CHAINED: 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.
CHAINED
Largest movements
- Tangible fixed assets +€1.4m
up €1.4m (+1342.4%), from €102,745 to €1.5m
of which Land and buildings: +€1.4m
- Cash -€64,450
down €64,450 (-47.1%), from €136,978 to €72,528
mainly Investment in fixed assets (net) (-€1.4m) and Tax, wage and social debts (-€17,741)
- Debts after one year +€1.1m
up €1.1m (+215.4%), from €522,000 to €1.6m
- Profit (loss) carried forward +€146,200
up €146,200 (+2867.5%), from €5,099 to €151,298
- Current portion of long-term debt +€48,050
new in 2025: €48,050
- Financial income -€54,023
down €54,023 (-42.9%), from €126,023 to €72,000
- Depreciation +€45,837
up €45,837 (+192.5%), from €23,813 to €69,650
- Taxes -€41,969
down €41,969 (-68.1%), from €61,665 to €19,697
- Financial charges +€24,263
up €24,263 (+114.6%), from €21,167 to €45,429
- Gross operating margin -€5,574
down €5,574 (-2.5%), from €224,744 to €219,170
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 | €909,167 | €2,231,424 | +€1.3m | +145.4% |
| Fixed assets | 21/28 | €750,745 | €2,130,026 | +€1.4m | +183.7% |
| Tangible fixed assets | 22/27 | €102,745 | €1,482,026 | +€1.4m | +1342.4% |
| Land and buildings | 22 | - | €1,396,434 | +€1.4m | |
| Furniture and vehicles | 24 | €71,234 | €43,396 | -€27,838 | -39.1% |
| Other tangible fixed assets | 26 | €31,511 | €42,196 | +€10,685 | +33.9% |
| Financial fixed assets | 28 | €648,000 | €648,000 | = | 0.0% |
| Current assets | 29/58 | €158,422 | €101,399 | -€57,023 | -36.0% |
| Amounts receivable within one year | 40/41 | €19,360 | €27,517 | +€8,157 | +42.1% |
| Trade receivables | 40 | €19,360 | €18,017 | -€1,343 | -6.9% |
| Other amounts receivable | 41 | - | €9,500 | +€9,500 | |
| Cash at bank and in hand | 54/58 | €136,978 | €72,528 | -€64,450 | -47.1% |
| Deferred charges and accrued income | 490/1 | €2,084 | €1,354 | -€730 | -35.0% |
| Total equity and liabilities | 10/49 | €909,167 | €2,231,424 | +€1.3m | +145.4% |
| Equity | 10/15 | €230,059 | €376,258 | +€146,200 | +63.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €206,360 | €206,360 | = | 0.0% |
| Distributable reserves | 133 | €206,360 | €206,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,099 | €151,298 | +€146,200 | +2867.5% |
| Amounts payable | 17/49 | €679,108 | €1,855,166 | +€1.2m | +173.2% |
| Amounts payable after more than one year | 17 | €522,000 | €1,646,623 | +€1.1m | +215.4% |
| Financial debts | 170/4 | €522,000 | €1,646,623 | +€1.1m | +215.4% |
| Amounts payable within one year | 42/48 | €147,420 | €181,543 | +€34,124 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | - | €48,050 | +€48,050 | |
| Trade debts | 44 | €3,517 | €241 | -€3,277 | -93.2% |
| Suppliers | 440/4 | €3,517 | €241 | -€3,277 | -93.2% |
| Taxes, remuneration and social security | 45 | €58,236 | €40,494 | -€17,741 | -30.5% |
| Taxes | 450/3 | €58,236 | €40,494 | -€17,741 | -30.5% |
| Other amounts payable | 47/48 | €85,667 | €92,759 | +€7,092 | +8.3% |
| Accrued charges and deferred income | 492/3 | €9,688 | €26,999 | +€17,311 | +178.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,813 | €69,650 | +€45,837 | +192.5% |
| Other operating charges | 640/8 | €1,150 | €855 | -€295 | -25.6% |
| Non-recurring operating charges | 66A | - | €9,339 | +€9,339 | |
| Gross operating margin | 9900 | €224,744 | €219,170 | -€5,574 | -2.5% |
| Operating profit (loss) | 9901 | €199,781 | €139,326 | -€60,456 | -30.3% |
| Financial income | 75/76B | €126,023 | €72,000 | -€54,023 | -42.9% |
| Recurring financial income | 75 | €126,023 | €72,000 | -€54,023 | -42.9% |
| Financial charges | 65/66B | €21,167 | €45,429 | +€24,263 | +114.6% |
| Recurring financial charges | 65 | €21,167 | €45,429 | +€24,263 | +114.6% |
| Profit (loss) for the period before taxes | 9903 | €304,638 | €165,896 | -€138,741 | -45.5% |
| Income taxes | 67/77 | €61,665 | €19,697 | -€41,969 | -68.1% |
| Profit (loss) for the period | 9904 | €242,972 | €146,200 | -€96,773 | -39.8% |
| Profit (loss) for the period to be appropriated | 9905 | €242,972 | €146,200 | -€96,773 | -39.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.