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.
Dr. Annelien Tits
Largest movements
- Current investments +€50,000
new in 2025: €50,000
- Cash -€13,700
down €13,700 (-22.6%), from €60,569 to €46,869
mainly Current investments (-€50,000) and Receivables within one year (-€10,783)
- Receivables within one year +€10,783
up €10,783 (+170.9%), from €6,308 to €17,091
of which Trade receivables: +€6,883
- Deferred charges and accrued income +€4,599
up €4,599 (+1992.5%), from €231 to €4,830
- Profit (loss) carried forward +€47,333
up €47,333 (+101.5%), from €46,653 to €93,986
- Other debts +€2,461
up €2,461 (+185.4%), from €1,328 to €3,788
- Tax, wage and social debts +€1,504
up €1,504 (+20.9%), from €7,200 to €8,704
- Depreciation -€1,231
down €1,231 (-84.3%), from €1,460 to €229
- Taxes +€904
up €904 (+7.4%), from €12,200 to €13,104
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 | €67,336 | €118,790 | +€51,454 | +76.4% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €229 | - | -€229 | |
| Intangible fixed assets | 21 | €229 | - | -€229 | |
| Current assets | 29/58 | €67,108 | €118,790 | +€51,682 | +77.0% |
| Amounts receivable within one year | 40/41 | €6,308 | €17,091 | +€10,783 | +170.9% |
| Trade receivables | 40 | €3,308 | €10,191 | +€6,883 | +208.0% |
| Other amounts receivable | 41 | €3,000 | €6,900 | +€3,900 | +130.0% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €60,569 | €46,869 | -€13,700 | -22.6% |
| Deferred charges and accrued income | 490/1 | €231 | €4,830 | +€4,599 | +1992.5% |
| Total equity and liabilities | 10/49 | €67,336 | €118,790 | +€51,454 | +76.4% |
| Equity | 10/15 | €51,653 | €98,986 | +€47,333 | +91.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €46,653 | €93,986 | +€47,333 | +101.5% |
| Amounts payable | 17/49 | €15,683 | €19,804 | +€4,121 | +26.3% |
| Amounts payable within one year | 42/48 | €15,072 | €18,992 | +€3,920 | +26.0% |
| Trade debts | 44 | €6,544 | €6,499 | -€45 | -0.7% |
| Suppliers | 440/4 | €6,544 | €6,499 | -€45 | -0.7% |
| Taxes, remuneration and social security | 45 | €7,200 | €8,704 | +€1,504 | +20.9% |
| Taxes | 450/3 | €7,200 | €8,704 | +€1,504 | +20.9% |
| Other amounts payable | 47/48 | €1,328 | €3,788 | +€2,461 | +185.4% |
| Accrued charges and deferred income | 492/3 | €611 | €812 | +€201 | +32.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,460 | €229 | -€1,231 | -84.3% |
| Other operating charges | 640/8 | €141 | - | -€141 | |
| Gross operating margin | 9900 | €60,515 | €60,930 | +€415 | +0.7% |
| Operating profit (loss) | 9901 | €58,915 | €60,702 | +€1,787 | +3.0% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €62 | €266 | +€204 | +331.4% |
| Recurring financial charges | 65 | €62 | €266 | +€204 | +331.4% |
| Profit (loss) for the period before taxes | 9903 | €58,853 | €60,437 | +€1,584 | +2.7% |
| Income taxes | 67/77 | €12,200 | €13,104 | +€904 | +7.4% |
| Profit (loss) for the period | 9904 | €46,653 | €47,333 | +€680 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,653 | €47,333 | +€680 | +1.5% |
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 26 September 2026 via checked.be.