D. BLAISE: 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.
D. BLAISE
Largest movements
- Cash -€143,929
down €143,929 (-50.9%), from €282,614 to €138,685
mainly Contributions, distributions and other (-€68,623) and Receivables within one year (-€50,214)
- Receivables within one year +€50,214
up €50,214 (+78.2%), from €64,210 to €114,424
of which Other amounts receivable: +€34,134
- Stocks and contracts +€27,486
up €27,486 (+60.3%), from €45,585 to €73,071
- Intangible fixed assets +€9,401
new in 2025: €9,401
- Tangible fixed assets -€4,654
down €4,654 (-12.3%), from €37,804 to €33,151
of which Furniture and vehicles: -€7,025
- Reserves -€50,709
down €50,709 (-14.7%), from €344,289 to €293,581
- Trade debts +€19,116
up €19,116 (+2645.5%), from €723 to €19,838
- Tax, wage and social debts -€13,902
down €13,902 (-32.8%), from €42,358 to €28,457
of which Taxes: -€15,199
- Other debts -€11,756
down €11,756 (-59.7%), from €19,705 to €7,948
- Gross operating margin -€86,805
down €86,805 (-48.8%), from €177,844 to €91,039
- Taxes -€26,168
down €26,168 (-75.5%), from €34,646 to €8,478
- Depreciation +€3,459
up €3,459 (+30.0%), from €11,540 to €14,999
- Write-downs +€2,000
new in 2025: €2,000
- Staff costs +€1,895
up €1,895 (+4.4%), from €42,959 to €44,855
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 | €432,074 | €374,824 | -€57,250 | -13.3% |
| Fixed assets | 21/28 | €37,804 | €42,552 | +€4,747 | +12.6% |
| Intangible fixed assets | 21 | - | €9,401 | +€9,401 | |
| Tangible fixed assets | 22/27 | €37,804 | €33,151 | -€4,654 | -12.3% |
| Plant, machinery and equipment | 23 | €14,225 | €16,596 | +€2,371 | +16.7% |
| Furniture and vehicles | 24 | €23,579 | €16,555 | -€7,025 | -29.8% |
| Current assets | 29/58 | €394,270 | €332,272 | -€61,998 | -15.7% |
| Stocks and contracts in progress | 3 | €45,585 | €73,071 | +€27,486 | +60.3% |
| Stocks | 30/36 | €45,585 | €73,071 | +€27,486 | +60.3% |
| Amounts receivable within one year | 40/41 | €64,210 | €114,424 | +€50,214 | +78.2% |
| Trade receivables | 40 | €60,938 | €77,018 | +€16,080 | +26.4% |
| Other amounts receivable | 41 | €3,272 | €37,406 | +€34,134 | +1043.1% |
| Cash at bank and in hand | 54/58 | €282,614 | €138,685 | -€143,929 | -50.9% |
| Deferred charges and accrued income | 490/1 | €1,861 | €6,092 | +€4,231 | +227.4% |
| Total equity and liabilities | 10/49 | €432,074 | €374,824 | -€57,250 | -13.3% |
| Equity | 10/15 | €369,289 | €318,581 | -€50,709 | -13.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €344,289 | €293,581 | -€50,709 | -14.7% |
| Distributable reserves | 133 | €344,289 | €293,581 | -€50,709 | -14.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €62,785 | €56,243 | -€6,542 | -10.4% |
| Amounts payable within one year | 42/48 | €62,785 | €56,243 | -€6,542 | -10.4% |
| Trade debts | 44 | €723 | €19,838 | +€19,116 | +2645.5% |
| Suppliers | 440/4 | €723 | €19,838 | +€19,116 | +2645.5% |
| Taxes, remuneration and social security | 45 | €42,358 | €28,457 | -€13,902 | -32.8% |
| Taxes | 450/3 | €33,344 | €18,145 | -€15,199 | -45.6% |
| Remuneration and social security | 454/9 | €9,014 | €10,311 | +€1,297 | +14.4% |
| Other amounts payable | 47/48 | €19,705 | €7,948 | -€11,756 | -59.7% |
| Remuneration, social security and pensions | 62 | €42,959 | €44,855 | +€1,895 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,540 | €14,999 | +€3,459 | +30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,000 | +€2,000 | |
| Other operating charges | 640/8 | €1,646 | €2,120 | +€474 | +28.8% |
| Gross operating margin | 9900 | €177,844 | €91,039 | -€86,805 | -48.8% |
| Operating profit (loss) | 9901 | €121,699 | €27,066 | -€94,632 | -77.8% |
| Financial income | 75/76B | €640 | €0 | -€640 | -100.0% |
| Recurring financial income | 75 | €640 | €0 | -€640 | -100.0% |
| Financial charges | 65/66B | €486 | €674 | +€188 | +38.6% |
| Recurring financial charges | 65 | €486 | €674 | +€188 | +38.6% |
| Profit (loss) for the period before taxes | 9903 | €121,852 | €26,392 | -€95,460 | -78.3% |
| Income taxes | 67/77 | €34,646 | €8,478 | -€26,168 | -75.5% |
| Profit (loss) for the period | 9904 | €87,206 | €17,915 | -€69,292 | -79.5% |
| Profit (loss) for the period to be appropriated | 9905 | €87,206 | €17,915 | -€69,292 | -79.5% |
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 10 October 2026 via checked.be.