PROGRAMMADS: 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.
PROGRAMMADS
Largest movements
- Cash +€2.2m
up €2.2m (+274%), from €795,196 to €3.0m
mainly Trade debts (+€1.0m) and Receivables within one year (+€640,341)
- Receivables within one year -€640,341
down €640,341 (-4.7%), from €13.7m to €13.1m
of which Trade receivables: -€8.5m
- Intangible fixed assets +€165,783
up €165,783 (+57.5%), from €288,123 to €453,906
- Trade debts +€1.0m
up €1.0m (+7.9%), from €13.2m to €14.3m
- Accrued charges and deferred income +€233,528
up €233,528 (+131%), from €177,767 to €411,295
- Gross operating margin +€318,111
up €318,111 (+31.6%), from €1.0m to €1.3m
- Financial charges +€294,569
up €294,569 (+402%), from €73,293 to €367,862
- Depreciation +€75,759
up €75,759 (+60.1%), from €126,131 to €201,890
- Financial income -€49,825
down €49,825 (-60.6%), from €82,251 to €32,426
- Other operating charges -€25,880
down €25,880 (-96.2%), from €26,900 to €1,020
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 | €14,958,364 | €16,525,284 | +€1.6m | +10.5% |
| Fixed assets | 21/28 | €288,173 | €453,956 | +€165,783 | +57.5% |
| Intangible fixed assets | 21 | €288,123 | €453,906 | +€165,783 | +57.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €14,670,191 | €16,071,328 | +€1.4m | +9.6% |
| Amounts receivable within one year | 40/41 | €13,715,888 | €13,075,547 | -€640,341 | -4.7% |
| Trade receivables | 40 | €13,610,870 | €5,156,730 | -€8.5m | -62.1% |
| Other amounts receivable | 41 | €105,018 | €7,918,817 | +€7.8m | +7,440% |
| Cash at bank and in hand | 54/58 | €795,196 | €2,977,705 | +€2.2m | +274% |
| Deferred charges and accrued income | 490/1 | €159,107 | €18,076 | -€141,031 | -88.6% |
| Total equity and liabilities | 10/49 | €14,958,364 | €16,525,284 | +€1.6m | +10.5% |
| Equity | 10/15 | €488,397 | €562,976 | +€74,579 | +15.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €143,821 | €143,821 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €2,000 | +€2,000 | |
| Reserves not available under the articles | 1311 | - | €2,000 | +€2,000 | |
| Tax-exempt reserves | 132 | €141,821 | €141,821 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | - | -€2,000 | |
| Profit (loss) carried forward | 14 | €334,576 | €409,155 | +€74,579 | +22.3% |
| Amounts payable | 17/49 | €14,469,967 | €15,962,308 | +€1.5m | +10.3% |
| Amounts payable within one year | 42/48 | €14,292,200 | €15,551,013 | +€1.3m | +8.8% |
| Financial debts | 43 | €42,097 | €113,731 | +€71,634 | +170% |
| Credit institutions | 430/8 | €42,097 | €113,731 | +€71,634 | +170% |
| Trade debts | 44 | €13,218,180 | €14,258,544 | +€1.0m | +7.9% |
| Suppliers | 440/4 | €13,218,180 | €14,258,544 | +€1.0m | +7.9% |
| Advances received on contracts in progress | 46 | €394,509 | €558,009 | +€163,500 | +41.4% |
| Taxes, remuneration and social security | 45 | €375,414 | €319,027 | -€56,387 | -15.0% |
| Taxes | 450/3 | €338,445 | €270,231 | -€68,214 | -20.2% |
| Remuneration and social security | 454/9 | €36,969 | €48,796 | +€11,827 | +32.0% |
| Other amounts payable | 47/48 | €262,000 | €301,702 | +€39,702 | +15.2% |
| Accrued charges and deferred income | 492/3 | €177,767 | €411,295 | +€233,528 | +131% |
| Non-recurring operating income | 76A | €910 | €20 | -€890 | -97.8% |
| Remuneration, social security and pensions | 62 | €270,853 | €255,182 | -€15,671 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,131 | €201,890 | +€75,759 | +60.1% |
| Other operating charges | 640/8 | €26,900 | €1,020 | -€25,880 | -96.2% |
| Gross operating margin | 9900 | €1,006,434 | €1,324,545 | +€318,111 | +31.6% |
| Operating profit (loss) | 9901 | €582,550 | €866,453 | +€283,903 | +48.7% |
| Financial income | 75/76B | €82,251 | €32,426 | -€49,825 | -60.6% |
| Recurring financial income | 75 | €82,251 | €32,426 | -€49,825 | -60.6% |
| Financial charges | 65/66B | €73,293 | €367,862 | +€294,569 | +402% |
| Recurring financial charges | 65 | €73,293 | €367,862 | +€294,569 | +402% |
| Profit (loss) for the period before taxes | 9903 | €591,508 | €531,017 | -€60,491 | -10.2% |
| Transfer from deferred taxes | 780 | €273 | - | -€273 | |
| Income taxes | 67/77 | €165,907 | €156,438 | -€9,469 | -5.7% |
| Profit (loss) for the period | 9904 | €425,874 | €374,579 | -€51,295 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €425,874 | €374,579 | -€51,295 | -12.0% |
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 23 October 2026 via checked.be.