25Frames: 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.
25Frames
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+2,977%), from €34,304 to €1.1m
of which Land and buildings: +€1.0m
- Cash -€17,452
down €17,452 (-53.3%), from €32,729 to €15,277
mainly Investment in fixed assets (net) (-€1.1m) and Net result for the year (-€23,686)
- Receivables within one year +€14,215
up €14,215 (+7.6%), from €186,937 to €201,153
of which Trade receivables: +€19,215
- Debts after one year +€695,511
up €695,511 (+8,489%), from €8,193 to €703,704
- Investment grants +€231,857
new in 2025: €231,857
- Other debts +€45,883
up €45,883 (+82.9%), from €55,375 to €101,258
- Current portion of long-term debt +€27,620
up €27,620 (+386%), from €7,147 to €34,767
- Profit (loss) carried forward -€23,686
down €23,686 (-17.6%), from €134,471 to €110,784
- Financial charges +€43,596
up €43,596 (+1,028%), from €4,239 to €47,836
- Gross operating margin +€23,842
up €23,842 (+28.8%), from €82,829 to €106,671
- Depreciation +€20,709
up €20,709 (+105%), from €19,639 to €40,347
- Financial income +€3,798
up €3,798 (+1,899,040%), from €0 to €3,798
- Taxes -€3,636
down €3,636 (-100%), from €3,636 to €0
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 | €259,949 | €1,272,174 | +€1.0m | +389% |
| Fixed assets | 21/28 | €39,614 | €1,055,456 | +€1.0m | +2,564% |
| Intangible fixed assets | 21 | €710 | €0 | -€710 | -100% |
| Tangible fixed assets | 22/27 | €34,304 | €1,055,456 | +€1.0m | +2,977% |
| Land and buildings | 22 | - | €1,035,462 | +€1.0m | |
| Plant, machinery and equipment | 23 | €16,551 | €4,031 | -€12,520 | -75.6% |
| Furniture and vehicles | 24 | €11,646 | €10,616 | -€1,029 | -8.8% |
| Other tangible fixed assets | 26 | €6,107 | €5,347 | -€760 | -12.5% |
| Financial fixed assets | 28 | €4,600 | €0 | -€4,600 | -100% |
| Current assets | 29/58 | €220,335 | €216,718 | -€3,618 | -1.6% |
| Amounts receivable within one year | 40/41 | €186,937 | €201,153 | +€14,215 | +7.6% |
| Trade receivables | 40 | €181,937 | €201,153 | +€19,215 | +10.6% |
| Other amounts receivable | 41 | €5,000 | €0 | -€5,000 | -100% |
| Cash at bank and in hand | 54/58 | €32,729 | €15,277 | -€17,452 | -53.3% |
| Deferred charges and accrued income | 490/1 | €669 | €288 | -€381 | -57.0% |
| Total equity and liabilities | 10/49 | €259,949 | €1,272,174 | +€1.0m | +389% |
| Equity | 10/15 | €144,471 | €352,641 | +€208,171 | +144% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,471 | €110,784 | -€23,686 | -17.6% |
| Investment grants | 15 | - | €231,857 | +€231,857 | |
| Amounts payable | 17/49 | €115,479 | €919,533 | +€804,054 | +696% |
| Amounts payable after more than one year | 17 | €8,193 | €703,704 | +€695,511 | +8,489% |
| Financial debts | 170/4 | €8,193 | €703,704 | +€695,511 | +8,489% |
| Amounts payable within one year | 42/48 | €107,036 | €213,579 | +€106,543 | +99.5% |
| Current portion of amounts payable after more than one year | 42 | €7,147 | €34,767 | +€27,620 | +386% |
| Trade debts | 44 | €21,075 | €43,716 | +€22,641 | +107% |
| Suppliers | 440/4 | €21,075 | €43,716 | +€22,641 | +107% |
| Taxes, remuneration and social security | 45 | €23,439 | €33,839 | +€10,400 | +44.4% |
| Taxes | 450/3 | €20,979 | €33,839 | +€12,860 | +61.3% |
| Remuneration and social security | 454/9 | €2,460 | €0 | -€2,460 | -100% |
| Other amounts payable | 47/48 | €55,375 | €101,258 | +€45,883 | +82.9% |
| Accrued charges and deferred income | 492/3 | €250 | €2,250 | +€2,000 | +800% |
| Remuneration, social security and pensions | 62 | €47,403 | €45,573 | -€1,830 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,639 | €40,347 | +€20,709 | +105% |
| Other operating charges | 640/8 | - | €400 | +€400 | |
| Gross operating margin | 9900 | €82,829 | €106,671 | +€23,842 | +28.8% |
| Operating profit (loss) | 9901 | €15,788 | €20,351 | +€4,563 | +28.9% |
| Financial income | 75/76B | €0 | €3,798 | +€3,798 | +1,899,040% |
| Recurring financial income | 75 | €0 | €3,798 | +€3,798 | +1,899,040% |
| Financial charges | 65/66B | €4,239 | €47,836 | +€43,596 | +1,028% |
| Recurring financial charges | 65 | €4,239 | €47,836 | +€43,596 | +1,028% |
| Profit (loss) for the period before taxes | 9903 | €11,549 | -€23,686 | -€35,235 | |
| Income taxes | 67/77 | €3,636 | €0 | -€3,636 | -100% |
| Profit (loss) for the period | 9904 | €7,912 | -€23,686 | -€31,598 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,912 | -€23,686 | -€31,598 |
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 29 October 2026 via checked.be.