bottarga: 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.
bottarga
Largest movements
- Tangible fixed assets +€441,902
up €441,902 (+84.4%), from €523,297 to €965,199
of which Land and buildings: +€471,614
- Cash -€135,647
down €135,647 (-21.4%), from €635,183 to €499,536
mainly Investment in fixed assets (net) (-€583,273) and Contributions, distributions and other (-€76,989)
- Receivables within one year +€27,910
up €27,910 (+993.7%), from €2,809 to €30,719
of which Other amounts receivable: +€25,573
- Debts after one year +€184,643
up €184,643 (+268.3%), from €68,825 to €253,468
- Current portion of long-term debt +€56,449
up €56,449 (+182.9%), from €30,864 to €87,313
- Other debts +€56,118
up €56,118 (+127.4%), from €44,035 to €100,153
- Reserves +€44,911
up €44,911 (+5.3%), from €847,822 to €892,732
of which Distributable reserves: +€44,911
- Gross operating margin -€84,854
down €84,854 (-8.7%), from €979,788 to €894,934
- Depreciation +€72,430
up €72,430 (+105.1%), from €68,941 to €141,371
- Staff costs -€56,488
down €56,488 (-9.3%), from €606,467 to €549,979
- Taxes -€38,635
down €38,635 (-41.0%), from €94,321 to €55,687
- Financial charges +€9,964
up €9,964 (+137.6%), from €7,239 to €17,202
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 | €1,192,496 | €1,521,518 | +€329,023 | +27.6% |
| Fixed assets | 21/28 | €523,297 | €965,199 | +€441,902 | +84.4% |
| Tangible fixed assets | 22/27 | €523,297 | €965,199 | +€441,902 | +84.4% |
| Land and buildings | 22 | €310,285 | €781,899 | +€471,614 | +152.0% |
| Plant, machinery and equipment | 23 | €20,545 | €29,138 | +€8,592 | +41.8% |
| Furniture and vehicles | 24 | €48,044 | €41,179 | -€6,865 | -14.3% |
| Other tangible fixed assets | 26 | €144,423 | €112,983 | -€31,440 | -21.8% |
| Current assets | 29/58 | €669,198 | €556,319 | -€112,879 | -16.9% |
| Stocks and contracts in progress | 3 | €24,278 | €18,213 | -€6,065 | -25.0% |
| Stocks | 30/36 | €24,278 | €18,213 | -€6,065 | -25.0% |
| Amounts receivable within one year | 40/41 | €2,809 | €30,719 | +€27,910 | +993.7% |
| Trade receivables | 40 | €270 | €2,608 | +€2,338 | +865.8% |
| Other amounts receivable | 41 | €2,539 | €28,111 | +€25,573 | +1007.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €635,183 | €499,536 | -€135,647 | -21.4% |
| Deferred charges and accrued income | 490/1 | €6,928 | €7,851 | +€924 | +13.3% |
| Total equity and liabilities | 10/49 | €1,192,496 | €1,521,518 | +€329,023 | +27.6% |
| Equity | 10/15 | €919,822 | €964,733 | +€44,911 | +4.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €847,822 | €892,732 | +€44,911 | +5.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €847,822 | €892,732 | +€44,911 | +5.3% |
| Profit (loss) carried forward | 14 | €52,001 | €52,001 | = | 0.0% |
| Amounts payable | 17/49 | €272,673 | €556,785 | +€284,112 | +104.2% |
| Amounts payable after more than one year | 17 | €68,825 | €253,468 | +€184,643 | +268.3% |
| Financial debts | 170/4 | €68,825 | €253,468 | +€184,643 | +268.3% |
| Amounts payable within one year | 42/48 | €201,451 | €301,406 | +€99,955 | +49.6% |
| Current portion of amounts payable after more than one year | 42 | €30,864 | €87,313 | +€56,449 | +182.9% |
| Trade debts | 44 | €22,227 | €20,603 | -€1,624 | -7.3% |
| Suppliers | 440/4 | €22,227 | €20,603 | -€1,624 | -7.3% |
| Advances received on contracts in progress | 46 | €3,530 | €1,465 | -€2,065 | -58.5% |
| Taxes, remuneration and social security | 45 | €100,795 | €91,872 | -€8,923 | -8.9% |
| Taxes | 450/3 | €34,595 | €21,006 | -€13,589 | -39.3% |
| Remuneration and social security | 454/9 | €66,200 | €70,866 | +€4,666 | +7.0% |
| Other amounts payable | 47/48 | €44,035 | €100,153 | +€56,118 | +127.4% |
| Accrued charges and deferred income | 492/3 | €2,397 | €1,912 | -€486 | -20.3% |
| Non-recurring operating income | 76A | €31,960 | €0 | -€31,960 | -100.0% |
| Remuneration, social security and pensions | 62 | €606,467 | €549,979 | -€56,488 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,941 | €141,371 | +€72,430 | +105.1% |
| Other operating charges | 640/8 | €11,326 | €12,292 | +€966 | +8.5% |
| Gross operating margin | 9900 | €979,788 | €894,934 | -€84,854 | -8.7% |
| Operating profit (loss) | 9901 | €293,054 | €191,293 | -€101,761 | -34.7% |
| Financial income | 75/76B | €7,592 | €3,495 | -€4,097 | -54.0% |
| Recurring financial income | 75 | €7,592 | €3,495 | -€4,097 | -54.0% |
| Financial charges | 65/66B | €7,239 | €17,202 | +€9,964 | +137.6% |
| Recurring financial charges | 65 | €7,239 | €17,202 | +€9,964 | +137.6% |
| Profit (loss) for the period before taxes | 9903 | €293,407 | €177,586 | -€115,821 | -39.5% |
| Income taxes | 67/77 | €94,321 | €55,687 | -€38,635 | -41.0% |
| Profit (loss) for the period | 9904 | €199,086 | €121,899 | -€77,187 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €199,086 | €121,899 | -€77,187 | -38.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.