3 KEYS: 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.
3 KEYS
Largest movements
- Stocks and contracts -€857,794
down €857,794 (-15.9%), from €5.4m to €4.5m
- Cash +€84,207
up €84,207 (+276.6%), from €30,443 to €114,650
mainly Stocks and contracts (+€857,794) and Other debts (+€247,774)
- Short-term financial debts -€1.2m
down €1.2m (-51.0%), from €2.3m to €1.1m
- Other debts +€247,774
up €247,774 (+29.3%), from €846,566 to €1.1m
- Profit (loss) carried forward +€98,793
up €98,793 (+20.9%), from -€473,200 to -€374,407
- Gross operating margin +€259,325
up €259,325, from -€21,228 to €238,098
- Financial charges -€14,923
down €14,923 (-9.7%), from €153,076 to €138,153
- Other operating charges -€5,977
down €5,977 (-83.7%), from €7,142 to €1,165
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 | €5,455,422 | €4,641,613 | -€813,809 | -14.9% |
| Current assets | 29/58 | €5,455,422 | €4,641,613 | -€813,809 | -14.9% |
| Stocks and contracts in progress | 3 | €5,384,307 | €4,526,513 | -€857,794 | -15.9% |
| Stocks | 30/36 | €5,384,307 | €4,526,513 | -€857,794 | -15.9% |
| Amounts receivable within one year | 40/41 | €39,970 | €0 | -€39,970 | -100.0% |
| Other amounts receivable | 41 | €39,970 | €0 | -€39,970 | -100.0% |
| Cash at bank and in hand | 54/58 | €30,443 | €114,650 | +€84,207 | +276.6% |
| Deferred charges and accrued income | 490/1 | €701 | €451 | -€251 | -35.8% |
| Total equity and liabilities | 10/49 | €5,455,422 | €4,641,613 | -€813,809 | -14.9% |
| Equity | 10/15 | €2,241,800 | €2,340,593 | +€98,793 | +4.4% |
| Contributions | 10/11 | €2,715,000 | €2,715,000 | = | 0.0% |
| Capital | 10 | €2,715,000 | €2,715,000 | = | 0.0% |
| Issued capital | 100 | €2,715,000 | €2,715,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€473,200 | -€374,407 | +€98,793 | +20.9% |
| Amounts payable | 17/49 | €3,213,622 | €2,301,020 | -€912,602 | -28.4% |
| Amounts payable within one year | 42/48 | €3,201,055 | €2,300,318 | -€900,737 | -28.1% |
| Financial debts | 43 | €2,331,000 | €1,141,600 | -€1.2m | -51.0% |
| Credit institutions | 430/8 | €2,331,000 | €1,141,600 | -€1.2m | -51.0% |
| Trade debts | 44 | €23,489 | €64,377 | +€40,888 | +174.1% |
| Suppliers | 440/4 | €23,489 | €64,377 | +€40,888 | +174.1% |
| Other amounts payable | 47/48 | €846,566 | €1,094,340 | +€247,774 | +29.3% |
| Accrued charges and deferred income | 492/3 | €12,567 | €703 | -€11,864 | -94.4% |
| Other operating charges | 640/8 | €7,142 | €1,165 | -€5,977 | -83.7% |
| Gross operating margin | 9900 | -€21,228 | €238,098 | +€259,325 | |
| Operating profit (loss) | 9901 | -€28,370 | €236,932 | +€265,302 | |
| Financial income | 75/76B | €975 | €14 | -€961 | -98.6% |
| Recurring financial income | 75 | €975 | €14 | -€961 | -98.6% |
| Financial charges | 65/66B | €153,076 | €138,153 | -€14,923 | -9.7% |
| Recurring financial charges | 65 | €153,076 | €138,153 | -€14,923 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | -€180,471 | €98,793 | +€279,264 | |
| Profit (loss) for the period | 9904 | -€180,471 | €98,793 | +€279,264 | |
| Profit (loss) for the period to be appropriated | 9905 | -€180,471 | €98,793 | +€279,264 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.