D 2 S: 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.
D 2 S
Largest movements
- Tangible fixed assets -€24,371
down €24,371 (-24.1%), from €101,243 to €76,871
of which Land and buildings: -€25,918
- Stocks and contracts -€11,310
down €11,310 (-46.1%), from €24,514 to €13,204
- Cash +€6,496
up €6,496 (+289.7%), from €2,242 to €8,739
mainly Depreciation (+€26,871) and Stocks and contracts (+€11,310)
- Receivables within one year +€2,377
up €2,377 (+87.4%), from €2,720 to €5,098
- Debts after one year -€20,000
down €20,000 (-12.5%), from €160,000 to €140,000
- Profit (loss) carried forward -€17,722
down €17,722 (-4.9%), from -€364,843 to -€382,565
- Other debts +€10,621
up €10,621 (+6.9%), from €153,148 to €163,769
- Trade debts +€3,068
up €3,068 (+14.9%), from €20,636 to €23,704
- Tax, wage and social debts -€1,858
down €1,858 (-60.5%), from €3,072 to €1,214
- Gross operating margin +€8,216
up €8,216 (+118.6%), from €6,929 to €15,145
- Other operating charges -€1,261
down €1,261 (-29.2%), from €4,322 to €3,061
- Financial charges -€1,235
down €1,235 (-25.1%), from €4,912 to €3,677
- Depreciation +€219
up €219 (+0.8%), from €26,652 to €26,871
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 | €130,719 | €103,912 | -€26,808 | -20.5% |
| Fixed assets | 21/28 | €101,243 | €76,871 | -€24,371 | -24.1% |
| Tangible fixed assets | 22/27 | €101,243 | €76,871 | -€24,371 | -24.1% |
| Land and buildings | 22 | €99,762 | €73,844 | -€25,918 | -26.0% |
| Plant, machinery and equipment | 23 | €687 | €2,330 | +€1,643 | +239.3% |
| Furniture and vehicles | 24 | €794 | €698 | -€96 | -12.1% |
| Current assets | 29/58 | €29,477 | €27,040 | -€2,437 | -8.3% |
| Stocks and contracts in progress | 3 | €24,514 | €13,204 | -€11,310 | -46.1% |
| Stocks | 30/36 | €24,514 | €13,204 | -€11,310 | -46.1% |
| Amounts receivable within one year | 40/41 | €2,720 | €5,098 | +€2,377 | +87.4% |
| Trade receivables | 40 | €2,720 | €5,098 | +€2,377 | +87.4% |
| Cash at bank and in hand | 54/58 | €2,242 | €8,739 | +€6,496 | +289.7% |
| Total equity and liabilities | 10/49 | €130,719 | €103,912 | -€26,808 | -20.5% |
| Equity | 10/15 | -€232,162 | -€250,543 | -€18,381 | -7.9% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €5,551 | €5,551 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,551 | €5,551 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€364,843 | -€382,565 | -€17,722 | -4.9% |
| Investment grants | 15 | €3,184 | €2,525 | -€659 | -20.7% |
| Provisions and deferred taxes | 16 | €1,242 | €985 | -€257 | -20.7% |
| Deferred taxes | 168 | €1,242 | €985 | -€257 | -20.7% |
| Amounts payable | 17/49 | €361,639 | €353,470 | -€8,170 | -2.3% |
| Amounts payable after more than one year | 17 | €160,000 | €140,000 | -€20,000 | -12.5% |
| Financial debts | 170/4 | €160,000 | €140,000 | -€20,000 | -12.5% |
| Amounts payable within one year | 42/48 | €201,639 | €213,470 | +€11,830 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €20,636 | €23,704 | +€3,068 | +14.9% |
| Suppliers | 440/4 | €20,636 | €23,704 | +€3,068 | +14.9% |
| Advances received on contracts in progress | 46 | €4,783 | €4,783 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €3,072 | €1,214 | -€1,858 | -60.5% |
| Taxes | 450/3 | €3,072 | €1,214 | -€1,858 | -60.5% |
| Other amounts payable | 47/48 | €153,148 | €163,769 | +€10,621 | +6.9% |
| Remuneration, social security and pensions | 62 | €59 | - | -€59 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,652 | €26,871 | +€219 | +0.8% |
| Other operating charges | 640/8 | €4,322 | €3,061 | -€1,261 | -29.2% |
| Gross operating margin | 9900 | €6,929 | €15,145 | +€8,216 | +118.6% |
| Operating profit (loss) | 9901 | -€24,104 | -€14,787 | +€9,317 | +38.7% |
| Financial income | 75/76B | €669 | €660 | -€9 | -1.4% |
| Recurring financial income | 75 | €669 | €660 | -€9 | -1.4% |
| Financial charges | 65/66B | €4,912 | €3,677 | -€1,235 | -25.1% |
| Recurring financial charges | 65 | €4,912 | €3,677 | -€1,235 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,348 | -€17,805 | +€10,543 | +37.2% |
| Transfer from deferred taxes | 780 | €257 | €257 | = | 0.0% |
| Income taxes | 67/77 | €164 | €174 | +€10 | +6.1% |
| Profit (loss) for the period | 9904 | -€28,256 | -€17,722 | +€10,533 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€28,256 | -€17,722 | +€10,533 | +37.3% |
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.