20c: 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.
20c
Largest movements
- Current investments +€30,000
new in 2026: €30,000
- Tangible fixed assets -€9,340
down €9,340 (-51.6%), from €18,099 to €8,759
- Receivables within one year +€6,886
up €6,886 (+50.0%), from €13,764 to €20,650
- Cash +€4,492
up €4,492 (+13.9%), from €32,302 to €36,794
mainly Net result for the year (+€39,045) and Depreciation (+€9,340)
- Reserves +€39,045
up €39,045 (+108.6%), from €35,968 to €75,013
- Debts after one year -€5,735
down €5,735 (-51.3%), from €11,187 to €5,452
- Other debts -€1,604
down €1,604 (-89.1%), from €1,800 to €196
- Depreciation -€3,224
down €3,224 (-25.7%), from €12,564 to €9,340
- Taxes +€774
up €774 (+6.7%), from €11,540 to €12,314
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €65,144 | €96,700 | +€31,557 | +48.4% |
| Fixed assets | 21/28 | €18,099 | €8,759 | -€9,340 | -51.6% |
| Tangible fixed assets | 22/27 | €18,099 | €8,759 | -€9,340 | -51.6% |
| Furniture and vehicles | 24 | €18,099 | €8,759 | -€9,340 | -51.6% |
| Current assets | 29/58 | €47,045 | €87,942 | +€40,897 | +86.9% |
| Amounts receivable within one year | 40/41 | €13,764 | €20,650 | +€6,886 | +50.0% |
| Trade receivables | 40 | €13,764 | €20,650 | +€6,886 | +50.0% |
| Current investments | 50/53 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €32,302 | €36,794 | +€4,492 | +13.9% |
| Deferred charges and accrued income | 490/1 | €980 | €498 | -€482 | -49.2% |
| Total equity and liabilities | 10/49 | €65,144 | €96,700 | +€31,557 | +48.4% |
| Equity | 10/15 | €38,968 | €78,013 | +€39,045 | +100.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €35,968 | €75,013 | +€39,045 | +108.6% |
| Distributable reserves | 133 | €35,968 | €75,013 | +€39,045 | +108.6% |
| Amounts payable | 17/49 | €26,176 | €18,687 | -€7,489 | -28.6% |
| Amounts payable after more than one year | 17 | €11,187 | €5,452 | -€5,735 | -51.3% |
| Financial debts | 170/4 | €11,187 | €5,452 | -€5,735 | -51.3% |
| Amounts payable within one year | 42/48 | €14,989 | €13,236 | -€1,753 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €5,522 | €5,735 | +€213 | +3.9% |
| Trade debts | 44 | - | €462 | +€462 | |
| Suppliers | 440/4 | - | €462 | +€462 | |
| Taxes, remuneration and social security | 45 | €7,667 | €6,843 | -€824 | -10.8% |
| Taxes | 450/3 | €5,167 | €4,343 | -€824 | -16.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €1,800 | €196 | -€1,604 | -89.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,564 | €9,340 | -€3,224 | -25.7% |
| Other operating charges | 640/8 | €1,228 | €781 | -€447 | -36.4% |
| Gross operating margin | 9900 | €62,344 | €62,207 | -€138 | -0.2% |
| Operating profit (loss) | 9901 | €48,552 | €52,085 | +€3,533 | +7.3% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,046 | €726 | -€319 | -30.5% |
| Recurring financial charges | 65 | €1,046 | €726 | -€319 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €47,507 | €51,359 | +€3,852 | +8.1% |
| Income taxes | 67/77 | €11,540 | €12,314 | +€774 | +6.7% |
| Profit (loss) for the period | 9904 | €35,968 | €39,045 | +€3,078 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,968 | €39,045 | +€3,078 | +8.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.