AS2: 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.
AS2
Largest movements
- Tangible fixed assets -€484,699
down €484,699 (-3.3%), from €14.7m to €14.2m
of which Land and buildings: -€506,146
- Cash -€290,663
down €290,663 (-94.5%), from €307,595 to €16,931
mainly Debts after one year (-€828,160) and Investment in fixed assets (net) (-€302,763)
- Receivables within one year -€221,541
down €221,541 (-56.3%), from €393,222 to €171,681
of which Trade receivables: -€253,003
- Debts after one year -€828,160
down €828,160 (-6.6%), from €12.6m to €11.8m
- Profit (loss) carried forward -€172,973
down €172,973 (-60.9%), from -€283,909 to -€456,882
- Gross operating margin -€383,460
down €383,460 (-22.1%), from €1.7m to €1.3m
- Taxes -€225,027
down €225,027, from €198,152 to -€26,875
- Financial charges -€103,053
down €103,053 (-16.3%), from €631,455 to €528,402
- Other operating charges +€24,953
up €24,953 (+40.7%), from €61,369 to €86,322
- Staff costs -€20,953
down €20,953 (-11.7%), from €179,049 to €158,095
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 | €15,419,802 | €14,438,138 | -€981,664 | -6.4% |
| Fixed assets | 21/28 | €14,691,446 | €14,210,059 | -€481,387 | -3.3% |
| Tangible fixed assets | 22/27 | €14,691,446 | €14,206,747 | -€484,699 | -3.3% |
| Land and buildings | 22 | €13,766,866 | €13,260,719 | -€506,146 | -3.7% |
| Plant, machinery and equipment | 23 | €838,599 | €585,240 | -€253,359 | -30.2% |
| Furniture and vehicles | 24 | €85,981 | €69,481 | -€16,500 | -19.2% |
| Assets under construction and advance payments | 27 | - | €291,306 | +€291,306 | |
| Financial fixed assets | 28 | - | €3,312 | +€3,312 | |
| Current assets | 29/58 | €728,356 | €228,079 | -€500,277 | -68.7% |
| Amounts receivable within one year | 40/41 | €393,222 | €171,681 | -€221,541 | -56.3% |
| Trade receivables | 40 | €311,786 | €58,784 | -€253,003 | -81.1% |
| Other amounts receivable | 41 | €81,436 | €112,898 | +€31,462 | +38.6% |
| Cash at bank and in hand | 54/58 | €307,595 | €16,931 | -€290,663 | -94.5% |
| Deferred charges and accrued income | 490/1 | €27,540 | €39,467 | +€11,928 | +43.3% |
| Total equity and liabilities | 10/49 | €15,419,802 | €14,438,138 | -€981,664 | -6.4% |
| Equity | 10/15 | €1,357,293 | €1,184,321 | -€172,973 | -12.7% |
| Contributions | 10/11 | €1,565,469 | €1,565,469 | = | 0.0% |
| Capital | 10 | €1,565,469 | €1,565,469 | = | 0.0% |
| Issued capital | 100 | €1,565,469 | €1,565,469 | = | 0.0% |
| Reserves | 13 | €75,734 | €75,734 | = | 0.0% |
| Non-distributable reserves | 130/1 | €38,067 | €38,067 | = | 0.0% |
| Legal reserve | 130 | €38,067 | €38,067 | = | 0.0% |
| Distributable reserves | 133 | €37,667 | €37,667 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€283,909 | -€456,882 | -€172,973 | -60.9% |
| Amounts payable | 17/49 | €14,062,509 | €13,253,817 | -€808,692 | -5.8% |
| Amounts payable after more than one year | 17 | €12,585,413 | €11,757,253 | -€828,160 | -6.6% |
| Financial debts | 170/4 | €12,585,413 | €11,757,253 | -€828,160 | -6.6% |
| Amounts payable within one year | 42/48 | €1,348,836 | €1,286,289 | -€62,547 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €922,911 | €968,160 | +€45,249 | +4.9% |
| Trade debts | 44 | €407,564 | €293,344 | -€114,220 | -28.0% |
| Suppliers | 440/4 | €407,564 | €293,344 | -€114,220 | -28.0% |
| Taxes, remuneration and social security | 45 | €18,362 | €24,785 | +€6,423 | +35.0% |
| Taxes | 450/3 | €1,303 | €521 | -€783 | -60.0% |
| Remuneration and social security | 454/9 | €17,058 | €24,264 | +€7,206 | +42.2% |
| Accrued charges and deferred income | 492/3 | €128,260 | €210,276 | +€82,016 | +63.9% |
| Remuneration, social security and pensions | 62 | €179,049 | €158,095 | -€20,953 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €775,517 | €784,150 | +€8,633 | +1.1% |
| Other operating charges | 640/8 | €61,369 | €86,322 | +€24,953 | +40.7% |
| Gross operating margin | 9900 | €1,732,560 | €1,349,100 | -€383,460 | -22.1% |
| Operating profit (loss) | 9901 | €716,624 | €320,532 | -€396,092 | -55.3% |
| Financial income | 75/76B | €925 | €8,022 | +€7,098 | +767.6% |
| Recurring financial income | 75 | €925 | €8,022 | +€7,098 | +767.6% |
| Financial charges | 65/66B | €631,455 | €528,402 | -€103,053 | -16.3% |
| Recurring financial charges | 65 | €631,455 | €528,402 | -€103,053 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €86,094 | -€199,847 | -€285,941 | |
| Income taxes | 67/77 | €198,152 | -€26,875 | -€225,027 | |
| Profit (loss) for the period | 9904 | -€112,058 | -€172,973 | -€60,914 | -54.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,058 | -€172,973 | -€60,914 | -54.4% |
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 12 October 2026 via checked.be.