re-work: 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.
re-work
Largest movements
- Receivables within one year +€52,321
up €52,321 (+451%), from €11,604 to €63,925
of which Trade receivables: +€32,400
- Cash +€50,697
up €50,697 (+19.8%), from €256,632 to €307,329
mainly Other debts (+€226,601) and Net result for the year (+€90,073)
- Tangible fixed assets -€10,381
down €10,381 (-47.8%), from €21,700 to €11,319
of which Leasing and similar rights: -€10,381
- Other debts +€226,601
up €226,601 (+4,392%), from €5,160 to €231,761
- Reserves -€141,688
down €141,688 (-68.6%), from €206,414 to €64,726
- Tax, wage and social debts +€16,431
up €16,431 (+47.7%), from €34,425 to €50,855
of which Taxes: +€17,682
- Debts after one year -€10,278
down €10,278 (-77.8%), from €13,218 to €2,940
- Gross operating margin +€35,429
up €35,429 (+37.9%), from €93,469 to €128,898
- Taxes +€9,278
up €9,278 (+54.4%), from €17,070 to €26,349
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 | €292,289 | €385,764 | +€93,475 | +32.0% |
| Fixed assets | 21/28 | €21,700 | €11,319 | -€10,381 | -47.8% |
| Tangible fixed assets | 22/27 | €21,700 | €11,319 | -€10,381 | -47.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Leasing and similar rights | 25 | €21,700 | €11,319 | -€10,381 | -47.8% |
| Current assets | 29/58 | €270,589 | €374,444 | +€103,856 | +38.4% |
| Amounts receivable within one year | 40/41 | €11,604 | €63,925 | +€52,321 | +451% |
| Trade receivables | 40 | €11,604 | €44,004 | +€32,400 | +279% |
| Other amounts receivable | 41 | - | €19,921 | +€19,921 | |
| Cash at bank and in hand | 54/58 | €256,632 | €307,329 | +€50,697 | +19.8% |
| Deferred charges and accrued income | 490/1 | €2,353 | €3,191 | +€838 | +35.6% |
| Total equity and liabilities | 10/49 | €292,289 | €385,764 | +€93,475 | +32.0% |
| Equity | 10/15 | €224,414 | €82,726 | -€141,688 | -63.1% |
| Contributions | 10/11 | €18,000 | €18,000 | = | 0.0% |
| Reserves | 13 | €206,414 | €64,726 | -€141,688 | -68.6% |
| Distributable reserves | 133 | €206,414 | €64,726 | -€141,688 | -68.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €67,875 | €303,038 | +€235,163 | +346% |
| Amounts payable after more than one year | 17 | €13,218 | €2,940 | -€10,278 | -77.8% |
| Financial debts | 170/4 | €13,218 | €2,940 | -€10,278 | -77.8% |
| Amounts payable within one year | 42/48 | €52,157 | €297,597 | +€245,441 | +471% |
| Current portion of amounts payable after more than one year | 42 | €10,112 | €10,278 | +€166 | +1.6% |
| Trade debts | 44 | €2,460 | €4,704 | +€2,243 | +91.2% |
| Suppliers | 440/4 | €2,460 | €4,704 | +€2,243 | +91.2% |
| Taxes, remuneration and social security | 45 | €34,425 | €50,855 | +€16,431 | +47.7% |
| Taxes | 450/3 | €33,173 | €50,855 | +€17,682 | +53.3% |
| Remuneration and social security | 454/9 | €1,251 | €0 | -€1,251 | -100% |
| Other amounts payable | 47/48 | €5,160 | €231,761 | +€226,601 | +4,392% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,685 | €10,381 | -€304 | -2.8% |
| Other operating charges | 640/8 | €1,565 | €2,087 | +€522 | +33.3% |
| Gross operating margin | 9900 | €93,469 | €128,898 | +€35,429 | +37.9% |
| Operating profit (loss) | 9901 | €81,219 | €116,430 | +€35,211 | +43.4% |
| Financial income | 75/76B | €0 | €579 | +€579 | +723,288% |
| Recurring financial income | 75 | €0 | €579 | +€579 | +723,288% |
| Financial charges | 65/66B | €556 | €587 | +€31 | +5.6% |
| Recurring financial charges | 65 | €556 | €587 | +€31 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €80,663 | €116,421 | +€35,758 | +44.3% |
| Income taxes | 67/77 | €17,070 | €26,349 | +€9,278 | +54.4% |
| Profit (loss) for the period | 9904 | €63,593 | €90,073 | +€26,480 | +41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,593 | €90,073 | +€26,480 | +41.6% |
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 24 October 2026 via checked.be.