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.
Kris Peetermans
Largest movements
- Receivables within one year -€79,886
down €79,886 (-44.3%), from €180,270 to €100,384
of which Trade receivables: -€91,141
- Cash +€63,541
up €63,541 (+53.2%), from €119,420 to €182,961
mainly Net result for the year (+€133,524) and Receivables within one year (+€79,886)
- Deferred charges and accrued income +€24,971
up €24,971 (+124.2%), from €20,100 to €45,072
- Tax, wage and social debts -€17,367
down €17,367 (-58.2%), from €29,848 to €12,482
- Other debts +€13,633
up €13,633 (+4.2%), from €322,414 to €336,047
- Profit (loss) carried forward +€8,524
up €8,524, from €0 to €8,524
- Gross operating margin -€136,491
down €136,491 (-41.7%), from €327,008 to €190,517
- Taxes -€34,522
down €34,522 (-45.5%), from €75,933 to €41,411
- Depreciation +€4,344
up €4,344 (+41.4%), from €10,491 to €14,835
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 | €376,299 | €381,624 | +€5,325 | +1.4% |
| Fixed assets | 21/28 | €56,508 | €53,207 | -€3,301 | -5.8% |
| Tangible fixed assets | 22/27 | €56,508 | €53,207 | -€3,301 | -5.8% |
| Plant, machinery and equipment | 23 | €3,565 | €2,309 | -€1,256 | -35.2% |
| Furniture and vehicles | 24 | €52,943 | €50,898 | -€2,045 | -3.9% |
| Current assets | 29/58 | €319,791 | €328,417 | +€8,626 | +2.7% |
| Amounts receivable within one year | 40/41 | €180,270 | €100,384 | -€79,886 | -44.3% |
| Trade receivables | 40 | €173,025 | €81,884 | -€91,141 | -52.7% |
| Other amounts receivable | 41 | €7,245 | €18,500 | +€11,255 | +155.3% |
| Cash at bank and in hand | 54/58 | €119,420 | €182,961 | +€63,541 | +53.2% |
| Deferred charges and accrued income | 490/1 | €20,100 | €45,072 | +€24,971 | +124.2% |
| Total equity and liabilities | 10/49 | €376,299 | €381,624 | +€5,325 | +1.4% |
| Equity | 10/15 | €18,600 | €27,124 | +€8,524 | +45.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €8,524 | +€8,524 | |
| Amounts payable | 17/49 | €357,699 | €354,500 | -€3,199 | -0.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €357,699 | €354,500 | -€3,199 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €2,937 | €0 | -€2,937 | -100.0% |
| Financial debts | 43 | €208 | €236 | +€28 | +13.7% |
| Credit institutions | 430/8 | €208 | €236 | +€28 | +13.7% |
| Trade debts | 44 | €2,292 | €5,735 | +€3,443 | +150.2% |
| Suppliers | 440/4 | €2,292 | €5,735 | +€3,443 | +150.2% |
| Taxes, remuneration and social security | 45 | €29,848 | €12,482 | -€17,367 | -58.2% |
| Taxes | 450/3 | €29,848 | €12,482 | -€17,367 | -58.2% |
| Other amounts payable | 47/48 | €322,414 | €336,047 | +€13,633 | +4.2% |
| Non-recurring operating income | 76A | €20,093 | €0 | -€20,093 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,491 | €14,835 | +€4,344 | +41.4% |
| Other operating charges | 640/8 | €386 | €361 | -€25 | -6.4% |
| Gross operating margin | 9900 | €327,008 | €190,517 | -€136,491 | -41.7% |
| Operating profit (loss) | 9901 | €316,130 | €175,320 | -€140,810 | -44.5% |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.9% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.9% |
| Financial charges | 65/66B | €321 | €385 | +€63 | +19.6% |
| Recurring financial charges | 65 | €321 | €385 | +€63 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | €315,810 | €174,935 | -€140,874 | -44.6% |
| Income taxes | 67/77 | €75,933 | €41,411 | -€34,522 | -45.5% |
| Profit (loss) for the period | 9904 | €239,876 | €133,524 | -€106,352 | -44.3% |
| Profit (loss) for the period to be appropriated | 9905 | €239,876 | €133,524 | -€106,352 | -44.3% |
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 27 September 2026 via checked.be.