Correlation: 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.
Correlation
Largest movements
- Cash +€22,604
up €22,604 (+13.0%), from €174,476 to €197,080
mainly Net result for the year (+€34,919) and Depreciation (+€24,833)
- Tangible fixed assets -€20,294
down €20,294 (-22.8%), from €89,017 to €68,723
of which Furniture and vehicles: -€14,010
- Current investments +€10,000
new in 2025: €10,000
- Reserves +€17,919
up €17,919 (+10.2%), from €175,258 to €193,177
of which Distributable reserves: +€17,919
- Debts after one year -€11,491
down €11,491 (-51.3%), from €22,413 to €10,922
- Other debts +€7,100
up €7,100 (+69.4%), from €10,235 to €17,335
- Gross operating margin -€4,053
down €4,053 (-5.1%), from €78,766 to €74,712
- Depreciation +€1,341
up €1,341 (+5.7%), from €23,492 to €24,833
- Taxes -€888
down €888 (-5.7%), from €15,581 to €14,693
- Financial income +€861
up €861 (+72.5%), from €1,187 to €2,048
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 | €280,022 | €294,514 | +€14,493 | +5.2% |
| Fixed assets | 21/28 | €89,042 | €68,748 | -€20,294 | -22.8% |
| Tangible fixed assets | 22/27 | €89,017 | €68,723 | -€20,294 | -22.8% |
| Plant, machinery and equipment | 23 | €28,302 | €21,037 | -€7,265 | -25.7% |
| Furniture and vehicles | 24 | €60,716 | €46,706 | -€14,010 | -23.1% |
| Other tangible fixed assets | 26 | - | €980 | +€980 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €190,979 | €225,766 | +€34,787 | +18.2% |
| Amounts receivable within one year | 40/41 | €16,281 | €17,990 | +€1,710 | +10.5% |
| Trade receivables | 40 | €16,281 | €17,990 | +€1,710 | +10.5% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €174,476 | €197,080 | +€22,604 | +13.0% |
| Deferred charges and accrued income | 490/1 | €223 | €696 | +€473 | +212.7% |
| Total equity and liabilities | 10/49 | €280,022 | €294,514 | +€14,493 | +5.2% |
| Equity | 10/15 | €224,010 | €241,929 | +€17,919 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €175,258 | €193,177 | +€17,919 | +10.2% |
| Tax-exempt reserves | 132 | €13,500 | €13,500 | = | 0.0% |
| Distributable reserves | 133 | €161,758 | €179,677 | +€17,919 | +11.1% |
| Profit (loss) carried forward | 14 | €42,552 | €42,552 | = | 0.0% |
| Amounts payable | 17/49 | €56,012 | €52,586 | -€3,426 | -6.1% |
| Amounts payable after more than one year | 17 | €22,413 | €10,922 | -€11,491 | -51.3% |
| Financial debts | 170/4 | €22,413 | €10,922 | -€11,491 | -51.3% |
| Amounts payable within one year | 42/48 | €33,449 | €41,478 | +€8,028 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €11,064 | €11,491 | +€427 | +3.9% |
| Trade debts | 44 | €677 | €1,605 | +€928 | +137.0% |
| Suppliers | 440/4 | €677 | €1,605 | +€928 | +137.0% |
| Taxes, remuneration and social security | 45 | €11,473 | €11,047 | -€426 | -3.7% |
| Taxes | 450/3 | €11,473 | €11,047 | -€426 | -3.7% |
| Other amounts payable | 47/48 | €10,235 | €17,335 | +€7,100 | +69.4% |
| Accrued charges and deferred income | 492/3 | €150 | €186 | +€36 | +24.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,492 | €24,833 | +€1,341 | +5.7% |
| Other operating charges | 640/8 | €1,090 | €1,123 | +€32 | +3.0% |
| Gross operating margin | 9900 | €78,766 | €74,712 | -€4,053 | -5.1% |
| Operating profit (loss) | 9901 | €54,183 | €48,756 | -€5,427 | -10.0% |
| Financial income | 75/76B | €1,187 | €2,048 | +€861 | +72.5% |
| Recurring financial income | 75 | €1,187 | €2,048 | +€861 | +72.5% |
| Financial charges | 65/66B | €1,603 | €1,192 | -€411 | -25.6% |
| Recurring financial charges | 65 | €1,603 | €1,192 | -€411 | -25.6% |
| Profit (loss) for the period before taxes | 9903 | €53,768 | €49,613 | -€4,155 | -7.7% |
| Income taxes | 67/77 | €15,581 | €14,693 | -€888 | -5.7% |
| Profit (loss) for the period | 9904 | €38,186 | €34,919 | -€3,267 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,186 | €34,919 | -€3,267 | -8.6% |
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 29 September 2026 via checked.be.