D & 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 & S
Largest movements
- Tangible fixed assets -€75,268
down €75,268 (-6.1%), from €1.2m to €1.2m
of which Land and buildings: -€80,384
- Cash -€50,031
down €50,031 (-59.6%), from €84,009 to €33,978
mainly Net result for the year (-€50,160) and Provisions (-€35,043)
- Reserves -€50,160
down €50,160 (-5.2%), from €973,910 to €923,750
of which Tax-exempt reserves: -€105,130
- Provisions -€35,043
down €35,043 (-11.3%), from €309,668 to €274,624
- Debts after one year -€26,178
down €26,178 (-9.3%), from €280,472 to €254,294
- Gross operating margin -€459,072
down €459,072, from €458,760 to -€313
- Financial income +€7,443
up €7,443 (+682829.4%), from €1 to €7,444
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 | €1,722,907 | €1,609,713 | -€113,193 | -6.6% |
| Fixed assets | 21/28 | €1,237,819 | €1,163,851 | -€73,968 | -6.0% |
| Tangible fixed assets | 22/27 | €1,237,819 | €1,162,551 | -€75,268 | -6.1% |
| Land and buildings | 22 | €1,233,435 | €1,153,051 | -€80,384 | -6.5% |
| Plant, machinery and equipment | 23 | - | €5,382 | +€5,382 | |
| Furniture and vehicles | 24 | €4,384 | €4,118 | -€266 | -6.1% |
| Financial fixed assets | 28 | - | €1,300 | +€1,300 | |
| Current assets | 29/58 | €485,087 | €445,863 | -€39,225 | -8.1% |
| Amounts receivable within one year | 40/41 | €966 | €11,730 | +€10,763 | +1113.9% |
| Trade receivables | 40 | €345 | €3,597 | +€3,251 | +942.0% |
| Other amounts receivable | 41 | €621 | €8,133 | +€7,512 | +1209.4% |
| Current investments | 50/53 | €400,000 | €400,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,009 | €33,978 | -€50,031 | -59.6% |
| Deferred charges and accrued income | 490/1 | €112 | €155 | +€43 | +38.0% |
| Total equity and liabilities | 10/49 | €1,722,907 | €1,609,713 | -€113,193 | -6.6% |
| Equity | 10/15 | €1,097,883 | €1,047,723 | -€50,160 | -4.6% |
| Contributions | 10/11 | €123,973 | €123,973 | = | 0.0% |
| Capital | 10 | €123,973 | €123,973 | = | 0.0% |
| Issued capital | 100 | €123,973 | €123,973 | = | 0.0% |
| Reserves | 13 | €973,910 | €923,750 | -€50,160 | -5.2% |
| Non-distributable reserves | 130/1 | €9,184 | €12,397 | +€3,213 | +35.0% |
| Legal reserve | 130 | €9,184 | €12,397 | +€3,213 | +35.0% |
| Tax-exempt reserves | 132 | €929,003 | €823,873 | -€105,130 | -11.3% |
| Distributable reserves | 133 | €35,722 | €87,479 | +€51,757 | +144.9% |
| Provisions and deferred taxes | 16 | €309,668 | €274,624 | -€35,043 | -11.3% |
| Deferred taxes | 168 | €309,668 | €274,624 | -€35,043 | -11.3% |
| Amounts payable | 17/49 | €315,356 | €287,366 | -€27,990 | -8.9% |
| Amounts payable after more than one year | 17 | €280,472 | €254,294 | -€26,178 | -9.3% |
| Financial debts | 170/4 | €280,472 | €254,294 | -€26,178 | -9.3% |
| Amounts payable within one year | 42/48 | €34,884 | €33,072 | -€1,812 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €25,977 | €26,178 | +€201 | +0.8% |
| Trade debts | 44 | €5,917 | €3,904 | -€2,013 | -34.0% |
| Suppliers | 440/4 | €5,917 | €3,904 | -€2,013 | -34.0% |
| Other amounts payable | 47/48 | €2,990 | €2,990 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,142 | €84,481 | -€661 | -0.8% |
| Other operating charges | 640/8 | €7,148 | €5,443 | -€1,705 | -23.9% |
| Gross operating margin | 9900 | €458,760 | -€313 | -€459,072 | |
| Operating profit (loss) | 9901 | €366,470 | -€90,237 | -€456,707 | |
| Financial income | 75/76B | €1 | €7,444 | +€7,443 | +682829.4% |
| Recurring financial income | 75 | €1 | €7,444 | +€7,443 | +682829.4% |
| Financial charges | 65/66B | €2,617 | €2,411 | -€206 | -7.9% |
| Recurring financial charges | 65 | €2,617 | €2,411 | -€206 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €363,855 | -€85,203 | -€449,058 | |
| Transfer from deferred taxes | 780 | €23,787 | €35,043 | +€11,257 | +47.3% |
| Transfer to deferred taxes | 680 | €119,368 | €0 | -€119,368 | -100.0% |
| Profit (loss) for the period | 9904 | €268,273 | -€50,160 | -€318,433 | |
| Transfer from tax-exempt reserves | 789 | €71,360 | €105,130 | +€33,770 | +47.3% |
| Transfer to tax-exempt reserves | 689 | €358,105 | €0 | -€358,105 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,472 | €54,970 | +€73,442 |
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 7 October 2026 via checked.be.