ALTERNATIVE: 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.
ALTERNATIVE
Largest movements
- Stocks and contracts +€347,269
new in 2025: €347,269
- Cash -€346,762
down €346,762 (-70.5%), from €491,814 to €145,052
mainly Stocks and contracts (-€347,269) and Tax, wage and social debts (-€14,816)
- Tax, wage and social debts -€14,816
down €14,816 (-85.8%), from €17,277 to €2,461
of which Taxes: -€17,277
- Trade debts +€14,706
up €14,706 (+538%), from €2,733 to €17,439
- Other debts -€12,577
down €12,577 (-67.9%), from €18,524 to €5,947
- Debts after one year -€11,415
down €11,415 (-10.3%), from €110,809 to €99,394
- Reserves +€8,950
up €8,950 (+1.8%), from €490,542 to €499,492
- Gross operating margin -€210,477
down €210,477 (-78.0%), from €269,939 to €59,462
- Taxes -€60,121
down €60,121 (-92.6%), from €64,905 to €4,784
- Financial charges -€5,587
down €5,587 (-40.0%), from €13,969 to €8,382
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 | €679,232 | €668,348 | -€10,884 | -1.6% |
| Fixed assets | 21/28 | €165,100 | €159,841 | -€5,259 | -3.2% |
| Tangible fixed assets | 22/27 | €165,100 | €159,841 | -€5,259 | -3.2% |
| Land and buildings | 22 | €164,864 | €159,841 | -€5,023 | -3.0% |
| Furniture and vehicles | 24 | €236 | - | -€236 | |
| Current assets | 29/58 | €514,132 | €508,507 | -€5,625 | -1.1% |
| Stocks and contracts in progress | 3 | - | €347,269 | +€347,269 | |
| Stocks | 30/36 | - | €347,269 | +€347,269 | |
| Amounts receivable within one year | 40/41 | €2,501 | €923 | -€1,578 | -63.1% |
| Other amounts receivable | 41 | €2,501 | €923 | -€1,578 | -63.1% |
| Cash at bank and in hand | 54/58 | €491,814 | €145,052 | -€346,762 | -70.5% |
| Deferred charges and accrued income | 490/1 | €19,817 | €15,263 | -€4,554 | -23.0% |
| Total equity and liabilities | 10/49 | €679,232 | €668,348 | -€10,884 | -1.6% |
| Equity | 10/15 | €510,208 | €519,188 | +€8,980 | +1.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €490,542 | €499,492 | +€8,950 | +1.8% |
| Distributable reserves | 133 | €490,542 | €499,492 | +€8,950 | +1.8% |
| Profit (loss) carried forward | 14 | €1,066 | €1,096 | +€30 | +2.8% |
| Amounts payable | 17/49 | €169,024 | €149,160 | -€19,864 | -11.8% |
| Amounts payable after more than one year | 17 | €110,809 | €99,394 | -€11,415 | -10.3% |
| Financial debts | 170/4 | €110,809 | €99,394 | -€11,415 | -10.3% |
| Amounts payable within one year | 42/48 | €51,918 | €39,231 | -€12,687 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €13,384 | €13,384 | = | 0.0% |
| Trade debts | 44 | €2,733 | €17,439 | +€14,706 | +538% |
| Suppliers | 440/4 | €2,733 | €17,439 | +€14,706 | +538% |
| Taxes, remuneration and social security | 45 | €17,277 | €2,461 | -€14,816 | -85.8% |
| Taxes | 450/3 | €17,277 | - | -€17,277 | |
| Remuneration and social security | 454/9 | - | €2,461 | +€2,461 | |
| Other amounts payable | 47/48 | €18,524 | €5,947 | -€12,577 | -67.9% |
| Accrued charges and deferred income | 492/3 | €6,297 | €10,535 | +€4,238 | +67.3% |
| Remuneration, social security and pensions | 62 | €6,118 | €5,701 | -€417 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,572 | €5,259 | -€1,313 | -20.0% |
| Other operating charges | 640/8 | €29,174 | €27,001 | -€2,173 | -7.4% |
| Non-recurring operating charges | 66A | €1,275 | €666 | -€609 | -47.8% |
| Gross operating margin | 9900 | €269,939 | €59,462 | -€210,477 | -78.0% |
| Operating profit (loss) | 9901 | €226,800 | €20,835 | -€205,965 | -90.8% |
| Financial income | 75/76B | €96 | €1,311 | +€1,215 | +1,266% |
| Recurring financial income | 75 | €96 | €1,311 | +€1,215 | +1,266% |
| Financial charges | 65/66B | €13,969 | €8,382 | -€5,587 | -40.0% |
| Recurring financial charges | 65 | €13,969 | €8,382 | -€5,587 | -40.0% |
| Profit (loss) for the period before taxes | 9903 | €212,927 | €13,764 | -€199,163 | -93.5% |
| Income taxes | 67/77 | €64,905 | €4,784 | -€60,121 | -92.6% |
| Profit (loss) for the period | 9904 | €148,022 | €8,980 | -€139,042 | -93.9% |
| Profit (loss) for the period to be appropriated | 9905 | €148,022 | €8,980 | -€139,042 | -93.9% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.