2nd PART: 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.
2nd PART
Largest movements
- Current investments +€61,875
up €61,875 (+20.2%), from €306,339 to €368,215
- Receivables within one year +€46,839
up €46,839 (+26.6%), from €175,877 to €222,716
of which Other amounts receivable: +€26,418
- Cash -€16,535
down €16,535 (-28.6%), from €57,717 to €41,183
mainly Other debts (-€143,030) and Current investments (-€61,875)
- Other debts -€143,030
down €143,030 (-100.0%), from €143,030 to €0
- Current portion of long-term debt +€120,000
new in 2025: €120,000
- Provisions +€52,059
new in 2025: €52,059
- Trade debts +€43,486
up €43,486 (+1492.7%), from €2,913 to €46,399
- Reserves +€18,840
up €18,840 (+3.2%), from €593,515 to €612,355
of which Distributable reserves: +€18,840
- Provisions +€52,059
new in 2025: €52,059
- Gross operating margin -€23,183
down €23,183 (-18.7%), from €124,239 to €101,056
- Financial income +€18,909
up €18,909 (+1068.6%), from €1,770 to €20,679
- Taxes -€5,632
down €5,632 (-16.3%), from €34,622 to €28,990
- Other operating charges +€5,371
up €5,371 (+242.0%), from €2,220 to €7,591
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 | €815,581 | €909,857 | +€94,276 | +11.6% |
| Fixed assets | 21/28 | €18,705 | €16,092 | -€2,613 | -14.0% |
| Tangible fixed assets | 22/27 | €18,705 | €16,092 | -€2,613 | -14.0% |
| Plant, machinery and equipment | 23 | €4,921 | €4,655 | -€266 | -5.4% |
| Furniture and vehicles | 24 | €13,784 | €11,437 | -€2,347 | -17.0% |
| Current assets | 29/58 | €796,876 | €893,765 | +€96,889 | +12.2% |
| Amounts receivable after more than one year | 29 | €255,000 | €255,000 | = | 0.0% |
| Trade receivables | 290 | €240,000 | €240,000 | = | 0.0% |
| Other amounts receivable | 291 | €15,000 | €15,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €175,877 | €222,716 | +€46,839 | +26.6% |
| Trade receivables | 40 | €33,992 | €54,413 | +€20,421 | +60.1% |
| Other amounts receivable | 41 | €141,885 | €168,304 | +€26,418 | +18.6% |
| Current investments | 50/53 | €306,339 | €368,215 | +€61,875 | +20.2% |
| Cash at bank and in hand | 54/58 | €57,717 | €41,183 | -€16,535 | -28.6% |
| Deferred charges and accrued income | 490/1 | €1,942 | €6,651 | +€4,710 | +242.6% |
| Total equity and liabilities | 10/49 | €815,581 | €909,857 | +€94,276 | +11.6% |
| Equity | 10/15 | €605,915 | €624,755 | +€18,840 | +3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €593,515 | €612,355 | +€18,840 | +3.2% |
| 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 | €591,655 | €610,495 | +€18,840 | +3.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €52,059 | +€52,059 | |
| Provisions for liabilities and charges | 160/5 | - | €52,059 | +€52,059 | |
| Other liabilities and charges | 164/5 | - | €52,059 | +€52,059 | |
| Amounts payable | 17/49 | €209,666 | €233,043 | +€23,377 | +11.1% |
| Amounts payable within one year | 42/48 | €191,587 | €211,134 | +€19,547 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | - | €120,000 | +€120,000 | |
| Financial debts | 43 | €0 | €17,662 | +€17,662 | |
| Credit institutions | 430/8 | €0 | €17,662 | +€17,662 | |
| Trade debts | 44 | €2,913 | €46,399 | +€43,486 | +1492.7% |
| Suppliers | 440/4 | €2,913 | €46,399 | +€43,486 | +1492.7% |
| Taxes, remuneration and social security | 45 | €45,643 | €27,073 | -€18,570 | -40.7% |
| Taxes | 450/3 | €45,643 | €27,073 | -€18,570 | -40.7% |
| Other amounts payable | 47/48 | €143,030 | €0 | -€143,030 | -100.0% |
| Accrued charges and deferred income | 492/3 | €18,079 | €21,909 | +€3,830 | +21.2% |
| Non-recurring operating income | 76A | €67 | €0 | -€67 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,121 | €8,693 | +€571 | +7.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €52,059 | +€52,059 | |
| Other operating charges | 640/8 | €2,220 | €7,591 | +€5,371 | +242.0% |
| Non-recurring operating charges | 66A | €677 | €0 | -€677 | -100.0% |
| Gross operating margin | 9900 | €124,239 | €101,056 | -€23,183 | -18.7% |
| Operating profit (loss) | 9901 | €113,221 | €32,713 | -€80,507 | -71.1% |
| Financial income | 75/76B | €1,770 | €20,679 | +€18,909 | +1068.6% |
| Recurring financial income | 75 | €1,770 | €20,679 | +€18,909 | +1068.6% |
| Financial charges | 65/66B | €963 | €5,562 | +€4,600 | +477.8% |
| Recurring financial charges | 65 | €963 | €5,562 | +€4,600 | +477.8% |
| Profit (loss) for the period before taxes | 9903 | €114,028 | €47,830 | -€66,198 | -58.1% |
| Income taxes | 67/77 | €34,622 | €28,990 | -€5,632 | -16.3% |
| Profit (loss) for the period | 9904 | €79,406 | €18,840 | -€60,565 | -76.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,406 | €18,840 | -€60,565 | -76.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.