First in Line: 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.
First in Line
Largest movements
- Receivables within one year -€128,702
down €128,702 (-22.6%), from €569,461 to €440,759
of which Trade receivables: -€103,915
- Cash +€52,452
up €52,452 (+33,436%), from €157 to €52,609
mainly Receivables within one year (+€128,702) and Trade debts (+€77,568)
- Tangible fixed assets +€16,822
up €16,822 (+43.7%), from €38,474 to €55,295
of which Furniture and vehicles: +€20,999
- Other debts -€95,120
down €95,120 (-35.1%), from €270,624 to €175,504
- Trade debts +€77,568
up €77,568 (+51.2%), from €151,375 to €228,943
- Short-term financial debts -€32,297
down €32,297 (-68.9%), from €46,880 to €14,583
- Profit (loss) carried forward -€6,393
down €6,393 (-5.9%), from €108,903 to €102,510
- Gross operating margin -€27,051
down €27,051 (-14.3%), from €189,330 to €162,279
- Staff costs +€17,445
up €17,445 (+15.7%), from €111,451 to €128,897
- Taxes -€14,341
down €14,341 (-86.9%), from €16,506 to €2,165
- Depreciation +€10,228
up €10,228 (+54.5%), from €18,776 to €29,004
- Financial charges +€2,894
up €2,894 (+52.6%), from €5,506 to €8,400
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 | €629,367 | €565,851 | -€63,516 | -10.1% |
| Fixed assets | 21/28 | €55,851 | €67,847 | +€11,996 | +21.5% |
| Intangible fixed assets | 21 | €17,377 | €12,551 | -€4,826 | -27.8% |
| Tangible fixed assets | 22/27 | €38,474 | €55,295 | +€16,822 | +43.7% |
| Plant, machinery and equipment | 23 | €10,672 | €6,495 | -€4,177 | -39.1% |
| Furniture and vehicles | 24 | €27,801 | €48,801 | +€20,999 | +75.5% |
| Current assets | 29/58 | €573,516 | €498,004 | -€75,512 | -13.2% |
| Amounts receivable within one year | 40/41 | €569,461 | €440,759 | -€128,702 | -22.6% |
| Trade receivables | 40 | €518,843 | €414,928 | -€103,915 | -20.0% |
| Other amounts receivable | 41 | €50,617 | €25,831 | -€24,787 | -49.0% |
| Cash at bank and in hand | 54/58 | €157 | €52,609 | +€52,452 | +33,436% |
| Deferred charges and accrued income | 490/1 | €3,899 | €4,637 | +€738 | +18.9% |
| Total equity and liabilities | 10/49 | €629,367 | €565,851 | -€63,516 | -10.1% |
| Equity | 10/15 | €129,363 | €122,970 | -€6,393 | -4.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,903 | €102,510 | -€6,393 | -5.9% |
| Amounts payable | 17/49 | €500,004 | €442,882 | -€57,123 | -11.4% |
| Amounts payable after more than one year | 17 | €8,407 | €3,117 | -€5,291 | -62.9% |
| Financial debts | 170/4 | €8,407 | €3,117 | -€5,291 | -62.9% |
| Amounts payable within one year | 42/48 | €491,597 | €439,765 | -€51,832 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €7,266 | €5,291 | -€1,975 | -27.2% |
| Financial debts | 43 | €46,880 | €14,583 | -€32,297 | -68.9% |
| Credit institutions | 430/8 | €46,880 | €14,583 | -€32,297 | -68.9% |
| Trade debts | 44 | €151,375 | €228,943 | +€77,568 | +51.2% |
| Suppliers | 440/4 | €151,375 | €228,943 | +€77,568 | +51.2% |
| Taxes, remuneration and social security | 45 | €15,452 | €15,444 | -€8 | -0.1% |
| Remuneration and social security | 454/9 | €15,452 | €15,444 | -€8 | -0.1% |
| Other amounts payable | 47/48 | €270,624 | €175,504 | -€95,120 | -35.1% |
| Remuneration, social security and pensions | 62 | €111,451 | €128,897 | +€17,445 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,776 | €29,004 | +€10,228 | +54.5% |
| Other operating charges | 640/8 | €288 | €207 | -€81 | -28.1% |
| Gross operating margin | 9900 | €189,330 | €162,279 | -€27,051 | -14.3% |
| Operating profit (loss) | 9901 | €58,815 | €4,171 | -€54,643 | -92.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -8.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -8.7% |
| Financial charges | 65/66B | €5,506 | €8,400 | +€2,894 | +52.6% |
| Recurring financial charges | 65 | €5,506 | €8,400 | +€2,894 | +52.6% |
| Profit (loss) for the period before taxes | 9903 | €53,309 | -€4,228 | -€57,537 | |
| Income taxes | 67/77 | €16,506 | €2,165 | -€14,341 | -86.9% |
| Profit (loss) for the period | 9904 | €36,803 | -€6,393 | -€43,196 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,803 | -€6,393 | -€43,196 |
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 23 October 2026 via checked.be.