CATHERINE GILLARDIN: 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.
CATHERINE GILLARDIN
Largest movements
- Receivables after one year +€500,000
new in 2025: €500,000
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Cash +€245,187
up €245,187 (+112%), from €218,573 to €463,760
mainly Current investments (+€500,000) and Net result for the year (+€196,928)
- Reserves +€196,928
up €196,928 (+8.9%), from €2.2m to €2.4m
- Tax, wage and social debts +€89,833
up €89,833 (+560%), from €16,056 to €105,888
of which Taxes: +€89,772
- Debts after one year -€57,547
down €57,547 (-13.9%), from €412,756 to €355,208
- Financial income -€1.2m
down €1.2m (-98.5%), from €1.2m to €17,229
- Taxes -€156,237
down €156,237 (-61.7%), from €253,182 to €96,945
- Gross operating margin -€50,709
down €50,709 (-12.1%), from €420,290 to €369,581
- Depreciation +€5,245
up €5,245 (+12.5%), from €41,963 to €47,208
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 | €2,727,119 | €2,953,277 | +€226,158 | +8.3% |
| Fixed assets | 21/28 | €1,622,196 | €1,607,954 | -€14,242 | -0.9% |
| Tangible fixed assets | 22/27 | €1,063,179 | €1,048,937 | -€14,242 | -1.3% |
| Land and buildings | 22 | €1,033,194 | €1,001,902 | -€31,292 | -3.0% |
| Plant, machinery and equipment | 23 | €27,515 | €25,933 | -€1,582 | -5.7% |
| Furniture and vehicles | 24 | €2,469 | €21,102 | +€18,633 | +755% |
| Financial fixed assets | 28 | €559,017 | €559,017 | = | 0.0% |
| Current assets | 29/58 | €1,104,923 | €1,345,323 | +€240,400 | +21.8% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €373,150 | €381,563 | +€8,413 | +2.3% |
| Trade receivables | 40 | €18,150 | €94,630 | +€76,480 | +421% |
| Other amounts receivable | 41 | €355,000 | €286,933 | -€68,067 | -19.2% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €218,573 | €463,760 | +€245,187 | +112% |
| Deferred charges and accrued income | 490/1 | €13,200 | - | -€13,200 | |
| Total equity and liabilities | 10/49 | €2,727,119 | €2,953,277 | +€226,158 | +8.3% |
| Equity | 10/15 | €2,230,027 | €2,426,955 | +€196,928 | +8.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,215,856 | €2,412,784 | +€196,928 | +8.9% |
| Distributable reserves | 133 | €2,215,856 | €2,412,784 | +€196,928 | +8.9% |
| Profit (loss) carried forward | 14 | €1,772 | €1,772 | = | 0.0% |
| Amounts payable | 17/49 | €497,091 | €526,322 | +€29,230 | +5.9% |
| Amounts payable after more than one year | 17 | €412,756 | €355,208 | -€57,547 | -13.9% |
| Financial debts | 170/4 | €412,756 | €355,208 | -€57,547 | -13.9% |
| Amounts payable within one year | 42/48 | €83,368 | €168,880 | +€85,512 | +103% |
| Current portion of amounts payable after more than one year | 42 | €65,995 | €62,992 | -€3,003 | -4.6% |
| Trade debts | 44 | €1,317 | - | -€1,317 | |
| Suppliers | 440/4 | €1,317 | - | -€1,317 | |
| Taxes, remuneration and social security | 45 | €16,056 | €105,888 | +€89,833 | +560% |
| Taxes | 450/3 | €14,673 | €104,445 | +€89,772 | +612% |
| Remuneration and social security | 454/9 | €1,382 | €1,443 | +€61 | +4.4% |
| Accrued charges and deferred income | 492/3 | €968 | €2,233 | +€1,266 | +131% |
| Remuneration, social security and pensions | 62 | €26,813 | €29,603 | +€2,790 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,963 | €47,208 | +€5,245 | +12.5% |
| Other operating charges | 640/8 | €5,849 | €5,575 | -€273 | -4.7% |
| Gross operating margin | 9900 | €420,290 | €369,581 | -€50,709 | -12.1% |
| Operating profit (loss) | 9901 | €345,666 | €287,195 | -€58,471 | -16.9% |
| Financial income | 75/76B | €1,184,379 | €17,229 | -€1.2m | -98.5% |
| Recurring financial income | 75 | €1,184,379 | €17,229 | -€1.2m | -98.5% |
| Financial charges | 65/66B | €11,853 | €10,551 | -€1,301 | -11.0% |
| Recurring financial charges | 65 | €11,853 | €10,551 | -€1,301 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €1,518,192 | €293,873 | -€1.2m | -80.6% |
| Income taxes | 67/77 | €253,182 | €96,945 | -€156,237 | -61.7% |
| Profit (loss) for the period | 9904 | €1,265,010 | €196,928 | -€1.1m | -84.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,265,010 | €196,928 | -€1.1m | -84.4% |
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 22 October 2026 via checked.be.