9: 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.
9
Largest movements
- Receivables within one year +€51,313
up €51,313 (+123%), from €41,841 to €93,154
of which Trade receivables: +€44,313
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Cash -€25,434
down €25,434 (-62.2%), from €40,885 to €15,451
mainly Other debts (-€66,227) and Receivables within one year (-€51,313)
- Deferred charges and accrued income +€6,666
up €6,666 (+3,755%), from €178 to €6,843
- Receivables after one year -€4,681
down €4,681 (-3.4%), from €136,938 to €132,257
- Other debts -€66,227
down €66,227 (-38.5%), from €172,000 to €105,773
- Reserves +€32,500
up €32,500 (+21.3%), from €152,897 to €185,398
of which Distributable reserves: +€32,500
- Tax, wage and social debts +€8,790
up €8,790 (+142%), from €6,202 to €14,992
- Trade debts +€4,042
up €4,042 (+495%), from €817 to €4,860
- Gross operating margin +€43,030
up €43,030 (+226%), from €19,062 to €62,092
- Taxes +€16,723
up €16,723 (+328%), from €5,092 to €21,816
- Other operating charges -€5,430
down €5,430 (-78.9%), from €6,879 to €1,449
- Depreciation +€3,852
up €3,852 (+55.9%), from €6,890 to €10,742
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 | €391,273 | €370,378 | -€20,895 | -5.3% |
| Fixed assets | 21/28 | €21,432 | €22,673 | +€1,241 | +5.8% |
| Tangible fixed assets | 22/27 | €21,432 | €22,673 | +€1,241 | +5.8% |
| Land and buildings | 22 | €3,783 | €2,973 | -€810 | -21.4% |
| Furniture and vehicles | 24 | €17,648 | €19,700 | +€2,051 | +11.6% |
| Current assets | 29/58 | €369,841 | €347,705 | -€22,136 | -6.0% |
| Amounts receivable after more than one year | 29 | €136,938 | €132,257 | -€4,681 | -3.4% |
| Other amounts receivable | 291 | €136,938 | €132,257 | -€4,681 | -3.4% |
| Amounts receivable within one year | 40/41 | €41,841 | €93,154 | +€51,313 | +123% |
| Trade receivables | 40 | €8,117 | €52,430 | +€44,313 | +546% |
| Other amounts receivable | 41 | €33,725 | €40,724 | +€6,999 | +20.8% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €40,885 | €15,451 | -€25,434 | -62.2% |
| Deferred charges and accrued income | 490/1 | €178 | €6,843 | +€6,666 | +3,755% |
| Total equity and liabilities | 10/49 | €391,273 | €370,378 | -€20,895 | -5.3% |
| Equity | 10/15 | €212,254 | €244,754 | +€32,500 | +15.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €152,897 | €185,398 | +€32,500 | +21.3% |
| 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 | €151,037 | €183,538 | +€32,500 | +21.5% |
| Profit (loss) carried forward | 14 | €40,757 | €40,757 | = | 0.0% |
| Amounts payable | 17/49 | €179,019 | €125,624 | -€53,395 | -29.8% |
| Amounts payable within one year | 42/48 | €179,019 | €125,624 | -€53,395 | -29.8% |
| Trade debts | 44 | €817 | €4,860 | +€4,042 | +495% |
| Suppliers | 440/4 | €817 | €4,860 | +€4,042 | +495% |
| Taxes, remuneration and social security | 45 | €6,202 | €14,992 | +€8,790 | +142% |
| Taxes | 450/3 | €6,202 | €14,992 | +€8,790 | +142% |
| Other amounts payable | 47/48 | €172,000 | €105,773 | -€66,227 | -38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,890 | €10,742 | +€3,852 | +55.9% |
| Other operating charges | 640/8 | €6,879 | €1,449 | -€5,430 | -78.9% |
| Gross operating margin | 9900 | €19,062 | €62,092 | +€43,030 | +226% |
| Operating profit (loss) | 9901 | €5,293 | €49,900 | +€44,607 | +843% |
| Financial income | 75/76B | €4,695 | €4,712 | +€17 | +0.4% |
| Recurring financial income | 75 | €4,695 | €4,712 | +€17 | +0.4% |
| Financial charges | 65/66B | €341 | €296 | -€44 | -13.0% |
| Recurring financial charges | 65 | €341 | €296 | -€44 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €9,648 | €54,316 | +€44,668 | +463% |
| Income taxes | 67/77 | €5,092 | €21,816 | +€16,723 | +328% |
| Profit (loss) for the period | 9904 | €4,555 | €32,500 | +€27,945 | +613% |
| Profit (loss) for the period to be appropriated | 9905 | €4,555 | €32,500 | +€27,945 | +613% |
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 26 October 2026 via checked.be.