Den Ijsberg: 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.
Den Ijsberg
Largest movements
- Receivables within one year +€68,804
up €68,804 (+327%), from €21,019 to €89,823
of which Trade receivables: +€43,303
- Cash -€34,493
down €34,493 (-45.3%), from €76,064 to €41,571
mainly Investment in fixed assets (net) (-€75,981) and Receivables within one year (-€68,804)
- Reserves +€48,558
up €48,558 (+2,611%), from €1,860 to €50,418
of which Distributable reserves: +€48,558
- Accrued charges and deferred income -€37,580
down €37,580 (-81.0%), from €46,383 to €8,803
- Profit (loss) carried forward -€35,294
down €35,294 (-22.6%), from €156,290 to €120,996
- Other debts +€35,294
new in 2026: €35,294
- Debts after one year +€20,434
up €20,434 (+12.1%), from €168,861 to €189,294
- Gross operating margin +€62,028
up €62,028 (+31.6%), from €196,431 to €258,459
- Depreciation +€30,493
up €30,493 (+63.4%), from €48,070 to €78,563
- Taxes +€13,873
up €13,873 (+169%), from €8,202 to €22,075
- Staff costs +€10,661
up €10,661 (+12.5%), from €85,164 to €95,825
- Financial charges +€4,594
up €4,594 (+91.6%), from €5,016 to €9,610
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €453,731 | €487,096 | +€33,365 | +7.4% |
| Fixed assets | 21/28 | €344,028 | €341,447 | -€2,582 | -0.8% |
| Intangible fixed assets | 21 | €7,572 | €5,900 | -€1,672 | -22.1% |
| Tangible fixed assets | 22/27 | €336,456 | €335,546 | -€910 | -0.3% |
| Land and buildings | 22 | €200,280 | €185,127 | -€15,153 | -7.6% |
| Plant, machinery and equipment | 23 | €136,176 | €110,658 | -€25,518 | -18.7% |
| Furniture and vehicles | 24 | - | €39,761 | +€39,761 | |
| Current assets | 29/58 | €109,702 | €145,649 | +€35,947 | +32.8% |
| Stocks and contracts in progress | 3 | €4,460 | €5,118 | +€658 | +14.8% |
| Stocks | 30/36 | €4,460 | €5,118 | +€658 | +14.8% |
| Amounts receivable within one year | 40/41 | €21,019 | €89,823 | +€68,804 | +327% |
| Trade receivables | 40 | €1,299 | €44,601 | +€43,303 | +3,335% |
| Other amounts receivable | 41 | €19,721 | €45,222 | +€25,502 | +129% |
| Cash at bank and in hand | 54/58 | €76,064 | €41,571 | -€34,493 | -45.3% |
| Deferred charges and accrued income | 490/1 | €8,159 | €9,137 | +€978 | +12.0% |
| Total equity and liabilities | 10/49 | €453,731 | €487,096 | +€33,365 | +7.4% |
| Equity | 10/15 | €176,750 | €190,014 | +€13,264 | +7.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €50,418 | +€48,558 | +2,611% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €48,558 | +€48,558 | |
| Profit (loss) carried forward | 14 | €156,290 | €120,996 | -€35,294 | -22.6% |
| Amounts payable | 17/49 | €276,981 | €297,082 | +€20,101 | +7.3% |
| Amounts payable after more than one year | 17 | €168,861 | €189,294 | +€20,434 | +12.1% |
| Financial debts | 170/4 | €168,861 | €189,294 | +€20,434 | +12.1% |
| Amounts payable within one year | 42/48 | €61,737 | €98,984 | +€37,247 | +60.3% |
| Current portion of amounts payable after more than one year | 42 | €30,943 | €34,981 | +€4,038 | +13.1% |
| Trade debts | 44 | €20,538 | €3,058 | -€17,480 | -85.1% |
| Suppliers | 440/4 | €20,538 | €3,058 | -€17,480 | -85.1% |
| Taxes, remuneration and social security | 45 | €10,256 | €25,652 | +€15,396 | +150% |
| Taxes | 450/3 | €2,565 | €18,020 | +€15,455 | +603% |
| Remuneration and social security | 454/9 | €7,691 | €7,632 | -€59 | -0.8% |
| Other amounts payable | 47/48 | - | €35,294 | +€35,294 | |
| Accrued charges and deferred income | 492/3 | €46,383 | €8,803 | -€37,580 | -81.0% |
| Non-recurring operating income | 76A | - | €8,264 | +€8,264 | |
| Remuneration, social security and pensions | 62 | €85,164 | €95,825 | +€10,661 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,070 | €78,563 | +€30,493 | +63.4% |
| Other operating charges | 640/8 | €3,917 | €4,072 | +€154 | +3.9% |
| Gross operating margin | 9900 | €196,431 | €258,459 | +€62,028 | +31.6% |
| Operating profit (loss) | 9901 | €59,279 | €80,000 | +€20,720 | +35.0% |
| Financial income | 75/76B | €93 | €243 | +€150 | +162% |
| Recurring financial income | 75 | €93 | €243 | +€150 | +162% |
| Financial charges | 65/66B | €5,016 | €9,610 | +€4,594 | +91.6% |
| Recurring financial charges | 65 | €5,016 | €9,610 | +€4,594 | +91.6% |
| Profit (loss) for the period before taxes | 9903 | €54,357 | €70,633 | +€16,276 | +29.9% |
| Income taxes | 67/77 | €8,202 | €22,075 | +€13,873 | +169% |
| Profit (loss) for the period | 9904 | €46,155 | €48,558 | +€2,404 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,155 | €48,558 | +€2,404 | +5.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.