Factor 9: what changed
Factor 9
Largest movements
- Cash -€20,249
down €20,249 (-20.3%), from €99,537 to €79,288
mainly Contributions, distributions and other (-€16,484) and Receivables within one year (-€11,324)
- Receivables within one year +€11,324
up €11,324 (+72.7%), from €15,586 to €26,910
of which Trade receivables: +€11,616
- Tangible fixed assets +€2,131
new in 2025: €2,131
- Other debts -€7,324
down €7,324 (-17.1%), from €42,801 to €35,477
- Gross operating margin -€7,098
down €7,098 (-23.2%), from €30,572 to €23,473
- Taxes -€969
down €969 (-17.4%), from €5,562 to €4,593
- Depreciation -€759
down €759 (-82.1%), from €925 to €166
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 | €115,714 | €108,715 | -€6,999 | -6.0% |
| Fixed assets | 21/28 | - | €2,131 | +€2,131 | |
| Tangible fixed assets | 22/27 | - | €2,131 | +€2,131 | |
| Furniture and vehicles | 24 | - | €2,131 | +€2,131 | |
| Current assets | 29/58 | €115,714 | €106,584 | -€9,130 | -7.9% |
| Amounts receivable within one year | 40/41 | €15,586 | €26,910 | +€11,324 | +72.7% |
| Trade receivables | 40 | €12,886 | €24,503 | +€11,616 | +90.1% |
| Other amounts receivable | 41 | €2,700 | €2,407 | -€293 | -10.8% |
| Cash at bank and in hand | 54/58 | €99,537 | €79,288 | -€20,249 | -20.3% |
| Deferred charges and accrued income | 490/1 | €591 | €386 | -€205 | -34.6% |
| Total equity and liabilities | 10/49 | €115,714 | €108,715 | -€6,999 | -6.0% |
| Equity | 10/15 | €66,836 | €66,836 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,236 | €48,236 | = | 0.0% |
| Distributable reserves | 133 | €48,236 | €48,236 | = | 0.0% |
| Amounts payable | 17/49 | €48,878 | €41,879 | -€6,999 | -14.3% |
| Amounts payable within one year | 42/48 | €47,118 | €40,407 | -€6,711 | -14.2% |
| Trade debts | 44 | €881 | €1,791 | +€910 | +103% |
| Suppliers | 440/4 | €881 | €1,791 | +€910 | +103% |
| Taxes, remuneration and social security | 45 | €3,437 | €3,139 | -€297 | -8.7% |
| Taxes | 450/3 | €3,437 | €3,139 | -€297 | -8.7% |
| Other amounts payable | 47/48 | €42,801 | €35,477 | -€7,324 | -17.1% |
| Accrued charges and deferred income | 492/3 | €1,760 | €1,472 | -€288 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €925 | €166 | -€759 | -82.1% |
| Other operating charges | 640/8 | €678 | €694 | +€16 | +2.4% |
| Gross operating margin | 9900 | €30,572 | €23,473 | -€7,098 | -23.2% |
| Operating profit (loss) | 9901 | €28,969 | €22,614 | -€6,355 | -21.9% |
| Financial income | 75/76B | €8 | €0 | -€8 | -96.5% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -96.5% |
| Financial charges | 65/66B | €1,837 | €1,537 | -€300 | -16.3% |
| Recurring financial charges | 65 | €1,837 | €1,537 | -€300 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €27,140 | €21,077 | -€6,063 | -22.3% |
| Income taxes | 67/77 | €5,562 | €4,593 | -€969 | -17.4% |
| Profit (loss) for the period | 9904 | €21,578 | €16,484 | -€5,094 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,578 | €16,484 | -€5,094 | -23.6% |
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 2 November 2026 via checked.be.