BAU-ARD STRATEGY: 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.
BAU-ARD STRATEGY
Largest movements
- Financial fixed assets +€3.7m
up €3.7m (+78.6%), from €4.7m to €8.3m
- Receivables within one year +€743,226
up €743,226 (+190%), from €391,546 to €1.1m
of which Other amounts receivable: +€706,926
- Cash -€701,388
down €701,388 (-67.6%), from €1.0m to €336,761
mainly Investment in fixed assets (net) (-€3.7m) and Receivables within one year (-€743,226)
- Reserves +€2.5m
up €2.5m (+90.9%), from €2.7m to €5.2m
- Other debts +€1.1m
up €1.1m (+377%), from €294,809 to €1.4m
- Financial income +€2.3m
up €2.3m (+20,096%), from €11,421 to €2.3m
of which Financial income: +€2.0m
- Taxes +€97,125
up €97,125 (+102%), from €95,155 to €192,280
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 | €6,359,689 | €10,054,041 | +€3.7m | +58.1% |
| Fixed assets | 21/28 | €4,929,140 | €8,581,620 | +€3.7m | +74.1% |
| Tangible fixed assets | 22/27 | €270,403 | €261,445 | -€8,958 | -3.3% |
| Land and buildings | 22 | €265,930 | €259,529 | -€6,402 | -2.4% |
| Plant, machinery and equipment | 23 | €4,473 | €1,917 | -€2,556 | -57.1% |
| Financial fixed assets | 28 | €4,658,737 | €8,320,175 | +€3.7m | +78.6% |
| Current assets | 29/58 | €1,430,549 | €1,472,421 | +€41,871 | +2.9% |
| Amounts receivable within one year | 40/41 | €391,546 | €1,134,772 | +€743,226 | +190% |
| Trade receivables | 40 | €18,150 | €54,450 | +€36,300 | +200% |
| Other amounts receivable | 41 | €373,396 | €1,080,322 | +€706,926 | +189% |
| Cash at bank and in hand | 54/58 | €1,038,150 | €336,761 | -€701,388 | -67.6% |
| Deferred charges and accrued income | 490/1 | €854 | €887 | +€33 | +3.9% |
| Total equity and liabilities | 10/49 | €6,359,689 | €10,054,041 | +€3.7m | +58.1% |
| Equity | 10/15 | €6,037,592 | €8,522,393 | +€2.5m | +41.2% |
| Contributions | 10/11 | €3,303,879 | €3,303,879 | = | 0.0% |
| Reserves | 13 | €2,733,713 | €5,218,514 | +€2.5m | +90.9% |
| Distributable reserves | 133 | €2,733,713 | €5,218,514 | +€2.5m | +90.9% |
| Amounts payable | 17/49 | €322,098 | €1,531,647 | +€1.2m | +376% |
| Amounts payable within one year | 42/48 | €321,065 | €1,530,649 | +€1.2m | +377% |
| Trade debts | 44 | €33 | €2,612 | +€2,580 | +7,867% |
| Suppliers | 440/4 | €33 | €2,612 | +€2,580 | +7,867% |
| Taxes, remuneration and social security | 45 | €26,223 | €123,227 | +€97,004 | +370% |
| Taxes | 450/3 | €26,223 | €123,227 | +€97,004 | +370% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €294,809 | €1,404,809 | +€1.1m | +377% |
| Accrued charges and deferred income | 492/3 | €1,033 | €998 | -€34 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,958 | €8,958 | = | 0.0% |
| Other operating charges | 640/8 | €3,641 | €3,752 | +€110 | +3.0% |
| Gross operating margin | 9900 | €380,784 | €383,713 | +€2,929 | +0.8% |
| Operating profit (loss) | 9901 | €368,185 | €371,004 | +€2,819 | +0.8% |
| Financial income | 75/76B | €11,421 | €2,306,513 | +€2.3m | +20,096% |
| Recurring financial income | 75 | €11,421 | €2,018,417 | +€2.0m | +17,573% |
| Non-recurring financial income | 76B | - | €288,097 | +€288,097 | |
| Financial charges | 65/66B | €411 | €436 | +€25 | +6.1% |
| Recurring financial charges | 65 | €411 | €436 | +€25 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €379,195 | €2,677,081 | +€2.3m | +606% |
| Income taxes | 67/77 | €95,155 | €192,280 | +€97,125 | +102% |
| Profit (loss) for the period | 9904 | €284,040 | €2,484,802 | +€2.2m | +775% |
| Profit (loss) for the period to be appropriated | 9905 | €284,040 | €2,484,802 | +€2.2m | +775% |
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 25 October 2026 via checked.be.