API: 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.
API
Largest movements
- Cash +€2.6m
up €2.6m (+739.3%), from €349,634 to €2.9m
- Intangible fixed assets +€1.5m
new in 2025: €1.5m
- Stocks and contracts +€1.1m
new in 2025: €1.1m
- Receivables within one year +€614,169
up €614,169 (+45118.0%), from €1,361 to €615,530
of which Trade receivables: +€318,613
- Tangible fixed assets +€465,367
up €465,367 (+16197.6%), from €2,873 to €468,240
of which Plant, machinery and equipment: +€413,764
- Debts after one year +€3.6m
new in 2025: €3.6m
of which Trade debts: +€2.1m
- Other debts +€1.2m
new in 2025: €1.2m
- Trade debts +€700,970
new in 2025: €700,970
- Tax, wage and social debts +€384,090
up €384,090 (+410571.5%), from €94 to €384,183
of which Remuneration and social security: +€361,280
- Current portion of long-term debt +€342,935
new in 2025: €342,935
- Gross operating margin +€5.7m
up €5.7m, from -€15,184 to €5.7m
- Staff costs +€4.0m
new in 2025: €4.0m
- Depreciation +€315,445
new in 2025: €315,445
- Financial charges +€145,356
up €145,356 (+34263.5%), from €424 to €145,780
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,869 | €6,531,613 | +€6.2m | +1745.8% |
| Fixed assets | 21/28 | €2,873 | €1,923,012 | +€1.9m | +66832.3% |
| Intangible fixed assets | 21 | - | €1,454,772 | +€1.5m | |
| Tangible fixed assets | 22/27 | €2,873 | €468,240 | +€465,367 | +16197.6% |
| Plant, machinery and equipment | 23 | - | €413,764 | +€413,764 | |
| Furniture and vehicles | 24 | €2,873 | €34,117 | +€31,244 | +1087.5% |
| Other tangible fixed assets | 26 | - | €20,359 | +€20,359 | |
| Current assets | 29/58 | €350,996 | €4,608,600 | +€4.3m | +1213.0% |
| Stocks and contracts in progress | 3 | - | €1,050,521 | +€1.1m | |
| Stocks | 30/36 | - | €1,050,521 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €1,361 | €615,530 | +€614,169 | +45118.0% |
| Trade receivables | 40 | €1,361 | €319,974 | +€318,613 | +23405.9% |
| Other amounts receivable | 41 | - | €295,556 | +€295,556 | |
| Cash at bank and in hand | 54/58 | €349,634 | €2,934,455 | +€2.6m | +739.3% |
| Deferred charges and accrued income | 490/1 | €1 | €8,095 | +€8,094 | +1140016.9% |
| Total equity and liabilities | 10/49 | €353,869 | €6,531,613 | +€6.2m | +1745.8% |
| Equity | 10/15 | €299,576 | €300,991 | +€1,414 | +0.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | - | -€18,592 | |
| Share premium | 1100/10 | €18,592 | - | -€18,592 | |
| Reserves | 13 | €164,456 | €165,870 | +€1,414 | +0.9% |
| Non-distributable reserves | 130/1 | €1,859 | €0 | -€1,859 | -100.0% |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | €162,597 | €142,272 | -€20,325 | -12.5% |
| Distributable reserves | 133 | - | €23,598 | +€23,598 | |
| Profit (loss) carried forward | 14 | €116,528 | €116,528 | = | 0.0% |
| Provisions and deferred taxes | 16 | €54,199 | €47,424 | -€6,775 | -12.5% |
| Deferred taxes | 168 | €54,199 | €47,424 | -€6,775 | -12.5% |
| Amounts payable | 17/49 | €94 | €6,183,198 | +€6.2m | +6609411.5% |
| Amounts payable after more than one year | 17 | - | €3,555,110 | +€3.6m | |
| Financial debts | 170/4 | - | €1,133,295 | +€1.1m | |
| Trade debts | 175 | - | €2,143,814 | +€2.1m | |
| Other amounts payable | 178/9 | - | €278,000 | +€278,000 | |
| Amounts payable within one year | 42/48 | €94 | €2,628,088 | +€2.6m | +2809187.4% |
| Current portion of amounts payable after more than one year | 42 | - | €342,935 | +€342,935 | |
| Trade debts | 44 | - | €700,970 | +€700,970 | |
| Suppliers | 440/4 | - | €700,970 | +€700,970 | |
| Taxes, remuneration and social security | 45 | €94 | €384,183 | +€384,090 | +410571.5% |
| Taxes | 450/3 | €94 | €22,903 | +€22,809 | +24381.9% |
| Remuneration and social security | 454/9 | - | €361,280 | +€361,280 | |
| Other amounts payable | 47/48 | - | €1,200,000 | +€1.2m | |
| Remuneration, social security and pensions | 62 | - | €3,974,631 | +€4.0m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €315,445 | +€315,445 | |
| Other operating charges | 640/8 | €1,635 | €19,759 | +€18,124 | +1108.7% |
| Gross operating margin | 9900 | -€15,184 | €5,672,990 | +€5.7m | |
| Operating profit (loss) | 9901 | -€16,818 | €1,363,155 | +€1.4m | |
| Financial income | 75/76B | €7,376 | €167 | -€7,209 | -97.7% |
| Recurring financial income | 75 | €7,376 | €167 | -€7,209 | -97.7% |
| Financial charges | 65/66B | €424 | €145,780 | +€145,356 | +34263.5% |
| Recurring financial charges | 65 | €424 | €145,780 | +€145,356 | +34263.5% |
| Profit (loss) for the period before taxes | 9903 | -€9,867 | €1,217,542 | +€1.2m | |
| Transfer from deferred taxes | 780 | - | €6,775 | +€6,775 | |
| Income taxes | 67/77 | €777 | €22,903 | +€22,125 | +2846.2% |
| Profit (loss) for the period | 9904 | -€10,644 | €1,201,414 | +€1.2m | |
| Transfer from tax-exempt reserves | 789 | - | €20,325 | +€20,325 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,644 | €1,221,739 | +€1.2m |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.