ZERO FRICTION: 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.
ZERO FRICTION
Largest movements
- Intangible fixed assets +€987,584
up €987,584 (+58.5%), from €1.7m to €2.7m
- Tangible fixed assets +€244,192
up €244,192 (+250.0%), from €97,691 to €341,882
of which Other tangible fixed assets: +€222,049
- Cash -€237,835
down €237,835 (-49.5%), from €480,019 to €242,185
mainly Investment in fixed assets (net) (-€1.6m) and Net result for the year (-€518,290)
- Receivables within one year -€103,270
down €103,270 (-17.3%), from €597,216 to €493,946
of which Other amounts receivable: -€115,804
- Receivables after one year +€90,230
new in 2025: €90,230
- Contributions +€1.0m
up €1.0m (+22.6%), from €4.4m to €5.4m
- Profit (loss) carried forward -€518,290
down €518,290 (-20.9%), from -€2.5m to -€3.0m
- Short-term financial debts +€352,446
up €352,446 (+167.7%), from €210,179 to €562,626
- Current portion of long-term debt +€107,472
up €107,472, from €0 to €107,472
- Debts after one year +€59,119
up €59,119 (+19.6%), from €301,968 to €361,088
- Gross operating margin +€1.4m
up €1.4m (+141.9%), from €1.0m to €2.4m
- Staff costs +€1.1m
up €1.1m (+73.9%), from €1.5m to €2.6m
- Depreciation +€112,182
up €112,182 (+47.9%), from €234,184 to €346,366
- Taxes -€37,126
down €37,126 (-2381.3%), from -€1,559 to -€38,685
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 | €2,912,783 | €3,912,294 | +€999,511 | +34.3% |
| Formation expenses | 20 | - | €2,127 | +€2,127 | |
| Fixed assets | 21/28 | €1,791,841 | €3,025,354 | +€1.2m | +68.8% |
| Intangible fixed assets | 21 | €1,687,526 | €2,675,110 | +€987,584 | +58.5% |
| Tangible fixed assets | 22/27 | €97,691 | €341,882 | +€244,192 | +250.0% |
| Plant, machinery and equipment | 23 | €8,988 | €0 | -€8,988 | -100.0% |
| Furniture and vehicles | 24 | €88,702 | €119,833 | +€31,131 | +35.1% |
| Other tangible fixed assets | 26 | - | €222,049 | +€222,049 | |
| Financial fixed assets | 28 | €6,625 | €8,362 | +€1,737 | +26.2% |
| Current assets | 29/58 | €1,120,942 | €884,813 | -€236,129 | -21.1% |
| Amounts receivable after more than one year | 29 | - | €90,230 | +€90,230 | |
| Other amounts receivable | 291 | - | €90,230 | +€90,230 | |
| Amounts receivable within one year | 40/41 | €597,216 | €493,946 | -€103,270 | -17.3% |
| Trade receivables | 40 | €451,896 | €464,430 | +€12,535 | +2.8% |
| Other amounts receivable | 41 | €145,320 | €29,516 | -€115,804 | -79.7% |
| Cash at bank and in hand | 54/58 | €480,019 | €242,185 | -€237,835 | -49.5% |
| Deferred charges and accrued income | 490/1 | €43,707 | €58,452 | +€14,746 | +33.7% |
| Total equity and liabilities | 10/49 | €2,912,783 | €3,912,294 | +€999,511 | +34.3% |
| Equity | 10/15 | €1,952,034 | €2,433,745 | +€481,710 | +24.7% |
| Contributions | 10/11 | €4,426,886 | €5,426,886 | +€1.0m | +22.6% |
| Profit (loss) carried forward | 14 | -€2,474,851 | -€2,993,141 | -€518,290 | -20.9% |
| Amounts payable | 17/49 | €960,749 | €1,478,549 | +€517,801 | +53.9% |
| Amounts payable after more than one year | 17 | €301,968 | €361,088 | +€59,119 | +19.6% |
| Financial debts | 170/4 | €301,968 | €361,088 | +€59,119 | +19.6% |
| Amounts payable within one year | 42/48 | €658,780 | €1,096,453 | +€437,672 | +66.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €107,472 | +€107,472 | |
| Financial debts | 43 | €210,179 | €562,626 | +€352,446 | +167.7% |
| Credit institutions | 430/8 | €210,179 | €562,626 | +€352,446 | +167.7% |
| Trade debts | 44 | €229,873 | €190,602 | -€39,271 | -17.1% |
| Suppliers | 440/4 | €229,873 | €190,602 | -€39,271 | -17.1% |
| Advances received on contracts in progress | 46 | €2,412 | €0 | -€2,412 | -100.0% |
| Taxes, remuneration and social security | 45 | €216,316 | €235,753 | +€19,437 | +9.0% |
| Taxes | 450/3 | €1,022 | €27,594 | +€26,573 | +2601.0% |
| Remuneration and social security | 454/9 | €215,294 | €208,158 | -€7,136 | -3.3% |
| Accrued charges and deferred income | 492/3 | - | €21,009 | +€21,009 | |
| Non-recurring operating income | 76A | €0 | €226 | +€226 | |
| Remuneration, social security and pensions | 62 | €1,488,017 | €2,587,573 | +€1.1m | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,184 | €346,366 | +€112,182 | +47.9% |
| Other operating charges | 640/8 | €5,409 | €4,244 | -€1,165 | -21.5% |
| Gross operating margin | 9900 | €1,009,723 | €2,442,310 | +€1.4m | +141.9% |
| Operating profit (loss) | 9901 | -€717,886 | -€495,872 | +€222,014 | +30.9% |
| Financial income | 75/76B | €10,879 | €1,406 | -€9,473 | -87.1% |
| Recurring financial income | 75 | €10,879 | €1,406 | -€9,473 | -87.1% |
| Financial charges | 65/66B | €58,654 | €62,509 | +€3,855 | +6.6% |
| Recurring financial charges | 65 | €58,654 | €62,509 | +€3,855 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€765,661 | -€556,975 | +€208,686 | +27.3% |
| Income taxes | 67/77 | -€1,559 | -€38,685 | -€37,126 | -2381.3% |
| Profit (loss) for the period | 9904 | -€764,102 | -€518,290 | +€245,813 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€764,102 | -€518,290 | +€245,813 | +32.2% |
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 10 October 2026 via checked.be.