B&D: 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.
B&D
Largest movements
- Receivables within one year -€73,819
down €73,819 (-23.9%), from €308,336 to €234,517
- Receivables after one year +€63,200
new in 2025: €63,200
- Tangible fixed assets -€43,026
down €43,026 (-2.4%), from €1.8m to €1.7m
of which Land and buildings: -€40,379
- Cash -€27,441
down €27,441 (-63.0%), from €43,550 to €16,108
mainly Receivables after one year (-€63,200) and Debts after one year (-€59,580)
- Debts after one year -€59,580
down €59,580 (-7.6%), from €786,908 to €727,328
- Reserves -€50,000
down €50,000 (-6.7%), from €751,860 to €701,860
- Profit (loss) carried forward +€42,213
up €42,213 (+4.7%), from €897,236 to €939,450
- Current portion of long-term debt -€33,968
down €33,968 (-23.5%), from €144,346 to €110,378
- Gross operating margin +€41,818
up €41,818 (+47.5%), from €88,112 to €129,931
- Financial charges +€13,429
up €13,429 (+68.0%), from €19,738 to €33,167
- Taxes +€7,615
new in 2025: €7,615
- Financial income -€4,958
down €4,958 (-28.9%), from €17,148 to €12,190
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 | €2,718,778 | €2,637,933 | -€80,845 | -3.0% |
| Fixed assets | 21/28 | €2,365,124 | €2,322,098 | -€43,026 | -1.8% |
| Tangible fixed assets | 22/27 | €1,770,571 | €1,727,545 | -€43,026 | -2.4% |
| Land and buildings | 22 | €1,762,356 | €1,721,977 | -€40,379 | -2.3% |
| Furniture and vehicles | 24 | €8,215 | €5,568 | -€2,647 | -32.2% |
| Financial fixed assets | 28 | €594,553 | €594,553 | = | 0.0% |
| Current assets | 29/58 | €353,654 | €315,835 | -€37,819 | -10.7% |
| Amounts receivable after more than one year | 29 | - | €63,200 | +€63,200 | |
| Trade receivables | 290 | - | €63,200 | +€63,200 | |
| Amounts receivable within one year | 40/41 | €308,336 | €234,517 | -€73,819 | -23.9% |
| Other amounts receivable | 41 | €308,336 | €234,517 | -€73,819 | -23.9% |
| Cash at bank and in hand | 54/58 | €43,550 | €16,108 | -€27,441 | -63.0% |
| Deferred charges and accrued income | 490/1 | €1,769 | €2,010 | +€241 | +13.6% |
| Total equity and liabilities | 10/49 | €2,718,778 | €2,637,933 | -€80,845 | -3.0% |
| Equity | 10/15 | €1,730,042 | €1,722,255 | -€7,787 | -0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €62,345 | €62,345 | = | 0.0% |
| Reserves | 13 | €751,860 | €701,860 | -€50,000 | -6.7% |
| Distributable reserves | 133 | €751,860 | €701,860 | -€50,000 | -6.7% |
| Profit (loss) carried forward | 14 | €897,236 | €939,450 | +€42,213 | +4.7% |
| Amounts payable | 17/49 | €988,737 | €915,678 | -€73,058 | -7.4% |
| Amounts payable after more than one year | 17 | €786,908 | €727,328 | -€59,580 | -7.6% |
| Financial debts | 170/4 | €786,908 | €727,328 | -€59,580 | -7.6% |
| Amounts payable within one year | 42/48 | €201,829 | €188,350 | -€13,478 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €144,346 | €110,378 | -€33,968 | -23.5% |
| Trade debts | 44 | €2,123 | €1,734 | -€389 | -18.3% |
| Suppliers | 440/4 | €2,123 | €1,734 | -€389 | -18.3% |
| Advances received on contracts in progress | 46 | - | €21,780 | +€21,780 | |
| Taxes, remuneration and social security | 45 | €27,360 | €7,147 | -€20,213 | -73.9% |
| Taxes | 450/3 | €8,144 | €7,147 | -€997 | -12.2% |
| Remuneration and social security | 454/9 | €19,216 | - | -€19,216 | |
| Other amounts payable | 47/48 | €27,999 | €47,310 | +€19,311 | +69.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,473 | €53,863 | +€390 | +0.7% |
| Other operating charges | 640/8 | €5,206 | €5,263 | +€57 | +1.1% |
| Non-recurring operating charges | 66A | €850 | - | -€850 | |
| Gross operating margin | 9900 | €88,112 | €129,931 | +€41,818 | +47.5% |
| Operating profit (loss) | 9901 | €28,584 | €70,805 | +€42,221 | +147.7% |
| Financial income | 75/76B | €17,148 | €12,190 | -€4,958 | -28.9% |
| Recurring financial income | 75 | €17,148 | €12,190 | -€4,958 | -28.9% |
| Financial charges | 65/66B | €19,738 | €33,167 | +€13,429 | +68.0% |
| Recurring financial charges | 65 | €19,738 | €33,167 | +€13,429 | +68.0% |
| Profit (loss) for the period before taxes | 9903 | €25,994 | €49,828 | +€23,834 | +91.7% |
| Income taxes | 67/77 | - | €7,615 | +€7,615 | |
| Profit (loss) for the period | 9904 | €25,994 | €42,213 | +€16,220 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,994 | €42,213 | +€16,220 | +62.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.