CONDUCTIVE: 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.
CONDUCTIVE
Largest movements
- Receivables within one year -€57,231
down €57,231 (-98.3%), from €58,212 to €981
of which Other amounts receivable: -€36,137
- Receivables after one year -€55,000
down €55,000 (-36.7%), from €150,000 to €95,000
- Cash +€46,778
up €46,778 (+281.6%), from €16,610 to €63,388
mainly Receivables within one year (+€57,231) and Receivables after one year (+€55,000)
- Tangible fixed assets -€31,525
down €31,525 (-10.3%), from €304,717 to €273,193
- Other debts -€105,551
down €105,551 (-82.4%), from €128,035 to €22,484
- Reserves +€34,961
up €34,961 (+16.5%), from €212,253 to €247,213
of which Distributable reserves: +€34,961
- Debts after one year -€31,796
down €31,796 (-23.9%), from €132,959 to €101,164
- Tax, wage and social debts +€8,511
up €8,511 (+75.4%), from €11,282 to €19,794
- Short-term financial debts -€6,754
no longer reported in 2025 (was €6,754)
- Gross operating margin +€11,721
up €11,721 (+13.3%), from €88,213 to €99,934
- Depreciation +€6,704
up €6,704 (+22.6%), from €29,659 to €36,364
- Taxes +€6,250
up €6,250 (+48.6%), from €12,862 to €19,112
- Other operating charges +€2,037
up €2,037 (+59.3%), from €3,436 to €5,473
- Financial charges -€1,650
down €1,650 (-29.1%), from €5,677 to €4,028
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 | €540,539 | €443,562 | -€96,977 | -17.9% |
| Fixed assets | 21/28 | €304,717 | €273,193 | -€31,525 | -10.3% |
| Tangible fixed assets | 22/27 | €304,717 | €273,193 | -€31,525 | -10.3% |
| Land and buildings | 22 | €194,513 | €188,501 | -€6,012 | -3.1% |
| Plant, machinery and equipment | 23 | €38,731 | €24,774 | -€13,957 | -36.0% |
| Furniture and vehicles | 24 | €71,473 | €59,917 | -€11,556 | -16.2% |
| Current assets | 29/58 | €235,821 | €170,369 | -€65,453 | -27.8% |
| Amounts receivable after more than one year | 29 | €150,000 | €95,000 | -€55,000 | -36.7% |
| Other amounts receivable | 291 | €150,000 | €95,000 | -€55,000 | -36.7% |
| Amounts receivable within one year | 40/41 | €58,212 | €981 | -€57,231 | -98.3% |
| Trade receivables | 40 | €21,094 | - | -€21,094 | |
| Other amounts receivable | 41 | €37,118 | €981 | -€36,137 | -97.4% |
| Current investments | 50/53 | €11,000 | €11,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,610 | €63,388 | +€46,778 | +281.6% |
| Total equity and liabilities | 10/49 | €540,539 | €443,562 | -€96,977 | -17.9% |
| Equity | 10/15 | €224,653 | €259,613 | +€34,961 | +15.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €212,253 | €247,213 | +€34,961 | +16.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €210,393 | €245,353 | +€34,961 | +16.6% |
| Amounts payable | 17/49 | €315,886 | €183,948 | -€131,938 | -41.8% |
| Amounts payable after more than one year | 17 | €132,959 | €101,164 | -€31,796 | -23.9% |
| Financial debts | 170/4 | €132,959 | €101,164 | -€31,796 | -23.9% |
| Amounts payable within one year | 42/48 | €182,927 | €81,525 | -€101,402 | -55.4% |
| Current portion of amounts payable after more than one year | 42 | €33,860 | €31,796 | -€2,065 | -6.1% |
| Financial debts | 43 | €6,754 | - | -€6,754 | |
| Credit institutions | 430/8 | €6,754 | - | -€6,754 | |
| Trade debts | 44 | €2,995 | €7,451 | +€4,456 | +148.8% |
| Suppliers | 440/4 | €2,995 | €7,451 | +€4,456 | +148.8% |
| Taxes, remuneration and social security | 45 | €11,282 | €19,794 | +€8,511 | +75.4% |
| Taxes | 450/3 | €11,282 | €19,794 | +€8,511 | +75.4% |
| Other amounts payable | 47/48 | €128,035 | €22,484 | -€105,551 | -82.4% |
| Accrued charges and deferred income | 492/3 | - | €1,260 | +€1,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,659 | €36,364 | +€6,704 | +22.6% |
| Other operating charges | 640/8 | €3,436 | €5,473 | +€2,037 | +59.3% |
| Non-recurring operating charges | 66A | €12,876 | - | -€12,876 | |
| Gross operating margin | 9900 | €88,213 | €99,934 | +€11,721 | +13.3% |
| Operating profit (loss) | 9901 | €42,242 | €58,097 | +€15,855 | +37.5% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €5,677 | €4,028 | -€1,650 | -29.1% |
| Recurring financial charges | 65 | €5,677 | €4,028 | -€1,650 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €36,565 | €54,072 | +€17,507 | +47.9% |
| Income taxes | 67/77 | €12,862 | €19,112 | +€6,250 | +48.6% |
| Profit (loss) for the period | 9904 | €23,703 | €34,961 | +€11,257 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €23,703 | €34,961 | +€11,257 | +47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.