B2D: 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.
B2D
Largest movements
- Receivables after one year +€500,000
new in 2025: €500,000
- Financial fixed assets +€249,105
up €249,105 (+12.9%), from €1.9m to €2.2m
- Receivables within one year -€183,350
down €183,350 (-49.1%), from €373,510 to €190,160
- Intangible fixed assets +€48,894
up €48,894 (+200%), from €24,433 to €73,327
- Debts after one year +€752,581
up €752,581 (+126%), from €597,419 to €1.4m
- Reserves -€126,445
down €126,445 (-15.4%), from €822,175 to €695,730
- Trade debts +€31,876
up €31,876 (+468%), from €6,816 to €38,693
- Gross operating margin -€112,588
down €112,588, from €88,617 to -€23,971
- Financial charges +€111,545
up €111,545 (+878%), from €12,707 to €124,252
of which Non-recurring financial charges: +€100,000
- Financial income -€71,416
down €71,416 (-62.5%), from €114,319 to €42,903
- Depreciation +€16,813
up €16,813 (+526%), from €3,194 to €20,007
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 | €2,341,711 | €3,011,533 | +€669,822 | +28.6% |
| Fixed assets | 21/28 | €1,955,681 | €2,253,680 | +€297,998 | +15.2% |
| Intangible fixed assets | 21 | €24,433 | €73,327 | +€48,894 | +200% |
| Financial fixed assets | 28 | €1,931,248 | €2,180,353 | +€249,105 | +12.9% |
| Current assets | 29/58 | €386,029 | €757,853 | +€371,824 | +96.3% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €373,510 | €190,160 | -€183,350 | -49.1% |
| Other amounts receivable | 41 | €373,510 | €190,160 | -€183,350 | -49.1% |
| Cash at bank and in hand | 54/58 | €12,520 | €41,023 | +€28,504 | +228% |
| Deferred charges and accrued income | 490/1 | - | €26,670 | +€26,670 | |
| Total equity and liabilities | 10/49 | €2,341,711 | €3,011,533 | +€669,822 | +28.6% |
| Equity | 10/15 | €1,737,475 | €1,611,030 | -€126,445 | -7.3% |
| Contributions | 10/11 | €915,300 | €915,300 | = | 0.0% |
| Reserves | 13 | €822,175 | €695,730 | -€126,445 | -15.4% |
| Distributable reserves | 133 | €822,175 | €695,730 | -€126,445 | -15.4% |
| Amounts payable | 17/49 | €604,235 | €1,400,502 | +€796,267 | +132% |
| Amounts payable after more than one year | 17 | €597,419 | €1,350,000 | +€752,581 | +126% |
| Financial debts | 170/4 | €597,419 | €1,350,000 | +€752,581 | +126% |
| Amounts payable within one year | 42/48 | €6,816 | €38,693 | +€31,876 | +468% |
| Trade debts | 44 | €6,816 | €38,693 | +€31,876 | +468% |
| Suppliers | 440/4 | €6,816 | €38,693 | +€31,876 | +468% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €11,810 | +€11,810 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,194 | €20,007 | +€16,813 | +526% |
| Other operating charges | 640/8 | €1,551 | €1,118 | -€433 | -27.9% |
| Gross operating margin | 9900 | €88,617 | -€23,971 | -€112,588 | |
| Operating profit (loss) | 9901 | €83,872 | -€45,096 | -€128,968 | |
| Financial income | 75/76B | €114,319 | €42,903 | -€71,416 | -62.5% |
| Recurring financial income | 75 | €114,319 | €42,903 | -€71,416 | -62.5% |
| Financial charges | 65/66B | €12,707 | €124,252 | +€111,545 | +878% |
| Recurring financial charges | 65 | €12,707 | €24,252 | +€11,545 | +90.9% |
| Non-recurring financial charges | 66B | - | €100,000 | +€100,000 | |
| Profit (loss) for the period before taxes | 9903 | €185,484 | -€126,445 | -€311,929 | |
| Profit (loss) for the period | 9904 | €185,484 | -€126,445 | -€311,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €185,484 | -€126,445 | -€311,929 |
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 17 October 2026 via checked.be.