CONCEPT @: 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.
CONCEPT @
Largest movements
- Receivables after one year +€175,000
new in 2026: €175,000
- Cash -€120,097
down €120,097 (-30.1%), from €398,741 to €278,644
mainly Receivables after one year (-€175,000) and Contributions, distributions and other (-€40,845)
- Tangible fixed assets -€25,638
down €25,638 (-19.8%), from €129,411 to €103,773
of which Furniture and vehicles: -€23,818
- Receivables within one year -€25,521
down €25,521 (-41.1%), from €62,043 to €36,522
of which Trade receivables: -€33,173
- Reserves +€13,851
up €13,851 (+2.5%), from €559,349 to €573,199
- Accrued charges and deferred income -€13,697
down €13,697 (-91.9%), from €14,908 to €1,211
- Gross operating margin -€78,338
down €78,338 (-40.3%), from €194,205 to €115,867
- Taxes -€22,183
down €22,183 (-47.2%), from €47,043 to €24,860
- Depreciation +€5,338
up €5,338 (+19.9%), from €26,830 to €32,168
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €627,752 | €634,137 | +€6,386 | +1.0% |
| Fixed assets | 21/28 | €166,342 | €140,704 | -€25,638 | -15.4% |
| Tangible fixed assets | 22/27 | €129,411 | €103,773 | -€25,638 | -19.8% |
| Land and buildings | 22 | €11,804 | €9,984 | -€1,820 | -15.4% |
| Furniture and vehicles | 24 | €117,607 | €93,789 | -€23,818 | -20.3% |
| Financial fixed assets | 28 | €36,931 | €36,931 | = | 0.0% |
| Current assets | 29/58 | €461,410 | €493,433 | +€32,024 | +6.9% |
| Amounts receivable after more than one year | 29 | - | €175,000 | +€175,000 | |
| Trade receivables | 290 | - | €175,000 | +€175,000 | |
| Amounts receivable within one year | 40/41 | €62,043 | €36,522 | -€25,521 | -41.1% |
| Trade receivables | 40 | €59,086 | €25,913 | -€33,173 | -56.1% |
| Other amounts receivable | 41 | €2,957 | €10,609 | +€7,652 | +258.8% |
| Cash at bank and in hand | 54/58 | €398,741 | €278,644 | -€120,097 | -30.1% |
| Deferred charges and accrued income | 490/1 | €626 | €3,267 | +€2,641 | +422.0% |
| Total equity and liabilities | 10/49 | €627,752 | €634,137 | +€6,386 | +1.0% |
| Equity | 10/15 | €577,949 | €591,799 | +€13,851 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €559,349 | €573,199 | +€13,851 | +2.5% |
| Distributable reserves | 133 | €559,349 | €573,199 | +€13,851 | +2.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €49,803 | €42,338 | -€7,465 | -15.0% |
| Amounts payable within one year | 42/48 | €34,895 | €41,127 | +€6,232 | +17.9% |
| Trade debts | 44 | €9,408 | €11,467 | +€2,060 | +21.9% |
| Suppliers | 440/4 | €9,408 | €11,467 | +€2,060 | +21.9% |
| Taxes, remuneration and social security | 45 | €11,493 | €10,580 | -€913 | -7.9% |
| Taxes | 450/3 | €9,493 | €10,580 | +€1,087 | +11.5% |
| Remuneration and social security | 454/9 | €2,000 | €0 | -€2,000 | -100.0% |
| Other amounts payable | 47/48 | €13,994 | €19,079 | +€5,085 | +36.3% |
| Accrued charges and deferred income | 492/3 | €14,908 | €1,211 | -€13,697 | -91.9% |
| Non-recurring operating income | 76A | €25,531 | €0 | -€25,531 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,830 | €32,168 | +€5,338 | +19.9% |
| Other operating charges | 640/8 | €1,508 | €1,989 | +€481 | +31.9% |
| Gross operating margin | 9900 | €194,205 | €115,867 | -€78,338 | -40.3% |
| Operating profit (loss) | 9901 | €165,867 | €81,711 | -€84,157 | -50.7% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,604 | €2,155 | +€551 | +34.4% |
| Recurring financial charges | 65 | €1,604 | €2,155 | +€551 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | €164,263 | €79,556 | -€84,707 | -51.6% |
| Income taxes | 67/77 | €47,043 | €24,860 | -€22,183 | -47.2% |
| Profit (loss) for the period | 9904 | €117,220 | €54,696 | -€62,524 | -53.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,220 | €54,696 | -€62,524 | -53.3% |
Source: filed annual accounts (NBB), fiscal years ended 28 February 2025 and 28 February 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.