CAUTION: what changed
CAUTION
Largest movements
- Cash +€140,117
up €140,117 (+92.6%), from €151,328 to €291,445
mainly Other debts (+€213,500) and Net result for the year (+€194,094)
- Receivables within one year +€68,610
up €68,610 (+18.2%), from €377,237 to €445,847
of which Other amounts receivable: +€78,916
- Other debts +€213,500
up €213,500, from €0 to €213,500
- Reserves -€33,500
down €33,500 (-5.6%), from €593,500 to €560,000
- Profit (loss) carried forward +€14,094
up €14,094 (+8.4%), from €168,023 to €182,117
- Tax, wage and social debts +€13,393
up €13,393 (+33.8%), from €39,608 to €53,001
- Gross operating margin +€46,616
up €46,616 (+57.8%), from €80,646 to €127,262
- Financial income +€27,084
up €27,084 (+26.9%), from €100,733 to €127,818
- Taxes +€13,598
up €13,598 (+30.6%), from €44,412 to €58,010
- Depreciation +€1,622
up €1,622 (+673%), from €241 to €1,863
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 | €822,145 | €1,034,242 | +€212,097 | +25.8% |
| Fixed assets | 21/28 | €272,888 | €275,390 | +€2,502 | +0.9% |
| Tangible fixed assets | 22/27 | €42,089 | €44,590 | +€2,502 | +5.9% |
| Land and buildings | 22 | €36,366 | €38,591 | +€2,225 | +6.1% |
| Plant, machinery and equipment | 23 | €5,723 | €4,467 | -€1,255 | -21.9% |
| Furniture and vehicles | 24 | - | €1,532 | +€1,532 | |
| Financial fixed assets | 28 | €230,800 | €230,800 | = | 0.0% |
| Current assets | 29/58 | €549,257 | €758,852 | +€209,595 | +38.2% |
| Amounts receivable within one year | 40/41 | €377,237 | €445,847 | +€68,610 | +18.2% |
| Trade receivables | 40 | €23,524 | €13,218 | -€10,305 | -43.8% |
| Other amounts receivable | 41 | €353,714 | €432,629 | +€78,916 | +22.3% |
| Cash at bank and in hand | 54/58 | €151,328 | €291,445 | +€140,117 | +92.6% |
| Deferred charges and accrued income | 490/1 | €20,692 | €21,560 | +€868 | +4.2% |
| Total equity and liabilities | 10/49 | €822,145 | €1,034,242 | +€212,097 | +25.8% |
| Equity | 10/15 | €781,523 | €762,117 | -€19,406 | -2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €593,500 | €560,000 | -€33,500 | -5.6% |
| Distributable reserves | 133 | €593,500 | €560,000 | -€33,500 | -5.6% |
| Profit (loss) carried forward | 14 | €168,023 | €182,117 | +€14,094 | +8.4% |
| Amounts payable | 17/49 | €40,622 | €272,125 | +€231,503 | +570% |
| Amounts payable within one year | 42/48 | €40,622 | €272,125 | +€231,503 | +570% |
| Trade debts | 44 | €1,014 | €5,624 | +€4,610 | +454% |
| Suppliers | 440/4 | €1,014 | €5,624 | +€4,610 | +454% |
| Taxes, remuneration and social security | 45 | €39,608 | €53,001 | +€13,393 | +33.8% |
| Taxes | 450/3 | €39,608 | €53,001 | +€13,393 | +33.8% |
| Other amounts payable | 47/48 | €0 | €213,500 | +€213,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €241 | €1,863 | +€1,622 | +673% |
| Other operating charges | 640/8 | €528 | €963 | +€435 | +82.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €80,646 | €127,262 | +€46,616 | +57.8% |
| Operating profit (loss) | 9901 | €79,877 | €124,436 | +€44,559 | +55.8% |
| Financial income | 75/76B | €100,733 | €127,818 | +€27,084 | +26.9% |
| Recurring financial income | 75 | €100,733 | €127,818 | +€27,084 | +26.9% |
| Financial charges | 65/66B | €66 | €149 | +€84 | +127% |
| Recurring financial charges | 65 | €66 | €149 | +€84 | +127% |
| Profit (loss) for the period before taxes | 9903 | €180,545 | €252,104 | +€71,560 | +39.6% |
| Income taxes | 67/77 | €44,412 | €58,010 | +€13,598 | +30.6% |
| Profit (loss) for the period | 9904 | €136,133 | €194,094 | +€57,961 | +42.6% |
| Profit (loss) for the period to be appropriated | 9905 | €136,133 | €194,094 | +€57,961 | +42.6% |
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 8 November 2026 via checked.be.