DO MUTATIO: 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.
DO MUTATIO
Largest movements
- Intangible fixed assets +€40,927
up €40,927 (+116.2%), from €35,213 to €76,140
- Current investments -€21,607
down €21,607 (-15.4%), from €140,079 to €118,472
- Cash -€20,550
down €20,550 (-75.9%), from €27,068 to €6,518
mainly Investment in fixed assets (net) (-€94,660) and Contributions, distributions and other (-€70,322)
- Receivables within one year -€16,135
down €16,135 (-50.1%), from €32,217 to €16,082
of which Other amounts receivable: -€8,189
- Tangible fixed assets +€10,265
up €10,265 (+51.0%), from €20,127 to €30,392
of which Furniture and vehicles: +€11,263
- Other debts +€33,816
up €33,816 (+3450.6%), from €980 to €34,796
- Investment grants -€20,582
down €20,582 (-28.2%), from €73,046 to €52,464
- Trade debts -€14,815
down €14,815 (-98.9%), from €14,973 to €158
- Reserves -€9,468
down €9,468 (-5.8%), from €163,143 to €153,675
- Tax, wage and social debts +€4,789
up €4,789 (+51.9%), from €9,227 to €14,016
- Gross operating margin +€45,409
up €45,409 (+168.3%), from €26,986 to €72,396
- Depreciation +€32,046
up €32,046 (+268.8%), from €11,921 to €43,967
- Financial income +€20,646
up €20,646 (+2056.5%), from €1,004 to €21,650
- Taxes +€3,906
up €3,906 (+119.5%), from €3,269 to €7,175
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 | €261,370 | €255,110 | -€6,259 | -2.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €56,089 | €106,781 | +€50,692 | +90.4% |
| Intangible fixed assets | 21 | €35,213 | €76,140 | +€40,927 | +116.2% |
| Tangible fixed assets | 22/27 | €20,127 | €30,392 | +€10,265 | +51.0% |
| Land and buildings | 22 | €10,324 | €9,592 | -€732 | -7.1% |
| Plant, machinery and equipment | 23 | €266 | €0 | -€266 | -100.0% |
| Furniture and vehicles | 24 | €9,536 | €20,800 | +€11,263 | +118.1% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €750 | €250 | -€500 | -66.7% |
| Current assets | 29/58 | €205,280 | €148,329 | -€56,952 | -27.7% |
| Stocks and contracts in progress | 3 | €1,862 | €1,862 | = | 0.0% |
| Stocks | 30/36 | €1,862 | €1,862 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,217 | €16,082 | -€16,135 | -50.1% |
| Trade receivables | 40 | €22,883 | €14,937 | -€7,946 | -34.7% |
| Other amounts receivable | 41 | €9,333 | €1,145 | -€8,189 | -87.7% |
| Current investments | 50/53 | €140,079 | €118,472 | -€21,607 | -15.4% |
| Cash at bank and in hand | 54/58 | €27,068 | €6,518 | -€20,550 | -75.9% |
| Deferred charges and accrued income | 490/1 | €4,055 | €5,395 | +€1,340 | +33.0% |
| Total equity and liabilities | 10/49 | €261,370 | €255,110 | -€6,259 | -2.4% |
| Equity | 10/15 | €236,190 | €206,140 | -€30,050 | -12.7% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €163,143 | €153,675 | -€9,468 | -5.8% |
| Distributable reserves | 133 | €163,143 | €153,675 | -€9,468 | -5.8% |
| Investment grants | 15 | €73,046 | €52,464 | -€20,582 | -28.2% |
| Amounts payable | 17/49 | €25,180 | €48,970 | +€23,790 | +94.5% |
| Amounts payable within one year | 42/48 | €25,180 | €48,970 | +€23,790 | +94.5% |
| Trade debts | 44 | €14,973 | €158 | -€14,815 | -98.9% |
| Suppliers | 440/4 | €14,973 | €158 | -€14,815 | -98.9% |
| Taxes, remuneration and social security | 45 | €9,227 | €14,016 | +€4,789 | +51.9% |
| Taxes | 450/3 | €9,227 | €14,016 | +€4,789 | +51.9% |
| Other amounts payable | 47/48 | €980 | €34,796 | +€33,816 | +3450.6% |
| Non-recurring operating income | 76A | - | €634 | +€634 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,921 | €43,967 | +€32,046 | +268.8% |
| Other operating charges | 640/8 | €1,532 | €1,809 | +€277 | +18.1% |
| Gross operating margin | 9900 | €26,986 | €72,396 | +€45,409 | +168.3% |
| Operating profit (loss) | 9901 | €13,533 | €26,620 | +€13,087 | +96.7% |
| Financial income | 75/76B | €1,004 | €21,650 | +€20,646 | +2056.5% |
| Recurring financial income | 75 | €1,004 | €21,650 | +€20,646 | +2056.5% |
| Financial charges | 65/66B | €1,040 | €822 | -€218 | -20.9% |
| Recurring financial charges | 65 | €1,040 | €322 | -€718 | -69.0% |
| Non-recurring financial charges | 66B | - | €500 | +€500 | |
| Profit (loss) for the period before taxes | 9903 | €13,497 | €47,447 | +€33,950 | +251.5% |
| Income taxes | 67/77 | €3,269 | €7,175 | +€3,906 | +119.5% |
| Profit (loss) for the period | 9904 | €10,228 | €40,272 | +€30,044 | +293.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,228 | €40,272 | +€30,044 | +293.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.