taxes -€5,343
down €5,343 (-15.1%), from €35,343 to €30,000
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 | €528,639 | €613,324 | +€84,685 | +16.0% |
| Fixed assets | 21/28 | €60,266 | €50,270 | -€9,996 | -16.6% |
| Tangible fixed assets | 22/27 | €60,266 | €50,270 | -€9,996 | -16.6% |
| Other tangible fixed assets | 26 | €60,266 | €50,270 | -€9,996 | -16.6% |
| Current assets | 29/58 | €468,373 | €563,054 | +€94,681 | +20.2% |
| Stocks and contracts in progress | 3 | €339,812 | €450,074 | +€110,261 | +32.4% |
| Stocks | 30/36 | €339,812 | €450,074 | +€110,261 | +32.4% |
| Amounts receivable within one year | 40/41 | €3,942 | €10,346 | +€6,404 | +162.4% |
| Trade receivables | 40 | €3,544 | €9,617 | +€6,073 | +171.4% |
| Other amounts receivable | 41 | €398 | €729 | +€331 | +83.0% |
| Cash at bank and in hand | 54/58 | €124,372 | €100,959 | -€23,413 | -18.8% |
| Deferred charges and accrued income | 490/1 | €248 | €1,676 | +€1,428 | +576.6% |
| Total equity and liabilities | 10/49 | €528,639 | €613,324 | +€84,685 | +16.0% |
| Equity | 10/15 | €310,576 | €206,930 | -€103,646 | -33.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,576 | €56,930 | -€103,646 | -64.5% |
| Amounts payable | 17/49 | €218,063 | €406,394 | +€188,331 | +86.4% |
| Amounts payable after more than one year | 17 | €11,125 | €60,000 | +€48,875 | +439.3% |
| Financial debts | 170/4 | €11,125 | €60,000 | +€48,875 | +439.3% |
| Amounts payable within one year | 42/48 | €206,937 | €346,394 | +€139,457 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €10,124 | €11,125 | +€1,001 | +9.9% |
| Trade debts | 44 | €31,892 | €41,274 | +€9,383 | +29.4% |
| Suppliers | 440/4 | €31,892 | €41,274 | +€9,383 | +29.4% |
| Advances received on contracts in progress | 46 | €20,334 | €36,960 | +€16,626 | +81.8% |
| Taxes, remuneration and social security | 45 | €66,972 | €89,518 | +€22,546 | +33.7% |
| Taxes | 450/3 | €53,840 | €79,537 | +€25,697 | +47.7% |
| Remuneration and social security | 454/9 | €13,131 | €9,980 | -€3,151 | -24.0% |
| Other amounts payable | 47/48 | €77,616 | €167,517 | +€89,901 | +115.8% |
| Remuneration, social security and pensions | 62 | €26,233 | €66,100 | +€39,867 | +152.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,996 | €9,996 | = | 0.0% |
| Other operating charges | 640/8 | €1,199 | €465 | -€734 | -61.2% |
| Gross operating margin | 9900 | €204,618 | €203,985 | -€633 | -0.3% |
| Operating profit (loss) | 9901 | €167,190 | €127,424 | -€39,766 | -23.8% |
| Financial income | 75/76B | €1 | €10 | +€10 | +1364.3% |
| Recurring financial income | 75 | €1 | €10 | +€10 | +1364.3% |
| Financial charges | 65/66B | €1,191 | €1,080 | -€111 | -9.3% |
| Recurring financial charges | 65 | €1,191 | €1,080 | -€111 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €166,000 | €126,354 | -€39,646 | -23.9% |
| Income taxes | 67/77 | €35,343 | €30,000 | -€5,343 | -15.1% |
| Profit (loss) for the period | 9904 | €130,656 | €96,354 | -€34,302 | -26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €130,656 | €96,354 | -€34,302 | -26.3% |
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 8 October 2026 via checked.be.