DIRACTIONS: 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.
DIRACTIONS
Largest movements
- Receivables after one year +€251,021
up €251,021 (+12.2%), from €2.1m to €2.3m
- Cash +€85,083
up €85,083 (+138%), from €61,660 to €146,742
mainly Other debts (+€1.0m) and Net result for the year (+€360,278)
- Deferred charges and accrued income +€44,663
up €44,663 (+42.9%), from €104,185 to €148,848
- Tangible fixed assets -€32,081
down €32,081 (-22.2%), from €144,593 to €112,512
of which Furniture and vehicles: -€38,370
- Other debts +€1.0m
up €1.0m (+1,112%), from €92,024 to €1.1m
- Reserves -€755,161
down €755,161 (-35.0%), from €2.2m to €1.4m
- Provisions -€190,000
no longer reported in 2025 (was €190,000)
- Tax, wage and social debts +€125,087
up €125,087 (+1,486%), from €8,420 to €133,507
- Short-term financial debts +€78,070
up €78,070 (+28.6%), from €273,237 to €351,307
- Provisions -€190,000
new in 2025: -€190,000
- Gross operating margin -€131,699
down €131,699 (-30.7%), from €429,098 to €297,400
- Taxes +€41,840
up €41,840 (+22.8%), from €183,207 to €225,048
- Financial income +€41,085
up €41,085 (+33.1%), from €124,001 to €165,087
- Other operating charges -€29,376
down €29,376 (-85.2%), from €34,476 to €5,099
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 | €2,865,549 | €3,169,007 | +€303,458 | +10.6% |
| Fixed assets | 21/28 | €144,593 | €112,512 | -€32,081 | -22.2% |
| Tangible fixed assets | 22/27 | €144,593 | €112,512 | -€32,081 | -22.2% |
| Furniture and vehicles | 24 | €144,593 | €106,223 | -€38,370 | -26.5% |
| Other tangible fixed assets | 26 | - | €6,289 | +€6,289 | |
| Current assets | 29/58 | €2,720,956 | €3,056,495 | +€335,539 | +12.3% |
| Amounts receivable after more than one year | 29 | €2,056,844 | €2,307,865 | +€251,021 | +12.2% |
| Other amounts receivable | 291 | €2,056,844 | €2,307,865 | +€251,021 | +12.2% |
| Amounts receivable within one year | 40/41 | €34,609 | €8,759 | -€25,850 | -74.7% |
| Trade receivables | 40 | €15,115 | €8,520 | -€6,595 | -43.6% |
| Other amounts receivable | 41 | €19,494 | €239 | -€19,255 | -98.8% |
| Current investments | 50/53 | €463,659 | €444,281 | -€19,378 | -4.2% |
| Cash at bank and in hand | 54/58 | €61,660 | €146,742 | +€85,083 | +138% |
| Deferred charges and accrued income | 490/1 | €104,185 | €148,848 | +€44,663 | +42.9% |
| Total equity and liabilities | 10/49 | €2,865,549 | €3,169,007 | +€303,458 | +10.6% |
| Equity | 10/15 | €2,154,869 | €1,399,709 | -€755,161 | -35.0% |
| Reserves | 13 | €2,154,869 | €1,399,709 | -€755,161 | -35.0% |
| Distributable reserves | 133 | €2,154,869 | €1,399,709 | -€755,161 | -35.0% |
| Provisions and deferred taxes | 16 | €190,000 | - | -€190,000 | |
| Provisions for liabilities and charges | 160/5 | €190,000 | - | -€190,000 | |
| Other liabilities and charges | 164/5 | €190,000 | - | -€190,000 | |
| Amounts payable | 17/49 | €520,679 | €1,769,298 | +€1.2m | +240% |
| Amounts payable after more than one year | 17 | €98,710 | €125,867 | +€27,157 | +27.5% |
| Financial debts | 170/4 | €98,710 | €60,867 | -€37,843 | -38.3% |
| Other amounts payable | 178/9 | - | €65,000 | +€65,000 | |
| Amounts payable within one year | 42/48 | €421,722 | €1,638,528 | +€1.2m | +289% |
| Current portion of amounts payable after more than one year | 42 | €42,486 | €37,843 | -€4,643 | -10.9% |
| Financial debts | 43 | €273,237 | €351,307 | +€78,070 | +28.6% |
| Credit institutions | 430/8 | €273,237 | €351,307 | +€78,070 | +28.6% |
| Trade debts | 44 | €5,556 | €432 | -€5,123 | -92.2% |
| Suppliers | 440/4 | €5,556 | €432 | -€5,123 | -92.2% |
| Taxes, remuneration and social security | 45 | €8,420 | €133,507 | +€125,087 | +1,486% |
| Taxes | 450/3 | €8,420 | €133,507 | +€125,087 | +1,486% |
| Other amounts payable | 47/48 | €92,024 | €1,115,439 | +€1.0m | +1,112% |
| Accrued charges and deferred income | 492/3 | €248 | €4,904 | +€4,656 | +1,881% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,523 | €39,843 | +€1,320 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€190,000 | -€190,000 | |
| Other operating charges | 640/8 | €34,476 | €5,099 | -€29,376 | -85.2% |
| Gross operating margin | 9900 | €429,098 | €297,400 | -€131,699 | -30.7% |
| Operating profit (loss) | 9901 | €356,100 | €436,457 | +€80,357 | +22.6% |
| Financial income | 75/76B | €124,001 | €165,087 | +€41,085 | +33.1% |
| Recurring financial income | 75 | €124,001 | €165,087 | +€41,085 | +33.1% |
| Financial charges | 65/66B | €6,081 | €16,218 | +€10,137 | +167% |
| Recurring financial charges | 65 | €6,081 | €16,218 | +€10,137 | +167% |
| Profit (loss) for the period before taxes | 9903 | €474,020 | €585,326 | +€111,305 | +23.5% |
| Income taxes | 67/77 | €183,207 | €225,048 | +€41,840 | +22.8% |
| Profit (loss) for the period | 9904 | €290,813 | €360,278 | +€69,465 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €290,813 | €360,278 | +€69,465 | +23.9% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.