Detailed Design: 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.
Detailed Design
Largest movements
- Financial fixed assets +€450,000
new in 2025: €450,000
- Stocks and contracts -€303,261
down €303,261 (-86.7%), from €349,928 to €46,667
- Cash -€72,461
down €72,461 (-76.9%), from €94,181 to €21,721
mainly Investment in fixed assets (net) (-€543,456) and Short-term financial debts (-€253,482)
- Receivables within one year -€24,736
down €24,736 (-38.1%), from €64,882 to €40,146
of which Trade receivables: -€30,692
- Debts after one year +€344,865
up €344,865 (+33.6%), from €1.0m to €1.4m
- Short-term financial debts -€253,482
down €253,482 (-96.9%), from €261,667 to €8,185
- Trade debts -€48,774
down €48,774 (-50.8%), from €95,996 to €47,222
- Tax, wage and social debts -€41,498
down €41,498 (-52.6%), from €78,929 to €37,431
of which Taxes: -€44,721
- Current portion of long-term debt +€31,450
up €31,450 (+46.0%), from €68,309 to €99,759
- Staff costs +€47,884
up €47,884 (+128%), from €37,421 to €85,305
- Gross operating margin +€33,031
up €33,031 (+12.9%), from €256,879 to €289,910
- Depreciation +€29,877
up €29,877 (+35.5%), from €84,276 to €114,152
- Other operating charges +€25,715
up €25,715 (+444%), from €5,790 to €31,505
- Taxes -€6,198
down €6,198 (-87.9%), from €7,053 to €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.
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 | €2,096,586 | €2,107,038 | +€10,452 | +0.5% |
| Fixed assets | 21/28 | €1,566,517 | €1,995,821 | +€429,304 | +27.4% |
| Tangible fixed assets | 22/27 | €1,566,517 | €1,545,821 | -€20,696 | -1.3% |
| Land and buildings | 22 | €1,395,670 | €1,333,783 | -€61,887 | -4.4% |
| Plant, machinery and equipment | 23 | €37,561 | €73,513 | +€35,952 | +95.7% |
| Furniture and vehicles | 24 | €60,862 | €78,793 | +€17,931 | +29.5% |
| Other tangible fixed assets | 26 | €72,423 | €59,731 | -€12,692 | -17.5% |
| Financial fixed assets | 28 | - | €450,000 | +€450,000 | |
| Current assets | 29/58 | €530,070 | €111,217 | -€418,852 | -79.0% |
| Stocks and contracts in progress | 3 | €349,928 | €46,667 | -€303,261 | -86.7% |
| Stocks | 30/36 | €349,928 | €46,667 | -€303,261 | -86.7% |
| Amounts receivable within one year | 40/41 | €64,882 | €40,146 | -€24,736 | -38.1% |
| Trade receivables | 40 | €45,871 | €15,179 | -€30,692 | -66.9% |
| Other amounts receivable | 41 | €19,010 | €24,967 | +€5,957 | +31.3% |
| Cash at bank and in hand | 54/58 | €94,181 | €21,721 | -€72,461 | -76.9% |
| Deferred charges and accrued income | 490/1 | €21,079 | €2,684 | -€18,395 | -87.3% |
| Total equity and liabilities | 10/49 | €2,096,586 | €2,107,038 | +€10,452 | +0.5% |
| Equity | 10/15 | €345,178 | €315,342 | -€29,836 | -8.6% |
| Contributions | 10/11 | €150 | €150 | = | 0.0% |
| Reserves | 13 | €345,028 | €345,028 | = | 0.0% |
| Distributable reserves | 133 | €345,028 | €345,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€29,836 | -€29,836 | |
| Amounts payable | 17/49 | €1,751,409 | €1,791,696 | +€40,287 | +2.3% |
| Amounts payable after more than one year | 17 | €1,025,060 | €1,369,925 | +€344,865 | +33.6% |
| Financial debts | 170/4 | €1,025,060 | €1,369,925 | +€344,865 | +33.6% |
| Amounts payable within one year | 42/48 | €725,607 | €395,888 | -€329,719 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €68,309 | €99,759 | +€31,450 | +46.0% |
| Financial debts | 43 | €261,667 | €8,185 | -€253,482 | -96.9% |
| Credit institutions | 430/8 | €261,667 | €8,185 | -€253,482 | -96.9% |
| Trade debts | 44 | €95,996 | €47,222 | -€48,774 | -50.8% |
| Suppliers | 440/4 | €95,996 | €47,222 | -€48,774 | -50.8% |
| Advances received on contracts in progress | 46 | €23,432 | €0 | -€23,432 | -100% |
| Taxes, remuneration and social security | 45 | €78,929 | €37,431 | -€41,498 | -52.6% |
| Taxes | 450/3 | €72,568 | €27,847 | -€44,721 | -61.6% |
| Remuneration and social security | 454/9 | €6,361 | €9,584 | +€3,223 | +50.7% |
| Other amounts payable | 47/48 | €197,275 | €203,291 | +€6,016 | +3.0% |
| Accrued charges and deferred income | 492/3 | €741 | €25,883 | +€25,142 | +3,392% |
| Non-recurring operating income | 76A | €2 | €3,013 | +€3,011 | +122,893% |
| Remuneration, social security and pensions | 62 | €37,421 | €85,305 | +€47,884 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,276 | €114,152 | +€29,877 | +35.5% |
| Other operating charges | 640/8 | €5,790 | €31,505 | +€25,715 | +444% |
| Non-recurring operating charges | 66A | €28,686 | €217 | -€28,469 | -99.2% |
| Gross operating margin | 9900 | €256,879 | €289,910 | +€33,031 | +12.9% |
| Operating profit (loss) | 9901 | €100,707 | €58,731 | -€41,977 | -41.7% |
| Financial income | 75/76B | €382 | €2 | -€380 | -99.6% |
| Recurring financial income | 75 | €382 | €2 | -€380 | -99.6% |
| Financial charges | 65/66B | €83,084 | €87,713 | +€4,629 | +5.6% |
| Recurring financial charges | 65 | €83,084 | €87,713 | +€4,629 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €18,005 | -€28,981 | -€46,986 | |
| Income taxes | 67/77 | €7,053 | €855 | -€6,198 | -87.9% |
| Profit (loss) for the period | 9904 | €10,952 | -€29,836 | -€40,788 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,952 | -€29,836 | -€40,788 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.