BURSENS: 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.
BURSENS
Largest movements
- Receivables within one year -€196,431
down €196,431 (-88.7%), from €221,530 to €25,099
of which Other amounts receivable: -€214,497
- Tangible fixed assets -€22,660
down €22,660 (-21.4%), from €105,652 to €82,993
of which Plant, machinery and equipment: -€19,960
- Cash -€12,403
down €12,403 (-21.7%), from €57,224 to €44,821
mainly Contributions, distributions and other (-€265,625) and Investment in fixed assets (net) (-€27,725)
- Profit (loss) carried forward -€233,014
down €233,014 (-81.8%), from €284,895 to €51,880
- Accrued charges and deferred income +€23,830
new in 2025: €23,830
- Other debts -€13,236
down €13,236 (-16.9%), from €78,225 to €64,989
- Current portion of long-term debt -€7,640
down €7,640 (-82.9%), from €9,213 to €1,574
- Gross operating margin +€25,889
up €25,889 (+15.5%), from €166,593 to €192,482
- Depreciation +€3,751
up €3,751 (+8.0%), from €46,634 to €50,384
- Taxes +€2,813
up €2,813 (+91.7%), from €3,069 to €5,881
- Other operating charges +€2,184
up €2,184 (+270.5%), from €807 to €2,991
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 | €402,698 | €171,313 | -€231,384 | -57.5% |
| Fixed assets | 21/28 | €115,276 | €92,616 | -€22,660 | -19.7% |
| Tangible fixed assets | 22/27 | €105,652 | €82,993 | -€22,660 | -21.4% |
| Plant, machinery and equipment | 23 | €89,939 | €69,980 | -€19,960 | -22.2% |
| Furniture and vehicles | 24 | €3,841 | €10,410 | +€6,570 | +171.1% |
| Leasing and similar rights | 25 | €11,022 | €1,752 | -€9,270 | -84.1% |
| Other tangible fixed assets | 26 | €850 | €850 | = | 0.0% |
| Financial fixed assets | 28 | €9,624 | €9,624 | = | 0.0% |
| Current assets | 29/58 | €287,422 | €78,697 | -€208,724 | -72.6% |
| Stocks and contracts in progress | 3 | €5,613 | €4,755 | -€857 | -15.3% |
| Stocks | 30/36 | €5,613 | €4,755 | -€857 | -15.3% |
| Amounts receivable within one year | 40/41 | €221,530 | €25,099 | -€196,431 | -88.7% |
| Trade receivables | 40 | €6,255 | €24,321 | +€18,066 | +288.8% |
| Other amounts receivable | 41 | €215,275 | €778 | -€214,497 | -99.6% |
| Cash at bank and in hand | 54/58 | €57,224 | €44,821 | -€12,403 | -21.7% |
| Deferred charges and accrued income | 490/1 | €3,055 | €4,022 | +€967 | +31.6% |
| Total equity and liabilities | 10/49 | €402,698 | €171,313 | -€231,384 | -57.5% |
| Equity | 10/15 | €294,200 | €61,185 | -€233,014 | -79.2% |
| Contributions | 10/11 | €7,445 | €7,445 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284,895 | €51,880 | -€233,014 | -81.8% |
| Amounts payable | 17/49 | €108,498 | €110,128 | +€1,630 | +1.5% |
| Amounts payable after more than one year | 17 | €2,686 | €1,112 | -€1,574 | -58.6% |
| Financial debts | 170/4 | €2,686 | €1,112 | -€1,574 | -58.6% |
| Amounts payable within one year | 42/48 | €105,812 | €85,186 | -€20,626 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €9,213 | €1,574 | -€7,640 | -82.9% |
| Trade debts | 44 | €6,023 | €5,431 | -€592 | -9.8% |
| Suppliers | 440/4 | €6,023 | €5,431 | -€592 | -9.8% |
| Taxes, remuneration and social security | 45 | €12,350 | €13,192 | +€842 | +6.8% |
| Taxes | 450/3 | €3,100 | €3,323 | +€223 | +7.2% |
| Remuneration and social security | 454/9 | €9,250 | €9,869 | +€619 | +6.7% |
| Other amounts payable | 47/48 | €78,225 | €64,989 | -€13,236 | -16.9% |
| Accrued charges and deferred income | 492/3 | - | €23,830 | +€23,830 | |
| Non-recurring operating income | 76A | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | €101,772 | €100,509 | -€1,264 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,634 | €50,384 | +€3,751 | +8.0% |
| Other operating charges | 640/8 | €807 | €2,991 | +€2,184 | +270.5% |
| Gross operating margin | 9900 | €166,593 | €192,482 | +€25,889 | +15.5% |
| Operating profit (loss) | 9901 | €17,380 | €38,598 | +€21,218 | +122.1% |
| Financial income | 75/76B | €114 | €264 | +€150 | +131.4% |
| Recurring financial income | 75 | €114 | €264 | +€150 | +131.4% |
| Financial charges | 65/66B | €744 | €370 | -€374 | -50.3% |
| Recurring financial charges | 65 | €744 | €370 | -€374 | -50.3% |
| Profit (loss) for the period before taxes | 9903 | €16,750 | €38,492 | +€21,742 | +129.8% |
| Income taxes | 67/77 | €3,069 | €5,881 | +€2,813 | +91.7% |
| Profit (loss) for the period | 9904 | €13,681 | €32,611 | +€18,929 | +138.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,681 | €32,611 | +€18,929 | +138.4% |
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 6 October 2026 via checked.be.