Den Euster: 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.
Den Euster
Largest movements
- Receivables within one year +€435,170
up €435,170 (+79.8%), from €545,050 to €980,220
of which Trade receivables: +€438,523
- Tangible fixed assets -€153,845
down €153,845 (-3.2%), from €4.8m to €4.7m
of which Plant, machinery and equipment: -€224,964
- Cash -€80,325
down €80,325 (-36.7%), from €218,738 to €138,413
mainly Debts after one year (-€523,608) and Receivables within one year (-€435,170)
- Reserves +€575,432
up €575,432 (+49.2%), from €1.2m to €1.7m
- Debts after one year -€523,608
down €523,608 (-19.9%), from €2.6m to €2.1m
- Tax, wage and social debts +€247,548
up €247,548 (+701.9%), from €35,267 to €282,814
of which Taxes: +€231,717
- Trade debts -€86,585
down €86,585 (-25.0%), from €346,305 to €259,720
- Gross operating margin +€443,736
up €443,736 (+56.1%), from €791,395 to €1.2m
- Taxes +€135,889
up €135,889 (+229.6%), from €59,191 to €195,080
- Financial income +€75,664
up €75,664 (+24294.0%), from €311 to €75,975
- Financial charges -€41,196
down €41,196 (-20.3%), from €202,849 to €161,653
- Staff costs +€29,629
up €29,629 (+42710.8%), from €69 to €29,698
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 | €5,659,218 | €5,901,406 | +€242,189 | +4.3% |
| Fixed assets | 21/28 | €4,832,420 | €4,678,575 | -€153,845 | -3.2% |
| Tangible fixed assets | 22/27 | €4,813,975 | €4,660,130 | -€153,845 | -3.2% |
| Land and buildings | 22 | €2,690,557 | €2,768,276 | +€77,719 | +2.9% |
| Plant, machinery and equipment | 23 | €2,096,566 | €1,871,602 | -€224,964 | -10.7% |
| Furniture and vehicles | 24 | €26,852 | €20,252 | -€6,600 | -24.6% |
| Financial fixed assets | 28 | €18,445 | €18,445 | = | 0.0% |
| Current assets | 29/58 | €826,798 | €1,222,831 | +€396,033 | +47.9% |
| Stocks and contracts in progress | 3 | €35,867 | €78,196 | +€42,329 | +118.0% |
| Stocks | 30/36 | €35,867 | €78,196 | +€42,329 | +118.0% |
| Amounts receivable within one year | 40/41 | €545,050 | €980,220 | +€435,170 | +79.8% |
| Trade receivables | 40 | €541,478 | €980,001 | +€438,523 | +81.0% |
| Other amounts receivable | 41 | €3,572 | €219 | -€3,353 | -93.9% |
| Cash at bank and in hand | 54/58 | €218,738 | €138,413 | -€80,325 | -36.7% |
| Deferred charges and accrued income | 490/1 | €27,143 | €26,002 | -€1,141 | -4.2% |
| Total equity and liabilities | 10/49 | €5,659,218 | €5,901,406 | +€242,189 | +4.3% |
| Equity | 10/15 | €1,369,378 | €1,944,810 | +€575,432 | +42.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,169,378 | €1,744,810 | +€575,432 | +49.2% |
| Distributable reserves | 133 | €1,169,378 | €1,744,810 | +€575,432 | +49.2% |
| Amounts payable | 17/49 | €4,289,839 | €3,956,596 | -€333,243 | -7.8% |
| Amounts payable after more than one year | 17 | €2,633,232 | €2,109,624 | -€523,608 | -19.9% |
| Financial debts | 170/4 | €2,633,232 | €2,109,624 | -€523,608 | -19.9% |
| Amounts payable within one year | 42/48 | €1,656,607 | €1,846,972 | +€190,365 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €523,608 | €523,608 | = | 0.0% |
| Financial debts | 43 | €0 | €16,808 | +€16,808 | |
| Credit institutions | 430/8 | €0 | €16,808 | +€16,808 | |
| Trade debts | 44 | €346,305 | €259,720 | -€86,585 | -25.0% |
| Suppliers | 440/4 | €346,305 | €259,720 | -€86,585 | -25.0% |
| Taxes, remuneration and social security | 45 | €35,267 | €282,814 | +€247,548 | +701.9% |
| Taxes | 450/3 | €31,267 | €262,984 | +€231,717 | +741.1% |
| Remuneration and social security | 454/9 | €4,000 | €19,830 | +€15,830 | +395.8% |
| Other amounts payable | 47/48 | €751,428 | €764,022 | +€12,594 | +1.7% |
| Remuneration, social security and pensions | 62 | €69 | €29,698 | +€29,629 | +42710.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €324,555 | €337,127 | +€12,573 | +3.9% |
| Other operating charges | 640/8 | €3,284 | €12,116 | +€8,832 | +268.9% |
| Gross operating margin | 9900 | €791,395 | €1,235,131 | +€443,736 | +56.1% |
| Operating profit (loss) | 9901 | €463,487 | €856,190 | +€392,703 | +84.7% |
| Financial income | 75/76B | €311 | €75,975 | +€75,664 | +24294.0% |
| Recurring financial income | 75 | €311 | €75,975 | +€75,664 | +24294.0% |
| Financial charges | 65/66B | €202,849 | €161,653 | -€41,196 | -20.3% |
| Recurring financial charges | 65 | €202,849 | €161,653 | -€41,196 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €260,949 | €770,511 | +€509,562 | +195.3% |
| Income taxes | 67/77 | €59,191 | €195,080 | +€135,889 | +229.6% |
| Profit (loss) for the period | 9904 | €201,758 | €575,432 | +€373,673 | +185.2% |
| Profit (loss) for the period to be appropriated | 9905 | €201,758 | €575,432 | +€373,673 | +185.2% |
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 8 October 2026 via checked.be.