F-A-S: 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.
F-A-S
Largest movements
- Cash +€132,188
up €132,188 (+89.5%), from €147,751 to €279,940
mainly Net result for the year (+€128,097) and Trade debts (+€52,964)
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Trade debts +€52,964
up €52,964 (+4408.4%), from €1,201 to €54,165
- Reserves +€32,097
up €32,097 (+8.7%), from €368,298 to €400,395
of which Distributable reserves: +€32,097
- Gross operating margin -€19,845
down €19,845 (-4.9%), from €405,920 to €386,075
- Staff costs +€11,348
up €11,348 (+4.9%), from €232,466 to €243,814
- Taxes -€7,474
down €7,474 (-35.2%), from €21,232 to €13,758
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 | €616,482 | €699,475 | +€82,993 | +13.5% |
| Fixed assets | 21/28 | €2,485 | €1,325 | -€1,160 | -46.7% |
| Tangible fixed assets | 22/27 | €2,485 | €1,325 | -€1,160 | -46.7% |
| Land and buildings | 22 | €1,414 | €1,157 | -€257 | -18.2% |
| Furniture and vehicles | 24 | €484 | €89 | -€395 | -81.7% |
| Other tangible fixed assets | 26 | €587 | €79 | -€507 | -86.5% |
| Current assets | 29/58 | €613,997 | €698,150 | +€84,153 | +13.7% |
| Amounts receivable within one year | 40/41 | €311,875 | €316,251 | +€4,375 | +1.4% |
| Trade receivables | 40 | €114,578 | €118,262 | +€3,684 | +3.2% |
| Other amounts receivable | 41 | €197,297 | €197,988 | +€691 | +0.4% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €147,751 | €279,940 | +€132,188 | +89.5% |
| Deferred charges and accrued income | 490/1 | €4,370 | €1,960 | -€2,410 | -55.1% |
| Total equity and liabilities | 10/49 | €616,482 | €699,475 | +€82,993 | +13.5% |
| Equity | 10/15 | €386,848 | €418,945 | +€32,097 | +8.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €368,298 | €400,395 | +€32,097 | +8.7% |
| Tax-exempt reserves | 132 | €215 | €215 | = | 0.0% |
| Distributable reserves | 133 | €368,083 | €400,180 | +€32,097 | +8.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €229,635 | €280,531 | +€50,896 | +22.2% |
| Amounts payable within one year | 42/48 | €227,819 | €279,382 | +€51,562 | +22.6% |
| Trade debts | 44 | €1,201 | €54,165 | +€52,964 | +4408.4% |
| Suppliers | 440/4 | €1,201 | €54,165 | +€52,964 | +4408.4% |
| Taxes, remuneration and social security | 45 | €39,105 | €40,513 | +€1,408 | +3.6% |
| Taxes | 450/3 | €0 | €103 | +€103 | |
| Remuneration and social security | 454/9 | €39,105 | €40,410 | +€1,305 | +3.3% |
| Other amounts payable | 47/48 | €187,513 | €184,703 | -€2,809 | -1.5% |
| Accrued charges and deferred income | 492/3 | €1,815 | €1,149 | -€666 | -36.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €232,466 | €243,814 | +€11,348 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,160 | €1,160 | = | 0.0% |
| Other operating charges | 640/8 | €576 | €528 | -€49 | -8.5% |
| Gross operating margin | 9900 | €405,920 | €386,075 | -€19,845 | -4.9% |
| Operating profit (loss) | 9901 | €171,718 | €140,574 | -€31,144 | -18.1% |
| Financial income | 75/76B | €10,420 | €7,237 | -€3,183 | -30.5% |
| Recurring financial income | 75 | €10,420 | €7,237 | -€3,183 | -30.5% |
| Financial charges | 65/66B | €6,763 | €5,956 | -€807 | -11.9% |
| Recurring financial charges | 65 | €6,763 | €5,956 | -€807 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €175,375 | €141,855 | -€33,520 | -19.1% |
| Income taxes | 67/77 | €21,232 | €13,758 | -€7,474 | -35.2% |
| Profit (loss) for the period | 9904 | €154,142 | €128,097 | -€26,046 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €154,142 | €128,097 | -€26,046 | -16.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.