Dr Steven LAUREYS: 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 Steven LAUREYS
Largest movements
- Tangible fixed assets +€324,630
up €324,630 (+360%), from €90,269 to €414,898
of which Land and buildings: +€325,053
- Cash -€140,084
down €140,084 (-63.8%), from €219,675 to €79,591
- Receivables within one year -€19,239
down €19,239 (-53.2%), from €36,160 to €16,921
of which Trade receivables: -€27,494
- Debts after one year +€230,897
up €230,897 (+352%), from €65,631 to €296,528
- Profit (loss) carried forward -€45,761
down €45,761 (-21.4%), from €214,038 to €168,278
- Tax, wage and social debts -€21,403
down €21,403 (-85.3%), from €25,102 to €3,699
- Current portion of long-term debt +€14,313
up €14,313 (+216%), from €6,641 to €20,954
- Trade debts -€6,499
down €6,499 (-73.7%), from €8,818 to €2,319
- Gross operating margin -€142,449
down €142,449 (-79.1%), from €180,038 to €37,589
- Depreciation +€45,811
up €45,811 (+692%), from €6,620 to €52,431
- Taxes -€44,962
down €44,962, from €44,595 to -€368
- Financial charges +€4,310
up €4,310 (+264%), from €1,634 to €5,944
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €346,108 | €511,616 | +€165,508 | +47.8% |
| Fixed assets | 21/28 | €90,269 | €414,898 | +€324,630 | +360% |
| Tangible fixed assets | 22/27 | €90,269 | €414,898 | +€324,630 | +360% |
| Land and buildings | 22 | €89,137 | €414,190 | +€325,053 | +365% |
| Furniture and vehicles | 24 | €1,132 | €709 | -€423 | -37.4% |
| Current assets | 29/58 | €255,840 | €96,718 | -€159,122 | -62.2% |
| Amounts receivable within one year | 40/41 | €36,160 | €16,921 | -€19,239 | -53.2% |
| Trade receivables | 40 | €36,160 | €8,666 | -€27,494 | -76.0% |
| Other amounts receivable | 41 | - | €8,254 | +€8,254 | |
| Cash at bank and in hand | 54/58 | €219,675 | €79,591 | -€140,084 | -63.8% |
| Deferred charges and accrued income | 490/1 | €5 | €206 | +€202 | +4,199% |
| Total equity and liabilities | 10/49 | €346,108 | €511,616 | +€165,508 | +47.8% |
| Equity | 10/15 | €233,877 | €188,117 | -€45,761 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,239 | €1,239 | = | 0.0% |
| Distributable reserves | 133 | €1,239 | €1,239 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,038 | €168,278 | -€45,761 | -21.4% |
| Amounts payable | 17/49 | €112,231 | €323,500 | +€211,268 | +188% |
| Amounts payable after more than one year | 17 | €65,631 | €296,528 | +€230,897 | +352% |
| Financial debts | 170/4 | €65,631 | €296,528 | +€230,897 | +352% |
| Amounts payable within one year | 42/48 | €43,212 | €26,971 | -€16,240 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €6,641 | €20,954 | +€14,313 | +216% |
| Financial debts | 43 | €2,651 | - | -€2,651 | |
| Credit institutions | 430/8 | €2,651 | - | -€2,651 | |
| Trade debts | 44 | €8,818 | €2,319 | -€6,499 | -73.7% |
| Suppliers | 440/4 | €8,818 | €2,319 | -€6,499 | -73.7% |
| Taxes, remuneration and social security | 45 | €25,102 | €3,699 | -€21,403 | -85.3% |
| Taxes | 450/3 | €25,102 | €3,699 | -€21,403 | -85.3% |
| Accrued charges and deferred income | 492/3 | €3,388 | - | -€3,388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,620 | €52,431 | +€45,811 | +692% |
| Other operating charges | 640/8 | €1,757 | €681 | -€1,075 | -61.2% |
| Gross operating margin | 9900 | €180,038 | €37,589 | -€142,449 | -79.1% |
| Operating profit (loss) | 9901 | €171,661 | -€15,524 | -€187,185 | |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €1,634 | €5,944 | +€4,310 | +264% |
| Recurring financial charges | 65 | €1,634 | €5,944 | +€4,310 | +264% |
| Profit (loss) for the period before taxes | 9903 | €170,036 | -€21,468 | -€191,503 | |
| Income taxes | 67/77 | €44,595 | -€368 | -€44,962 | |
| Profit (loss) for the period | 9904 | €125,441 | -€21,100 | -€146,541 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,441 | -€21,100 | -€146,541 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.