A+: 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.
A+
Largest movements
- Receivables within one year -€104,823
down €104,823 (-95.5%), from €109,749 to €4,926
of which Other amounts receivable: -€84,091
- Cash +€94,832
up €94,832 (+1725.0%), from €5,498 to €100,329
mainly Receivables within one year (+€104,823) and Net result for the year (+€72,620)
- Tangible fixed assets +€22,371
up €22,371 (+6.2%), from €361,781 to €384,152
of which Plant, machinery and equipment: +€22,421
- Reserves +€32,620
up €32,620 (+6.4%), from €513,002 to €545,622
of which Distributable reserves: +€32,620
- Advances received -€21,428
no longer reported in 2025 (was €21,428)
- Gross operating margin -€70,859
down €70,859 (-39.7%), from €178,683 to €107,824
- Financial income +€13,469
up €13,469 (+269387.0%), from €5 to €13,474
- Taxes +€9,800
up €9,800 (+30.8%), from €31,845 to €41,645
- Depreciation -€3,970
down €3,970 (-53.6%), from €7,407 to €3,437
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 | €568,553 | €580,933 | +€12,380 | +2.2% |
| Fixed assets | 21/28 | €453,307 | €475,678 | +€22,371 | +4.9% |
| Tangible fixed assets | 22/27 | €361,781 | €384,152 | +€22,371 | +6.2% |
| Land and buildings | 22 | €335,504 | €335,454 | -€50 | 0.0% |
| Plant, machinery and equipment | 23 | €26,277 | €48,698 | +€22,421 | +85.3% |
| Financial fixed assets | 28 | €91,526 | €91,526 | = | 0.0% |
| Current assets | 29/58 | €115,246 | €105,255 | -€9,991 | -8.7% |
| Amounts receivable within one year | 40/41 | €109,749 | €4,926 | -€104,823 | -95.5% |
| Trade receivables | 40 | €21,474 | €742 | -€20,732 | -96.5% |
| Other amounts receivable | 41 | €88,275 | €4,184 | -€84,091 | -95.3% |
| Cash at bank and in hand | 54/58 | €5,498 | €100,329 | +€94,832 | +1725.0% |
| Total equity and liabilities | 10/49 | €568,553 | €580,933 | +€12,380 | +2.2% |
| Equity | 10/15 | €531,602 | €564,222 | +€32,620 | +6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €513,002 | €545,622 | +€32,620 | +6.4% |
| Non-distributable reserves | 130/1 | €50 | €50 | = | 0.0% |
| Reserves not available under the articles | 1311 | €50 | €50 | = | 0.0% |
| Distributable reserves | 133 | €512,952 | €545,572 | +€32,620 | +6.4% |
| Amounts payable | 17/49 | €36,951 | €16,711 | -€20,240 | -54.8% |
| Amounts payable within one year | 42/48 | €36,951 | €16,711 | -€20,240 | -54.8% |
| Trade debts | 44 | €1,228 | €1,128 | -€100 | -8.1% |
| Suppliers | 440/4 | €1,228 | €1,128 | -€100 | -8.1% |
| Advances received on contracts in progress | 46 | €21,428 | - | -€21,428 | |
| Taxes, remuneration and social security | 45 | €2,777 | €4,174 | +€1,397 | +50.3% |
| Taxes | 450/3 | €2,777 | €4,174 | +€1,397 | +50.3% |
| Other amounts payable | 47/48 | €11,519 | €11,410 | -€109 | -0.9% |
| Remuneration, social security and pensions | 62 | €1,280 | €1,600 | +€320 | +25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,407 | €3,437 | -€3,970 | -53.6% |
| Other operating charges | 640/8 | €1,325 | €1,923 | +€598 | +45.2% |
| Gross operating margin | 9900 | €178,683 | €107,824 | -€70,859 | -39.7% |
| Operating profit (loss) | 9901 | €168,671 | €100,864 | -€67,807 | -40.2% |
| Financial income | 75/76B | €5 | €13,474 | +€13,469 | +269387.0% |
| Recurring financial income | 75 | €5 | €13,474 | +€13,469 | +269387.0% |
| Financial charges | 65/66B | €311 | €74 | -€237 | -76.3% |
| Recurring financial charges | 65 | €311 | €74 | -€237 | -76.3% |
| Profit (loss) for the period before taxes | 9903 | €168,365 | €114,265 | -€54,101 | -32.1% |
| Income taxes | 67/77 | €31,845 | €41,645 | +€9,800 | +30.8% |
| Profit (loss) for the period | 9904 | €136,521 | €72,620 | -€63,900 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €136,521 | €72,620 | -€63,900 | -46.8% |
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 1 October 2026 via checked.be.