BSM: 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.
BSM
Largest movements
- Stocks and contracts +€294,823
up €294,823 (+23.2%), from €1.3m to €1.6m
- Deferred charges and accrued income +€145,866
up €145,866 (+350.7%), from €41,591 to €187,458
- Receivables within one year +€142,142
up €142,142 (+5.0%), from €2.8m to €3.0m
of which Other amounts receivable: +€96,596
- Cash -€79,994
down €79,994 (-48.8%), from €163,889 to €83,895
mainly Stocks and contracts (-€294,823) and Short-term financial debts (-€244,400)
- Tangible fixed assets -€65,535
down €65,535 (-5.3%), from €1.2m to €1.2m
of which Land and buildings: -€66,559
- Trade debts +€556,766
up €556,766 (+58.9%), from €945,448 to €1.5m
- Short-term financial debts -€244,400
down €244,400 (-42.6%), from €574,350 to €329,950
- Reserves +€166,712
up €166,712 (+5.0%), from €3.3m to €3.5m
of which Distributable reserves: +€166,712
- Turnover -€10.9m
no longer reported in 2025 (was €10.9m)
- Goods and materials -€6.8m
no longer reported in 2025 (was €6.8m)
of which Purchases: -€6.2m
- Services and other goods -€2.4m
no longer reported in 2025 (was €2.4m)
- Gross operating margin +€2.3m
new in 2025: €2.3m
- Staff costs +€450,789
up €450,789 (+30.8%), from €1.5m to €1.9m
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 | €5,556,727 | €5,994,029 | +€437,302 | +7.9% |
| Fixed assets | 21/28 | €1,242,198 | €1,176,662 | -€65,535 | -5.3% |
| Tangible fixed assets | 22/27 | €1,241,948 | €1,176,412 | -€65,535 | -5.3% |
| Land and buildings | 22 | €787,247 | €720,688 | -€66,559 | -8.5% |
| Plant, machinery and equipment | 23 | €454,701 | €455,724 | +€1,023 | +0.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Other financial fixed assets | 284/8 | €250 | - | -€250 | |
| Amounts receivable and cash guarantees | 285/8 | €250 | - | -€250 | |
| Current assets | 29/58 | €4,314,529 | €4,817,367 | +€502,838 | +11.7% |
| Stocks and contracts in progress | 3 | €1,272,623 | €1,567,447 | +€294,823 | +23.2% |
| Stocks | 30/36 | €1,272,623 | €1,567,447 | +€294,823 | +23.2% |
| Goods purchased for resale | 34 | €1,272,623 | - | -€1.3m | |
| Amounts receivable within one year | 40/41 | €2,836,425 | €2,978,567 | +€142,142 | +5.0% |
| Trade receivables | 40 | €2,095,428 | €2,140,973 | +€45,545 | +2.2% |
| Other amounts receivable | 41 | €740,997 | €837,594 | +€96,596 | +13.0% |
| Cash at bank and in hand | 54/58 | €163,889 | €83,895 | -€79,994 | -48.8% |
| Deferred charges and accrued income | 490/1 | €41,591 | €187,458 | +€145,866 | +350.7% |
| Total equity and liabilities | 10/49 | €5,556,727 | €5,994,029 | +€437,302 | +7.9% |
| Equity | 10/15 | €3,368,666 | €3,535,377 | +€166,712 | +4.9% |
| Contributions | 10/11 | €14,410 | €14,410 | = | 0.0% |
| Reserves | 13 | €3,348,073 | €3,514,785 | +€166,712 | +5.0% |
| Tax-exempt reserves | 132 | €1,274,965 | €1,274,965 | = | 0.0% |
| Distributable reserves | 133 | €2,073,109 | €2,239,820 | +€166,712 | +8.0% |
| Investment grants | 15 | €6,182 | €6,182 | = | 0.0% |
| Amounts payable | 17/49 | €2,188,061 | €2,458,652 | +€270,591 | +12.4% |
| Amounts payable after more than one year | 17 | €59,948 | €17,632 | -€42,316 | -70.6% |
| Financial debts | 170/4 | €59,948 | €17,632 | -€42,316 | -70.6% |
| Credit institutions | 173 | €59,948 | - | -€59,948 | |
| Amounts payable within one year | 42/48 | €2,128,113 | €2,441,020 | +€312,907 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €42,316 | €42,316 | = | 0.0% |
| Financial debts | 43 | €574,350 | €329,950 | -€244,400 | -42.6% |
| Credit institutions | 430/8 | €574,350 | €329,950 | -€244,400 | -42.6% |
| Trade debts | 44 | €945,448 | €1,502,214 | +€556,766 | +58.9% |
| Suppliers | 440/4 | €945,448 | €1,502,214 | +€556,766 | +58.9% |
| Taxes, remuneration and social security | 45 | €132,510 | €140,612 | +€8,102 | +6.1% |
| Taxes | 450/3 | €29,630 | €2,872 | -€26,758 | -90.3% |
| Remuneration and social security | 454/9 | €102,879 | €137,740 | +€34,860 | +33.9% |
| Other amounts payable | 47/48 | €433,490 | €425,929 | -€7,561 | -1.7% |
| Operating income | 70/76A | €10,931,516 | - | -€10.9m | |
| Turnover | 70 | €10,872,412 | - | -€10.9m | |
| Other operating income | 74 | €58,804 | - | -€58,804 | |
| Non-recurring operating income | 76A | €300 | - | -€300 | |
| Operating charges | 60/66A | €10,796,473 | - | -€10.8m | |
| Goods for resale, raw materials and consumables | 60 | €6,778,509 | - | -€6.8m | |
| Purchases | 600/8 | €6,215,764 | - | -€6.2m | |
| Change in stocks: decrease (increase) | 609 | €562,745 | - | -€562,745 | |
| Services and other goods | 61 | €2,389,548 | - | -€2.4m | |
| Remuneration, social security and pensions | 62 | €1,464,326 | €1,915,114 | +€450,789 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,273 | €154,679 | +€4,406 | +2.9% |
| Other operating charges | 640/8 | €13,817 | €17,237 | +€3,419 | +24.7% |
| Gross operating margin | 9900 | - | €2,316,373 | +€2.3m | |
| Operating profit (loss) | 9901 | €135,043 | €229,342 | +€94,299 | +69.8% |
| Financial income | 75/76B | €13,759 | €12,699 | -€1,059 | -7.7% |
| Recurring financial income | 75 | €13,759 | €12,699 | -€1,059 | -7.7% |
| Other financial income | 752/9 | €13,759 | - | -€13,759 | |
| Financial charges | 65/66B | €38,189 | €24,662 | -€13,526 | -35.4% |
| Recurring financial charges | 65 | €38,189 | €24,662 | -€13,526 | -35.4% |
| Debt charges | 650 | €37,668 | - | -€37,668 | |
| Other financial charges | 652/9 | €520 | - | -€520 | |
| Profit (loss) for the period before taxes | 9903 | €110,613 | €217,379 | +€106,766 | +96.5% |
| Income taxes | 67/77 | €22,321 | €50,667 | +€28,347 | +127.0% |
| Taxes | 670/3 | €22,321 | - | -€22,321 | |
| Profit (loss) for the period | 9904 | €88,292 | €166,712 | +€78,419 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €88,292 | €166,712 | +€78,419 | +88.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.