EXPLAIN IT: 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.
EXPLAIN IT
Largest movements
- Cash -€184,805
down €184,805 (-86.9%), from €212,631 to €27,826
mainly Contributions, distributions and other (-€135,300) and Other debts (-€31,544)
- Reserves -€143,219
down €143,219 (-18.4%), from €779,654 to €636,435
of which Distributable reserves: -€143,219
- Other debts -€31,544
down €31,544 (-99.7%), from €31,636 to €93
- Gross operating margin -€149,288
down €149,288, from €145,643 to -€3,645
- Taxes -€43,111
down €43,111 (-98.8%), from €43,638 to €527
- Financial income -€8,298
down €8,298 (-51.0%), from €16,261 to €7,963
- Depreciation -€6,389
down €6,389 (-62.5%), from €10,229 to €3,840
- Financial charges +€2,218
up €2,218 (+60.7%), from €3,656 to €5,874
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
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 | €881,190 | €693,208 | -€187,982 | -21.3% |
| Fixed assets | 21/28 | €21,965 | €14,099 | -€7,866 | -35.8% |
| Tangible fixed assets | 22/27 | €21,965 | €14,099 | -€7,866 | -35.8% |
| Land and buildings | 22 | €10,055 | €8,649 | -€1,406 | -14.0% |
| Furniture and vehicles | 24 | €11,910 | €5,451 | -€6,460 | -54.2% |
| Current assets | 29/58 | €859,225 | €679,109 | -€180,116 | -21.0% |
| Amounts receivable within one year | 40/41 | €380,055 | €375,520 | -€4,535 | -1.2% |
| Trade receivables | 40 | €155,502 | €214,356 | +€58,854 | +37.8% |
| Other amounts receivable | 41 | €224,554 | €161,165 | -€63,389 | -28.2% |
| Current investments | 50/53 | €266,539 | €274,658 | +€8,119 | +3.0% |
| Cash at bank and in hand | 54/58 | €212,631 | €27,826 | -€184,805 | -86.9% |
| Deferred charges and accrued income | 490/1 | - | €1,105 | +€1,105 | |
| Total equity and liabilities | 10/49 | €881,190 | €693,208 | -€187,982 | -21.3% |
| Equity | 10/15 | €792,054 | €648,835 | -€143,219 | -18.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €779,654 | €636,435 | -€143,219 | -18.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €777,794 | €634,575 | -€143,219 | -18.4% |
| Amounts payable | 17/49 | €89,136 | €44,373 | -€44,763 | -50.2% |
| Amounts payable within one year | 42/48 | €89,136 | €44,373 | -€44,763 | -50.2% |
| Financial debts | 43 | €8,012 | €11,667 | +€3,655 | +45.6% |
| Credit institutions | 430/8 | €8,012 | €11,667 | +€3,655 | +45.6% |
| Trade debts | 44 | €16,536 | €8,333 | -€8,203 | -49.6% |
| Suppliers | 440/4 | €16,536 | €8,333 | -€8,203 | -49.6% |
| Taxes, remuneration and social security | 45 | €32,952 | €24,281 | -€8,671 | -26.3% |
| Taxes | 450/3 | €32,952 | €24,281 | -€8,671 | -26.3% |
| Other amounts payable | 47/48 | €31,636 | €93 | -€31,544 | -99.7% |
| Non-recurring operating income | 76A | - | €16,530 | +€16,530 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,229 | €3,840 | -€6,389 | -62.5% |
| Other operating charges | 640/8 | €1,947 | €1,997 | +€50 | +2.6% |
| Gross operating margin | 9900 | €145,643 | -€3,645 | -€149,288 | |
| Operating profit (loss) | 9901 | €133,467 | -€9,481 | -€142,948 | |
| Financial income | 75/76B | €16,261 | €7,963 | -€8,298 | -51.0% |
| Recurring financial income | 75 | €16,261 | €7,963 | -€8,298 | -51.0% |
| Financial charges | 65/66B | €3,656 | €5,874 | +€2,218 | +60.7% |
| Recurring financial charges | 65 | €3,656 | €5,874 | +€2,218 | +60.7% |
| Profit (loss) for the period before taxes | 9903 | €146,072 | -€7,392 | -€153,465 | |
| Income taxes | 67/77 | €43,638 | €527 | -€43,111 | -98.8% |
| Profit (loss) for the period | 9904 | €102,434 | -€7,919 | -€110,354 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,434 | -€7,919 | -€110,354 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.