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.
IME
Largest movements
- Receivables within one year -€46,360
down €46,360 (-35.9%), from €129,087 to €82,727
of which Other amounts receivable: -€44,668
- Cash +€45,498
up €45,498 (+58.2%), from €78,166 to €123,664
mainly Receivables within one year (+€46,360) and Net result for the year (+€33,625)
- Reserves -€20,106
down €20,106 (-10.3%), from €194,745 to €174,638
of which Distributable reserves: -€20,106
- Tax, wage and social debts +€17,281
up €17,281 (+156.5%), from €11,041 to €28,322
- Gross operating margin +€29,155
up €29,155 (+123.7%), from €23,571 to €52,726
- Taxes +€12,634
up €12,634 (+180.2%), from €7,013 to €19,647
- Depreciation -€553
down €553 (-53.5%), from €1,034 to €481
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 | €209,901 | €207,713 | -€2,188 | -1.0% |
| Fixed assets | 21/28 | €1,302 | €821 | -€481 | -36.9% |
| Tangible fixed assets | 22/27 | €1,302 | €821 | -€481 | -36.9% |
| Plant, machinery and equipment | 23 | €1,302 | €821 | -€481 | -36.9% |
| Current assets | 29/58 | €208,599 | €206,892 | -€1,707 | -0.8% |
| Amounts receivable within one year | 40/41 | €129,087 | €82,727 | -€46,360 | -35.9% |
| Trade receivables | 40 | €17,448 | €15,756 | -€1,692 | -9.7% |
| Other amounts receivable | 41 | €111,639 | €66,971 | -€44,668 | -40.0% |
| Cash at bank and in hand | 54/58 | €78,166 | €123,664 | +€45,498 | +58.2% |
| Deferred charges and accrued income | 490/1 | €1,347 | €502 | -€845 | -62.7% |
| Total equity and liabilities | 10/49 | €209,901 | €207,713 | -€2,188 | -1.0% |
| Equity | 10/15 | €197,745 | €177,638 | -€20,106 | -10.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €194,745 | €174,638 | -€20,106 | -10.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €194,745 | €174,638 | -€20,106 | -10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,157 | €30,075 | +€17,918 | +147.4% |
| Amounts payable within one year | 42/48 | €12,118 | €30,040 | +€17,922 | +147.9% |
| Trade debts | 44 | €555 | €912 | +€357 | +64.3% |
| Suppliers | 440/4 | €555 | €912 | +€357 | +64.3% |
| Taxes, remuneration and social security | 45 | €11,041 | €28,322 | +€17,281 | +156.5% |
| Taxes | 450/3 | €11,041 | €28,322 | +€17,281 | +156.5% |
| Other amounts payable | 47/48 | €522 | €807 | +€285 | +54.5% |
| Accrued charges and deferred income | 492/3 | €39 | €35 | -€4 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,034 | €481 | -€553 | -53.5% |
| Other operating charges | 640/8 | €1,186 | €1,019 | -€167 | -14.1% |
| Gross operating margin | 9900 | €23,571 | €52,726 | +€29,155 | +123.7% |
| Operating profit (loss) | 9901 | €21,352 | €51,227 | +€29,875 | +139.9% |
| Financial income | 75/76B | €2,410 | €2,215 | -€196 | -8.1% |
| Recurring financial income | 75 | €2,410 | €2,215 | -€196 | -8.1% |
| Financial charges | 65/66B | €147 | €169 | +€22 | +15.3% |
| Recurring financial charges | 65 | €147 | €169 | +€22 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €23,615 | €53,272 | +€29,657 | +125.6% |
| Income taxes | 67/77 | €7,013 | €19,647 | +€12,634 | +180.2% |
| Profit (loss) for the period | 9904 | €16,602 | €33,625 | +€17,023 | +102.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,602 | €33,625 | +€17,023 | +102.5% |
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 26 September 2026 via checked.be.