BeforeTheHype: 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.
BeforeTheHype
Largest movements
- Stocks and contracts +€79,322
up €79,322 (+99.1%), from €80,008 to €159,330
- Deferred charges and accrued income -€34,944
no longer reported in 2025 (was €34,944)
- Receivables within one year -€28,473
down €28,473 (-39.3%), from €72,431 to €43,959
of which Trade receivables: -€25,484
- Cash -€3,801
down €3,801 (-30.2%), from €12,589 to €8,788
mainly Stocks and contracts (-€79,322) and Trade debts (-€14,446)
- Current portion of long-term debt +€25,000
new in 2025: €25,000
- Trade debts -€14,446
down €14,446 (-25.0%), from €57,841 to €43,395
- Accrued charges and deferred income -€9,060
no longer reported in 2025 (was €9,060)
- Other debts +€6,784
up €6,784 (+87.2%), from €7,780 to €14,564
- Short-term financial debts +€5,773
new in 2025: €5,773
- Gross operating margin -€87,934
down €87,934 (-95.1%), from €92,486 to €4,552
- Staff costs -€61,340
no longer reported in 2025 (was €61,340)
- Write-downs +€7,161
no longer reported in 2025 (was -€7,161)
- Taxes -€7,017
down €7,017 (-90.0%), from €7,800 to €782
- Financial charges -€2,698
down €2,698 (-70.9%), from €3,807 to €1,109
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 | €200,266 | €212,077 | +€11,811 | +5.9% |
| Fixed assets | 21/28 | €294 | - | -€294 | |
| Tangible fixed assets | 22/27 | €294 | - | -€294 | |
| Furniture and vehicles | 24 | €294 | - | -€294 | |
| Current assets | 29/58 | €199,972 | €212,077 | +€12,104 | +6.1% |
| Stocks and contracts in progress | 3 | €80,008 | €159,330 | +€79,322 | +99.1% |
| Contracts in progress | 37 | €80,008 | €159,330 | +€79,322 | +99.1% |
| Amounts receivable within one year | 40/41 | €72,431 | €43,959 | -€28,473 | -39.3% |
| Trade receivables | 40 | €69,442 | €43,959 | -€25,484 | -36.7% |
| Other amounts receivable | 41 | €2,989 | - | -€2,989 | |
| Cash at bank and in hand | 54/58 | €12,589 | €8,788 | -€3,801 | -30.2% |
| Deferred charges and accrued income | 490/1 | €34,944 | - | -€34,944 | |
| Total equity and liabilities | 10/49 | €200,266 | €212,077 | +€11,811 | +5.9% |
| Equity | 10/15 | €115,984 | €116,920 | +€935 | +0.8% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €106,684 | €107,620 | +€935 | +0.9% |
| Non-distributable reserves | 130/1 | €930 | €930 | = | 0.0% |
| Reserves not available under the articles | 1311 | €930 | €930 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,825 | €6,825 | = | 0.0% |
| Distributable reserves | 133 | €98,929 | €99,865 | +€935 | +0.9% |
| Amounts payable | 17/49 | €84,281 | €95,157 | +€10,875 | +12.9% |
| Amounts payable within one year | 42/48 | €75,221 | €95,157 | +€19,935 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | - | €25,000 | +€25,000 | |
| Financial debts | 43 | - | €5,773 | +€5,773 | |
| Credit institutions | 430/8 | - | €5,773 | +€5,773 | |
| Trade debts | 44 | €57,841 | €43,395 | -€14,446 | -25.0% |
| Suppliers | 440/4 | €57,841 | €43,395 | -€14,446 | -25.0% |
| Taxes, remuneration and social security | 45 | €9,600 | €6,425 | -€3,176 | -33.1% |
| Taxes | 450/3 | €9,550 | €6,425 | -€3,125 | -32.7% |
| Remuneration and social security | 454/9 | €50 | - | -€50 | |
| Other amounts payable | 47/48 | €7,780 | €14,564 | +€6,784 | +87.2% |
| Accrued charges and deferred income | 492/3 | €9,060 | - | -€9,060 | |
| Non-recurring operating income | 76A | €86,901 | - | -€86,901 | |
| Remuneration, social security and pensions | 62 | €61,340 | - | -€61,340 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | - | -€548 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,161 | - | +€7,161 | |
| Other operating charges | 640/8 | €1,471 | €1,433 | -€38 | -2.6% |
| Non-recurring operating charges | 66A | - | €294 | +€294 | |
| Gross operating margin | 9900 | €92,486 | €4,552 | -€87,934 | -95.1% |
| Operating profit (loss) | 9901 | €36,288 | €2,825 | -€33,463 | -92.2% |
| Financial income | 75/76B | €4 | €1 | -€3 | -69.2% |
| Recurring financial income | 75 | €4 | €1 | -€3 | -69.2% |
| Financial charges | 65/66B | €3,807 | €1,109 | -€2,698 | -70.9% |
| Recurring financial charges | 65 | €3,807 | €1,109 | -€2,698 | -70.9% |
| Profit (loss) for the period before taxes | 9903 | €32,485 | €1,718 | -€30,767 | -94.7% |
| Income taxes | 67/77 | €7,800 | €782 | -€7,017 | -90.0% |
| Profit (loss) for the period | 9904 | €24,685 | €935 | -€23,750 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,685 | €935 | -€23,750 | -96.2% |
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 11 October 2026 via checked.be.