CONDUCT: 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.
CONDUCT
Largest movements
- Receivables within one year -€41,486
down €41,486 (-99.2%), from €41,828 to €342
of which Trade receivables: -€38,811
- Cash +€39,153
up €39,153 (+84.9%), from €46,119 to €85,272
mainly Other debts (+€234,658) and Receivables within one year (+€41,486)
- Tangible fixed assets -€16,012
down €16,012 (-3.7%), from €429,528 to €413,516
of which Land and buildings: -€13,522
- Other debts +€234,658
up €234,658 (+706.1%), from €33,232 to €267,890
- Reserves -€232,916
down €232,916 (-64.6%), from €360,828 to €127,912
of which Distributable reserves: -€232,916
- Debts after one year -€16,066
down €16,066 (-23.5%), from €68,392 to €52,326
- Gross operating margin +€4,578
up €4,578 (+6.1%), from €75,279 to €79,858
- Financial charges -€2,378
down €2,378 (-16.8%), from €14,119 to €11,742
- Taxes -€1,236
down €1,236 (-9.9%), from €12,457 to €11,221
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 | €626,421 | €608,228 | -€18,193 | -2.9% |
| Fixed assets | 21/28 | €535,001 | €518,989 | -€16,012 | -3.0% |
| Tangible fixed assets | 22/27 | €429,528 | €413,516 | -€16,012 | -3.7% |
| Land and buildings | 22 | €424,878 | €411,356 | -€13,522 | -3.2% |
| Plant, machinery and equipment | 23 | €504 | €177 | -€327 | -64.9% |
| Furniture and vehicles | 24 | €4,146 | €1,983 | -€2,163 | -52.2% |
| Financial fixed assets | 28 | €105,473 | €105,473 | = | 0.0% |
| Current assets | 29/58 | €91,420 | €89,239 | -€2,181 | -2.4% |
| Amounts receivable within one year | 40/41 | €41,828 | €342 | -€41,486 | -99.2% |
| Trade receivables | 40 | €39,153 | €342 | -€38,811 | -99.1% |
| Other amounts receivable | 41 | €2,675 | €0 | -€2,675 | -100.0% |
| Cash at bank and in hand | 54/58 | €46,119 | €85,272 | +€39,153 | +84.9% |
| Deferred charges and accrued income | 490/1 | €3,473 | €3,625 | +€152 | +4.4% |
| Total equity and liabilities | 10/49 | €626,421 | €608,228 | -€18,193 | -2.9% |
| Equity | 10/15 | €400,828 | €165,912 | -€234,916 | -58.6% |
| Contributions | 10/11 | €40,000 | €38,000 | -€2,000 | -5.0% |
| Reserves | 13 | €360,828 | €127,912 | -€232,916 | -64.6% |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €351,828 | €118,912 | -€232,916 | -66.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €225,593 | €442,315 | +€216,723 | +96.1% |
| Amounts payable after more than one year | 17 | €68,392 | €52,326 | -€16,066 | -23.5% |
| Other amounts payable | 178/9 | €68,392 | €52,326 | -€16,066 | -23.5% |
| Amounts payable within one year | 42/48 | €156,713 | €389,590 | +€232,876 | +148.6% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €8,314 | €3,665 | -€4,649 | -55.9% |
| Suppliers | 440/4 | €8,314 | €3,665 | -€4,649 | -55.9% |
| Taxes, remuneration and social security | 45 | €15,168 | €18,035 | +€2,867 | +18.9% |
| Taxes | 450/3 | €15,168 | €18,035 | +€2,867 | +18.9% |
| Other amounts payable | 47/48 | €33,232 | €267,890 | +€234,658 | +706.1% |
| Accrued charges and deferred income | 492/3 | €487 | €400 | -€88 | -18.0% |
| Non-recurring operating income | 76A | €865 | €0 | -€865 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,099 | €23,575 | +€475 | +2.1% |
| Other operating charges | 640/8 | €3,654 | €3,499 | -€155 | -4.2% |
| Gross operating margin | 9900 | €75,279 | €79,858 | +€4,578 | +6.1% |
| Operating profit (loss) | 9901 | €48,526 | €52,784 | +€4,258 | +8.8% |
| Financial income | 75/76B | €482 | €101 | -€381 | -79.1% |
| Recurring financial income | 75 | €482 | €101 | -€381 | -79.1% |
| Financial charges | 65/66B | €14,119 | €11,742 | -€2,378 | -16.8% |
| Recurring financial charges | 65 | €14,119 | €11,742 | -€2,378 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €34,888 | €41,142 | +€6,254 | +17.9% |
| Income taxes | 67/77 | €12,457 | €11,221 | -€1,236 | -9.9% |
| Profit (loss) for the period | 9904 | €22,431 | €29,922 | +€7,490 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,431 | €29,922 | +€7,490 | +33.4% |
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 2 October 2026 via checked.be.