FIRST I: 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.
FIRST I
Largest movements
- Stocks and contracts -€19,765
down €19,765 (-12.6%), from €157,252 to €137,488
- Trade debts -€29,919
down €29,919 (-23.3%), from €128,375 to €98,456
- Other debts +€6,179
up €6,179 (+6.2%), from €100,359 to €106,538
- Gross operating margin -€11,442
down €11,442 (-52.0%), from €22,008 to €10,567
- Financial charges +€4,679
up €4,679 (+171.8%), from €2,723 to €7,402
- Taxes -€4,017
down €4,017 (-59.9%), from €6,706 to €2,689
- Other operating charges +€946
up €946 (+29.2%), from €3,243 to €4,189
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 | €271,152 | €247,293 | -€23,859 | -8.8% |
| Fixed assets | 21/28 | €5,881 | €4,244 | -€1,637 | -27.8% |
| Tangible fixed assets | 22/27 | €5,881 | €4,244 | -€1,637 | -27.8% |
| Land and buildings | 22 | €3,666 | €2,768 | -€898 | -24.5% |
| Plant, machinery and equipment | 23 | €727 | €506 | -€221 | -30.4% |
| Furniture and vehicles | 24 | €1,489 | €970 | -€519 | -34.8% |
| Current assets | 29/58 | €265,271 | €243,049 | -€22,221 | -8.4% |
| Stocks and contracts in progress | 3 | €157,252 | €137,488 | -€19,765 | -12.6% |
| Stocks | 30/36 | €157,252 | €137,488 | -€19,765 | -12.6% |
| Amounts receivable within one year | 40/41 | €104,561 | €103,986 | -€575 | -0.6% |
| Other amounts receivable | 41 | €104,561 | €103,986 | -€575 | -0.6% |
| Cash at bank and in hand | 54/58 | €3,269 | €928 | -€2,340 | -71.6% |
| Deferred charges and accrued income | 490/1 | €189 | €648 | +€459 | +242.8% |
| Total equity and liabilities | 10/49 | €271,152 | €247,293 | -€23,859 | -8.8% |
| Equity | 10/15 | €26,685 | €28,463 | +€1,777 | +6.7% |
| Contributions | 10/11 | €116,200 | €116,200 | = | 0.0% |
| Outside capital | 11 | €116,200 | €116,200 | = | 0.0% |
| Other | 1109/19 | €116,200 | €116,200 | = | 0.0% |
| Reserves | 13 | €481 | €481 | = | 0.0% |
| Distributable reserves | 133 | €481 | €481 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,996 | -€88,219 | +€1,777 | +2.0% |
| Amounts payable | 17/49 | €244,467 | €218,831 | -€25,636 | -10.5% |
| Amounts payable within one year | 42/48 | €241,817 | €216,091 | -€25,726 | -10.6% |
| Trade debts | 44 | €128,375 | €98,456 | -€29,919 | -23.3% |
| Suppliers | 440/4 | €128,375 | €98,456 | -€29,919 | -23.3% |
| Taxes, remuneration and social security | 45 | €13,082 | €11,097 | -€1,986 | -15.2% |
| Taxes | 450/3 | €13,082 | €11,097 | -€1,986 | -15.2% |
| Other amounts payable | 47/48 | €100,359 | €106,538 | +€6,179 | +6.2% |
| Accrued charges and deferred income | 492/3 | €2,650 | €2,740 | +€90 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,637 | €1,637 | = | 0.0% |
| Other operating charges | 640/8 | €3,243 | €4,189 | +€946 | +29.2% |
| Gross operating margin | 9900 | €22,008 | €10,567 | -€11,442 | -52.0% |
| Operating profit (loss) | 9901 | €17,128 | €4,740 | -€12,388 | -72.3% |
| Financial income | 75/76B | €7,183 | €7,128 | -€56 | -0.8% |
| Recurring financial income | 75 | €7,183 | €7,128 | -€56 | -0.8% |
| Financial charges | 65/66B | €2,723 | €7,402 | +€4,679 | +171.8% |
| Recurring financial charges | 65 | €2,723 | €7,402 | +€4,679 | +171.8% |
| Profit (loss) for the period before taxes | 9903 | €21,588 | €4,466 | -€17,122 | -79.3% |
| Income taxes | 67/77 | €6,706 | €2,689 | -€4,017 | -59.9% |
| Profit (loss) for the period | 9904 | €14,882 | €1,777 | -€13,104 | -88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €14,882 | €1,777 | -€13,104 | -88.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.