DR. GERD FABRE: 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.
DR. GERD FABRE
Largest movements
- Cash -€172,270
down €172,270 (-14.2%), from €1.2m to €1.0m
mainly Other debts (-€416,280) and Receivables within one year (-€129,828)
- Receivables within one year +€129,828
up €129,828 (+1,240%), from €10,470 to €140,298
of which Other amounts receivable: +€134,000
- Tangible fixed assets -€67,118
down €67,118 (-2.7%), from €2.5m to €2.4m
of which Land and buildings: -€115,926
- Other debts -€416,280
down €416,280 (-53.0%), from €785,313 to €369,033
- Profit (loss) carried forward +€247,576
up €247,576 (+9.5%), from €2.6m to €2.9m
- Reserves +€150,000
up €150,000 (+25.5%), from €588,956 to €738,956
of which Distributable reserves: +€150,000
- Current portion of long-term debt -€57,958
down €57,958 (-48.1%), from €120,610 to €62,652
- Tax, wage and social debts -€53,455
down €53,455 (-39.7%), from €134,680 to €81,225
of which Taxes: -€53,477
- Gross operating margin -€284,802
down €284,802 (-28.2%), from €1.0m to €724,041
- Taxes -€27,123
down €27,123 (-12.8%), from €211,294 to €184,170
- Financial charges -€26,465
down €26,465 (-72.7%), from €36,379 to €9,914
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 | €4,448,810 | €4,341,797 | -€107,013 | -2.4% |
| Fixed assets | 21/28 | €2,480,118 | €2,413,000 | -€67,118 | -2.7% |
| Tangible fixed assets | 22/27 | €2,480,118 | €2,413,000 | -€67,118 | -2.7% |
| Land and buildings | 22 | €2,447,033 | €2,331,108 | -€115,926 | -4.7% |
| Plant, machinery and equipment | 23 | €21,748 | €14,571 | -€7,177 | -33.0% |
| Furniture and vehicles | 24 | €11,337 | €67,321 | +€55,985 | +494% |
| Current assets | 29/58 | €1,968,692 | €1,928,797 | -€39,896 | -2.0% |
| Amounts receivable within one year | 40/41 | €10,470 | €140,298 | +€129,828 | +1,240% |
| Trade receivables | 40 | €10,470 | €6,298 | -€4,172 | -39.9% |
| Other amounts receivable | 41 | - | €134,000 | +€134,000 | |
| Current investments | 50/53 | €740,425 | €740,425 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,213,962 | €1,041,693 | -€172,270 | -14.2% |
| Deferred charges and accrued income | 490/1 | €3,835 | €6,382 | +€2,546 | +66.4% |
| Total equity and liabilities | 10/49 | €4,448,810 | €4,341,797 | -€107,013 | -2.4% |
| Equity | 10/15 | €3,220,553 | €3,618,129 | +€397,576 | +12.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €588,956 | €738,956 | +€150,000 | +25.5% |
| Non-distributable reserves | 130/1 | €64,313 | €64,313 | = | 0.0% |
| Reserves not available under the articles | 1311 | €64,313 | €64,313 | = | 0.0% |
| Distributable reserves | 133 | €524,643 | €674,643 | +€150,000 | +28.6% |
| Profit (loss) carried forward | 14 | €2,619,197 | €2,866,773 | +€247,576 | +9.5% |
| Amounts payable | 17/49 | €1,228,257 | €723,668 | -€504,589 | -41.1% |
| Amounts payable after more than one year | 17 | €184,179 | €209,425 | +€25,246 | +13.7% |
| Financial debts | 170/4 | €184,179 | €209,425 | +€25,246 | +13.7% |
| Amounts payable within one year | 42/48 | €1,044,077 | €514,243 | -€529,835 | -50.7% |
| Current portion of amounts payable after more than one year | 42 | €120,610 | €62,652 | -€57,958 | -48.1% |
| Trade debts | 44 | €3,474 | €1,333 | -€2,141 | -61.6% |
| Suppliers | 440/4 | €3,474 | €1,333 | -€2,141 | -61.6% |
| Taxes, remuneration and social security | 45 | €134,680 | €81,225 | -€53,455 | -39.7% |
| Taxes | 450/3 | €134,500 | €81,022 | -€53,477 | -39.8% |
| Remuneration and social security | 454/9 | €181 | €203 | +€22 | +12.2% |
| Other amounts payable | 47/48 | €785,313 | €369,033 | -€416,280 | -53.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,767 | €138,510 | -€2,257 | -1.6% |
| Other operating charges | 640/8 | €10,647 | €6,448 | -€4,199 | -39.4% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €1,008,843 | €724,041 | -€284,802 | -28.2% |
| Operating profit (loss) | 9901 | €857,429 | €579,082 | -€278,347 | -32.5% |
| Financial income | 75/76B | €14,098 | €12,578 | -€1,519 | -10.8% |
| Recurring financial income | 75 | €14,098 | €12,578 | -€1,519 | -10.8% |
| Financial charges | 65/66B | €36,379 | €9,914 | -€26,465 | -72.7% |
| Recurring financial charges | 65 | €36,379 | €9,914 | -€26,465 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €835,147 | €581,746 | -€253,401 | -30.3% |
| Income taxes | 67/77 | €211,294 | €184,170 | -€27,123 | -12.8% |
| Profit (loss) for the period | 9904 | €623,854 | €397,576 | -€226,278 | -36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €623,854 | €397,576 | -€226,278 | -36.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.