AS CO-PILOT: 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.
AS CO-PILOT
Largest movements
- Financial fixed assets +€8.0m
up €8.0m (+791.2%), from €1.0m to €9.0m
- Debts after one year +€6.8m
up €6.8m (+37858.5%), from €17,852 to €6.8m
of which Financial debts: +€5.8m
- Profit (loss) carried forward +€493,286
up €493,286 (+273.8%), from €180,159 to €673,446
- Other debts +€327,084
up €327,084 (+1667.5%), from €19,615 to €346,700
- Current portion of long-term debt +€295,358
up €295,358 (+1862.7%), from €15,856 to €311,214
- Tax, wage and social debts +€139,535
up €139,535 (+1240.8%), from €11,245 to €150,781
of which Taxes: +€106,722
- Gross operating margin +€534,093
up €534,093 (+1895.5%), from €28,176 to €562,269
- Financial income +€469,998
up €469,998 (+27976090.5%), from €2 to €470,000
- Financial charges +€270,126
up €270,126 (+15109.1%), from €1,788 to €271,914
- Staff costs +€201,833
new in 2025: €201,833
- Taxes +€41,395
up €41,395 (+1432.4%), from €2,890 to €44,285
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 | €1,082,784 | €9,178,667 | +€8.1m | +747.7% |
| Fixed assets | 21/28 | €1,063,165 | €9,094,201 | +€8.0m | +755.4% |
| Intangible fixed assets | 21 | - | €10,717 | +€10,717 | |
| Tangible fixed assets | 22/27 | €47,926 | €36,022 | -€11,904 | -24.8% |
| Plant, machinery and equipment | 23 | €372 | €33 | -€339 | -91.0% |
| Furniture and vehicles | 24 | €47,553 | €35,988 | -€11,565 | -24.3% |
| Financial fixed assets | 28 | €1,015,239 | €9,047,462 | +€8.0m | +791.2% |
| Current assets | 29/58 | €19,619 | €84,466 | +€64,847 | +330.5% |
| Amounts receivable within one year | 40/41 | €10,196 | €15,715 | +€5,519 | +54.1% |
| Trade receivables | 40 | €10,196 | - | -€10,196 | |
| Other amounts receivable | 41 | - | €15,715 | +€15,715 | |
| Cash at bank and in hand | 54/58 | €9,423 | €68,751 | +€59,328 | +629.6% |
| Total equity and liabilities | 10/49 | €1,082,784 | €9,178,667 | +€8.1m | +747.7% |
| Equity | 10/15 | €1,015,858 | €1,509,145 | +€493,286 | +48.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €815,239 | €815,239 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €180,159 | €673,446 | +€493,286 | +273.8% |
| Amounts payable | 17/49 | €66,925 | €7,669,522 | +€7.6m | +11359.8% |
| Amounts payable after more than one year | 17 | €17,852 | €6,776,527 | +€6.8m | +37858.5% |
| Financial debts | 170/4 | €17,852 | €5,773,638 | +€5.8m | +32240.9% |
| Other amounts payable | 178/9 | - | €1,002,889 | +€1.0m | |
| Amounts payable within one year | 42/48 | €49,073 | €892,995 | +€843,922 | +1719.7% |
| Current portion of amounts payable after more than one year | 42 | €15,856 | €311,214 | +€295,358 | +1862.7% |
| Financial debts | 43 | - | €50,118 | +€50,118 | |
| Other loans | 439 | - | €50,118 | +€50,118 | |
| Trade debts | 44 | €2,356 | €34,183 | +€31,827 | +1350.9% |
| Suppliers | 440/4 | €2,356 | €34,183 | +€31,827 | +1350.9% |
| Taxes, remuneration and social security | 45 | €11,245 | €150,781 | +€139,535 | +1240.8% |
| Taxes | 450/3 | €11,245 | €117,967 | +€106,722 | +949.0% |
| Remuneration and social security | 454/9 | - | €32,813 | +€32,813 | |
| Other amounts payable | 47/48 | €19,615 | €346,700 | +€327,084 | +1667.5% |
| Remuneration, social security and pensions | 62 | - | €201,833 | +€201,833 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,555 | €16,982 | +€1,426 | +9.2% |
| Other operating charges | 640/8 | €818 | €3,968 | +€3,151 | +385.4% |
| Gross operating margin | 9900 | €28,176 | €562,269 | +€534,093 | +1895.5% |
| Operating profit (loss) | 9901 | €11,803 | €339,485 | +€327,682 | +2776.2% |
| Financial income | 75/76B | €2 | €470,000 | +€469,998 | +27976090.5% |
| Recurring financial income | 75 | €2 | €470,000 | +€469,998 | +27976090.5% |
| Financial charges | 65/66B | €1,788 | €271,914 | +€270,126 | +15109.1% |
| Recurring financial charges | 65 | €1,788 | €271,914 | +€270,126 | +15109.1% |
| Profit (loss) for the period before taxes | 9903 | €10,017 | €537,572 | +€527,555 | +5266.6% |
| Income taxes | 67/77 | €2,890 | €44,285 | +€41,395 | +1432.4% |
| Profit (loss) for the period | 9904 | €7,127 | €493,286 | +€486,159 | +6821.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,127 | €493,286 | +€486,159 | +6821.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.