Blank Canvas: 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.
What changed
Blank Canvas
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€125,060
2024 · -€112,081-€12,980
Equity
€1.5m
2024 · -€12,765+€1.5m
Cash
€18,136
2024 · €8,636+€9,500
Balance sheet total
€3.7m
2024 · €1.8m+€1.9m
Largest movements
Assets
- Tangible fixed assets +€1.9m
up €1.9m (+151%), from €1.3m to €3.2m
of which Land and buildings: +€1.9m
Equity and liabilities
- Contributions +€1.6m
up €1.6m (+8,849%), from €18,533 to €1.7m
- Short-term financial debts +€320,003
up €320,003 (+213%), from €150,000 to €470,003
of which Other loans: +€320,000
- Profit (loss) carried forward -€125,060
down €125,060 (-182%), from -€68,799 to -€193,859
- Other debts +€91,120
up €91,120 (+66.1%), from €137,912 to €229,031
Income statement
- Financial charges +€12,400
up €12,400 (+58.2%), from €21,309 to €33,708
- Depreciation -€3,083
down €3,083 (-2.1%), from €150,224 to €147,141
- Gross operating margin +€2,920
up €2,920 (+2.5%), from €115,028 to €117,949
- Staff costs +€2,865
up €2,865 (+5.5%), from €51,963 to €54,828
- Other operating charges +€2,697
up €2,697 (+60.9%), from €4,431 to €7,128
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.
Result 2024
-€112,081
Gross operating margin
+€2,920
Staff costs
-€2,865
Depreciation
+€3,083
Other operating charges
-€2,697
Financial income
-€1,032
Financial charges
-€12,400
Taxes
+€10
Result 2025
-€125,060
raises the resultlowers the result
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.
From operations
+€150,475
Investment
-€2.1m
Financing
+€1.9m
Cash 2024
€8,636
From operations (derived)
+€150,475
Net result for the year
-€125,060
Depreciation
+€147,141
Smaller working-capital items
+€6,618
Receivables within one year
-€11,039
Deferred charges and accrued income
+€25,828
Trade debts
+€15,868
Other debts
+€91,120
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
+€1.9m
Debts after one year
-€33,167
Current portion of long-term debt
+€679
Short-term financial debts
+€320,003
Contributions, distributions and other
+€1.6m
Cash 2025
€18,136
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,753,608 | €3,670,726 | +€1.9m | +109% |
| Fixed assets | 21/28 | €1,275,361 | €3,196,776 | +€1.9m | +151% |
| Tangible fixed assets | 22/27 | €1,275,361 | €3,196,776 | +€1.9m | +151% |
| Land and buildings | 22 | €1,001,933 | €2,941,610 | +€1.9m | +194% |
| Plant, machinery and equipment | 23 | €104,337 | €158,849 | +€54,512 | +52.2% |
| Furniture and vehicles | 24 | €130,549 | €92,118 | -€38,432 | -29.4% |
| Other tangible fixed assets | 26 | €38,542 | €4,200 | -€34,342 | -89.1% |
| Current assets | 29/58 | €478,247 | €473,949 | -€4,298 | -0.9% |
| Stocks and contracts in progress | 3 | €394,205 | €395,196 | +€991 | +0.3% |
| Stocks | 30/36 | €394,205 | €395,196 | +€991 | +0.3% |
| Amounts receivable within one year | 40/41 | €41,639 | €52,678 | +€11,039 | +26.5% |
| Trade receivables | 40 | €32,516 | €47,700 | +€15,184 | +46.7% |
| Other amounts receivable | 41 | €9,123 | €4,978 | -€4,145 | -45.4% |
| Cash at bank and in hand | 54/58 | €8,636 | €18,136 | +€9,500 | +110% |
| Deferred charges and accrued income | 490/1 | €33,768 | €7,940 | -€25,828 | -76.5% |
| Total equity and liabilities | 10/49 | €1,753,608 | €3,670,726 | +€1.9m | +109% |
| Equity | 10/15 | -€12,765 | €1,502,241 | +€1.5m | |
| Contributions | 10/11 | €18,533 | €1,658,600 | +€1.6m | +8,849% |
| Reserves | 13 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,799 | -€193,859 | -€125,060 | -182% |
| Amounts payable | 17/49 | €1,766,374 | €2,168,485 | +€402,111 | +22.8% |
| Amounts payable after more than one year | 17 | €1,359,891 | €1,326,723 | -€33,167 | -2.4% |
| Financial debts | 170/4 | €1,359,891 | €1,326,723 | -€33,167 | -2.4% |
| Amounts payable within one year | 42/48 | €402,784 | €834,257 | +€431,474 | +107% |
| Current portion of amounts payable after more than one year | 42 | €32,489 | €33,167 | +€679 | +2.1% |
| Financial debts | 43 | €150,000 | €470,003 | +€320,003 | +213% |
| Credit institutions | 430/8 | - | €3 | +€3 | |
| Other loans | 439 | €150,000 | €470,000 | +€320,000 | +213% |
| Trade debts | 44 | €69,858 | €85,726 | +€15,868 | +22.7% |
| Suppliers | 440/4 | €69,858 | €85,726 | +€15,868 | +22.7% |
| Taxes, remuneration and social security | 45 | €12,525 | €16,330 | +€3,804 | +30.4% |
| Taxes | 450/3 | €2,364 | €5,957 | +€3,593 | +152% |
| Remuneration and social security | 454/9 | €10,161 | €10,373 | +€212 | +2.1% |
| Other amounts payable | 47/48 | €137,912 | €229,031 | +€91,120 | +66.1% |
| Accrued charges and deferred income | 492/3 | €3,699 | €7,504 | +€3,805 | +103% |
| Non-recurring operating income | 76A | €9,471 | €10,673 | +€1,201 | +12.7% |
| Remuneration, social security and pensions | 62 | €51,963 | €54,828 | +€2,865 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,224 | €147,141 | -€3,083 | -2.1% |
| Other operating charges | 640/8 | €4,431 | €7,128 | +€2,697 | +60.9% |
| Gross operating margin | 9900 | €115,028 | €117,949 | +€2,920 | +2.5% |
| Operating profit (loss) | 9901 | -€91,590 | -€91,148 | +€442 | +0.5% |
| Financial income | 75/76B | €1,033 | €1 | -€1,032 | -99.9% |
| Recurring financial income | 75 | €1,033 | €1 | -€1,032 | -99.9% |
| Financial charges | 65/66B | €21,309 | €33,708 | +€12,400 | +58.2% |
| Recurring financial charges | 65 | €21,309 | €33,708 | +€12,400 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | -€111,866 | -€124,855 | -€12,989 | -11.6% |
| Income taxes | 67/77 | €215 | €205 | -€10 | -4.4% |
| Profit (loss) for the period | 9904 | -€112,081 | -€125,060 | -€12,980 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,081 | -€125,060 | -€12,980 | -11.6% |
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 20 October 2026 via checked.be.