BUSINESS DEVELOPMENT: what changed
Two financial 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.
BUSINESS DEVELOPMENT
Largest movements
- Tangible fixed assets -€25,408
down €25,408 (-10.8%), from €234,376 to €208,968
of which Land and buildings: -€23,956
- Cash +€22,241
new in 2025: €22,241
mainly Depreciation (+€38,347) and Receivables after one year (+€19,188)
- Receivables after one year -€19,188
down €19,188 (-24.8%), from €77,366 to €58,178
- Receivables within one year -€8,896
down €8,896 (-16.4%), from €54,101 to €45,205
of which Trade receivables: -€8,605
- Debts after one year -€14,512
down €14,512 (-18.0%), from €80,529 to €66,018
- Current portion of long-term debt -€10,625
down €10,625 (-40.4%), from €26,315 to €15,690
- Profit (loss) carried forward +€7,770
up €7,770 (+13.2%), from -€58,712 to -€50,942
- Short-term financial debts -€6,703
down €6,703 (-81.7%), from €8,204 to €1,501
of which Other loans: -€6,000
- Other debts -€5,398
down €5,398 (-7.1%), from €75,995 to €70,596
- Gross operating margin +€70,075
up €70,075, from -€16,225 to €53,850
- Other operating charges +€15,641
up €15,641 (+506%), from €3,089 to €18,730
- Financial income -€5,910
down €5,910 (-62.3%), from €9,490 to €3,580
- Depreciation -€2,649
down €2,649 (-6.5%), from €40,996 to €38,347
- Financial charges -€1,849
down €1,849 (-22.3%), from €8,296 to €6,447
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.
Derived cash bridge
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 | €367,971 | €335,845 | -€32,126 | -8.7% |
| Fixed assets | 21/28 | €234,426 | €209,018 | -€25,408 | -10.8% |
| Tangible fixed assets | 22/27 | €234,376 | €208,968 | -€25,408 | -10.8% |
| Land and buildings | 22 | €180,285 | €156,330 | -€23,956 | -13.3% |
| Plant, machinery and equipment | 23 | €25,580 | €26,152 | +€572 | +2.2% |
| Furniture and vehicles | 24 | €28,511 | €26,486 | -€2,025 | -7.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €133,545 | €126,826 | -€6,718 | -5.0% |
| Amounts receivable after more than one year | 29 | €77,366 | €58,178 | -€19,188 | -24.8% |
| Other amounts receivable | 291 | €77,366 | €58,178 | -€19,188 | -24.8% |
| Amounts receivable within one year | 40/41 | €54,101 | €45,205 | -€8,896 | -16.4% |
| Trade receivables | 40 | €53,809 | €45,205 | -€8,605 | -16.0% |
| Other amounts receivable | 41 | €292 | - | -€292 | |
| Cash at bank and in hand | 54/58 | - | €22,241 | +€22,241 | |
| Deferred charges and accrued income | 490/1 | €2,077 | €1,203 | -€874 | -42.1% |
| Total equity and liabilities | 10/49 | €367,971 | €335,845 | -€32,126 | -8.7% |
| Equity | 10/15 | €141,659 | €149,429 | +€7,770 | +5.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €131,779 | €131,779 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €129,920 | €129,920 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,712 | -€50,942 | +€7,770 | +13.2% |
| Amounts payable | 17/49 | €226,312 | €186,415 | -€39,896 | -17.6% |
| Amounts payable after more than one year | 17 | €80,529 | €66,018 | -€14,512 | -18.0% |
| Financial debts | 170/4 | €80,529 | €66,018 | -€14,512 | -18.0% |
| Amounts payable within one year | 42/48 | €145,782 | €120,397 | -€25,385 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €26,315 | €15,690 | -€10,625 | -40.4% |
| Financial debts | 43 | €8,204 | €1,501 | -€6,703 | -81.7% |
| Credit institutions | 430/8 | €704 | €1 | -€703 | -99.9% |
| Other loans | 439 | €7,500 | €1,500 | -€6,000 | -80.0% |
| Trade debts | 44 | €29,529 | €25,779 | -€3,750 | -12.7% |
| Suppliers | 440/4 | €29,529 | €25,779 | -€3,750 | -12.7% |
| Taxes, remuneration and social security | 45 | €5,739 | €6,831 | +€1,092 | +19.0% |
| Taxes | 450/3 | €5,739 | €6,831 | +€1,092 | +19.0% |
| Other amounts payable | 47/48 | €75,995 | €70,596 | -€5,398 | -7.1% |
| Remuneration, social security and pensions | 62 | -€613 | - | +€613 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,996 | €38,347 | -€2,649 | -6.5% |
| Other operating charges | 640/8 | €3,089 | €18,730 | +€15,641 | +506% |
| Gross operating margin | 9900 | -€16,225 | €53,850 | +€70,075 | |
| Operating profit (loss) | 9901 | -€59,698 | -€3,227 | +€56,471 | +94.6% |
| Financial income | 75/76B | €9,490 | €3,580 | -€5,910 | -62.3% |
| Recurring financial income | 75 | €9,490 | €3,580 | -€5,910 | -62.3% |
| Financial charges | 65/66B | €8,296 | €6,447 | -€1,849 | -22.3% |
| Recurring financial charges | 65 | €8,296 | €6,447 | -€1,849 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | -€58,504 | -€6,094 | +€52,410 | +89.6% |
| Income taxes | 67/77 | €208 | €223 | +€15 | +7.0% |
| Profit (loss) for the period | 9904 | -€58,712 | -€6,316 | +€52,396 | +89.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€58,712 | -€6,316 | +€52,396 | +89.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.