CAPITAL PROJECTS: 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.
CAPITAL PROJECTS
Largest movements
- Cash -€2.5m
down €2.5m (-77.1%), from €3.3m to €748,564
mainly Current investments (-€2.3m) and Debts after one year (-€808,267)
- Current investments +€2.3m
new in 2025: €2.3m
- Tangible fixed assets -€457,367
down €457,367 (-3.6%), from €12.7m to €12.3m
of which Land and buildings: -€463,218
- Debts after one year -€808,267
down €808,267 (-14.5%), from €5.6m to €4.8m
- Profit (loss) carried forward +€239,021
up €239,021 (+10.1%), from €2.4m to €2.6m
- Accrued charges and deferred income -€211,871
down €211,871 (-39.3%), from €539,532 to €327,661
- Financial income -€2.7m
down €2.7m (-96.4%), from €2.8m to €99,319
of which Non-recurring financial income: -€2.8m
- Gross operating margin +€71,379
up €71,379 (+8.7%), from €817,096 to €888,475
- Taxes +€36,863
up €36,863 (+78.0%), from €47,252 to €84,115
- Financial charges -€10,968
down €10,968 (-8.4%), from €130,206 to €119,238
of which Financial charges: -€7,973
- Depreciation +€8,908
up €8,908 (+1.7%), from €524,004 to €532,912
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 | €16,196,471 | €15,335,076 | -€861,395 | -5.3% |
| Fixed assets | 21/28 | €12,740,116 | €12,282,749 | -€457,367 | -3.6% |
| Tangible fixed assets | 22/27 | €12,740,116 | €12,282,749 | -€457,367 | -3.6% |
| Land and buildings | 22 | €12,709,574 | €12,246,357 | -€463,218 | -3.6% |
| Furniture and vehicles | 24 | €18,442 | €24,292 | +€5,850 | +31.7% |
| Other tangible fixed assets | 26 | €12,100 | €12,100 | = | 0.0% |
| Current assets | 29/58 | €3,456,355 | €3,052,327 | -€404,027 | -11.7% |
| Amounts receivable within one year | 40/41 | €186,838 | €33,810 | -€153,029 | -81.9% |
| Trade receivables | 40 | €15,815 | - | -€15,815 | |
| Other amounts receivable | 41 | €171,024 | €33,810 | -€137,214 | -80.2% |
| Current investments | 50/53 | - | €2,269,597 | +€2.3m | |
| Cash at bank and in hand | 54/58 | €3,263,080 | €748,564 | -€2.5m | -77.1% |
| Deferred charges and accrued income | 490/1 | €6,437 | €357 | -€6,080 | -94.5% |
| Total equity and liabilities | 10/49 | €16,196,471 | €15,335,076 | -€861,395 | -5.3% |
| Equity | 10/15 | €8,776,787 | €8,969,276 | +€192,489 | +2.2% |
| Contributions | 10/11 | €5,500,000 | €5,500,000 | = | 0.0% |
| Capital | 10 | €5,500,000 | €5,500,000 | = | 0.0% |
| Issued capital | 100 | €5,500,000 | €5,500,000 | = | 0.0% |
| Reserves | 13 | €909,458 | €862,927 | -€46,532 | -5.1% |
| Non-distributable reserves | 130/1 | €144,596 | €157,381 | +€12,785 | +8.8% |
| Legal reserve | 130 | €144,596 | €157,381 | +€12,785 | +8.8% |
| Tax-exempt reserves | 132 | €764,862 | €705,546 | -€59,316 | -7.8% |
| Profit (loss) carried forward | 14 | €2,367,329 | €2,606,350 | +€239,021 | +10.1% |
| Provisions and deferred taxes | 16 | €263,519 | €243,747 | -€19,772 | -7.5% |
| Deferred taxes | 168 | €263,519 | €243,747 | -€19,772 | -7.5% |
| Amounts payable | 17/49 | €7,156,164 | €6,122,053 | -€1.0m | -14.5% |
| Amounts payable after more than one year | 17 | €5,579,794 | €4,771,528 | -€808,267 | -14.5% |
| Financial debts | 170/4 | €5,579,794 | €4,771,528 | -€808,267 | -14.5% |
| Amounts payable within one year | 42/48 | €1,036,837 | €1,022,864 | -€13,974 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €781,667 | €781,667 | = | 0.0% |
| Trade debts | 44 | €52,231 | €40,133 | -€12,098 | -23.2% |
| Suppliers | 440/4 | €52,231 | €40,133 | -€12,098 | -23.2% |
| Taxes, remuneration and social security | 45 | €8,458 | €6,407 | -€2,050 | -24.2% |
| Taxes | 450/3 | €8,458 | €6,407 | -€2,050 | -24.2% |
| Other amounts payable | 47/48 | €194,482 | €194,657 | +€174 | +0.1% |
| Accrued charges and deferred income | 492/3 | €539,532 | €327,661 | -€211,871 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €524,004 | €532,912 | +€8,908 | +1.7% |
| Other operating charges | 640/8 | €85,433 | €78,811 | -€6,622 | -7.8% |
| Gross operating margin | 9900 | €817,096 | €888,475 | +€71,379 | +8.7% |
| Operating profit (loss) | 9901 | €207,659 | €276,751 | +€69,092 | +33.3% |
| Financial income | 75/76B | €2,797,610 | €99,319 | -€2.7m | -96.4% |
| Recurring financial income | 75 | €32,468 | €99,319 | +€66,852 | +206% |
| Non-recurring financial income | 76B | €2,765,143 | - | -€2.8m | |
| Financial charges | 65/66B | €130,206 | €119,238 | -€10,968 | -8.4% |
| Recurring financial charges | 65 | €127,211 | €119,238 | -€7,973 | -6.3% |
| Non-recurring financial charges | 66B | €2,995 | - | -€2,995 | |
| Profit (loss) for the period before taxes | 9903 | €2,875,063 | €256,832 | -€2.6m | -91.1% |
| Transfer from deferred taxes | 780 | €19,772 | €19,772 | = | 0.0% |
| Income taxes | 67/77 | €47,252 | €84,115 | +€36,863 | +78.0% |
| Profit (loss) for the period | 9904 | €2,847,583 | €192,489 | -€2.7m | -93.2% |
| Transfer from tax-exempt reserves | 789 | €59,316 | €59,316 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,906,899 | €251,805 | -€2.7m | -91.3% |
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 26 October 2026 via checked.be.