LEVEL NEXT: 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.
LEVEL NEXT
Largest movements
- Deferred charges and accrued income +€2.7m
up €2.7m (+712%), from €372,548 to €3.0m
- Cash -€109,948
down €109,948 (-76.4%), from €143,837 to €33,888
mainly Deferred charges and accrued income (-€2.7m) and Tax, wage and social debts (-€50,896)
- Receivables within one year -€59,004
down €59,004 (-15.3%), from €384,866 to €325,862
of which Trade receivables: -€74,197
- Trade debts +€2.5m
up €2.5m (+354%), from €713,084 to €3.2m
- Tax, wage and social debts -€50,896
down €50,896 (-81.9%), from €62,170 to €11,275
of which Taxes: -€36,818
- Gross operating margin -€83,683
down €83,683 (-29.6%), from €282,935 to €199,252
- Staff costs -€68,169
down €68,169 (-38.8%), from €175,608 to €107,439
- Financial charges -€36,220
down €36,220 (-65.5%), from €55,280 to €19,061
- Financial income -€10,898
down €10,898 (-84.7%), from €12,862 to €1,964
- Taxes -€4,497
down €4,497 (-14.5%), from €30,968 to €26,471
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 | €1,144,910 | €3,653,575 | +€2.5m | +219% |
| Fixed assets | 21/28 | €22,949 | €16,997 | -€5,952 | -25.9% |
| Tangible fixed assets | 22/27 | €22,949 | €16,997 | -€5,952 | -25.9% |
| Plant, machinery and equipment | 23 | €3,005 | €1,108 | -€1,897 | -63.1% |
| Furniture and vehicles | 24 | €19,944 | €15,889 | -€4,055 | -20.3% |
| Current assets | 29/58 | €1,121,962 | €3,636,578 | +€2.5m | +224% |
| Amounts receivable within one year | 40/41 | €384,866 | €325,862 | -€59,004 | -15.3% |
| Trade receivables | 40 | €199,907 | €125,710 | -€74,197 | -37.1% |
| Other amounts receivable | 41 | €184,959 | €200,152 | +€15,193 | +8.2% |
| Current investments | 50/53 | €220,711 | €252,500 | +€31,789 | +14.4% |
| Cash at bank and in hand | 54/58 | €143,837 | €33,888 | -€109,948 | -76.4% |
| Deferred charges and accrued income | 490/1 | €372,548 | €3,024,328 | +€2.7m | +712% |
| Total equity and liabilities | 10/49 | €1,144,910 | €3,653,575 | +€2.5m | +219% |
| Equity | 10/15 | €368,361 | €402,629 | +€34,268 | +9.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €349,811 | €384,079 | +€34,268 | +9.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €349,811 | €384,079 | +€34,268 | +9.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €776,549 | €3,250,946 | +€2.5m | +319% |
| Amounts payable within one year | 42/48 | €775,938 | €3,250,927 | +€2.5m | +319% |
| Financial debts | 43 | €20 | €994 | +€974 | +4,872% |
| Credit institutions | 430/8 | €20 | €994 | +€974 | +4,872% |
| Trade debts | 44 | €713,084 | €3,236,974 | +€2.5m | +354% |
| Suppliers | 440/4 | €713,084 | €3,236,974 | +€2.5m | +354% |
| Taxes, remuneration and social security | 45 | €62,170 | €11,275 | -€50,896 | -81.9% |
| Taxes | 450/3 | €40,190 | €3,373 | -€36,818 | -91.6% |
| Remuneration and social security | 454/9 | €21,980 | €7,902 | -€14,078 | -64.0% |
| Other amounts payable | 47/48 | €664 | €1,684 | +€1,020 | +154% |
| Accrued charges and deferred income | 492/3 | €611 | €19 | -€592 | -97.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €175,608 | €107,439 | -€68,169 | -38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,108 | €11,764 | -€1,344 | -10.3% |
| Other operating charges | 640/8 | €2,310 | €2,213 | -€96 | -4.2% |
| Non-recurring operating charges | 66A | €3,396 | €0 | -€3,396 | -100% |
| Gross operating margin | 9900 | €282,935 | €199,252 | -€83,683 | -29.6% |
| Operating profit (loss) | 9901 | €88,512 | €77,835 | -€10,677 | -12.1% |
| Financial income | 75/76B | €12,862 | €1,964 | -€10,898 | -84.7% |
| Recurring financial income | 75 | €12,862 | €1,964 | -€10,898 | -84.7% |
| Financial charges | 65/66B | €55,280 | €19,061 | -€36,220 | -65.5% |
| Recurring financial charges | 65 | €55,280 | €19,061 | -€36,220 | -65.5% |
| Profit (loss) for the period before taxes | 9903 | €46,094 | €60,738 | +€14,645 | +31.8% |
| Income taxes | 67/77 | €30,968 | €26,471 | -€4,497 | -14.5% |
| Profit (loss) for the period | 9904 | €15,126 | €34,268 | +€19,142 | +127% |
| Profit (loss) for the period to be appropriated | 9905 | €15,126 | €34,268 | +€19,142 | +127% |
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 18 October 2026 via checked.be.