YELLOW WINDOW: 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.
YELLOW WINDOW
Largest movements
- Receivables within one year -€92,864
down €92,864 (-16.5%), from €562,233 to €469,369
of which Trade receivables: -€74,685
- Tangible fixed assets +€83,711
up €83,711 (+52.5%), from €159,526 to €243,238
of which Land and buildings: +€99,840
- Cash +€53,200
up €53,200 (+114%), from €46,805 to €100,005
mainly Short-term financial debts (+€209,066) and Contributions, distributions and other (+€147,633)
- Short-term financial debts +€209,066
up €209,066 (+299%), from €70,000 to €279,066
- Accrued charges and deferred income -€195,758
down €195,758 (-99.0%), from €197,674 to €1,916
- Profit (loss) carried forward -€145,166
down €145,166, from €43,935 to -€101,231
- Revaluation surpluses +€106,000
new in 2025: €106,000
- Trade debts +€75,801
up €75,801 (+35.1%), from €216,169 to €291,970
- Staff costs +€66,569
up €66,569 (+16.5%), from €403,751 to €470,319
- Gross operating margin +€31,049
up €31,049 (+8.8%), from €351,222 to €382,270
- Financial charges +€22,612
up €22,612 (+204%), from €11,058 to €33,669
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 | €818,647 | €868,844 | +€50,198 | +6.1% |
| Fixed assets | 21/28 | €202,579 | €286,290 | +€83,711 | +41.3% |
| Tangible fixed assets | 22/27 | €159,526 | €243,238 | +€83,711 | +52.5% |
| Land and buildings | 22 | €121,920 | €221,760 | +€99,840 | +81.9% |
| Plant, machinery and equipment | 23 | €26,725 | €10,847 | -€15,878 | -59.4% |
| Furniture and vehicles | 24 | €10,442 | €10,412 | -€31 | -0.3% |
| Other tangible fixed assets | 26 | €439 | €219 | -€219 | -50.0% |
| Financial fixed assets | 28 | €43,052 | €43,052 | = | 0.0% |
| Current assets | 29/58 | €616,068 | €582,554 | -€33,514 | -5.4% |
| Amounts receivable within one year | 40/41 | €562,233 | €469,369 | -€92,864 | -16.5% |
| Trade receivables | 40 | €458,360 | €383,674 | -€74,685 | -16.3% |
| Other amounts receivable | 41 | €103,873 | €85,694 | -€18,179 | -17.5% |
| Cash at bank and in hand | 54/58 | €46,805 | €100,005 | +€53,200 | +114% |
| Deferred charges and accrued income | 490/1 | €7,031 | €13,181 | +€6,150 | +87.5% |
| Total equity and liabilities | 10/49 | €818,647 | €868,844 | +€50,198 | +6.1% |
| Equity | 10/15 | €168,823 | €169,761 | +€938 | +0.6% |
| Contributions | 10/11 | €75,000 | €116,633 | +€41,633 | +55.5% |
| Capital | 10 | €75,000 | €93,492 | +€18,492 | +24.7% |
| Issued capital | 100 | €75,000 | €93,492 | +€18,492 | +24.7% |
| Contributions outside capital | 11 | - | €23,141 | +€23,141 | |
| Share premium | 1100/10 | - | €23,141 | +€23,141 | |
| Revaluation surpluses | 12 | - | €106,000 | +€106,000 | |
| Reserves | 13 | €49,887 | €48,359 | -€1,529 | -3.1% |
| Tax-exempt reserves | 132 | €49,887 | €48,359 | -€1,529 | -3.1% |
| Profit (loss) carried forward | 14 | €43,935 | -€101,231 | -€145,166 | |
| Amounts payable | 17/49 | €649,824 | €699,083 | +€49,259 | +7.6% |
| Amounts payable after more than one year | 17 | €46,298 | €19,969 | -€26,329 | -56.9% |
| Financial debts | 170/4 | €46,298 | €19,969 | -€26,329 | -56.9% |
| Amounts payable within one year | 42/48 | €405,852 | €677,198 | +€271,346 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €25,613 | €26,329 | +€716 | +2.8% |
| Financial debts | 43 | €70,000 | €279,066 | +€209,066 | +299% |
| Credit institutions | 430/8 | €70,000 | €279,066 | +€209,066 | +299% |
| Trade debts | 44 | €216,169 | €291,970 | +€75,801 | +35.1% |
| Suppliers | 440/4 | €216,169 | €291,970 | +€75,801 | +35.1% |
| Taxes, remuneration and social security | 45 | €89,517 | €79,834 | -€9,683 | -10.8% |
| Taxes | 450/3 | €25,664 | €16,362 | -€9,301 | -36.2% |
| Remuneration and social security | 454/9 | €63,854 | €63,472 | -€382 | -0.6% |
| Other amounts payable | 47/48 | €4,554 | €0 | -€4,554 | -100% |
| Accrued charges and deferred income | 492/3 | €197,674 | €1,916 | -€195,758 | -99.0% |
| Remuneration, social security and pensions | 62 | €403,751 | €470,319 | +€66,569 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,819 | €22,258 | -€561 | -2.5% |
| Other operating charges | 640/8 | €2,493 | €2,724 | +€230 | +9.2% |
| Gross operating margin | 9900 | €351,222 | €382,270 | +€31,049 | +8.8% |
| Operating profit (loss) | 9901 | -€77,841 | -€113,030 | -€35,190 | -45.2% |
| Financial income | 75/76B | €177 | €7 | -€170 | -96.1% |
| Recurring financial income | 75 | €177 | €7 | -€170 | -96.1% |
| Financial charges | 65/66B | €11,058 | €33,669 | +€22,612 | +204% |
| Recurring financial charges | 65 | €11,058 | €33,669 | +€22,612 | +204% |
| Profit (loss) for the period before taxes | 9903 | -€88,721 | -€146,693 | -€57,972 | -65.3% |
| Income taxes | 67/77 | €0 | €2 | +€2 | |
| Profit (loss) for the period | 9904 | -€88,721 | -€146,695 | -€57,974 | -65.3% |
| Transfer from tax-exempt reserves | 789 | €1,529 | €1,529 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€87,192 | -€145,166 | -€57,974 | -66.5% |
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 1 November 2026 via checked.be.