FELIX MAHIEU: 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.
FELIX MAHIEU
Largest movements
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Receivables within one year +€65,542
up €65,542 (+1,470%), from €4,458 to €70,000
of which Other amounts receivable: +€70,000
- Tangible fixed assets +€31,793
up €31,793 (+220%), from €14,440 to €46,233
of which Plant, machinery and equipment: +€33,753
- Cash +€3,637
up €3,637 (+3.0%), from €119,885 to €123,522
mainly Other debts (+€133,521) and Receivables after one year (+€100,000)
- Other debts +€133,521
new in 2025: €133,521
- Reserves -€130,000
down €130,000 (-66.2%), from €196,314 to €66,314
- Tax, wage and social debts -€10,179
down €10,179 (-35.5%), from €28,653 to €18,474
- Short-term financial debts +€10,070
new in 2025: €10,070
- Financial income +€14,105
up €14,105 (+7,634%), from €185 to €14,290
- Gross operating margin +€6,718
up €6,718 (+7.3%), from €92,009 to €98,726
- Taxes +€1,995
up €1,995 (+9.9%), from €20,227 to €22,222
- Depreciation +€1,721
up €1,721 (+37.2%), from €4,626 to €6,347
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 | €239,085 | €240,598 | +€1,513 | +0.6% |
| Fixed assets | 21/28 | €14,440 | €46,233 | +€31,793 | +220% |
| Tangible fixed assets | 22/27 | €14,440 | €46,233 | +€31,793 | +220% |
| Plant, machinery and equipment | 23 | - | €33,753 | +€33,753 | |
| Furniture and vehicles | 24 | €14,440 | €12,480 | -€1,960 | -13.6% |
| Current assets | 29/58 | €224,645 | €194,365 | -€30,280 | -13.5% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €4,458 | €70,000 | +€65,542 | +1,470% |
| Trade receivables | 40 | €4,458 | - | -€4,458 | |
| Other amounts receivable | 41 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €119,885 | €123,522 | +€3,637 | +3.0% |
| Deferred charges and accrued income | 490/1 | €302 | €843 | +€540 | +179% |
| Total equity and liabilities | 10/49 | €239,085 | €240,598 | +€1,513 | +0.6% |
| Equity | 10/15 | €201,314 | €71,314 | -€130,000 | -64.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €196,314 | €66,314 | -€130,000 | -66.2% |
| Distributable reserves | 133 | €196,314 | €66,314 | -€130,000 | -66.2% |
| Amounts payable | 17/49 | €37,771 | €169,284 | +€131,513 | +348% |
| Amounts payable within one year | 42/48 | €37,771 | €169,284 | +€131,513 | +348% |
| Financial debts | 43 | - | €10,070 | +€10,070 | |
| Credit institutions | 430/8 | - | €10,070 | +€10,070 | |
| Trade debts | 44 | €9,118 | €7,219 | -€1,899 | -20.8% |
| Suppliers | 440/4 | €9,118 | €7,219 | -€1,899 | -20.8% |
| Taxes, remuneration and social security | 45 | €28,653 | €18,474 | -€10,179 | -35.5% |
| Taxes | 450/3 | €28,653 | €18,474 | -€10,179 | -35.5% |
| Other amounts payable | 47/48 | - | €133,521 | +€133,521 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,626 | €6,347 | +€1,721 | +37.2% |
| Other operating charges | 640/8 | €1,857 | €2,603 | +€745 | +40.1% |
| Gross operating margin | 9900 | €92,009 | €98,726 | +€6,718 | +7.3% |
| Operating profit (loss) | 9901 | €85,525 | €89,777 | +€4,252 | +5.0% |
| Financial income | 75/76B | €185 | €14,290 | +€14,105 | +7,634% |
| Recurring financial income | 75 | €185 | €14,290 | +€14,105 | +7,634% |
| Financial charges | 65/66B | €165 | €353 | +€188 | +114% |
| Recurring financial charges | 65 | €165 | €353 | +€188 | +114% |
| Profit (loss) for the period before taxes | 9903 | €85,545 | €103,715 | +€18,170 | +21.2% |
| Income taxes | 67/77 | €20,227 | €22,222 | +€1,995 | +9.9% |
| Profit (loss) for the period | 9904 | €65,318 | €81,493 | +€16,175 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,318 | €81,493 | +€16,175 | +24.8% |
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 25 October 2026 via checked.be.