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.
THOMAS
Largest movements
- Cash -€110,631
down €110,631 (-68.9%), from €160,505 to €49,874
mainly Investment in fixed assets (net) (-€140,090) and Other debts (-€38,740)
- Tangible fixed assets +€67,383
up €67,383 (+28.0%), from €240,814 to €308,197
- Stocks and contracts -€47,488
down €47,488 (-100.0%), from €47,488 to €0
- Receivables within one year +€34,211
up €34,211 (+77.4%), from €44,176 to €78,386
of which Trade receivables: +€48,400
- Other debts -€38,740
down €38,740 (-11.9%), from €324,934 to €286,195
- Profit (loss) carried forward -€9,069
new in 2025: -€9,069
- Tax, wage and social debts -€7,767
down €7,767 (-18.9%), from €41,085 to €33,318
- Gross operating margin -€23,817
down €23,817 (-19.2%), from €123,981 to €100,164
- Taxes -€10,252
down €10,252 (-32.4%), from €31,648 to €21,396
- Depreciation -€4,667
down €4,667 (-6.0%), from €77,374 to €72,707
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 | €548,643 | €493,556 | -€55,087 | -10.0% |
| Fixed assets | 21/28 | €290,814 | €358,197 | +€67,383 | +23.2% |
| Tangible fixed assets | 22/27 | €240,814 | €308,197 | +€67,383 | +28.0% |
| Furniture and vehicles | 24 | €240,814 | €308,197 | +€67,383 | +28.0% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €257,829 | €135,359 | -€122,470 | -47.5% |
| Stocks and contracts in progress | 3 | €47,488 | €0 | -€47,488 | -100.0% |
| Stocks | 30/36 | €47,488 | €0 | -€47,488 | -100.0% |
| Amounts receivable within one year | 40/41 | €44,176 | €78,386 | +€34,211 | +77.4% |
| Trade receivables | 40 | €1,600 | €50,000 | +€48,400 | +3025.8% |
| Other amounts receivable | 41 | €42,576 | €28,386 | -€14,190 | -33.3% |
| Cash at bank and in hand | 54/58 | €160,505 | €49,874 | -€110,631 | -68.9% |
| Deferred charges and accrued income | 490/1 | €5,661 | €7,098 | +€1,438 | +25.4% |
| Total equity and liabilities | 10/49 | €548,643 | €493,556 | -€55,087 | -10.0% |
| Equity | 10/15 | €120,597 | €111,527 | -€9,069 | -7.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €114,397 | €114,397 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €112,537 | €112,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,069 | -€9,069 | |
| Amounts payable | 17/49 | €428,046 | €382,028 | -€46,018 | -10.8% |
| Amounts payable within one year | 42/48 | €428,046 | €382,028 | -€46,018 | -10.8% |
| Trade debts | 44 | €526 | €1,015 | +€489 | +92.9% |
| Suppliers | 440/4 | €526 | €1,015 | +€489 | +92.9% |
| Advances received on contracts in progress | 46 | €61,500 | €61,500 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €41,085 | €33,318 | -€7,767 | -18.9% |
| Taxes | 450/3 | €41,085 | €33,318 | -€7,767 | -18.9% |
| Other amounts payable | 47/48 | €324,934 | €286,195 | -€38,740 | -11.9% |
| Non-recurring operating income | 76A | €0 | €1,302 | +€1,302 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,374 | €72,707 | -€4,667 | -6.0% |
| Other operating charges | 640/8 | €1,375 | €1,132 | -€242 | -17.6% |
| Non-recurring operating charges | 66A | €0 | €14,041 | +€14,041 | |
| Gross operating margin | 9900 | €123,981 | €100,164 | -€23,817 | -19.2% |
| Operating profit (loss) | 9901 | €45,232 | €12,284 | -€32,949 | -72.8% |
| Financial income | 75/76B | €184 | €305 | +€120 | +65.3% |
| Recurring financial income | 75 | €184 | €305 | +€120 | +65.3% |
| Financial charges | 65/66B | €287 | €261 | -€26 | -9.0% |
| Recurring financial charges | 65 | €287 | €261 | -€26 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €45,129 | €12,327 | -€32,802 | -72.7% |
| Income taxes | 67/77 | €31,648 | €21,396 | -€10,252 | -32.4% |
| Profit (loss) for the period | 9904 | €13,481 | -€9,069 | -€22,551 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,481 | -€9,069 | -€22,551 |
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 28 September 2026 via checked.be.