EXECUTIVE: 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.
EXECUTIVE
Largest movements
- Tangible fixed assets -€62,410
down €62,410 (-3.8%), from €1.6m to €1.6m
of which Land and buildings: -€60,195
- Cash +€38,898
up €38,898 (+42.2%), from €92,185 to €131,083
mainly Depreciation (+€62,410) and Receivables within one year (+€31,621)
- Receivables within one year -€31,621
down €31,621 (-64.4%), from €49,129 to €17,508
of which Other amounts receivable: -€31,837
- Tax, wage and social debts -€31,699
down €31,699 (-97.9%), from €32,369 to €670
- Reserves -€26,449
down €26,449 (-4.9%), from €543,300 to €516,851
of which Non-distributable reserves: -€200,000
- Gross operating margin -€451,722
down €451,722 (-93.4%), from €483,693 to €31,970
- Taxes -€133,539
down €133,539 (-100.0%), from €133,539 to €0
- Financial income -€11,107
down €11,107 (-49.4%), from €22,494 to €11,387
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,578,974 | €2,523,393 | -€55,581 | -2.2% |
| Fixed assets | 21/28 | €1,635,774 | €1,573,364 | -€62,410 | -3.8% |
| Tangible fixed assets | 22/27 | €1,635,774 | €1,573,364 | -€62,410 | -3.8% |
| Land and buildings | 22 | €1,624,273 | €1,564,077 | -€60,195 | -3.7% |
| Furniture and vehicles | 24 | €11,501 | €9,287 | -€2,214 | -19.3% |
| Current assets | 29/58 | €943,200 | €950,029 | +€6,828 | +0.7% |
| Amounts receivable within one year | 40/41 | €49,129 | €17,508 | -€31,621 | -64.4% |
| Trade receivables | 40 | €9,383 | €9,599 | +€216 | +2.3% |
| Other amounts receivable | 41 | €39,746 | €7,909 | -€31,837 | -80.1% |
| Current investments | 50/53 | €800,001 | €800,001 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €92,185 | €131,083 | +€38,898 | +42.2% |
| Deferred charges and accrued income | 490/1 | €1,886 | €1,438 | -€448 | -23.8% |
| Total equity and liabilities | 10/49 | €2,578,974 | €2,523,393 | -€55,581 | -2.2% |
| Equity | 10/15 | €2,543,574 | €2,516,851 | -€26,723 | -1.1% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Capital | 10 | €2,000,000 | - | -€2.0m | |
| Issued capital | 100 | €2,000,000 | - | -€2.0m | |
| Reserves | 13 | €543,300 | €516,851 | -€26,449 | -4.9% |
| Non-distributable reserves | 130/1 | €200,000 | €0 | -€200,000 | -100.0% |
| Legal reserve | 130 | €200,000 | - | -€200,000 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €343,300 | €516,851 | +€173,551 | +50.6% |
| Profit (loss) carried forward | 14 | €274 | €0 | -€274 | -100.0% |
| Amounts payable | 17/49 | €35,401 | €6,542 | -€28,858 | -81.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,630 | €6,542 | -€28,088 | -81.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,262 | €1,787 | -€474 | -21.0% |
| Suppliers | 440/4 | €2,262 | €1,787 | -€474 | -21.0% |
| Taxes, remuneration and social security | 45 | €32,369 | €670 | -€31,699 | -97.9% |
| Taxes | 450/3 | €32,369 | €670 | -€31,699 | -97.9% |
| Other amounts payable | 47/48 | €0 | €4,085 | +€4,085 | |
| Accrued charges and deferred income | 492/3 | €770 | €0 | -€770 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,410 | €62,410 | = | 0.0% |
| Other operating charges | 640/8 | €7,222 | €6,372 | -€851 | -11.8% |
| Gross operating margin | 9900 | €483,693 | €31,970 | -€451,722 | -93.4% |
| Operating profit (loss) | 9901 | €414,061 | -€36,811 | -€450,872 | |
| Financial income | 75/76B | €22,494 | €11,387 | -€11,107 | -49.4% |
| Recurring financial income | 75 | €22,494 | €11,387 | -€11,107 | -49.4% |
| Financial charges | 65/66B | €2,808 | €1,299 | -€1,509 | -53.7% |
| Recurring financial charges | 65 | €2,808 | €1,299 | -€1,509 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €433,747 | -€26,723 | -€460,470 | |
| Income taxes | 67/77 | €133,539 | €0 | -€133,539 | -100.0% |
| Profit (loss) for the period | 9904 | €300,208 | -€26,723 | -€326,931 | |
| Profit (loss) for the period to be appropriated | 9905 | €300,208 | -€26,723 | -€326,931 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.