BY-TWO-BY: 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.
BY-TWO-BY
Largest movements
- Financial fixed assets -€3.4m
down €3.4m (-100.0%), from €3.4m to €712
- Tangible fixed assets +€3.2m
up €3.2m (+3,935%), from €80,059 to €3.2m
of which Land and buildings: +€3.2m
- Stocks and contracts -€2.6m
down €2.6m (-49.0%), from €5.2m to €2.7m
- Cash -€981,026
down €981,026 (-90.8%), from €1.1m to €99,255
mainly Other debts (-€2.8m) and Net result for the year (-€504,671)
- Current investments +€467,573
up €467,573 (+1,403%), from €33,316 to €500,889
- Other debts -€2.8m
down €2.8m (-95.7%), from €2.9m to €124,002
- Profit (loss) carried forward -€504,671
down €504,671 (-44.9%), from -€1.1m to -€1.6m
- Financial charges -€178,763
down €178,763 (-28.6%), from €625,941 to €447,178
of which Financial charges: -€539,547
- Write-downs -€94,078
down €94,078, from €0 to -€94,078
- Gross operating margin -€48,269
down €48,269 (-26.4%), from -€183,058 to -€231,328
- Other operating charges -€27,129
down €27,129 (-68.4%), from €39,687 to €12,558
- Depreciation +€12,418
up €12,418 (+53.6%), from €23,175 to €35,592
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 | €9,907,934 | €6,525,168 | -€3.4m | -34.1% |
| Fixed assets | 21/28 | €3,499,734 | €3,231,241 | -€268,493 | -7.7% |
| Tangible fixed assets | 22/27 | €80,059 | €3,230,528 | +€3.2m | +3,935% |
| Land and buildings | 22 | - | €3,184,121 | +€3.2m | |
| Furniture and vehicles | 24 | €78,156 | €44,809 | -€33,347 | -42.7% |
| Other tangible fixed assets | 26 | €1,904 | €1,599 | -€305 | -16.0% |
| Financial fixed assets | 28 | €3,419,674 | €712 | -€3.4m | -100.0% |
| Current assets | 29/58 | €6,408,200 | €3,293,927 | -€3.1m | -48.6% |
| Stocks and contracts in progress | 3 | €5,238,601 | €2,670,769 | -€2.6m | -49.0% |
| Stocks | 30/36 | €5,238,601 | €2,670,769 | -€2.6m | -49.0% |
| Amounts receivable within one year | 40/41 | €52,488 | €17,789 | -€34,700 | -66.1% |
| Trade receivables | 40 | €27,999 | €13,076 | -€14,923 | -53.3% |
| Other amounts receivable | 41 | €24,489 | €4,712 | -€19,777 | -80.8% |
| Current investments | 50/53 | €33,316 | €500,889 | +€467,573 | +1,403% |
| Cash at bank and in hand | 54/58 | €1,080,281 | €99,255 | -€981,026 | -90.8% |
| Deferred charges and accrued income | 490/1 | €3,515 | €5,225 | +€1,711 | +48.7% |
| Total equity and liabilities | 10/49 | €9,907,934 | €6,525,168 | -€3.4m | -34.1% |
| Equity | 10/15 | €5,875,842 | €5,371,172 | -€504,671 | -8.6% |
| Contributions | 10/11 | €7,000,000 | €7,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,124,158 | -€1,628,828 | -€504,671 | -44.9% |
| Amounts payable | 17/49 | €4,032,092 | €1,153,996 | -€2.9m | -71.4% |
| Amounts payable after more than one year | 17 | €1,024,797 | €929,464 | -€95,333 | -9.3% |
| Financial debts | 170/4 | €1,003,757 | €908,794 | -€94,963 | -9.5% |
| Other amounts payable | 178/9 | €21,040 | €20,670 | -€370 | -1.8% |
| Amounts payable within one year | 42/48 | €3,006,406 | €224,532 | -€2.8m | -92.5% |
| Current portion of amounts payable after more than one year | 42 | €92,020 | €94,963 | +€2,944 | +3.2% |
| Trade debts | 44 | €9,592 | €4,067 | -€5,525 | -57.6% |
| Suppliers | 440/4 | €9,592 | €4,067 | -€5,525 | -57.6% |
| Taxes, remuneration and social security | 45 | €900 | €1,500 | +€600 | +66.7% |
| Taxes | 450/3 | €900 | €1,500 | +€600 | +66.7% |
| Other amounts payable | 47/48 | €2,903,895 | €124,002 | -€2.8m | -95.7% |
| Accrued charges and deferred income | 492/3 | €889 | €0 | -€889 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,175 | €35,592 | +€12,418 | +53.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€94,078 | -€94,078 | |
| Other operating charges | 640/8 | €39,687 | €12,558 | -€27,129 | -68.4% |
| Gross operating margin | 9900 | -€183,058 | -€231,328 | -€48,269 | -26.4% |
| Operating profit (loss) | 9901 | -€245,920 | -€185,400 | +€60,521 | +24.6% |
| Financial income | 75/76B | €134,559 | €130,713 | -€3,846 | -2.9% |
| Recurring financial income | 75 | €134,559 | €130,713 | -€3,846 | -2.9% |
| Financial charges | 65/66B | €625,941 | €447,178 | -€178,763 | -28.6% |
| Recurring financial charges | 65 | €625,941 | €86,394 | -€539,547 | -86.2% |
| Non-recurring financial charges | 66B | - | €360,784 | +€360,784 | |
| Profit (loss) for the period before taxes | 9903 | -€737,302 | -€501,865 | +€235,438 | +31.9% |
| Income taxes | 67/77 | €720 | €2,806 | +€2,086 | +290% |
| Profit (loss) for the period | 9904 | -€738,022 | -€504,671 | +€233,352 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€738,022 | -€504,671 | +€233,352 | +31.6% |
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 19 October 2026 via checked.be.