DR: 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.
DR
Largest movements
- Receivables within one year +€121,764
up €121,764 (+44.7%), from €272,439 to €394,203
of which Trade receivables: +€207,063
- Cash +€23,169
up €23,169 (+82.1%), from €28,237 to €51,406
mainly Net result for the year (+€201,783) and Depreciation (+€24,347)
- Tangible fixed assets -€10,894
down €10,894 (-11.7%), from €92,823 to €81,929
of which Plant, machinery and equipment: -€16,784
- Profit (loss) carried forward +€201,783
up €201,783 (+29.6%), from -€681,893 to -€480,110
- Tax, wage and social debts -€57,438
down €57,438 (-51.4%), from €111,650 to €54,212
of which Remuneration and social security: -€49,902
- Other debts -€25,092
down €25,092 (-3.0%), from €834,939 to €809,847
- Trade debts +€18,021
up €18,021 (+23.4%), from €77,168 to €95,189
- Advances received -€15,480
no longer reported in 2025 (was €15,480)
- Gross operating margin +€866,248
up €866,248, from -€116,672 to €749,576
- Staff costs +€176,064
up €176,064 (+51.3%), from €343,391 to €519,454
- Depreciation +€7,578
up €7,578 (+45.2%), from €16,769 to €24,347
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 | €424,365 | €551,318 | +€126,953 | +29.9% |
| Formation expenses | 20 | €77 | - | -€77 | |
| Fixed assets | 21/28 | €93,165 | €82,271 | -€10,894 | -11.7% |
| Tangible fixed assets | 22/27 | €92,823 | €81,929 | -€10,894 | -11.7% |
| Land and buildings | 22 | €13,619 | €18,810 | +€5,192 | +38.1% |
| Plant, machinery and equipment | 23 | €57,798 | €41,014 | -€16,784 | -29.0% |
| Furniture and vehicles | 24 | €21,407 | €22,105 | +€698 | +3.3% |
| Financial fixed assets | 28 | €342 | €342 | = | 0.0% |
| Current assets | 29/58 | €331,124 | €469,047 | +€137,923 | +41.7% |
| Stocks and contracts in progress | 3 | €10,766 | €6,163 | -€4,603 | -42.8% |
| Stocks | 30/36 | €10,766 | €6,163 | -€4,603 | -42.8% |
| Amounts receivable within one year | 40/41 | €272,439 | €394,203 | +€121,764 | +44.7% |
| Trade receivables | 40 | €58,677 | €265,740 | +€207,063 | +352.9% |
| Other amounts receivable | 41 | €213,762 | €128,463 | -€85,299 | -39.9% |
| Cash at bank and in hand | 54/58 | €28,237 | €51,406 | +€23,169 | +82.1% |
| Deferred charges and accrued income | 490/1 | €19,682 | €17,275 | -€2,407 | -12.2% |
| Total equity and liabilities | 10/49 | €424,365 | €551,318 | +€126,953 | +29.9% |
| Equity | 10/15 | -€614,872 | -€413,089 | +€201,783 | +32.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €37,021 | €37,021 | = | 0.0% |
| Distributable reserves | 133 | €37,021 | €37,021 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€681,893 | -€480,110 | +€201,783 | +29.6% |
| Amounts payable | 17/49 | €1,039,237 | €964,407 | -€74,830 | -7.2% |
| Amounts payable within one year | 42/48 | €1,039,237 | €959,248 | -€79,989 | -7.7% |
| Trade debts | 44 | €77,168 | €95,189 | +€18,021 | +23.4% |
| Suppliers | 440/4 | €77,168 | €95,189 | +€18,021 | +23.4% |
| Advances received on contracts in progress | 46 | €15,480 | - | -€15,480 | |
| Taxes, remuneration and social security | 45 | €111,650 | €54,212 | -€57,438 | -51.4% |
| Taxes | 450/3 | €57,255 | €49,719 | -€7,536 | -13.2% |
| Remuneration and social security | 454/9 | €54,395 | €4,493 | -€49,902 | -91.7% |
| Other amounts payable | 47/48 | €834,939 | €809,847 | -€25,092 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €5,158 | +€5,158 | |
| Remuneration, social security and pensions | 62 | €343,391 | €519,454 | +€176,064 | +51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,769 | €24,347 | +€7,578 | +45.2% |
| Other operating charges | 640/8 | €2,302 | €3,703 | +€1,401 | +60.9% |
| Gross operating margin | 9900 | -€116,672 | €749,576 | +€866,248 | |
| Operating profit (loss) | 9901 | -€479,133 | €202,073 | +€681,206 | |
| Financial income | 75/76B | €16 | €4 | -€12 | -74.5% |
| Recurring financial income | 75 | €16 | €4 | -€12 | -74.5% |
| Financial charges | 65/66B | €242 | €294 | +€52 | +21.4% |
| Recurring financial charges | 65 | €242 | €294 | +€52 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | -€479,359 | €201,783 | +€681,142 | |
| Income taxes | 67/77 | -€37 | - | +€37 | |
| Profit (loss) for the period | 9904 | -€479,323 | €201,783 | +€681,106 | |
| Profit (loss) for the period to be appropriated | 9905 | -€479,323 | €201,783 | +€681,106 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.