DANIELLE FISCHER: 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.
DANIELLE FISCHER
Largest movements
- Receivables within one year +€63,657
up €63,657 (+85.2%), from €74,680 to €138,337
of which Trade receivables: +€42,591
- Cash -€55,627
down €55,627 (-48.9%), from €113,731 to €58,104
mainly Receivables within one year (-€63,657) and Debts after one year (-€19,965)
- Tangible fixed assets -€11,008
down €11,008 (-8.4%), from €131,697 to €120,689
of which Land and buildings: -€14,348
- Debts after one year -€19,965
down €19,965 (-16.4%), from €121,730 to €101,765
- Accrued charges and deferred income +€9,000
new in 2025: €9,000
- Tax, wage and social debts +€4,793
up €4,793 (+83.7%), from €5,723 to €10,517
- Gross operating margin -€20,322
down €20,322 (-39.1%), from €51,962 to €31,641
- Taxes -€5,191
down €5,191 (-84.9%), from €6,112 to €921
- Financial charges +€2,519
up €2,519 (+22.5%), from €11,198 to €13,716
- Financial income +€2,395
up €2,395 (+123%), from €1,946 to €4,341
- Other operating charges -€675
down €675 (-21.7%), from €3,115 to €2,440
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.
Derived cash bridge
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 | €320,889 | €320,112 | -€778 | -0.2% |
| Fixed assets | 21/28 | €131,697 | €120,689 | -€11,008 | -8.4% |
| Tangible fixed assets | 22/27 | €131,697 | €120,689 | -€11,008 | -8.4% |
| Land and buildings | 22 | €129,130 | €114,783 | -€14,348 | -11.1% |
| Furniture and vehicles | 24 | - | €5,907 | +€5,907 | |
| Other tangible fixed assets | 26 | €2,566 | - | -€2,566 | |
| Current assets | 29/58 | €189,193 | €199,422 | +€10,230 | +5.4% |
| Amounts receivable within one year | 40/41 | €74,680 | €138,337 | +€63,657 | +85.2% |
| Trade receivables | 40 | €23,584 | €66,175 | +€42,591 | +181% |
| Other amounts receivable | 41 | €51,096 | €72,162 | +€21,066 | +41.2% |
| Cash at bank and in hand | 54/58 | €113,731 | €58,104 | -€55,627 | -48.9% |
| Deferred charges and accrued income | 490/1 | €782 | €2,982 | +€2,200 | +281% |
| Total equity and liabilities | 10/49 | €320,889 | €320,112 | -€778 | -0.2% |
| Equity | 10/15 | €171,530 | €173,098 | +€1,569 | +0.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €165,330 | €166,898 | +€1,569 | +0.9% |
| Non-distributable reserves | 130/1 | €1,850 | €1,850 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,850 | €1,850 | = | 0.0% |
| Distributable reserves | 133 | €163,480 | €165,048 | +€1,569 | +1.0% |
| Amounts payable | 17/49 | €149,360 | €147,014 | -€2,346 | -1.6% |
| Amounts payable after more than one year | 17 | €121,730 | €101,765 | -€19,965 | -16.4% |
| Financial debts | 170/4 | €121,730 | €101,765 | -€19,965 | -16.4% |
| Amounts payable within one year | 42/48 | €27,630 | €36,248 | +€8,618 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €19,091 | €19,965 | +€873 | +4.6% |
| Trade debts | 44 | €2,815 | €5,767 | +€2,952 | +105% |
| Suppliers | 440/4 | €2,815 | €5,767 | +€2,952 | +105% |
| Taxes, remuneration and social security | 45 | €5,723 | €10,517 | +€4,793 | +83.7% |
| Taxes | 450/3 | €5,723 | €10,517 | +€4,793 | +83.7% |
| Accrued charges and deferred income | 492/3 | - | €9,000 | +€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,148 | €17,336 | +€189 | +1.1% |
| Other operating charges | 640/8 | €3,115 | €2,440 | -€675 | -21.7% |
| Gross operating margin | 9900 | €51,962 | €31,641 | -€20,322 | -39.1% |
| Operating profit (loss) | 9901 | €31,700 | €11,865 | -€19,835 | -62.6% |
| Financial income | 75/76B | €1,946 | €4,341 | +€2,395 | +123% |
| Recurring financial income | 75 | €1,946 | €4,341 | +€2,395 | +123% |
| Financial charges | 65/66B | €11,198 | €13,716 | +€2,519 | +22.5% |
| Recurring financial charges | 65 | €11,198 | €13,716 | +€2,519 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €22,448 | €2,489 | -€19,959 | -88.9% |
| Income taxes | 67/77 | €6,112 | €921 | -€5,191 | -84.9% |
| Profit (loss) for the period | 9904 | €16,336 | €1,569 | -€14,767 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,336 | €1,569 | -€14,767 | -90.4% |
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 27 October 2026 via checked.be.