NEXT LEVEL: what changed
NEXT LEVEL
Largest movements
- Receivables within one year -€106,560
down €106,560 (-42.1%), from €253,013 to €146,454
of which Trade receivables: -€107,426
- Cash +€47,684
up €47,684 (+33.3%), from €143,056 to €190,740
mainly Receivables within one year (+€106,560) and Deferred charges and accrued income (+€44,307)
- Deferred charges and accrued income -€44,307
down €44,307 (-88.7%), from €49,932 to €5,624
- Tangible fixed assets -€17,757
down €17,757 (-24.9%), from €71,429 to €53,671
of which Furniture and vehicles: -€17,391
- Other debts -€54,454
down €54,454 (-100%), from €54,454 to €0
- Accrued charges and deferred income -€18,000
down €18,000 (-100%), from €18,000 to €0
- Tax, wage and social debts -€16,739
down €16,739 (-27.3%), from €61,217 to €44,478
- Debts after one year -€15,764
down €15,764 (-43.4%), from €36,357 to €20,593
- Profit (loss) carried forward -€13,851
down €13,851 (-30.3%), from -€45,737 to -€59,588
- Gross operating margin +€30,127
up €30,127, from -€19,445 to €10,682
- Depreciation +€2,834
up €2,834 (+19.0%), from €14,923 to €17,757
- Financial charges -€2,824
down €2,824 (-28.6%), from €9,862 to €7,038
- Financial income +€1,986
up €1,986 (+353%), from €562 to €2,548
- Other operating charges +€235
up €235 (+13.7%), from €1,721 to €1,957
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €517,430 | €396,489 | -€120,941 | -23.4% |
| Fixed assets | 21/28 | €71,429 | €53,671 | -€17,757 | -24.9% |
| Tangible fixed assets | 22/27 | €71,429 | €53,671 | -€17,757 | -24.9% |
| Plant, machinery and equipment | 23 | €919 | €553 | -€366 | -39.8% |
| Furniture and vehicles | 24 | €70,509 | €53,118 | -€17,391 | -24.7% |
| Current assets | 29/58 | €446,002 | €342,818 | -€103,184 | -23.1% |
| Amounts receivable within one year | 40/41 | €253,013 | €146,454 | -€106,560 | -42.1% |
| Trade receivables | 40 | €216,744 | €109,318 | -€107,426 | -49.6% |
| Other amounts receivable | 41 | €36,269 | €37,135 | +€866 | +2.4% |
| Cash at bank and in hand | 54/58 | €143,056 | €190,740 | +€47,684 | +33.3% |
| Deferred charges and accrued income | 490/1 | €49,932 | €5,624 | -€44,307 | -88.7% |
| Total equity and liabilities | 10/49 | €517,430 | €396,489 | -€120,941 | -23.4% |
| Equity | 10/15 | €316,478 | €302,627 | -€13,851 | -4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €349,815 | €349,815 | = | 0.0% |
| Distributable reserves | 133 | €349,815 | €349,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,737 | -€59,588 | -€13,851 | -30.3% |
| Amounts payable | 17/49 | €200,952 | €93,862 | -€107,090 | -53.3% |
| Amounts payable after more than one year | 17 | €36,357 | €20,593 | -€15,764 | -43.4% |
| Financial debts | 170/4 | €36,357 | €20,593 | -€15,764 | -43.4% |
| Amounts payable within one year | 42/48 | €146,595 | €73,269 | -€73,327 | -50.0% |
| Current portion of amounts payable after more than one year | 42 | €15,158 | €15,764 | +€606 | +4.0% |
| Trade debts | 44 | €15,766 | €13,027 | -€2,740 | -17.4% |
| Suppliers | 440/4 | €15,766 | €13,027 | -€2,740 | -17.4% |
| Taxes, remuneration and social security | 45 | €61,217 | €44,478 | -€16,739 | -27.3% |
| Taxes | 450/3 | €61,217 | €44,478 | -€16,739 | -27.3% |
| Other amounts payable | 47/48 | €54,454 | €0 | -€54,454 | -100% |
| Accrued charges and deferred income | 492/3 | €18,000 | €0 | -€18,000 | -100% |
| Non-recurring operating income | 76A | €21,835 | €0 | -€21,835 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,923 | €17,757 | +€2,834 | +19.0% |
| Other operating charges | 640/8 | €1,721 | €1,957 | +€235 | +13.7% |
| Gross operating margin | 9900 | -€19,445 | €10,682 | +€30,127 | |
| Operating profit (loss) | 9901 | -€36,090 | -€9,032 | +€27,057 | +75.0% |
| Financial income | 75/76B | €562 | €2,548 | +€1,986 | +353% |
| Recurring financial income | 75 | €562 | €2,548 | +€1,986 | +353% |
| Financial charges | 65/66B | €9,862 | €7,038 | -€2,824 | -28.6% |
| Recurring financial charges | 65 | €9,862 | €7,038 | -€2,824 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | -€45,389 | -€13,522 | +€31,867 | +70.2% |
| Income taxes | 67/77 | €347 | €329 | -€19 | -5.4% |
| Profit (loss) for the period | 9904 | -€45,737 | -€13,851 | +€31,886 | +69.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,737 | -€13,851 | +€31,886 | +69.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.