FINANCE FIRST: 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.
FINANCE FIRST
Largest movements
- Receivables within one year -€151,211
down €151,211 (-80.1%), from €188,808 to €37,597
of which Other amounts receivable: -€159,923
- Receivables after one year -€75,000
down €75,000 (-25.0%), from €300,000 to €225,000
- Current investments -€49,020
down €49,020 (-14.0%), from €350,000 to €300,980
- Tangible fixed assets -€46,687
down €46,687 (-2.3%), from €2.1m to €2.0m
of which Land and buildings: -€56,778
- Reserves -€334,958
down €334,958 (-12.6%), from €2.7m to €2.3m
of which Distributable reserves: -€326,994
- Other debts +€81,549
new in 2025: €81,549
- Gross operating margin -€10,181
down €10,181 (-16.8%), from €60,706 to €50,525
- Financial income -€5,986
down €5,986 (-39.1%), from €15,314 to €9,328
- Other operating charges +€5,530
up €5,530 (+79.2%), from €6,980 to €12,511
- Financial charges +€3,761
up €3,761 (+100.8%), from €3,731 to €7,493
- Taxes -€1,427
down €1,427 (-6.5%), from €22,111 to €20,685
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 | €2,942,391 | €2,642,252 | -€300,139 | -10.2% |
| Fixed assets | 21/28 | €2,065,296 | €2,018,609 | -€46,687 | -2.3% |
| Tangible fixed assets | 22/27 | €2,065,296 | €2,018,609 | -€46,687 | -2.3% |
| Land and buildings | 22 | €1,980,051 | €1,923,273 | -€56,778 | -2.9% |
| Furniture and vehicles | 24 | €85,245 | €95,337 | +€10,092 | +11.8% |
| Current assets | 29/58 | €877,095 | €623,643 | -€253,452 | -28.9% |
| Amounts receivable after more than one year | 29 | €300,000 | €225,000 | -€75,000 | -25.0% |
| Other amounts receivable | 291 | €300,000 | €225,000 | -€75,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €188,808 | €37,597 | -€151,211 | -80.1% |
| Trade receivables | 40 | €10,566 | €19,278 | +€8,712 | +82.5% |
| Other amounts receivable | 41 | €178,242 | €18,319 | -€159,923 | -89.7% |
| Current investments | 50/53 | €350,000 | €300,980 | -€49,020 | -14.0% |
| Cash at bank and in hand | 54/58 | €35,530 | €57,423 | +€21,893 | +61.6% |
| Deferred charges and accrued income | 490/1 | €2,757 | €2,643 | -€114 | -4.1% |
| Total equity and liabilities | 10/49 | €2,942,391 | €2,642,252 | -€300,139 | -10.2% |
| Equity | 10/15 | €2,679,879 | €2,344,921 | -€334,958 | -12.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,661,279 | €2,326,321 | -€334,958 | -12.6% |
| Tax-exempt reserves | 132 | €200,486 | €192,522 | -€7,964 | -4.0% |
| Distributable reserves | 133 | €2,460,793 | €2,133,799 | -€326,994 | -13.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €66,829 | €64,174 | -€2,655 | -4.0% |
| Deferred taxes | 168 | €66,829 | €64,174 | -€2,655 | -4.0% |
| Amounts payable | 17/49 | €195,683 | €233,157 | +€37,474 | +19.2% |
| Amounts payable after more than one year | 17 | €147,298 | €123,884 | -€23,413 | -15.9% |
| Financial debts | 170/4 | €147,298 | €123,884 | -€23,413 | -15.9% |
| Amounts payable within one year | 42/48 | €48,385 | €109,273 | +€60,888 | +125.8% |
| Current portion of amounts payable after more than one year | 42 | €22,410 | €23,413 | +€1,003 | +4.5% |
| Trade debts | 44 | €4,940 | €4,070 | -€871 | -17.6% |
| Suppliers | 440/4 | €4,940 | €4,070 | -€871 | -17.6% |
| Taxes, remuneration and social security | 45 | €21,034 | €241 | -€20,793 | -98.9% |
| Taxes | 450/3 | €21,034 | €241 | -€20,793 | -98.9% |
| Other amounts payable | 47/48 | - | €81,549 | +€81,549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,673 | €56,778 | +€105 | +0.2% |
| Other operating charges | 640/8 | €6,980 | €12,511 | +€5,530 | +79.2% |
| Non-recurring operating charges | 66A | €6,639 | €0 | -€6,639 | -100.0% |
| Gross operating margin | 9900 | €60,706 | €50,525 | -€10,181 | -16.8% |
| Operating profit (loss) | 9901 | -€9,587 | -€18,764 | -€9,177 | -95.7% |
| Financial income | 75/76B | €15,314 | €9,328 | -€5,986 | -39.1% |
| Recurring financial income | 75 | €15,314 | €9,328 | -€5,986 | -39.1% |
| Financial charges | 65/66B | €3,731 | €7,493 | +€3,761 | +100.8% |
| Recurring financial charges | 65 | €3,731 | €7,493 | +€3,761 | +100.8% |
| Profit (loss) for the period before taxes | 9903 | €1,996 | -€16,929 | -€18,924 | |
| Transfer from deferred taxes | 780 | €2,655 | €2,655 | = | 0.0% |
| Income taxes | 67/77 | €22,111 | €20,685 | -€1,427 | -6.5% |
| Profit (loss) for the period | 9904 | -€17,461 | -€34,958 | -€17,497 | -100.2% |
| Transfer from tax-exempt reserves | 789 | €7,964 | €7,964 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,496 | -€26,994 | -€17,497 | -184.3% |
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 5 October 2026 via checked.be.