ARTIKEL 1: 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.
ARTIKEL 1
Largest movements
- Receivables within one year +€61,820
up €61,820 (+125%), from €49,294 to €111,114
of which Trade receivables: +€55,858
- Tangible fixed assets +€34,423
up €34,423 (+101%), from €34,026 to €68,449
- Stocks and contracts +€17,298
up €17,298 (+105%), from €16,411 to €33,709
- Cash -€4,519
down €4,519 (-30.3%), from €14,897 to €10,378
mainly Receivables within one year (-€61,820) and Investment in fixed assets (net) (-€46,660)
- Reserves +€58,341
new in 2025: €58,341
- Tax, wage and social debts +€20,041
up €20,041 (+163%), from €12,261 to €32,301
- Trade debts +€17,082
up €17,082 (+94.4%), from €18,086 to €35,168
- Current portion of long-term debt +€7,624
up €7,624 (+40.6%), from €18,794 to €26,418
- Debts after one year +€2,994
up €2,994 (+10.7%), from €28,000 to €30,994
- Gross operating margin +€61,308
up €61,308 (+119%), from €51,612 to €112,920
- Taxes +€21,119
up €21,119 (+220%), from €9,610 to €30,729
- Financial charges +€1,386
up €1,386 (+35.0%), from €3,962 to €5,348
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 | €145,620 | €254,888 | +€109,268 | +75.0% |
| Fixed assets | 21/28 | €34,026 | €68,449 | +€34,423 | +101% |
| Tangible fixed assets | 22/27 | €34,026 | €68,449 | +€34,423 | +101% |
| Furniture and vehicles | 24 | €34,026 | €68,449 | +€34,423 | +101% |
| Current assets | 29/58 | €111,594 | €186,439 | +€74,845 | +67.1% |
| Stocks and contracts in progress | 3 | €16,411 | €33,709 | +€17,298 | +105% |
| Stocks | 30/36 | €16,411 | €33,709 | +€17,298 | +105% |
| Amounts receivable within one year | 40/41 | €49,294 | €111,114 | +€61,820 | +125% |
| Trade receivables | 40 | €48,158 | €104,016 | +€55,858 | +116% |
| Other amounts receivable | 41 | €1,136 | €7,098 | +€5,962 | +525% |
| Current investments | 50/53 | €30,641 | €30,641 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,897 | €10,378 | -€4,519 | -30.3% |
| Deferred charges and accrued income | 490/1 | €350 | €596 | +€246 | +70.5% |
| Total equity and liabilities | 10/49 | €145,620 | €254,888 | +€109,268 | +75.0% |
| Equity | 10/15 | €68,479 | €128,341 | +€59,862 | +87.4% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | - | €58,341 | +€58,341 | |
| Distributable reserves | 133 | - | €58,341 | +€58,341 | |
| Profit (loss) carried forward | 14 | -€1,521 | - | +€1,521 | |
| Amounts payable | 17/49 | €77,140 | €126,547 | +€49,406 | +64.0% |
| Amounts payable after more than one year | 17 | €28,000 | €30,994 | +€2,994 | +10.7% |
| Financial debts | 170/4 | €28,000 | €30,994 | +€2,994 | +10.7% |
| Amounts payable within one year | 42/48 | €49,141 | €95,553 | +€46,412 | +94.4% |
| Current portion of amounts payable after more than one year | 42 | €18,794 | €26,418 | +€7,624 | +40.6% |
| Trade debts | 44 | €18,086 | €35,168 | +€17,082 | +94.4% |
| Suppliers | 440/4 | €18,086 | €35,168 | +€17,082 | +94.4% |
| Taxes, remuneration and social security | 45 | €12,261 | €32,301 | +€20,041 | +163% |
| Taxes | 450/3 | €12,261 | €32,301 | +€20,041 | +163% |
| Other amounts payable | 47/48 | - | €1,666 | +€1,666 | |
| Non-recurring operating income | 76A | €2,975 | - | -€2,975 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,654 | €12,238 | +€583 | +5.0% |
| Other operating charges | 640/8 | €1,358 | €2,260 | +€902 | +66.4% |
| Non-recurring operating charges | 66A | €58 | €818 | +€760 | +1,310% |
| Gross operating margin | 9900 | €51,612 | €112,920 | +€61,308 | +119% |
| Operating profit (loss) | 9901 | €38,542 | €97,605 | +€59,063 | +153% |
| Financial income | 75/76B | €1,078 | - | -€1,078 | |
| Recurring financial income | 75 | €1,078 | - | -€1,078 | |
| Financial charges | 65/66B | €3,962 | €5,348 | +€1,386 | +35.0% |
| Recurring financial charges | 65 | €3,962 | €5,348 | +€1,386 | +35.0% |
| Profit (loss) for the period before taxes | 9903 | €35,659 | €92,257 | +€56,598 | +159% |
| Income taxes | 67/77 | €9,610 | €30,729 | +€21,119 | +220% |
| Profit (loss) for the period | 9904 | €26,048 | €61,528 | +€35,480 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €26,048 | €61,528 | +€35,480 | +136% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.