CONCLUSION: 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.
CONCLUSION
Largest movements
- Tangible fixed assets -€114,452
down €114,452 (-3.7%), from €3.1m to €3.0m
of which Land and buildings: -€113,416
- Profit (loss) carried forward -€91,206
down €91,206 (-20.1%), from -€454,611 to -€545,817
- Gross operating margin +€4,860
up €4,860 (+20.8%), from €23,355 to €28,215
- Depreciation -€1,736
down €1,736 (-1.5%), from €116,188 to €114,452
- Other operating charges +€941
up €941 (+23.6%), from €3,983 to €4,924
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 | €3,111,204 | €2,996,752 | -€114,452 | -3.7% |
| Fixed assets | 21/28 | €3,111,204 | €2,996,752 | -€114,452 | -3.7% |
| Tangible fixed assets | 22/27 | €3,110,954 | €2,996,502 | -€114,452 | -3.7% |
| Land and buildings | 22 | €3,085,116 | €2,971,700 | -€113,416 | -3.7% |
| Plant, machinery and equipment | 23 | €25,838 | €24,802 | -€1,035 | -4.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €0 | €0 | -€0 | -100.0% |
| Cash at bank and in hand | 54/58 | €0 | €0 | -€0 | -100.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,111,204 | €2,996,752 | -€114,452 | -3.7% |
| Equity | 10/15 | €151,116 | €59,910 | -€91,206 | -60.4% |
| Contributions | 10/11 | €498,245 | €498,245 | = | 0.0% |
| Capital | 10 | €498,245 | €498,245 | = | 0.0% |
| Issued capital | 100 | €498,245 | €498,245 | = | 0.0% |
| Reserves | 13 | €107,483 | €107,483 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,122 | €19,122 | = | 0.0% |
| Legal reserve | 130 | €19,122 | €19,122 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,361 | €88,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€454,611 | -€545,817 | -€91,206 | -20.1% |
| Amounts payable | 17/49 | €2,960,088 | €2,936,842 | -€23,246 | -0.8% |
| Amounts payable within one year | 42/48 | €2,960,088 | €2,936,842 | -€23,246 | -0.8% |
| Other amounts payable | 47/48 | €2,960,088 | €2,936,842 | -€23,246 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,188 | €114,452 | -€1,736 | -1.5% |
| Other operating charges | 640/8 | €3,983 | €4,924 | +€941 | +23.6% |
| Gross operating margin | 9900 | €23,355 | €28,215 | +€4,860 | +20.8% |
| Operating profit (loss) | 9901 | -€96,816 | -€91,161 | +€5,655 | +5.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.4% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | -€96,859 | -€91,206 | +€5,654 | +5.8% |
| Profit (loss) for the period | 9904 | -€96,859 | -€91,206 | +€5,654 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€96,859 | -€91,206 | +€5,654 | +5.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.