DSE CREATION: what changed
DSE CREATION
Largest movements
- Cash +€281,343
up €281,343 (+28.4%), from €990,726 to €1.3m
mainly Net result for the year (+€235,927) and Investment in fixed assets (net) (+€114,263)
- Financial fixed assets -€100,000
down €100,000 (-100%), from €100,000 to €0
- Receivables within one year +€94,391
up €94,391 (+96.6%), from €97,673 to €192,063
of which Other amounts receivable: +€58,682
- Tangible fixed assets -€67,240
down €67,240 (-11.8%), from €570,946 to €503,706
of which Land and buildings: -€40,866
- Reserves +€177,029
up €177,029 (+20.1%), from €882,411 to €1.1m
of which Tax-exempt reserves: +€126,300
- Trade debts +€42,768
up €42,768 (+66.4%), from €64,431 to €107,199
- Other debts +€35,001
up €35,001 (+7.0%), from €498,870 to €533,871
- Debts after one year -€32,500
down €32,500 (-92.3%), from €35,209 to €2,709
- Gross operating margin -€89,069
down €89,069 (-18.2%), from €490,049 to €400,981
- Taxes -€31,571
down €31,571 (-26.8%), from €117,876 to €86,305
- Depreciation -€14,481
down €14,481 (-21.4%), from €67,795 to €53,314
- Financial income +€9,719
up €9,719 (+111%), from €8,753 to €18,472
- Financial charges -€6,233
down €6,233 (-13.9%), from €44,780 to €38,546
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,759,682 | €1,967,839 | +€208,157 | +11.8% |
| Fixed assets | 21/28 | €671,283 | €503,706 | -€167,577 | -25.0% |
| Intangible fixed assets | 21 | €338 | €0 | -€338 | -100% |
| Tangible fixed assets | 22/27 | €570,946 | €503,706 | -€67,240 | -11.8% |
| Land and buildings | 22 | €517,129 | €476,263 | -€40,866 | -7.9% |
| Furniture and vehicles | 24 | €53,817 | €27,443 | -€26,374 | -49.0% |
| Financial fixed assets | 28 | €100,000 | €0 | -€100,000 | -100% |
| Current assets | 29/58 | €1,088,399 | €1,464,133 | +€375,734 | +34.5% |
| Amounts receivable within one year | 40/41 | €97,673 | €192,063 | +€94,391 | +96.6% |
| Trade receivables | 40 | €97,673 | €133,381 | +€35,709 | +36.6% |
| Other amounts receivable | 41 | €0 | €58,682 | +€58,682 | |
| Cash at bank and in hand | 54/58 | €990,726 | €1,272,069 | +€281,343 | +28.4% |
| Total equity and liabilities | 10/49 | €1,759,682 | €1,967,839 | +€208,157 | +11.8% |
| Equity | 10/15 | €975,396 | €1,152,425 | +€177,029 | +18.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €882,411 | €1,059,440 | +€177,029 | +20.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €882,411 | €933,140 | +€50,729 | +5.7% |
| Profit (loss) carried forward | 14 | €74,385 | €74,385 | = | 0.0% |
| Provisions and deferred taxes | 16 | €82,240 | €82,240 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €82,240 | €82,240 | = | 0.0% |
| Environmental obligations | 163 | €82,240 | €82,240 | = | 0.0% |
| Amounts payable | 17/49 | €702,046 | €733,173 | +€31,127 | +4.4% |
| Amounts payable after more than one year | 17 | €35,209 | €2,709 | -€32,500 | -92.3% |
| Financial debts | 170/4 | €35,209 | €2,709 | -€32,500 | -92.3% |
| Amounts payable within one year | 42/48 | €666,837 | €730,215 | +€63,377 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €32,500 | €35,208 | +€2,708 | +8.3% |
| Trade debts | 44 | €64,431 | €107,199 | +€42,768 | +66.4% |
| Suppliers | 440/4 | €64,431 | €107,199 | +€42,768 | +66.4% |
| Taxes, remuneration and social security | 45 | €71,036 | €53,936 | -€17,100 | -24.1% |
| Taxes | 450/3 | €71,036 | €53,936 | -€17,100 | -24.1% |
| Other amounts payable | 47/48 | €498,870 | €533,871 | +€35,001 | +7.0% |
| Accrued charges and deferred income | 492/3 | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,795 | €53,314 | -€14,481 | -21.4% |
| Other operating charges | 640/8 | €6,237 | €5,360 | -€876 | -14.1% |
| Gross operating margin | 9900 | €490,049 | €400,981 | -€89,069 | -18.2% |
| Operating profit (loss) | 9901 | €416,018 | €342,306 | -€73,712 | -17.7% |
| Financial income | 75/76B | €8,753 | €18,472 | +€9,719 | +111% |
| Recurring financial income | 75 | €8,753 | €18,472 | +€9,719 | +111% |
| Financial charges | 65/66B | €44,780 | €38,546 | -€6,233 | -13.9% |
| Recurring financial charges | 65 | €44,780 | €38,546 | -€6,233 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €379,991 | €322,232 | -€57,759 | -15.2% |
| Income taxes | 67/77 | €117,876 | €86,305 | -€31,571 | -26.8% |
| Profit (loss) for the period | 9904 | €262,114 | €235,927 | -€26,188 | -10.0% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €262,114 | €109,627 | -€152,488 | -58.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.