BR: 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.
BR
Largest movements
- Tangible fixed assets -€187,354
down €187,354 (-42.6%), from €439,802 to €252,448
of which Land and buildings: -€197,901
- Cash +€102,923
up €102,923 (+535.7%), from €19,215 to €122,138
mainly Investment in fixed assets (net) (+€106,907) and Depreciation (+€80,447)
- Receivables within one year -€66,775
down €66,775 (-41.8%), from €159,695 to €92,920
of which Trade receivables: -€94,692
- Stocks and contracts -€13,156
down €13,156 (-14.9%), from €88,141 to €74,985
- Debts after one year -€153,180
down €153,180 (-38.2%), from €401,381 to €248,202
- Trade debts -€75,588
down €75,588 (-32.8%), from €230,739 to €155,151
- Other debts +€64,824
up €64,824, from €0 to €64,824
- Profit (loss) carried forward +€38,137
up €38,137 (+44.2%), from -€86,189 to -€48,052
- Current portion of long-term debt -€33,864
down €33,864 (-32.1%), from €105,641 to €71,777
- Staff costs +€77,554
up €77,554 (+22.9%), from €338,693 to €416,248
- Gross operating margin +€67,815
up €67,815 (+14.0%), from €484,732 to €552,546
- Depreciation -€43,325
down €43,325 (-35.0%), from €123,772 to €80,447
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 | €707,911 | €542,491 | -€165,420 | -23.4% |
| Fixed assets | 21/28 | €439,802 | €252,448 | -€187,354 | -42.6% |
| Tangible fixed assets | 22/27 | €439,802 | €252,448 | -€187,354 | -42.6% |
| Land and buildings | 22 | €218,369 | €20,468 | -€197,901 | -90.6% |
| Plant, machinery and equipment | 23 | €64,922 | €56,227 | -€8,695 | -13.4% |
| Furniture and vehicles | 24 | €5,057 | €3,107 | -€1,950 | -38.6% |
| Leasing and similar rights | 25 | €4,594 | €39,266 | +€34,672 | +754.8% |
| Other tangible fixed assets | 26 | €146,860 | €133,380 | -€13,480 | -9.2% |
| Current assets | 29/58 | €268,109 | €290,042 | +€21,933 | +8.2% |
| Stocks and contracts in progress | 3 | €88,141 | €74,985 | -€13,156 | -14.9% |
| Stocks | 30/36 | €88,141 | €74,985 | -€13,156 | -14.9% |
| Amounts receivable within one year | 40/41 | €159,695 | €92,920 | -€66,775 | -41.8% |
| Trade receivables | 40 | €117,464 | €22,772 | -€94,692 | -80.6% |
| Other amounts receivable | 41 | €42,231 | €70,148 | +€27,917 | +66.1% |
| Cash at bank and in hand | 54/58 | €19,215 | €122,138 | +€102,923 | +535.7% |
| Deferred charges and accrued income | 490/1 | €1,059 | - | -€1,059 | |
| Total equity and liabilities | 10/49 | €707,911 | €542,491 | -€165,420 | -23.4% |
| Equity | 10/15 | -€79,889 | -€41,752 | +€38,137 | +47.7% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,189 | -€48,052 | +€38,137 | +44.2% |
| Amounts payable | 17/49 | €787,800 | €584,243 | -€203,557 | -25.8% |
| Amounts payable after more than one year | 17 | €401,381 | €248,202 | -€153,180 | -38.2% |
| Financial debts | 170/4 | €401,381 | €248,202 | -€153,180 | -38.2% |
| Amounts payable within one year | 42/48 | €386,418 | €336,041 | -€50,378 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €105,641 | €71,777 | -€33,864 | -32.1% |
| Financial debts | 43 | €15,110 | - | -€15,110 | |
| Credit institutions | 430/8 | €15,110 | - | -€15,110 | |
| Trade debts | 44 | €230,739 | €155,151 | -€75,588 | -32.8% |
| Suppliers | 440/4 | €230,739 | €155,151 | -€75,588 | -32.8% |
| Taxes, remuneration and social security | 45 | €34,928 | €44,289 | +€9,361 | +26.8% |
| Taxes | 450/3 | €763 | €1,472 | +€709 | +93.0% |
| Remuneration and social security | 454/9 | €34,165 | €42,817 | +€8,651 | +25.3% |
| Other amounts payable | 47/48 | €0 | €64,824 | +€64,824 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €23,183 | +€23,183 | |
| Remuneration, social security and pensions | 62 | €338,693 | €416,248 | +€77,554 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,772 | €80,447 | -€43,325 | -35.0% |
| Other operating charges | 640/8 | €4,636 | €3,224 | -€1,412 | -30.5% |
| Non-recurring operating charges | 66A | €1,105 | - | -€1,105 | |
| Gross operating margin | 9900 | €484,732 | €552,546 | +€67,815 | +14.0% |
| Operating profit (loss) | 9901 | €16,525 | €52,628 | +€36,102 | +218.5% |
| Financial income | 75/76B | €134 | - | -€134 | |
| Recurring financial income | 75 | €134 | - | -€134 | |
| Financial charges | 65/66B | €15,569 | €14,491 | -€1,079 | -6.9% |
| Recurring financial charges | 65 | €15,569 | €14,491 | -€1,079 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €1,090 | €38,137 | +€37,047 | +3398.7% |
| Profit (loss) for the period | 9904 | €1,090 | €38,137 | +€37,047 | +3398.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,090 | €38,137 | +€37,047 | +3398.7% |
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 30 September 2026 via checked.be.