AGM: 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.
AGM
Largest movements
- Tangible fixed assets -€504,346
down €504,346 (-37.0%), from €1.4m to €859,132
- Deferred charges and accrued income +€33,157
new in 2025: €33,157
- Receivables within one year +€24,174
up €24,174 (+33.7%), from €71,781 to €95,955
of which Other amounts receivable: +€73,834
- Current portion of long-term debt -€450,000
down €450,000 (-100.0%), from €450,000 to €0
- Profit (loss) carried forward -€91,609
down €91,609 (-235.3%), from -€38,925 to -€130,533
- Other debts +€83,938
up €83,938 (+8623.7%), from €973 to €84,911
- Gross operating margin -€82,600
down €82,600, from €78,265 to -€4,335
- Depreciation -€61,577
down €61,577 (-52.8%), from €116,635 to €55,058
- Other operating charges +€3,035
up €3,035 (+36.6%), from €8,286 to €11,321
- Financial charges -€835
down €835 (-3.7%), from €22,487 to €21,652
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 | €1,438,892 | €991,755 | -€447,137 | -31.1% |
| Fixed assets | 21/28 | €1,363,478 | €859,132 | -€504,346 | -37.0% |
| Tangible fixed assets | 22/27 | €1,363,478 | €859,132 | -€504,346 | -37.0% |
| Land and buildings | 22 | €1,363,478 | €859,132 | -€504,346 | -37.0% |
| Current assets | 29/58 | €75,414 | €132,623 | +€57,209 | +75.9% |
| Amounts receivable within one year | 40/41 | €71,781 | €95,955 | +€24,174 | +33.7% |
| Trade receivables | 40 | €71,781 | €22,121 | -€49,660 | -69.2% |
| Other amounts receivable | 41 | - | €73,834 | +€73,834 | |
| Cash at bank and in hand | 54/58 | €3,633 | €3,511 | -€122 | -3.4% |
| Deferred charges and accrued income | 490/1 | - | €33,157 | +€33,157 | |
| Total equity and liabilities | 10/49 | €1,438,892 | €991,755 | -€447,137 | -31.1% |
| Equity | 10/15 | €971,175 | €879,567 | -€91,609 | -9.4% |
| Contributions | 10/11 | €995,970 | €995,970 | = | 0.0% |
| Reserves | 13 | €14,130 | €14,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,130 | €14,130 | = | 0.0% |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€38,925 | -€130,533 | -€91,609 | -235.3% |
| Amounts payable | 17/49 | €467,717 | €112,189 | -€355,528 | -76.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €467,717 | €112,189 | -€355,528 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €450,000 | €0 | -€450,000 | -100.0% |
| Trade debts | 44 | €16,744 | €27,278 | +€10,534 | +62.9% |
| Suppliers | 440/4 | €16,744 | €27,278 | +€10,534 | +62.9% |
| Other amounts payable | 47/48 | €973 | €84,911 | +€83,938 | +8623.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €33,112 | +€33,112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,635 | €55,058 | -€61,577 | -52.8% |
| Other operating charges | 640/8 | €8,286 | €11,321 | +€3,035 | +36.6% |
| Gross operating margin | 9900 | €78,265 | -€4,335 | -€82,600 | |
| Operating profit (loss) | 9901 | -€46,656 | -€70,714 | -€24,058 | -51.6% |
| Financial income | 75/76B | - | €757 | +€757 | |
| Recurring financial income | 75 | - | €757 | +€757 | |
| Financial charges | 65/66B | €22,487 | €21,652 | -€835 | -3.7% |
| Recurring financial charges | 65 | €22,487 | €21,652 | -€835 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€69,143 | -€91,609 | -€22,465 | -32.5% |
| Profit (loss) for the period | 9904 | -€69,143 | -€91,609 | -€22,465 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,143 | -€91,609 | -€22,465 | -32.5% |
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 3 October 2026 via checked.be.