CLIENT FIRST: 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.
CLIENT FIRST
Largest movements
- Cash -€14,560
down €14,560 (-50.4%), from €28,865 to €14,305
mainly Other debts (-€44,335) and Tax, wage and social debts (-€26,813)
- Reserves +€52,800
up €52,800 (+12.0%), from €439,000 to €491,800
of which Distributable reserves: +€52,800
- Other debts -€44,335
down €44,335 (-61.9%), from €71,655 to €27,321
- Tax, wage and social debts -€26,813
down €26,813 (-91.2%), from €29,394 to €2,581
- Debts after one year +€7,381
up €7,381 (+49.7%), from €14,847 to €22,227
- Other operating charges +€8,028
up €8,028 (+1304.7%), from €615 to €8,643
- Gross operating margin -€4,662
down €4,662 (-4.3%), from €107,526 to €102,864
- Financial income +€1,792
up €1,792 (+519.4%), from €345 to €2,137
- Depreciation +€1,435
up €1,435 (+9.7%), from €14,854 to €16,290
- Taxes -€1,381
down €1,381 (-5.3%), from €26,177 to €24,796
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 | €673,515 | €666,800 | -€6,715 | -1.0% |
| Fixed assets | 21/28 | €363,085 | €367,462 | +€4,377 | +1.2% |
| Tangible fixed assets | 22/27 | €363,025 | €367,403 | +€4,377 | +1.2% |
| Land and buildings | 22 | €334,716 | €324,450 | -€10,266 | -3.1% |
| Plant, machinery and equipment | 23 | €26,944 | €41,672 | +€14,728 | +54.7% |
| Furniture and vehicles | 24 | €1,365 | €1,281 | -€84 | -6.2% |
| Financial fixed assets | 28 | €59 | €59 | = | 0.0% |
| Current assets | 29/58 | €310,431 | €299,338 | -€11,093 | -3.6% |
| Amounts receivable within one year | 40/41 | €7,036 | €8,226 | +€1,190 | +16.9% |
| Trade receivables | 40 | €339 | €0 | -€339 | -100.0% |
| Other amounts receivable | 41 | €6,697 | €8,226 | +€1,529 | +22.8% |
| Current investments | 50/53 | €274,530 | €276,807 | +€2,277 | +0.8% |
| Cash at bank and in hand | 54/58 | €28,865 | €14,305 | -€14,560 | -50.4% |
| Total equity and liabilities | 10/49 | €673,515 | €666,800 | -€6,715 | -1.0% |
| Equity | 10/15 | €552,085 | €604,962 | +€52,877 | +9.6% |
| Contributions | 10/11 | €44,000 | €44,000 | = | 0.0% |
| Reserves | 13 | €439,000 | €491,800 | +€52,800 | +12.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €439,000 | €491,800 | +€52,800 | +12.0% |
| Profit (loss) carried forward | 14 | €69,085 | €69,162 | +€77 | +0.1% |
| Amounts payable | 17/49 | €121,430 | €61,838 | -€59,592 | -49.1% |
| Amounts payable after more than one year | 17 | €14,847 | €22,227 | +€7,381 | +49.7% |
| Financial debts | 170/4 | €14,847 | €22,227 | +€7,381 | +49.7% |
| Amounts payable within one year | 42/48 | €106,584 | €39,611 | -€66,973 | -62.8% |
| Current portion of amounts payable after more than one year | 42 | €5,535 | €9,550 | +€4,015 | +72.5% |
| Trade debts | 44 | - | €160 | +€160 | |
| Suppliers | 440/4 | - | €160 | +€160 | |
| Taxes, remuneration and social security | 45 | €29,394 | €2,581 | -€26,813 | -91.2% |
| Taxes | 450/3 | €29,394 | €2,581 | -€26,813 | -91.2% |
| Other amounts payable | 47/48 | €71,655 | €27,321 | -€44,335 | -61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,854 | €16,290 | +€1,435 | +9.7% |
| Other operating charges | 640/8 | €615 | €8,643 | +€8,028 | +1304.7% |
| Gross operating margin | 9900 | €107,526 | €102,864 | -€4,662 | -4.3% |
| Operating profit (loss) | 9901 | €92,056 | €77,931 | -€14,125 | -15.3% |
| Financial income | 75/76B | €345 | €2,137 | +€1,792 | +519.4% |
| Recurring financial income | 75 | €345 | €2,137 | +€1,792 | +519.4% |
| Financial charges | 65/66B | €2,089 | €2,395 | +€306 | +14.6% |
| Recurring financial charges | 65 | €2,089 | €2,395 | +€306 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €90,312 | €77,673 | -€12,639 | -14.0% |
| Income taxes | 67/77 | €26,177 | €24,796 | -€1,381 | -5.3% |
| Profit (loss) for the period | 9904 | €64,135 | €52,877 | -€11,258 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,135 | €52,877 | -€11,258 | -17.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.