4 INVEST: what changed
Two financial 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.
4 INVEST
Largest movements
- Cash +€49,999
up €49,999 (+53.4%), from €93,569 to €143,568
mainly Other debts (+€83,403) and Net result for the year (+€49,623)
- Reserves -€425,044
down €425,044 (-89.2%), from €476,294 to €51,250
of which Distributable reserves: -€425,044
- Profit (loss) carried forward +€391,264
no longer reported in 2025 (was -€391,264)
- Other debts +€83,403
new in 2025: €83,403
- Gross operating margin +€1,886
up €1,886 (+2.9%), from €64,608 to €66,495
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.
Derived cash bridge
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 | €597,915 | €647,453 | +€49,538 | +8.3% |
| Fixed assets | 21/28 | €500,000 | €500,000 | = | 0.0% |
| Tangible fixed assets | 22/27 | €500,000 | €500,000 | = | 0.0% |
| Land and buildings | 22 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €97,915 | €147,453 | +€49,538 | +50.6% |
| Amounts receivable within one year | 40/41 | €4,041 | €3,580 | -€460 | -11.4% |
| Other amounts receivable | 41 | €4,041 | €3,580 | -€460 | -11.4% |
| Cash at bank and in hand | 54/58 | €93,569 | €143,568 | +€49,999 | +53.4% |
| Deferred charges and accrued income | 490/1 | €305 | €305 | = | 0.0% |
| Total equity and liabilities | 10/49 | €597,915 | €647,453 | +€49,538 | +8.3% |
| Equity | 10/15 | €597,530 | €563,750 | -€33,780 | -5.7% |
| Contributions | 10/11 | €512,500 | €512,500 | = | 0.0% |
| Capital | 10 | €512,500 | €512,500 | = | 0.0% |
| Issued capital | 100 | €512,500 | €512,500 | = | 0.0% |
| Reserves | 13 | €476,294 | €51,250 | -€425,044 | -89.2% |
| Non-distributable reserves | 130/1 | €51,250 | €51,250 | = | 0.0% |
| Legal reserve | 130 | €51,250 | €51,250 | = | 0.0% |
| Distributable reserves | 133 | €425,044 | - | -€425,044 | |
| Profit (loss) carried forward | 14 | -€391,264 | - | +€391,264 | |
| Amounts payable | 17/49 | €384 | €83,703 | +€83,318 | +21,673% |
| Amounts payable within one year | 42/48 | - | €83,403 | +€83,403 | |
| Other amounts payable | 47/48 | - | €83,403 | +€83,403 | |
| Accrued charges and deferred income | 492/3 | €384 | €300 | -€85 | -22.0% |
| Other operating charges | 640/8 | €647 | €732 | +€85 | +13.1% |
| Gross operating margin | 9900 | €64,608 | €66,495 | +€1,886 | +2.9% |
| Operating profit (loss) | 9901 | €63,961 | €65,763 | +€1,801 | +2.8% |
| Financial income | 75/76B | - | €404 | +€404 | |
| Recurring financial income | 75 | - | €404 | +€404 | |
| Financial charges | 65/66B | €124 | €3 | -€121 | -98.0% |
| Recurring financial charges | 65 | €124 | €3 | -€121 | -98.0% |
| Profit (loss) for the period before taxes | 9903 | €63,838 | €66,164 | +€2,326 | +3.6% |
| Income taxes | 67/77 | €15,959 | €16,541 | +€582 | +3.6% |
| Profit (loss) for the period | 9904 | €47,878 | €49,623 | +€1,745 | +3.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,878 | €49,623 | +€1,745 | +3.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.