4 - PM: 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 - PM
Largest movements
- Tangible fixed assets +€429,304
up €429,304 (+71.5%), from €600,170 to €1.0m
of which Land and buildings: +€421,427
- Receivables within one year -€96,641
down €96,641 (-88.5%), from €109,161 to €12,520
of which Other amounts receivable: -€98,346
- Cash -€58,854
down €58,854 (-34.6%), from €170,003 to €111,149
mainly Investment in fixed assets (net) (-€559,012) and Contributions, distributions and other (-€111,538)
- Debts after one year +€301,995
up €301,995 (+148%), from €204,660 to €506,655
of which Financial debts: +€299,595
- Reserves -€54,254
down €54,254 (-9.3%), from €584,226 to €529,972
- Current portion of long-term debt +€18,302
up €18,302 (+96.3%), from €19,003 to €37,305
- Other debts +€13,477
up €13,477 (+32.6%), from €41,384 to €54,861
- Depreciation +€63,519
up €63,519 (+96.0%), from €66,189 to €129,708
- Gross operating margin +€23,220
up €23,220 (+11.2%), from €207,875 to €231,095
- Taxes -€20,464
down €20,464 (-46.6%), from €43,874 to €23,410
- Financial charges +€9,595
up €9,595 (+119%), from €8,095 to €17,690
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 | €890,235 | €1,167,236 | +€277,001 | +31.1% |
| Fixed assets | 21/28 | €600,170 | €1,029,474 | +€429,304 | +71.5% |
| Tangible fixed assets | 22/27 | €600,170 | €1,029,474 | +€429,304 | +71.5% |
| Land and buildings | 22 | €582,452 | €1,003,879 | +€421,427 | +72.4% |
| Plant, machinery and equipment | 23 | €2,470 | €6,670 | +€4,200 | +170% |
| Furniture and vehicles | 24 | €15,248 | €18,925 | +€3,677 | +24.1% |
| Current assets | 29/58 | €290,065 | €137,762 | -€152,303 | -52.5% |
| Amounts receivable within one year | 40/41 | €109,161 | €12,520 | -€96,641 | -88.5% |
| Trade receivables | 40 | €9,145 | €10,850 | +€1,705 | +18.6% |
| Other amounts receivable | 41 | €100,016 | €1,670 | -€98,346 | -98.3% |
| Cash at bank and in hand | 54/58 | €170,003 | €111,149 | -€58,854 | -34.6% |
| Deferred charges and accrued income | 490/1 | €10,901 | €14,093 | +€3,192 | +29.3% |
| Total equity and liabilities | 10/49 | €890,235 | €1,167,236 | +€277,001 | +31.1% |
| Equity | 10/15 | €602,826 | €548,572 | -€54,254 | -9.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €584,226 | €529,972 | -€54,254 | -9.3% |
| Distributable reserves | 133 | €584,226 | €529,972 | -€54,254 | -9.3% |
| Amounts payable | 17/49 | €287,409 | €618,664 | +€331,255 | +115% |
| Amounts payable after more than one year | 17 | €204,660 | €506,655 | +€301,995 | +148% |
| Financial debts | 170/4 | €201,605 | €501,200 | +€299,595 | +149% |
| Other amounts payable | 178/9 | €3,055 | €5,455 | +€2,400 | +78.6% |
| Amounts payable within one year | 42/48 | €82,749 | €109,594 | +€26,845 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | €19,003 | €37,305 | +€18,302 | +96.3% |
| Trade debts | 44 | €11,755 | €6,195 | -€5,560 | -47.3% |
| Suppliers | 440/4 | €11,755 | €6,195 | -€5,560 | -47.3% |
| Taxes, remuneration and social security | 45 | €10,607 | €11,233 | +€626 | +5.9% |
| Taxes | 450/3 | €10,607 | €11,233 | +€626 | +5.9% |
| Other amounts payable | 47/48 | €41,384 | €54,861 | +€13,477 | +32.6% |
| Accrued charges and deferred income | 492/3 | - | €2,415 | +€2,415 | |
| Non-recurring operating income | 76A | - | €11,291 | +€11,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,189 | €129,708 | +€63,519 | +96.0% |
| Other operating charges | 640/8 | €2,369 | €4,587 | +€2,218 | +93.6% |
| Gross operating margin | 9900 | €207,875 | €231,095 | +€23,220 | +11.2% |
| Operating profit (loss) | 9901 | €139,317 | €96,800 | -€42,517 | -30.5% |
| Financial income | 75/76B | €3,787 | €1,584 | -€2,203 | -58.2% |
| Recurring financial income | 75 | €3,787 | €1,584 | -€2,203 | -58.2% |
| Financial charges | 65/66B | €8,095 | €17,690 | +€9,595 | +119% |
| Recurring financial charges | 65 | €8,095 | €17,690 | +€9,595 | +119% |
| Profit (loss) for the period before taxes | 9903 | €135,009 | €80,694 | -€54,315 | -40.2% |
| Income taxes | 67/77 | €43,874 | €23,410 | -€20,464 | -46.6% |
| Profit (loss) for the period | 9904 | €91,135 | €57,284 | -€33,851 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €91,135 | €57,284 | -€33,851 | -37.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.