Well One: what changed
Two financial 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.
Well One
Largest movements
- Financial fixed assets +€5.9m
up €5.9m (+16.8%), from €35.2m to €41.1m
- Deferred charges and accrued income +€1.2m
up €1.2m (+44.7%), from €2.7m to €3.9m
- Receivables within one year -€517,386
down €517,386 (-80.2%), from €645,082 to €127,696
- Contributions +€5.7m
up €5.7m (+15.1%), from €37.5m to €43.2m
- Profit (loss) carried forward +€652,283
up €652,283 (+36.1%), from -€1.8m to -€1.2m
- Financial income +€204,638
up €204,638 (+18.0%), from €1.1m to €1.3m
- Financial charges +€171,256
up €171,256 (+138%), from €124,135 to €295,391
- Depreciation -€55,144
down €55,144 (-81.3%), from €67,854 to €12,710
- Gross operating margin -€35,323
down €35,323 (-10.2%), from -€345,158 to -€380,481
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.
Derived cash bridge
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 | €38,736,646 | €45,124,477 | +€6.4m | +16.5% |
| Formation expenses | 20 | €16,216 | €3,506 | -€12,710 | -78.4% |
| Fixed assets | 21/28 | €35,189,620 | €41,100,120 | +€5.9m | +16.8% |
| Financial fixed assets | 28 | €35,189,620 | €41,100,120 | +€5.9m | +16.8% |
| Current assets | 29/58 | €3,530,811 | €4,020,851 | +€490,040 | +13.9% |
| Amounts receivable within one year | 40/41 | €645,082 | €127,696 | -€517,386 | -80.2% |
| Other amounts receivable | 41 | €645,082 | €127,696 | -€517,386 | -80.2% |
| Cash at bank and in hand | 54/58 | €195,204 | €16 | -€195,188 | -100.0% |
| Deferred charges and accrued income | 490/1 | €2,690,524 | €3,893,139 | +€1.2m | +44.7% |
| Total equity and liabilities | 10/49 | €38,736,646 | €45,124,477 | +€6.4m | +16.5% |
| Equity | 10/15 | €35,679,528 | €42,001,811 | +€6.3m | +17.7% |
| Contributions | 10/11 | €37,487,500 | €43,157,500 | +€5.7m | +15.1% |
| Capital | 10 | €37,487,500 | €43,157,500 | +€5.7m | +15.1% |
| Issued capital | 100 | €56,895,000 | €56,895,000 | = | 0.0% |
| Uncalled capital | 101 | €19,407,500 | €13,737,500 | -€5.7m | -29.2% |
| Profit (loss) carried forward | 14 | -€1,807,972 | -€1,155,689 | +€652,283 | +36.1% |
| Amounts payable | 17/49 | €3,057,118 | €3,122,666 | +€65,548 | +2.1% |
| Amounts payable within one year | 42/48 | €3,030,375 | €3,122,290 | +€91,915 | +3.0% |
| Financial debts | 43 | €3,000,000 | €3,035,649 | +€35,649 | +1.2% |
| Credit institutions | 430/8 | €3,000,000 | €3,035,649 | +€35,649 | +1.2% |
| Trade debts | 44 | €7,875 | €76,641 | +€68,766 | +873% |
| Suppliers | 440/4 | €7,875 | €76,641 | +€68,766 | +873% |
| Advances received on contracts in progress | 46 | €7,500 | €0 | -€7,500 | -100% |
| Taxes, remuneration and social security | 45 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Taxes | 450/3 | €5,000 | €5,000 | = | 0.0% |
| Remuneration and social security | 454/9 | €10,000 | €5,000 | -€5,000 | -50.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €26,743 | €375 | -€26,368 | -98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,854 | €12,710 | -€55,144 | -81.3% |
| Other operating charges | 640/8 | €1,218 | €1,253 | +€35 | +2.8% |
| Gross operating margin | 9900 | -€345,158 | -€380,481 | -€35,323 | -10.2% |
| Operating profit (loss) | 9901 | -€414,230 | -€394,443 | +€19,787 | +4.8% |
| Financial income | 75/76B | €1,137,479 | €1,342,117 | +€204,638 | +18.0% |
| Recurring financial income | 75 | €1,137,479 | €1,342,117 | +€204,638 | +18.0% |
| Financial charges | 65/66B | €124,135 | €295,391 | +€171,256 | +138% |
| Recurring financial charges | 65 | €124,135 | €295,391 | +€171,256 | +138% |
| Profit (loss) for the period before taxes | 9903 | €599,114 | €652,283 | +€53,169 | +8.9% |
| Profit (loss) for the period | 9904 | €599,114 | €652,283 | +€53,169 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €599,114 | €652,283 | +€53,169 | +8.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.