YES.BUT.NO.: what changed
YES.BUT.NO.
Largest movements
- Receivables within one year -€18,539
down €18,539 (-66.7%), from €27,788 to €9,249
- Cash -€6,176
down €6,176 (-95.0%), from €6,502 to €326
mainly Other debts (-€38,573) and Deferred charges and accrued income (-€19)
- Tangible fixed assets -€3,516
down €3,516 (-56.7%), from €6,198 to €2,683
of which Furniture and vehicles: -€3,046
- Intangible fixed assets -€1,418
down €1,418 (-80.5%), from €1,762 to €344
- Formation expenses -€1,313
down €1,313 (-31.4%), from €4,176 to €2,864
- Other debts -€38,573
down €38,573 (-54.1%), from €71,266 to €32,693
- Reserves +€4,857
new in 2025: €4,857
- Tax, wage and social debts +€1,530
up €1,530 (+48.8%), from €3,132 to €4,662
- Gross operating margin +€2,103
up €2,103 (+16.6%), from €12,664 to €14,767
- Taxes +€466
up €466 (+31.1%), from €1,499 to €1,965
- Financial charges -€372
down €372 (-47.4%), from €784 to €412
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €89,815 | €58,872 | -€30,943 | -34.5% |
| Formation expenses | 20 | €4,176 | €2,864 | -€1,313 | -31.4% |
| Fixed assets | 21/28 | €7,960 | €3,027 | -€4,934 | -62.0% |
| Intangible fixed assets | 21 | €1,762 | €344 | -€1,418 | -80.5% |
| Tangible fixed assets | 22/27 | €6,198 | €2,683 | -€3,516 | -56.7% |
| Plant, machinery and equipment | 23 | €504 | €365 | -€140 | -27.7% |
| Furniture and vehicles | 24 | €4,519 | €1,473 | -€3,046 | -67.4% |
| Other tangible fixed assets | 26 | €1,175 | €845 | -€330 | -28.1% |
| Current assets | 29/58 | €77,678 | €52,982 | -€24,696 | -31.8% |
| Stocks and contracts in progress | 3 | €42,985 | €42,985 | = | 0.0% |
| Stocks | 30/36 | €42,985 | €42,985 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,788 | €9,249 | -€18,539 | -66.7% |
| Trade receivables | 40 | €27,788 | €9,249 | -€18,539 | -66.7% |
| Cash at bank and in hand | 54/58 | €6,502 | €326 | -€6,176 | -95.0% |
| Deferred charges and accrued income | 490/1 | €403 | €422 | +€19 | +4.7% |
| Total equity and liabilities | 10/49 | €89,815 | €58,872 | -€30,943 | -34.5% |
| Equity | 10/15 | €14,208 | €19,857 | +€5,649 | +39.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €4,857 | +€4,857 | |
| Distributable reserves | 133 | - | €4,857 | +€4,857 | |
| Profit (loss) carried forward | 14 | -€792 | €0 | +€792 | |
| Amounts payable | 17/49 | €75,607 | €39,015 | -€36,592 | -48.4% |
| Amounts payable within one year | 42/48 | €75,607 | €39,015 | -€36,592 | -48.4% |
| Trade debts | 44 | €1,209 | €1,660 | +€452 | +37.4% |
| Suppliers | 440/4 | €1,209 | €1,660 | +€452 | +37.4% |
| Taxes, remuneration and social security | 45 | €3,132 | €4,662 | +€1,530 | +48.8% |
| Taxes | 450/3 | €3,132 | €4,662 | +€1,530 | +48.8% |
| Other amounts payable | 47/48 | €71,266 | €32,693 | -€38,573 | -54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,246 | €6,246 | = | 0.0% |
| Other operating charges | 640/8 | €764 | €697 | -€67 | -8.8% |
| Non-recurring operating charges | 66A | €1,016 | €0 | -€1,016 | -100% |
| Gross operating margin | 9900 | €12,664 | €14,767 | +€2,103 | +16.6% |
| Operating profit (loss) | 9901 | €4,637 | €7,824 | +€3,187 | +68.7% |
| Financial income | 75/76B | €81 | €202 | +€120 | +148% |
| Recurring financial income | 75 | €81 | €202 | +€120 | +148% |
| Financial charges | 65/66B | €784 | €412 | -€372 | -47.4% |
| Recurring financial charges | 65 | €784 | €412 | -€372 | -47.4% |
| Profit (loss) for the period before taxes | 9903 | €3,935 | €7,614 | +€3,679 | +93.5% |
| Income taxes | 67/77 | €1,499 | €1,965 | +€466 | +31.1% |
| Profit (loss) for the period | 9904 | €2,436 | €5,649 | +€3,213 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €2,436 | €5,649 | +€3,213 | +132% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.