Elegance: 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.
Elegance
Largest movements
- Tangible fixed assets +€16,561
up €16,561 (+10.5%), from €158,397 to €174,958
of which Leasing and similar rights: +€27,889
- Cash -€9,221
down €9,221 (-52.2%), from €17,654 to €8,433
mainly Investment in fixed assets (net) (-€34,182) and Stocks and contracts (-€5,706)
- Stocks and contracts +€5,706
up €5,706 (+17.0%), from €33,568 to €39,274
- Current portion of long-term debt +€5,674
up €5,674 (+29.8%), from €19,028 to €24,702
- Other debts +€3,206
up €3,206 (+12.3%), from €25,977 to €29,182
- Debts after one year +€3,093
up €3,093 (+2.9%), from €107,919 to €111,012
- Trade debts -€2,970
down €2,970 (-20.5%), from €14,454 to €11,484
- Reserves +€2,436
up €2,436 (+25.5%), from €9,562 to €11,997
- Gross operating margin +€19,462
up €19,462 (+35.3%), from €55,206 to €74,668
- Staff costs +€19,114
up €19,114 (+84.9%), from €22,526 to €41,640
- Depreciation +€6,601
up €6,601 (+59.9%), from €11,020 to €17,621
- Financial charges +€1,214
up €1,214 (+17.8%), from €6,834 to €8,048
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 | €216,236 | €231,002 | +€14,766 | +6.8% |
| Fixed assets | 21/28 | €158,397 | €174,958 | +€16,561 | +10.5% |
| Tangible fixed assets | 22/27 | €158,397 | €174,958 | +€16,561 | +10.5% |
| Land and buildings | 22 | €150,665 | €143,398 | -€7,268 | -4.8% |
| Furniture and vehicles | 24 | €7,731 | €3,671 | -€4,060 | -52.5% |
| Leasing and similar rights | 25 | - | €27,889 | +€27,889 | |
| Current assets | 29/58 | €57,839 | €56,044 | -€1,795 | -3.1% |
| Stocks and contracts in progress | 3 | €33,568 | €39,274 | +€5,706 | +17.0% |
| Stocks | 30/36 | €33,568 | €39,274 | +€5,706 | +17.0% |
| Amounts receivable within one year | 40/41 | €5,422 | €7,193 | +€1,771 | +32.7% |
| Trade receivables | 40 | €5,422 | €6,890 | +€1,468 | +27.1% |
| Other amounts receivable | 41 | - | €303 | +€303 | |
| Cash at bank and in hand | 54/58 | €17,654 | €8,433 | -€9,221 | -52.2% |
| Deferred charges and accrued income | 490/1 | €1,196 | €1,145 | -€51 | -4.3% |
| Total equity and liabilities | 10/49 | €216,236 | €231,002 | +€14,766 | +6.8% |
| Equity | 10/15 | €28,162 | €30,597 | +€2,436 | +8.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,562 | €11,997 | +€2,436 | +25.5% |
| Distributable reserves | 133 | €9,562 | €11,997 | +€2,436 | +25.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €188,074 | €200,404 | +€12,330 | +6.6% |
| Amounts payable after more than one year | 17 | €107,919 | €111,012 | +€3,093 | +2.9% |
| Financial debts | 170/4 | €107,919 | €111,012 | +€3,093 | +2.9% |
| Amounts payable within one year | 42/48 | €80,155 | €89,393 | +€9,237 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €19,028 | €24,702 | +€5,674 | +29.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €14,454 | €11,484 | -€2,970 | -20.5% |
| Suppliers | 440/4 | €14,454 | €11,484 | -€2,970 | -20.5% |
| Advances received on contracts in progress | 46 | €5,714 | €8,022 | +€2,308 | +40.4% |
| Taxes, remuneration and social security | 45 | €14,982 | €16,002 | +€1,020 | +6.8% |
| Taxes | 450/3 | €9,128 | €7,774 | -€1,354 | -14.8% |
| Remuneration and social security | 454/9 | €5,854 | €8,228 | +€2,374 | +40.6% |
| Other amounts payable | 47/48 | €25,977 | €29,182 | +€3,206 | +12.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €22,526 | €41,640 | +€19,114 | +84.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,020 | €17,621 | +€6,601 | +59.9% |
| Other operating charges | 640/8 | €2,684 | €2,740 | +€56 | +2.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €55,206 | €74,668 | +€19,462 | +35.3% |
| Operating profit (loss) | 9901 | €18,976 | €12,667 | -€6,309 | -33.2% |
| Financial income | 75/76B | €17 | €15 | -€2 | -13.9% |
| Recurring financial income | 75 | €17 | €15 | -€2 | -13.9% |
| Financial charges | 65/66B | €6,834 | €8,048 | +€1,214 | +17.8% |
| Recurring financial charges | 65 | €6,834 | €8,048 | +€1,214 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €12,159 | €4,633 | -€7,526 | -61.9% |
| Income taxes | 67/77 | €2,148 | €2,198 | +€50 | +2.3% |
| Profit (loss) for the period | 9904 | €10,011 | €2,436 | -€7,575 | -75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,011 | €2,436 | -€7,575 | -75.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.