AISEMENTS: 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.
AISEMENTS
Largest movements
- Tangible fixed assets +€88,637
up €88,637 (+5.7%), from €1.6m to €1.7m
of which Land and buildings: +€110,967
- Cash +€50,679
up €50,679 (+54.4%), from €93,095 to €143,774
mainly Debts after one year (+€161,509) and Depreciation (+€123,588)
- Debts after one year +€161,509
up €161,509 (+20.7%), from €781,254 to €942,763
of which Financial debts: +€161,509
- Trade debts -€29,213
no longer reported in 2025 (was €29,213)
- Financial income -€78,535
down €78,535 (-90.1%), from €87,162 to €8,627
of which Non-recurring financial income: -€76,000
- Gross operating margin +€75,447
up €75,447 (+71.3%), from €105,820 to €181,267
- Depreciation +€43,316
up €43,316 (+54.0%), from €80,272 to €123,588
- Financial charges +€11,636
up €11,636 (+66.0%), from €17,620 to €29,255
- Taxes -€3,675
down €3,675 (-79.3%), from €4,632 to €957
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 | €1,774,153 | €1,903,974 | +€129,821 | +7.3% |
| Fixed assets | 21/28 | €1,565,935 | €1,654,572 | +€88,637 | +5.7% |
| Tangible fixed assets | 22/27 | €1,565,935 | €1,654,572 | +€88,637 | +5.7% |
| Land and buildings | 22 | €1,406,947 | €1,517,915 | +€110,967 | +7.9% |
| Plant, machinery and equipment | 23 | €157,738 | €136,437 | -€21,301 | -13.5% |
| Furniture and vehicles | 24 | €1,249 | €220 | -€1,029 | -82.4% |
| Current assets | 29/58 | €208,218 | €249,402 | +€41,184 | +19.8% |
| Amounts receivable within one year | 40/41 | €10,744 | €5,838 | -€4,905 | -45.7% |
| Other amounts receivable | 41 | €10,744 | €5,838 | -€4,905 | -45.7% |
| Current investments | 50/53 | €87,707 | €82,635 | -€5,072 | -5.8% |
| Cash at bank and in hand | 54/58 | €93,095 | €143,774 | +€50,679 | +54.4% |
| Deferred charges and accrued income | 490/1 | €16,672 | €17,155 | +€483 | +2.9% |
| Total equity and liabilities | 10/49 | €1,774,153 | €1,903,974 | +€129,821 | +7.3% |
| Equity | 10/15 | €839,904 | €841,437 | +€1,533 | +0.2% |
| Contributions | 10/11 | €44,850 | €44,850 | = | 0.0% |
| Reserves | 13 | €698,437 | €708,006 | +€9,569 | +1.4% |
| Tax-exempt reserves | 132 | €989 | €989 | = | 0.0% |
| Distributable reserves | 133 | €697,448 | €707,017 | +€9,569 | +1.4% |
| Investment grants | 15 | €96,617 | €88,581 | -€8,036 | -8.3% |
| Amounts payable | 17/49 | €934,249 | €1,062,537 | +€128,288 | +13.7% |
| Amounts payable after more than one year | 17 | €781,254 | €942,763 | +€161,509 | +20.7% |
| Financial debts | 170/4 | €779,754 | €941,263 | +€161,509 | +20.7% |
| Other amounts payable | 178/9 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €125,223 | €97,960 | -€27,263 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €91,378 | €93,720 | +€2,342 | +2.6% |
| Financial debts | 43 | - | €3,283 | +€3,283 | |
| Credit institutions | 430/8 | - | €3,283 | +€3,283 | |
| Trade debts | 44 | €29,213 | - | -€29,213 | |
| Suppliers | 440/4 | €29,213 | - | -€29,213 | |
| Taxes, remuneration and social security | 45 | €4,632 | €957 | -€3,675 | -79.3% |
| Taxes | 450/3 | €4,632 | €957 | -€3,675 | -79.3% |
| Accrued charges and deferred income | 492/3 | €27,772 | €21,815 | -€5,957 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,272 | €123,588 | +€43,316 | +54.0% |
| Other operating charges | 640/8 | €24,139 | €26,525 | +€2,386 | +9.9% |
| Non-recurring operating charges | 66A | €20,000 | - | -€20,000 | |
| Gross operating margin | 9900 | €105,820 | €181,267 | +€75,447 | +71.3% |
| Operating profit (loss) | 9901 | -€18,591 | €31,154 | +€49,746 | |
| Financial income | 75/76B | €87,162 | €8,627 | -€78,535 | -90.1% |
| Recurring financial income | 75 | €11,162 | €8,627 | -€2,535 | -22.7% |
| Non-recurring financial income | 76B | €76,000 | - | -€76,000 | |
| Financial charges | 65/66B | €17,620 | €29,255 | +€11,636 | +66.0% |
| Recurring financial charges | 65 | €17,620 | €29,255 | +€11,636 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | €50,951 | €10,526 | -€40,425 | -79.3% |
| Income taxes | 67/77 | €4,632 | €957 | -€3,675 | -79.3% |
| Profit (loss) for the period | 9904 | €46,319 | €9,569 | -€36,750 | -79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,319 | €9,569 | -€36,750 | -79.3% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.