CONVERSATION STARTER: 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.
CONVERSATION STARTER
Largest movements
- Cash -€36,810
down €36,810 (-80.3%), from €45,861 to €9,051
mainly Investment in fixed assets (net) (-€51,655) and Debts after one year (-€29,979)
- Intangible fixed assets +€15,164
up €15,164 (+12.8%), from €118,686 to €133,850
- Receivables within one year -€9,552
down €9,552 (-19.8%), from €48,310 to €38,758
- Profit (loss) carried forward +€36,555
up €36,555 (+16.2%), from -€224,999 to -€188,444
- Debts after one year -€29,979
down €29,979 (-26.4%), from €113,359 to €83,379
- Investment grants -€26,444
down €26,444 (-21.3%), from €124,342 to €97,898
- Provisions -€8,815
down €8,815 (-21.3%), from €41,447 to €32,633
- Trade debts -€4,107
down €4,107 (-24.2%), from €16,956 to €12,849
- Financial income +€26,321
new in 2025: €26,321
- Gross operating margin -€20,164
down €20,164 (-18.8%), from €107,024 to €86,860
- Staff costs +€14,031
up €14,031 (+47.4%), from €29,585 to €43,616
- Depreciation +€10,119
up €10,119 (+40.1%), from €25,261 to €35,380
- Financial charges +€1,166
up €1,166 (+26.2%), from €4,452 to €5,619
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 | €216,027 | €185,909 | -€30,117 | -13.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €121,286 | €137,562 | +€16,276 | +13.4% |
| Intangible fixed assets | 21 | €118,686 | €133,850 | +€15,164 | +12.8% |
| Tangible fixed assets | 22/27 | €0 | €1,112 | +€1,112 | +2779750.0% |
| Plant, machinery and equipment | 23 | - | €1,112 | +€1,112 | |
| Furniture and vehicles | 24 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €2,600 | €2,600 | = | 0.0% |
| Current assets | 29/58 | €94,741 | €48,348 | -€46,393 | -49.0% |
| Amounts receivable within one year | 40/41 | €48,310 | €38,758 | -€9,552 | -19.8% |
| Trade receivables | 40 | €48,310 | €38,758 | -€9,552 | -19.8% |
| Cash at bank and in hand | 54/58 | €45,861 | €9,051 | -€36,810 | -80.3% |
| Deferred charges and accrued income | 490/1 | €570 | €539 | -€32 | -5.5% |
| Total equity and liabilities | 10/49 | €216,027 | €185,909 | -€30,117 | -13.9% |
| Equity | 10/15 | €7,935 | €18,046 | +€10,111 | +127.4% |
| Contributions | 10/11 | €108,591 | €108,591 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€224,999 | -€188,444 | +€36,555 | +16.2% |
| Investment grants | 15 | €124,342 | €97,898 | -€26,444 | -21.3% |
| Provisions and deferred taxes | 16 | €41,447 | €32,633 | -€8,815 | -21.3% |
| Deferred taxes | 168 | €41,447 | €32,633 | -€8,815 | -21.3% |
| Amounts payable | 17/49 | €166,645 | €135,231 | -€31,414 | -18.9% |
| Amounts payable after more than one year | 17 | €113,359 | €83,379 | -€29,979 | -26.4% |
| Financial debts | 170/4 | €113,359 | €83,379 | -€29,979 | -26.4% |
| Amounts payable within one year | 42/48 | €53,286 | €51,851 | -€1,435 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €29,200 | €29,979 | +€779 | +2.7% |
| Trade debts | 44 | €16,956 | €12,849 | -€4,107 | -24.2% |
| Suppliers | 440/4 | €16,956 | €12,849 | -€4,107 | -24.2% |
| Taxes, remuneration and social security | 45 | €7,130 | €9,023 | +€1,893 | +26.6% |
| Taxes | 450/3 | €7,130 | €9,023 | +€1,893 | +26.6% |
| Remuneration, social security and pensions | 62 | €29,585 | €43,616 | +€14,031 | +47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,261 | €35,380 | +€10,119 | +40.1% |
| Other operating charges | 640/8 | €641 | €651 | +€9 | +1.5% |
| Gross operating margin | 9900 | €107,024 | €86,860 | -€20,164 | -18.8% |
| Operating profit (loss) | 9901 | €51,537 | €7,214 | -€44,323 | -86.0% |
| Financial income | 75/76B | - | €26,321 | +€26,321 | |
| Recurring financial income | 75 | - | €26,321 | +€26,321 | |
| Financial charges | 65/66B | €4,452 | €5,619 | +€1,166 | +26.2% |
| Recurring financial charges | 65 | €4,452 | €5,619 | +€1,166 | +26.2% |
| Profit (loss) for the period before taxes | 9903 | €47,085 | €27,916 | -€19,169 | -40.7% |
| Transfer from deferred taxes | 780 | - | €8,734 | +€8,734 | |
| Income taxes | 67/77 | €95 | €95 | = | 0.0% |
| Profit (loss) for the period | 9904 | €46,990 | €36,555 | -€10,435 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,990 | €36,555 | -€10,435 | -22.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.