125: 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.
125
Largest movements
- Tangible fixed assets -€19,635
down €19,635 (-17.9%), from €109,994 to €90,358
of which Other tangible fixed assets: -€14,904
- Cash -€17,805
down €17,805 (-77.0%), from €23,135 to €5,330
mainly Investment in fixed assets (net) (-€22,585) and Net result for the year (-€21,775)
- Stocks and contracts +€3,883
up €3,883 (+26.4%), from €14,709 to €18,592
- Receivables within one year -€2,395
down €2,395 (-68.8%), from €3,482 to €1,087
of which Trade receivables: -€2,593
- Profit (loss) carried forward -€21,775
down €21,775 (-14.4%), from -€151,235 to -€173,009
- Debts after one year -€10,118
down €10,118 (-17.9%), from €56,579 to €46,461
- Current portion of long-term debt -€5,763
down €5,763 (-19.7%), from €29,183 to €23,420
- Trade debts -€4,104
down €4,104 (-31.2%), from €13,156 to €9,052
- Other debts +€3,566
up €3,566 (+2.4%), from €151,224 to €154,790
- Gross operating margin -€38,250
down €38,250 (-30.6%), from €125,023 to €86,773
- Depreciation +€8,610
up €8,610 (+25.6%), from €33,611 to €42,221
- Staff costs -€3,706
down €3,706 (-6.0%), from €61,269 to €57,563
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 | €161,998 | €125,360 | -€36,638 | -22.6% |
| Fixed assets | 21/28 | €110,494 | €90,858 | -€19,635 | -17.8% |
| Tangible fixed assets | 22/27 | €109,994 | €90,358 | -€19,635 | -17.9% |
| Plant, machinery and equipment | 23 | €9,405 | €6,472 | -€2,933 | -31.2% |
| Furniture and vehicles | 24 | €74,299 | €72,501 | -€1,798 | -2.4% |
| Other tangible fixed assets | 26 | €26,290 | €11,385 | -€14,904 | -56.7% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €51,504 | €34,501 | -€17,003 | -33.0% |
| Stocks and contracts in progress | 3 | €14,709 | €18,592 | +€3,883 | +26.4% |
| Stocks | 30/36 | €14,709 | €18,592 | +€3,883 | +26.4% |
| Amounts receivable within one year | 40/41 | €3,482 | €1,087 | -€2,395 | -68.8% |
| Trade receivables | 40 | €3,282 | €689 | -€2,593 | -79.0% |
| Other amounts receivable | 41 | €200 | €398 | +€199 | +99.5% |
| Cash at bank and in hand | 54/58 | €23,135 | €5,330 | -€17,805 | -77.0% |
| Deferred charges and accrued income | 490/1 | €10,178 | €9,492 | -€686 | -6.7% |
| Total equity and liabilities | 10/49 | €161,998 | €125,360 | -€36,638 | -22.6% |
| Equity | 10/15 | -€111,235 | -€133,009 | -€21,775 | -19.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,235 | -€173,009 | -€21,775 | -14.4% |
| Amounts payable | 17/49 | €273,232 | €258,369 | -€14,863 | -5.4% |
| Amounts payable after more than one year | 17 | €56,579 | €46,461 | -€10,118 | -17.9% |
| Financial debts | 170/4 | €56,579 | €46,461 | -€10,118 | -17.9% |
| Amounts payable within one year | 42/48 | €209,534 | €205,238 | -€4,296 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €29,183 | €23,420 | -€5,763 | -19.7% |
| Trade debts | 44 | €13,156 | €9,052 | -€4,104 | -31.2% |
| Suppliers | 440/4 | €13,156 | €9,052 | -€4,104 | -31.2% |
| Taxes, remuneration and social security | 45 | €15,970 | €17,975 | +€2,005 | +12.6% |
| Taxes | 450/3 | €11,107 | €12,020 | +€913 | +8.2% |
| Remuneration and social security | 454/9 | €4,863 | €5,955 | +€1,092 | +22.5% |
| Other amounts payable | 47/48 | €151,224 | €154,790 | +€3,566 | +2.4% |
| Accrued charges and deferred income | 492/3 | €7,119 | €6,670 | -€449 | -6.3% |
| Remuneration, social security and pensions | 62 | €61,269 | €57,563 | -€3,706 | -6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,611 | €42,221 | +€8,610 | +25.6% |
| Other operating charges | 640/8 | €3,643 | €2,758 | -€885 | -24.3% |
| Gross operating margin | 9900 | €125,023 | €86,773 | -€38,250 | -30.6% |
| Operating profit (loss) | 9901 | €26,500 | -€15,769 | -€42,268 | |
| Financial income | 75/76B | €117 | €174 | +€57 | +48.8% |
| Recurring financial income | 75 | €117 | €174 | +€57 | +48.8% |
| Financial charges | 65/66B | €6,780 | €5,548 | -€1,231 | -18.2% |
| Recurring financial charges | 65 | €6,780 | €5,548 | -€1,231 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €19,837 | -€21,143 | -€40,980 | |
| Income taxes | 67/77 | €395 | €631 | +€236 | +59.7% |
| Profit (loss) for the period | 9904 | €19,441 | -€21,775 | -€41,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,441 | -€21,775 | -€41,216 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.