B-First: 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.
B-First
Largest movements
- Financial fixed assets +€261,450
up €261,450 (+50.4%), from €518,550 to €780,000
- Tangible fixed assets +€67,372
up €67,372 (+17.8%), from €377,556 to €444,928
of which Furniture and vehicles: +€88,604
- Receivables within one year +€30,915
up €30,915 (+8.1%), from €381,175 to €412,091
of which Other amounts receivable: +€43,806
- Cash +€24,834
up €24,834 (+15.3%), from €161,991 to €186,825
mainly Net result for the year (+€688,891) and Trade debts (+€131,356)
- Reserves +€632,420
up €632,420 (+58.4%), from €1.1m to €1.7m
of which Distributable reserves: +€632,420
- Other debts -€336,131
down €336,131 (-87.2%), from €385,527 to €49,396
- Trade debts +€131,356
up €131,356 (+4,111%), from €3,195 to €134,551
- Debts after one year -€27,065
down €27,065 (-30.7%), from €88,271 to €61,206
- Current portion of long-term debt -€23,860
down €23,860 (-44.0%), from €54,209 to €30,349
- Financial income +€584,374
up €584,374 (+3,820%), from €15,300 to €599,674
of which Non-recurring financial income: +€588,450
- Gross operating margin -€25,341
down €25,341 (-12.6%), from €200,801 to €175,460
- Depreciation +€13,267
up €13,267 (+34.2%), from €38,825 to €52,092
- Taxes -€11,710
down €11,710 (-31.7%), from €36,987 to €25,277
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 | €1,646,497 | €2,032,710 | +€386,213 | +23.5% |
| Fixed assets | 21/28 | €896,106 | €1,224,928 | +€328,822 | +36.7% |
| Tangible fixed assets | 22/27 | €377,556 | €444,928 | +€67,372 | +17.8% |
| Land and buildings | 22 | €198,008 | €187,570 | -€10,438 | -5.3% |
| Plant, machinery and equipment | 23 | €2,888 | €2,561 | -€327 | -11.3% |
| Furniture and vehicles | 24 | €137,226 | €225,830 | +€88,604 | +64.6% |
| Leasing and similar rights | 25 | €39,434 | €28,966 | -€10,468 | -26.5% |
| Financial fixed assets | 28 | €518,550 | €780,000 | +€261,450 | +50.4% |
| Current assets | 29/58 | €750,390 | €807,782 | +€57,391 | +7.6% |
| Amounts receivable within one year | 40/41 | €381,175 | €412,091 | +€30,915 | +8.1% |
| Trade receivables | 40 | €34,756 | €21,865 | -€12,891 | -37.1% |
| Other amounts receivable | 41 | €346,420 | €390,226 | +€43,806 | +12.6% |
| Current investments | 50/53 | €204,142 | €204,142 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €161,991 | €186,825 | +€24,834 | +15.3% |
| Deferred charges and accrued income | 490/1 | €3,082 | €4,725 | +€1,642 | +53.3% |
| Total equity and liabilities | 10/49 | €1,646,497 | €2,032,710 | +€386,213 | +23.5% |
| Equity | 10/15 | €1,107,455 | €1,739,875 | +€632,420 | +57.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,082,455 | €1,714,875 | +€632,420 | +58.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,082,455 | €1,714,875 | +€632,420 | +58.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €539,042 | €292,835 | -€246,207 | -45.7% |
| Amounts payable after more than one year | 17 | €88,271 | €61,206 | -€27,065 | -30.7% |
| Financial debts | 170/4 | €88,271 | €61,206 | -€27,065 | -30.7% |
| Amounts payable within one year | 42/48 | €444,976 | €225,646 | -€219,330 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €54,209 | €30,349 | -€23,860 | -44.0% |
| Trade debts | 44 | €3,195 | €134,551 | +€131,356 | +4,111% |
| Suppliers | 440/4 | €3,195 | €134,551 | +€131,356 | +4,111% |
| Advances received on contracts in progress | 46 | €610 | €0 | -€610 | -100% |
| Taxes, remuneration and social security | 45 | €1,435 | €11,351 | +€9,916 | +691% |
| Taxes | 450/3 | €1,435 | €11,351 | +€9,916 | +691% |
| Other amounts payable | 47/48 | €385,527 | €49,396 | -€336,131 | -87.2% |
| Accrued charges and deferred income | 492/3 | €5,795 | €5,983 | +€188 | +3.2% |
| Non-recurring operating income | 76A | €0 | €1,065 | +€1,065 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,825 | €52,092 | +€13,267 | +34.2% |
| Other operating charges | 640/8 | €2,613 | €3,153 | +€539 | +20.6% |
| Gross operating margin | 9900 | €200,801 | €175,460 | -€25,341 | -12.6% |
| Operating profit (loss) | 9901 | €159,363 | €120,215 | -€39,148 | -24.6% |
| Financial income | 75/76B | €15,300 | €599,674 | +€584,374 | +3,820% |
| Recurring financial income | 75 | €15,300 | €11,224 | -€4,076 | -26.6% |
| Non-recurring financial income | 76B | - | €588,450 | +€588,450 | |
| Financial charges | 65/66B | €6,467 | €5,722 | -€746 | -11.5% |
| Recurring financial charges | 65 | €6,467 | €5,722 | -€746 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €168,196 | €714,168 | +€545,972 | +325% |
| Income taxes | 67/77 | €36,987 | €25,277 | -€11,710 | -31.7% |
| Profit (loss) for the period | 9904 | €131,209 | €688,891 | +€557,682 | +425% |
| Profit (loss) for the period to be appropriated | 9905 | €131,209 | €688,891 | +€557,682 | +425% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.