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.
C.O.P.
Largest movements
- Receivables within one year -€5,159
down €5,159 (-5.3%), from €97,716 to €92,557
of which Trade receivables: -€9,168
- Cash +€1,503
up €1,503 (+507.8%), from €296 to €1,799
mainly Receivables within one year (+€5,159) and Tax, wage and social debts (+€2,724)
- Short-term financial debts -€6,964
down €6,964 (-90.6%), from €7,685 to €722
- Tax, wage and social debts +€2,724
up €2,724 (+14.5%), from €18,731 to €21,454
of which Taxes: +€2,014
- Gross operating margin -€10,598
down €10,598 (-38.0%), from €27,855 to €17,257
- Financial charges -€4,051
down €4,051 (-46.2%), from €8,767 to €4,716
- Other operating charges +€2,344
up €2,344 (+277.8%), from €844 to €3,188
- Staff costs +€1,240
up €1,240 (+552.5%), from €225 to €1,465
- Depreciation +€579
up €579 (+1255.6%), from €46 to €625
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 | €102,070 | €98,259 | -€3,811 | -3.7% |
| Fixed assets | 21/28 | €3,081 | €2,455 | -€625 | -20.3% |
| Tangible fixed assets | 22/27 | €3,081 | €2,455 | -€625 | -20.3% |
| Furniture and vehicles | 24 | €3,081 | €2,455 | -€625 | -20.3% |
| Current assets | 29/58 | €98,989 | €95,804 | -€3,186 | -3.2% |
| Amounts receivable within one year | 40/41 | €97,716 | €92,557 | -€5,159 | -5.3% |
| Trade receivables | 40 | €40,782 | €31,614 | -€9,168 | -22.5% |
| Other amounts receivable | 41 | €56,934 | €60,943 | +€4,009 | +7.0% |
| Cash at bank and in hand | 54/58 | €296 | €1,799 | +€1,503 | +507.8% |
| Deferred charges and accrued income | 490/1 | €977 | €1,448 | +€470 | +48.1% |
| Total equity and liabilities | 10/49 | €102,070 | €98,259 | -€3,811 | -3.7% |
| Equity | 10/15 | €63,920 | €64,349 | +€429 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,320 | €45,749 | +€429 | +0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €43,460 | €43,889 | +€429 | +1.0% |
| Provisions and deferred taxes | 16 | €11,734 | €11,734 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €11,734 | €11,734 | = | 0.0% |
| Pensions and similar obligations | 160 | €11,734 | €11,734 | = | 0.0% |
| Amounts payable | 17/49 | €26,416 | €22,176 | -€4,240 | -16.1% |
| Amounts payable within one year | 42/48 | €26,416 | €22,176 | -€4,240 | -16.1% |
| Financial debts | 43 | €7,685 | €722 | -€6,964 | -90.6% |
| Credit institutions | 430/8 | €7,685 | €722 | -€6,964 | -90.6% |
| Taxes, remuneration and social security | 45 | €18,731 | €21,454 | +€2,724 | +14.5% |
| Taxes | 450/3 | €13,181 | €15,194 | +€2,014 | +15.3% |
| Remuneration and social security | 454/9 | €5,550 | €6,260 | +€710 | +12.8% |
| Remuneration, social security and pensions | 62 | €225 | €1,465 | +€1,240 | +552.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46 | €625 | +€579 | +1255.6% |
| Other operating charges | 640/8 | €844 | €3,188 | +€2,344 | +277.8% |
| Gross operating margin | 9900 | €27,855 | €17,257 | -€10,598 | -38.0% |
| Operating profit (loss) | 9901 | €26,740 | €11,978 | -€14,762 | -55.2% |
| Financial income | 75/76B | €0 | €23 | +€23 | +114900.0% |
| Recurring financial income | 75 | €0 | €23 | +€23 | +114900.0% |
| Financial charges | 65/66B | €8,767 | €4,716 | -€4,051 | -46.2% |
| Recurring financial charges | 65 | €8,767 | €4,716 | -€4,051 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €17,973 | €7,285 | -€10,688 | -59.5% |
| Income taxes | 67/77 | €6,721 | €6,856 | +€134 | +2.0% |
| Profit (loss) for the period | 9904 | €11,252 | €429 | -€10,823 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,252 | €429 | -€10,823 | -96.2% |
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 27 September 2026 via checked.be.