What changed?
Two fiscal 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.
THEGAN
Largest movements
- Receivables within one year +€17,783
up €17,783 (+94.9%), from €18,736 to €36,519
of which Trade receivables: +€18,369
- Cash +€9,521
up €9,521 (+38.6%), from €24,695 to €34,216
mainly Net result for the year (+€30,423) and Depreciation (+€15,964)
- Tangible fixed assets -€6,629
down €6,629 (-12.8%), from €51,866 to €45,237
of which Furniture and vehicles: -€10,353
- Reserves +€30,423
up €30,423 (+74.8%), from €40,685 to €71,108
- Other debts -€16,111
down €16,111 (-38.4%), from €41,955 to €25,844
- Current portion of long-term debt -€8,986
no longer reported in 2025 (was €8,986)
- Tax, wage and social debts +€8,919
up €8,919 (+65.3%), from €13,651 to €22,570
of which Taxes: +€11,919
- Accrued charges and deferred income +€3,166
new in 2025: €3,166
- Gross operating margin +€18,995
up €18,995 (+46.1%), from €41,229 to €60,224
- Taxes +€3,467
up €3,467 (+64.2%), from €5,401 to €8,868
- Financial charges +€2,945
up €2,945 (+187.2%), from €1,573 to €4,518
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.
Cash bridge derived
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 | €113,123 | €133,287 | +€20,164 | +17.8% |
| Fixed assets | 21/28 | €53,816 | €47,187 | -€6,629 | -12.3% |
| Tangible fixed assets | 22/27 | €51,866 | €45,237 | -€6,629 | -12.8% |
| Plant, machinery and equipment | 23 | €5,544 | €9,802 | +€4,259 | +76.8% |
| Furniture and vehicles | 24 | €43,985 | €33,633 | -€10,353 | -23.5% |
| Other tangible fixed assets | 26 | €2,337 | €1,802 | -€535 | -22.9% |
| Financial fixed assets | 28 | €1,950 | €1,950 | = | 0.0% |
| Current assets | 29/58 | €59,307 | €86,099 | +€26,793 | +45.2% |
| Stocks and contracts in progress | 3 | €13,798 | €13,261 | -€536 | -3.9% |
| Stocks | 30/36 | €13,798 | €13,261 | -€536 | -3.9% |
| Amounts receivable within one year | 40/41 | €18,736 | €36,519 | +€17,783 | +94.9% |
| Trade receivables | 40 | €18,150 | €36,519 | +€18,369 | +101.2% |
| Other amounts receivable | 41 | €586 | - | -€586 | |
| Cash at bank and in hand | 54/58 | €24,695 | €34,216 | +€9,521 | +38.6% |
| Deferred charges and accrued income | 490/1 | €2,078 | €2,103 | +€25 | +1.2% |
| Total equity and liabilities | 10/49 | €113,123 | €133,287 | +€20,164 | +17.8% |
| Equity | 10/15 | €45,685 | €76,108 | +€30,423 | +66.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,685 | €71,108 | +€30,423 | +74.8% |
| Distributable reserves | 133 | €40,685 | €71,108 | +€30,423 | +74.8% |
| Amounts payable | 17/49 | €67,438 | €57,179 | -€10,259 | -15.2% |
| Amounts payable within one year | 42/48 | €67,438 | €54,013 | -€13,425 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €8,986 | - | -€8,986 | |
| Trade debts | 44 | €2,845 | €5,599 | +€2,753 | +96.8% |
| Suppliers | 440/4 | €2,845 | €5,599 | +€2,753 | +96.8% |
| Taxes, remuneration and social security | 45 | €13,651 | €22,570 | +€8,919 | +65.3% |
| Taxes | 450/3 | €10,651 | €22,570 | +€11,919 | +111.9% |
| Remuneration and social security | 454/9 | €3,000 | - | -€3,000 | |
| Other amounts payable | 47/48 | €41,955 | €25,844 | -€16,111 | -38.4% |
| Accrued charges and deferred income | 492/3 | - | €3,166 | +€3,166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,174 | €15,964 | -€210 | -1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €176 | - | -€176 | |
| Other operating charges | 640/8 | €671 | €462 | -€209 | -31.2% |
| Gross operating margin | 9900 | €41,229 | €60,224 | +€18,995 | +46.1% |
| Operating profit (loss) | 9901 | €24,208 | €43,798 | +€19,590 | +80.9% |
| Financial income | 75/76B | €1 | €11 | +€10 | +1200.0% |
| Recurring financial income | 75 | €1 | €11 | +€10 | +1200.0% |
| Financial charges | 65/66B | €1,573 | €4,518 | +€2,945 | +187.2% |
| Recurring financial charges | 65 | €1,573 | €4,518 | +€2,945 | +187.2% |
| Profit (loss) for the period before taxes | 9903 | €22,635 | €39,291 | +€16,656 | +73.6% |
| Income taxes | 67/77 | €5,401 | €8,868 | +€3,467 | +64.2% |
| Profit (loss) for the period | 9904 | €17,234 | €30,423 | +€13,189 | +76.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,234 | €30,423 | +€13,189 | +76.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.