Bo-sort: 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.
Bo-sort
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+225.5%), from €633,287 to €2.1m
of which Land and buildings: +€1.5m
- Stocks and contracts +€200,144
up €200,144 (+49.9%), from €401,422 to €601,567
of which Contracts in progress: +€169,000
- Cash -€69,279
down €69,279 (-38.9%), from €178,256 to €108,978
mainly Investment in fixed assets (net) (-€1.6m) and Trade debts (-€206,309)
- Receivables within one year +€32,252
up €32,252 (+24.9%), from €129,398 to €161,649
of which Trade receivables: +€31,942
- Debts after one year +€953,208
up €953,208 (+279.1%), from €341,500 to €1.3m
- Other debts +€512,559
up €512,559 (+248.0%), from €206,712 to €719,271
- Trade debts -€206,309
down €206,309 (-78.2%), from €263,682 to €57,373
- Tax, wage and social debts +€118,263
up €118,263 (+111.9%), from €105,642 to €223,905
of which Taxes: +€77,936
- Reserves +€106,441
up €106,441 (+42.4%), from €250,859 to €357,300
of which Distributable reserves: +€106,441
- Gross operating margin +€524,144
up €524,144 (+56.0%), from €936,673 to €1.5m
- Staff costs +€245,260
up €245,260 (+34.8%), from €703,830 to €949,090
- Financial charges +€35,153
up €35,153 (+158.5%), from €22,184 to €57,337
- Depreciation +€24,970
up €24,970 (+21.4%), from €116,662 to €141,632
- Taxes +€15,625
up €15,625 (+57.2%), from €27,331 to €42,956
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 | €1,350,630 | €2,941,295 | +€1.6m | +117.8% |
| Fixed assets | 21/28 | €633,472 | €2,061,658 | +€1.4m | +225.5% |
| Tangible fixed assets | 22/27 | €633,287 | €2,061,473 | +€1.4m | +225.5% |
| Land and buildings | 22 | €319,542 | €1,785,701 | +€1.5m | +458.8% |
| Plant, machinery and equipment | 23 | €247,711 | €239,888 | -€7,823 | -3.2% |
| Furniture and vehicles | 24 | €40,512 | €27,505 | -€13,007 | -32.1% |
| Other tangible fixed assets | 26 | €25,523 | €8,380 | -€17,143 | -67.2% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €717,158 | €879,637 | +€162,479 | +22.7% |
| Stocks and contracts in progress | 3 | €401,422 | €601,567 | +€200,144 | +49.9% |
| Stocks | 30/36 | €15,657 | €46,802 | +€31,144 | +198.9% |
| Contracts in progress | 37 | €385,765 | €554,765 | +€169,000 | +43.8% |
| Amounts receivable within one year | 40/41 | €129,398 | €161,649 | +€32,252 | +24.9% |
| Trade receivables | 40 | €129,253 | €161,194 | +€31,942 | +24.7% |
| Other amounts receivable | 41 | €145 | €455 | +€310 | +213.7% |
| Cash at bank and in hand | 54/58 | €178,256 | €108,978 | -€69,279 | -38.9% |
| Deferred charges and accrued income | 490/1 | €8,082 | €7,444 | -€638 | -7.9% |
| Total equity and liabilities | 10/49 | €1,350,630 | €2,941,295 | +€1.6m | +117.8% |
| Equity | 10/15 | €315,733 | €422,173 | +€106,441 | +33.7% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €250,859 | €357,300 | +€106,441 | +42.4% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €244,559 | €351,000 | +€106,441 | +43.5% |
| Profit (loss) carried forward | 14 | €1,874 | €1,874 | = | 0.0% |
| Amounts payable | 17/49 | €1,034,897 | €2,519,122 | +€1.5m | +143.4% |
| Amounts payable after more than one year | 17 | €341,500 | €1,294,708 | +€953,208 | +279.1% |
| Financial debts | 170/4 | €341,500 | €1,294,708 | +€953,208 | +279.1% |
| Amounts payable within one year | 42/48 | €644,244 | €1,217,182 | +€572,937 | +88.9% |
| Current portion of amounts payable after more than one year | 42 | €68,208 | €116,632 | +€48,424 | +71.0% |
| Financial debts | 43 | €0 | €100,000 | +€100,000 | |
| Credit institutions | 430/8 | €0 | €100,000 | +€100,000 | |
| Trade debts | 44 | €263,682 | €57,373 | -€206,309 | -78.2% |
| Suppliers | 440/4 | €263,682 | €57,373 | -€206,309 | -78.2% |
| Taxes, remuneration and social security | 45 | €105,642 | €223,905 | +€118,263 | +111.9% |
| Taxes | 450/3 | €73,166 | €151,102 | +€77,936 | +106.5% |
| Remuneration and social security | 454/9 | €32,477 | €72,803 | +€40,327 | +124.2% |
| Other amounts payable | 47/48 | €206,712 | €719,271 | +€512,559 | +248.0% |
| Accrued charges and deferred income | 492/3 | €49,153 | €7,232 | -€41,921 | -85.3% |
| Remuneration, social security and pensions | 62 | €703,830 | €949,090 | +€245,260 | +34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,662 | €141,632 | +€24,970 | +21.4% |
| Other operating charges | 640/8 | €1,845 | €6,059 | +€4,214 | +228.3% |
| Non-recurring operating charges | 66A | - | €157,485 | +€157,485 | |
| Gross operating margin | 9900 | €936,673 | €1,460,817 | +€524,144 | +56.0% |
| Operating profit (loss) | 9901 | €114,335 | €206,552 | +€92,216 | +80.7% |
| Financial income | 75/76B | €91 | €183 | +€92 | +101.9% |
| Recurring financial income | 75 | €91 | €183 | +€92 | +101.9% |
| Financial charges | 65/66B | €22,184 | €57,337 | +€35,153 | +158.5% |
| Recurring financial charges | 65 | €22,184 | €57,337 | +€35,153 | +158.5% |
| Profit (loss) for the period before taxes | 9903 | €92,241 | €149,397 | +€57,156 | +62.0% |
| Income taxes | 67/77 | €27,331 | €42,956 | +€15,625 | +57.2% |
| Profit (loss) for the period | 9904 | €64,910 | €106,441 | +€41,531 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,910 | €106,441 | +€41,531 | +64.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.