EQUITES2: 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.
EQUITES2
Largest movements
- Tangible fixed assets +€6.7m
up €6.7m (+25.8%), from €26.0m to €32.7m
of which Land and buildings: +€18.9m
- Deferred charges and accrued income +€346,168
up €346,168 (+1942.9%), from €17,818 to €363,986
- Debts after one year +€27.6m
new in 2025: €27.6m
of which Financial debts: +€21.4m
- Short-term financial debts -€18.7m
down €18.7m (-100.0%), from €18.7m to €0
- Other debts -€5.4m
down €5.4m (-100.0%), from €5.4m to €0
- Contributions +€4.5m
up €4.5m (+1125.0%), from €400,000 to €4.9m
- Trade debts -€1.1m
down €1.1m (-55.0%), from €1.9m to €877,491
- Gross operating margin +€551,408
up €551,408 (+288.3%), from €191,282 to €742,690
- Financial charges +€451,194
up €451,194 (+214.7%), from €210,167 to €661,361
- Depreciation +€264,855
up €264,855 (+337.4%), from €78,509 to €343,364
- Other operating charges +€161,140
up €161,140 (+446.2%), from €36,112 to €197,251
- Write-downs +€33,298
new in 2025: €33,298
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 | €26,346,943 | €33,326,276 | +€7.0m | +26.5% |
| Fixed assets | 21/28 | €26,012,921 | €32,730,135 | +€6.7m | +25.8% |
| Tangible fixed assets | 22/27 | €26,012,921 | €32,730,135 | +€6.7m | +25.8% |
| Land and buildings | 22 | €13,822,894 | €32,709,181 | +€18.9m | +136.6% |
| Furniture and vehicles | 24 | €27,954 | €20,954 | -€7,000 | -25.0% |
| Assets under construction and advance payments | 27 | €12,162,074 | €0 | -€12.2m | -100.0% |
| Current assets | 29/58 | €334,021 | €596,142 | +€262,120 | +78.5% |
| Amounts receivable within one year | 40/41 | €896 | €150,450 | +€149,554 | +16699.7% |
| Trade receivables | 40 | €896 | €150,450 | +€149,554 | +16699.7% |
| Cash at bank and in hand | 54/58 | €315,308 | €81,706 | -€233,602 | -74.1% |
| Deferred charges and accrued income | 490/1 | €17,818 | €363,986 | +€346,168 | +1942.9% |
| Total equity and liabilities | 10/49 | €26,346,943 | €33,326,276 | +€7.0m | +26.5% |
| Equity | 10/15 | €246,411 | €4,253,889 | +€4.0m | +1626.3% |
| Contributions | 10/11 | €400,000 | €4,900,000 | +€4.5m | +1125.0% |
| Profit (loss) carried forward | 14 | -€153,589 | -€646,111 | -€492,522 | -320.7% |
| Amounts payable | 17/49 | €26,100,532 | €29,072,387 | +€3.0m | +11.4% |
| Amounts payable after more than one year | 17 | - | €27,620,938 | +€27.6m | |
| Financial debts | 170/4 | - | €21,433,300 | +€21.4m | |
| Other amounts payable | 178/9 | - | €6,187,638 | +€6.2m | |
| Amounts payable within one year | 42/48 | €26,036,031 | €1,389,491 | -€24.6m | -94.7% |
| Current portion of amounts payable after more than one year | 42 | - | €512,000 | +€512,000 | |
| Financial debts | 43 | €18,707,670 | €0 | -€18.7m | -100.0% |
| Credit institutions | 430/8 | €18,707,670 | €0 | -€18.7m | -100.0% |
| Trade debts | 44 | €1,947,835 | €877,491 | -€1.1m | -55.0% |
| Suppliers | 440/4 | €1,947,835 | €877,491 | -€1.1m | -55.0% |
| Other amounts payable | 47/48 | €5,380,527 | €0 | -€5.4m | -100.0% |
| Accrued charges and deferred income | 492/3 | €64,500 | €61,958 | -€2,543 | -3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,509 | €343,364 | +€264,855 | +337.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €33,298 | +€33,298 | |
| Other operating charges | 640/8 | €36,112 | €197,251 | +€161,140 | +446.2% |
| Gross operating margin | 9900 | €191,282 | €742,690 | +€551,408 | +288.3% |
| Operating profit (loss) | 9901 | €76,662 | €168,777 | +€92,115 | +120.2% |
| Financial income | 75/76B | - | €66 | +€66 | |
| Recurring financial income | 75 | - | €66 | +€66 | |
| Financial charges | 65/66B | €210,167 | €661,361 | +€451,194 | +214.7% |
| Recurring financial charges | 65 | €210,167 | €661,361 | +€451,194 | +214.7% |
| Profit (loss) for the period before taxes | 9903 | -€133,505 | -€492,518 | -€359,012 | -268.9% |
| Income taxes | 67/77 | - | €4 | +€4 | |
| Profit (loss) for the period | 9904 | -€133,505 | -€492,522 | -€359,016 | -268.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,505 | -€492,522 | -€359,016 | -268.9% |
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 2 October 2026 via checked.be.