DIRECTFIN: 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.
DIRECTFIN
Largest movements
- Deferred charges and accrued income -€44,323
down €44,323 (-23.8%), from €186,538 to €142,215
- Cash +€31,275
up €31,275 (+98.9%), from €31,637 to €62,912
mainly Deferred charges and accrued income (+€44,323) and Net result for the year (+€17,173)
- Receivables within one year +€15,017
up €15,017 (+76.2%), from €19,713 to €34,730
of which Trade receivables: +€14,565
- Receivables after one year -€3,271
down €3,271 (-6.7%), from €48,740 to €45,469
- Profit (loss) carried forward -€12,827
down €12,827 (-7.4%), from €173,304 to €160,477
- Tax, wage and social debts +€9,686
up €9,686 (+15.8%), from €61,196 to €70,882
of which Taxes: +€9,239
- Gross operating margin -€163,167
down €163,167 (-55.9%), from €291,673 to €128,506
- Taxes -€39,405
down €39,405 (-81.0%), from €48,645 to €9,240
- Staff costs +€9,496
up €9,496 (+10.5%), from €90,365 to €99,861
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 | €290,060 | €289,425 | -€635 | -0.2% |
| Formation expenses | 20 | €512 | €252 | -€260 | -50.8% |
| Fixed assets | 21/28 | €2,920 | €3,847 | +€927 | +31.7% |
| Tangible fixed assets | 22/27 | €2,920 | €2,047 | -€873 | -29.9% |
| Land and buildings | 22 | €2,920 | €2,047 | -€873 | -29.9% |
| Financial fixed assets | 28 | - | €1,800 | +€1,800 | |
| Current assets | 29/58 | €286,628 | €285,326 | -€1,302 | -0.5% |
| Amounts receivable after more than one year | 29 | €48,740 | €45,469 | -€3,271 | -6.7% |
| Other amounts receivable | 291 | €48,740 | €45,469 | -€3,271 | -6.7% |
| Amounts receivable within one year | 40/41 | €19,713 | €34,730 | +€15,017 | +76.2% |
| Trade receivables | 40 | €16,899 | €31,464 | +€14,565 | +86.2% |
| Other amounts receivable | 41 | €2,814 | €3,266 | +€452 | +16.1% |
| Cash at bank and in hand | 54/58 | €31,637 | €62,912 | +€31,275 | +98.9% |
| Deferred charges and accrued income | 490/1 | €186,538 | €142,215 | -€44,323 | -23.8% |
| Total equity and liabilities | 10/49 | €290,060 | €289,425 | -€635 | -0.2% |
| Equity | 10/15 | €180,304 | €167,477 | -€12,827 | -7.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,304 | €160,477 | -€12,827 | -7.4% |
| Amounts payable | 17/49 | €109,756 | €121,948 | +€12,192 | +11.1% |
| Amounts payable within one year | 42/48 | €109,756 | €120,068 | +€10,312 | +9.4% |
| Trade debts | 44 | €16,560 | €19,186 | +€2,626 | +15.9% |
| Suppliers | 440/4 | €16,560 | €19,186 | +€2,626 | +15.9% |
| Taxes, remuneration and social security | 45 | €61,196 | €70,882 | +€9,686 | +15.8% |
| Taxes | 450/3 | €48,645 | €57,884 | +€9,239 | +19.0% |
| Remuneration and social security | 454/9 | €12,551 | €12,998 | +€447 | +3.6% |
| Other amounts payable | 47/48 | €32,000 | €30,000 | -€2,000 | -6.3% |
| Accrued charges and deferred income | 492/3 | - | €1,880 | +€1,880 | |
| Remuneration, social security and pensions | 62 | €90,365 | €99,861 | +€9,496 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133 | €1,133 | = | 0.0% |
| Other operating charges | 640/8 | €2,004 | €880 | -€1,124 | -56.1% |
| Gross operating margin | 9900 | €291,673 | €128,506 | -€163,167 | -55.9% |
| Operating profit (loss) | 9901 | €198,171 | €26,632 | -€171,539 | -86.6% |
| Financial income | 75/76B | €1,642 | €1,911 | +€269 | +16.4% |
| Recurring financial income | 75 | €1,642 | €1,911 | +€269 | +16.4% |
| Financial charges | 65/66B | €4,233 | €2,130 | -€2,103 | -49.7% |
| Recurring financial charges | 65 | €4,233 | €2,130 | -€2,103 | -49.7% |
| Profit (loss) for the period before taxes | 9903 | €195,580 | €26,413 | -€169,167 | -86.5% |
| Income taxes | 67/77 | €48,645 | €9,240 | -€39,405 | -81.0% |
| Profit (loss) for the period | 9904 | €146,935 | €17,173 | -€129,762 | -88.3% |
| Profit (loss) for the period to be appropriated | 9905 | €146,935 | €17,173 | -€129,762 | -88.3% |
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.