ALL GREY MATTER: 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.
ALL GREY MATTER
Largest movements
- Current investments -€30,000
no longer reported in 2025 (was €30,000)
- Receivables within one year +€28,333
up €28,333 (+86.8%), from €32,642 to €60,975
of which Trade receivables: +€22,120
- Financial fixed assets +€14,000
new in 2025: €14,000
- Tangible fixed assets -€7,435
down €7,435 (-17.5%), from €42,501 to €35,067
of which Land and buildings: -€3,833
- Deferred charges and accrued income -€2,034
down €2,034 (-16.9%), from €12,045 to €10,011
- Other debts +€4,344
up €4,344 (+5.4%), from €80,528 to €84,873
- Tax, wage and social debts -€1,782
down €1,782 (-35.7%), from €4,994 to €3,212
of which Remuneration and social security: -€2,343
- Trade debts -€1,684
down €1,684 (-33.7%), from €5,004 to €3,320
- Gross operating margin -€38,672
down €38,672 (-64.8%), from €59,716 to €21,044
- Staff costs -€8,585
down €8,585 (-47.0%), from €18,247 to €9,662
- Taxes -€6,162
down €6,162 (-84.3%), from €7,311 to €1,148
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 | €119,549 | €122,239 | +€2,690 | +2.3% |
| Fixed assets | 21/28 | €42,501 | €49,067 | +€6,565 | +15.4% |
| Tangible fixed assets | 22/27 | €42,501 | €35,067 | -€7,435 | -17.5% |
| Land and buildings | 22 | €30,028 | €26,194 | -€3,833 | -12.8% |
| Plant, machinery and equipment | 23 | €1,349 | €851 | -€499 | -36.9% |
| Furniture and vehicles | 24 | €11,124 | €8,021 | -€3,103 | -27.9% |
| Financial fixed assets | 28 | - | €14,000 | +€14,000 | |
| Current assets | 29/58 | €77,047 | €73,172 | -€3,875 | -5.0% |
| Amounts receivable within one year | 40/41 | €32,642 | €60,975 | +€28,333 | +86.8% |
| Trade receivables | 40 | €31,877 | €53,997 | +€22,120 | +69.4% |
| Other amounts receivable | 41 | €765 | €6,979 | +€6,213 | +811.8% |
| Current investments | 50/53 | €30,000 | - | -€30,000 | |
| Cash at bank and in hand | 54/58 | €2,360 | €2,186 | -€174 | -7.4% |
| Deferred charges and accrued income | 490/1 | €12,045 | €10,011 | -€2,034 | -16.9% |
| Total equity and liabilities | 10/49 | €119,549 | €122,239 | +€2,690 | +2.3% |
| Equity | 10/15 | €29,023 | €29,742 | +€718 | +2.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €19,211 | €19,211 | = | 0.0% |
| Distributable reserves | 133 | €19,211 | €19,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,588 | -€1,869 | +€718 | +27.8% |
| Amounts payable | 17/49 | €90,525 | €92,497 | +€1,972 | +2.2% |
| Amounts payable within one year | 42/48 | €90,525 | €91,404 | +€879 | +1.0% |
| Trade debts | 44 | €5,004 | €3,320 | -€1,684 | -33.7% |
| Suppliers | 440/4 | €5,004 | €3,320 | -€1,684 | -33.7% |
| Taxes, remuneration and social security | 45 | €4,994 | €3,212 | -€1,782 | -35.7% |
| Taxes | 450/3 | €1,712 | €2,274 | +€562 | +32.8% |
| Remuneration and social security | 454/9 | €3,281 | €938 | -€2,343 | -71.4% |
| Other amounts payable | 47/48 | €80,528 | €84,873 | +€4,344 | +5.4% |
| Accrued charges and deferred income | 492/3 | - | €1,093 | +€1,093 | |
| Remuneration, social security and pensions | 62 | €18,247 | €9,662 | -€8,585 | -47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,634 | €8,450 | -€183 | -2.1% |
| Other operating charges | 640/8 | €1,069 | €664 | -€405 | -37.9% |
| Gross operating margin | 9900 | €59,716 | €21,044 | -€38,672 | -64.8% |
| Operating profit (loss) | 9901 | €31,766 | €2,267 | -€29,499 | -92.9% |
| Financial income | 75/76B | €269 | €565 | +€297 | +110.5% |
| Recurring financial income | 75 | €269 | €565 | +€297 | +110.5% |
| Financial charges | 65/66B | €1,408 | €966 | -€442 | -31.4% |
| Recurring financial charges | 65 | €1,408 | €966 | -€442 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €30,627 | €1,867 | -€28,760 | -93.9% |
| Income taxes | 67/77 | €7,311 | €1,148 | -€6,162 | -84.3% |
| Profit (loss) for the period | 9904 | €23,316 | €718 | -€22,598 | -96.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,316 | €718 | -€22,598 | -96.9% |
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.