Blue I: what changed
Two fiscal 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.
Blue I
Largest movements
- Stocks and contracts +€1.0m
new in 2025: €1.0m
- Receivables within one year -€611,593
down €611,593 (-71.8%), from €851,763 to €240,169
of which Trade receivables: -€668,439
- Cash -€274,142
down €274,142 (-57.9%), from €473,803 to €199,660
mainly Trade debts (-€1.1m) and Stocks and contracts (-€1.0m)
- Tangible fixed assets +€53,615
up €53,615 (+2.3%), from €2.3m to €2.3m
of which Plant, machinery and equipment: +€60,063
- Other debts +€1.3m
up €1.3m (+200.4%), from €639,912 to €1.9m
- Trade debts -€1.1m
down €1.1m (-50.9%), from €2.2m to €1.1m
- Profit (loss) carried forward +€188,365
up €188,365 (+79.3%), from €237,397 to €425,763
- Accrued charges and deferred income -€143,597
down €143,597 (-30.4%), from €472,790 to €329,193
- Depreciation +€340,963
up €340,963 (+159.3%), from €214,070 to €555,033
- Gross operating margin +€297,027
up €297,027 (+38.4%), from €773,302 to €1.1m
- Financial charges +€187,944
up €187,944 (+658.9%), from €28,522 to €216,466
- Staff costs -€80,561
down €80,561 (-59.6%), from €135,114 to €54,553
- Taxes -€17,058
down €17,058 (-19.1%), from €89,505 to €72,447
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 | €3,702,894 | €3,882,208 | +€179,314 | +4.8% |
| Fixed assets | 21/28 | €2,316,616 | €2,370,231 | +€53,615 | +2.3% |
| Tangible fixed assets | 22/27 | €2,295,275 | €2,348,889 | +€53,615 | +2.3% |
| Plant, machinery and equipment | 23 | €2,275,144 | €2,335,208 | +€60,063 | +2.6% |
| Furniture and vehicles | 24 | €20,130 | €13,682 | -€6,449 | -32.0% |
| Financial fixed assets | 28 | €21,341 | €21,341 | = | 0.0% |
| Current assets | 29/58 | €1,386,279 | €1,511,977 | +€125,699 | +9.1% |
| Stocks and contracts in progress | 3 | - | €1,040,465 | +€1.0m | |
| Stocks | 30/36 | - | €1,040,465 | +€1.0m | |
| Amounts receivable within one year | 40/41 | €851,763 | €240,169 | -€611,593 | -71.8% |
| Trade receivables | 40 | €791,912 | €123,473 | -€668,439 | -84.4% |
| Other amounts receivable | 41 | €59,850 | €116,696 | +€56,845 | +95.0% |
| Cash at bank and in hand | 54/58 | €473,803 | €199,660 | -€274,142 | -57.9% |
| Deferred charges and accrued income | 490/1 | €60,713 | €31,682 | -€29,031 | -47.8% |
| Total equity and liabilities | 10/49 | €3,702,894 | €3,882,208 | +€179,314 | +4.8% |
| Equity | 10/15 | €238,397 | €426,763 | +€188,365 | +79.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €237,397 | €425,763 | +€188,365 | +79.3% |
| Amounts payable | 17/49 | €3,464,497 | €3,455,445 | -€9,052 | -0.3% |
| Amounts payable within one year | 42/48 | €2,991,707 | €3,126,252 | +€134,546 | +4.5% |
| Trade debts | 44 | €2,246,029 | €1,101,821 | -€1.1m | -50.9% |
| Suppliers | 440/4 | €2,246,029 | €1,101,821 | -€1.1m | -50.9% |
| Taxes, remuneration and social security | 45 | €105,766 | €102,271 | -€3,495 | -3.3% |
| Taxes | 450/3 | €89,473 | €102,271 | +€12,798 | +14.3% |
| Remuneration and social security | 454/9 | €16,293 | €0 | -€16,293 | -100.0% |
| Other amounts payable | 47/48 | €639,912 | €1,922,160 | +€1.3m | +200.4% |
| Accrued charges and deferred income | 492/3 | €472,790 | €329,193 | -€143,597 | -30.4% |
| Remuneration, social security and pensions | 62 | €135,114 | €54,553 | -€80,561 | -59.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,070 | €555,033 | +€340,963 | +159.3% |
| Other operating charges | 640/8 | €50 | €512 | +€462 | +924.0% |
| Gross operating margin | 9900 | €773,302 | €1,070,329 | +€297,027 | +38.4% |
| Operating profit (loss) | 9901 | €424,069 | €460,232 | +€36,163 | +8.5% |
| Financial income | 75/76B | €4,337 | €17,046 | +€12,709 | +293.0% |
| Recurring financial income | 75 | €4,337 | €17,046 | +€12,709 | +293.0% |
| Financial charges | 65/66B | €28,522 | €216,466 | +€187,944 | +658.9% |
| Recurring financial charges | 65 | €28,522 | €216,466 | +€187,944 | +658.9% |
| Profit (loss) for the period before taxes | 9903 | €399,883 | €260,812 | -€139,071 | -34.8% |
| Income taxes | 67/77 | €89,505 | €72,447 | -€17,058 | -19.1% |
| Profit (loss) for the period | 9904 | €310,378 | €188,365 | -€122,013 | -39.3% |
| Profit (loss) for the period to be appropriated | 9905 | €310,378 | €188,365 | -€122,013 | -39.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.