ST CALL: 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.
ST CALL
Largest movements
- Receivables within one year +€23,926
up €23,926 (+13.5%), from €177,778 to €201,704
of which Other amounts receivable: +€32,712
- Tangible fixed assets -€3,357
down €3,357 (-35.3%), from €9,498 to €6,141
of which Furniture and vehicles: -€2,637
- Trade debts +€13,405
up €13,405 (+13.4%), from €99,904 to €113,309
- Other debts +€4,600
up €4,600 (+13.7%), from €33,620 to €38,219
- Tax, wage and social debts -€2,611
down €2,611 (-14.4%), from €18,140 to €15,529
of which Remuneration and social security: -€1,500
- Gross operating margin +€45,400
up €45,400 (+120%), from €37,978 to €83,378
- Write-downs +€18,452
new in 2025: €18,452
- Financial charges +€16,663
up €16,663 (+187%), from €8,932 to €25,596
of which Non-recurring financial charges: +€13,556
- Other operating charges +€8,915
up €8,915 (+48.3%), from €18,457 to €27,372
- Depreciation +€1,994
up €1,994 (+207%), from €963 to €2,958
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 | €191,702 | €208,541 | +€16,838 | +8.8% |
| Fixed assets | 21/28 | €9,589 | €6,232 | -€3,357 | -35.0% |
| Tangible fixed assets | 22/27 | €9,498 | €6,141 | -€3,357 | -35.3% |
| Plant, machinery and equipment | 23 | €3,125 | €2,405 | -€720 | -23.0% |
| Furniture and vehicles | 24 | €6,373 | €3,735 | -€2,637 | -41.4% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €182,114 | €202,309 | +€20,195 | +11.1% |
| Amounts receivable within one year | 40/41 | €177,778 | €201,704 | +€23,926 | +13.5% |
| Trade receivables | 40 | €38,030 | €29,244 | -€8,786 | -23.1% |
| Other amounts receivable | 41 | €139,748 | €172,460 | +€32,712 | +23.4% |
| Cash at bank and in hand | 54/58 | €1,698 | €10 | -€1,688 | -99.4% |
| Deferred charges and accrued income | 490/1 | €2,638 | €595 | -€2,042 | -77.4% |
| Total equity and liabilities | 10/49 | €191,702 | €208,541 | +€16,838 | +8.8% |
| Equity | 10/15 | €22,164 | €22,724 | +€560 | +2.5% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,163 | €22,723 | +€560 | +2.5% |
| Amounts payable | 17/49 | €169,538 | €185,817 | +€16,278 | +9.6% |
| Amounts payable within one year | 42/48 | €169,538 | €185,817 | +€16,278 | +9.6% |
| Financial debts | 43 | €17,875 | €18,760 | +€885 | +5.0% |
| Credit institutions | 430/8 | €17,875 | €18,760 | +€885 | +5.0% |
| Trade debts | 44 | €99,904 | €113,309 | +€13,405 | +13.4% |
| Suppliers | 440/4 | €99,904 | €113,309 | +€13,405 | +13.4% |
| Taxes, remuneration and social security | 45 | €18,140 | €15,529 | -€2,611 | -14.4% |
| Taxes | 450/3 | €16,640 | €15,529 | -€1,111 | -6.7% |
| Remuneration and social security | 454/9 | €1,500 | - | -€1,500 | |
| Other amounts payable | 47/48 | €33,620 | €38,219 | +€4,600 | +13.7% |
| Non-recurring operating income | 76A | - | €2,807 | +€2,807 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €963 | €2,958 | +€1,994 | +207% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,452 | +€18,452 | |
| Other operating charges | 640/8 | €18,457 | €27,372 | +€8,915 | +48.3% |
| Non-recurring operating charges | 66A | - | €4,880 | +€4,880 | |
| Gross operating margin | 9900 | €37,978 | €83,378 | +€45,400 | +120% |
| Operating profit (loss) | 9901 | €18,558 | €29,717 | +€11,159 | +60.1% |
| Financial charges | 65/66B | €8,932 | €25,596 | +€16,663 | +187% |
| Recurring financial charges | 65 | €8,767 | €11,875 | +€3,108 | +35.4% |
| Non-recurring financial charges | 66B | €165 | €13,721 | +€13,556 | +8,216% |
| Profit (loss) for the period before taxes | 9903 | €9,626 | €4,121 | -€5,504 | -57.2% |
| Income taxes | 67/77 | €3,500 | €3,562 | +€62 | +1.8% |
| Profit (loss) for the period | 9904 | €6,126 | €560 | -€5,566 | -90.9% |
| Profit (loss) for the period to be appropriated | 9905 | €6,126 | €560 | -€5,566 | -90.9% |
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 25 October 2026 via checked.be.