CYCLE DYNAMIC: what changed
Two financial 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.
CYCLE DYNAMIC
Largest movements
- Receivables within one year +€189,123
up €189,123 (+95.2%), from €198,700 to €387,823
- Cash +€140,306
up €140,306 (+117.4%), from €119,559 to €259,865
mainly Current portion of long-term debt (+€216,617) and Trade debts (+€66,375)
- Tangible fixed assets -€40,347
down €40,347 (-6.5%), from €624,496 to €584,149
of which Furniture and vehicles: -€22,828
- Current portion of long-term debt +€216,617
up €216,617 (+75.2%), from €288,098 to €504,715
- Trade debts +€66,375
up €66,375 (+44.7%), from €148,562 to €214,937
- Debts after one year -€56,513
down €56,513 (-12.2%), from €463,232 to €406,718
- Profit (loss) carried forward +€34,616
up €34,616 (+23.8%), from €145,527 to €180,143
- Tax, wage and social debts +€17,290
up €17,290 (+16.2%), from €107,051 to €124,342
of which Taxes: +€12,781
- Gross operating margin +€23,140
up €23,140 (+9.0%), from €258,171 to €281,311
- Other operating charges +€18,726
up €18,726 (+831.6%), from €2,252 to €20,978
- Staff costs +€13,469
up €13,469 (+10.8%), from €124,706 to €138,174
- Taxes -€9,466
down €9,466 (-54.5%), from €17,361 to €7,895
- Financial charges -€3,034
down €3,034 (-9.1%), from €33,334 to €30,300
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 | €1,380,709 | €1,654,616 | +€273,906 | +19.8% |
| Fixed assets | 21/28 | €626,799 | €586,452 | -€40,347 | -6.4% |
| Tangible fixed assets | 22/27 | €624,496 | €584,149 | -€40,347 | -6.5% |
| Land and buildings | 22 | €497,329 | €481,941 | -€15,387 | -3.1% |
| Plant, machinery and equipment | 23 | €15,835 | €13,703 | -€2,132 | -13.5% |
| Furniture and vehicles | 24 | €111,332 | €88,504 | -€22,828 | -20.5% |
| Financial fixed assets | 28 | €2,303 | €2,303 | = | 0.0% |
| Current assets | 29/58 | €753,910 | €1,068,164 | +€314,254 | +41.7% |
| Stocks and contracts in progress | 3 | €435,651 | €420,475 | -€15,176 | -3.5% |
| Stocks | 30/36 | €435,651 | €420,475 | -€15,176 | -3.5% |
| Amounts receivable within one year | 40/41 | €198,700 | €387,823 | +€189,123 | +95.2% |
| Trade receivables | 40 | €198,700 | €387,823 | +€189,123 | +95.2% |
| Cash at bank and in hand | 54/58 | €119,559 | €259,865 | +€140,306 | +117.4% |
| Total equity and liabilities | 10/49 | €1,380,709 | €1,654,616 | +€273,906 | +19.8% |
| Equity | 10/15 | €165,978 | €200,594 | +€34,616 | +20.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €145,527 | €180,143 | +€34,616 | +23.8% |
| Amounts payable | 17/49 | €1,214,731 | €1,454,021 | +€239,290 | +19.7% |
| Amounts payable after more than one year | 17 | €463,232 | €406,718 | -€56,513 | -12.2% |
| Financial debts | 170/4 | €463,232 | €406,718 | -€56,513 | -12.2% |
| Amounts payable within one year | 42/48 | €751,499 | €1,047,303 | +€295,803 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €288,098 | €504,715 | +€216,617 | +75.2% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €148,562 | €214,937 | +€66,375 | +44.7% |
| Suppliers | 440/4 | €148,562 | €214,937 | +€66,375 | +44.7% |
| Taxes, remuneration and social security | 45 | €107,051 | €124,342 | +€17,290 | +16.2% |
| Taxes | 450/3 | €92,988 | €105,770 | +€12,781 | +13.7% |
| Remuneration and social security | 454/9 | €14,063 | €18,572 | +€4,509 | +32.1% |
| Other amounts payable | 47/48 | €7,788 | €3,309 | -€4,479 | -57.5% |
| Remuneration, social security and pensions | 62 | €124,706 | €138,174 | +€13,469 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,245 | €40,347 | +€103 | +0.3% |
| Other operating charges | 640/8 | €2,252 | €20,978 | +€18,726 | +831.6% |
| Gross operating margin | 9900 | €258,171 | €281,311 | +€23,140 | +9.0% |
| Operating profit (loss) | 9901 | €90,969 | €81,811 | -€9,158 | -10.1% |
| Financial income | 75/76B | €218 | - | -€218 | |
| Recurring financial income | 75 | €218 | - | -€218 | |
| Financial charges | 65/66B | €33,334 | €30,300 | -€3,034 | -9.1% |
| Recurring financial charges | 65 | €33,334 | €30,300 | -€3,034 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €57,853 | €51,511 | -€6,341 | -11.0% |
| Income taxes | 67/77 | €17,361 | €7,895 | -€9,466 | -54.5% |
| Profit (loss) for the period | 9904 | €40,492 | €43,616 | +€3,124 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | €40,492 | €43,616 | +€3,124 | +7.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.