FIRST - INVEST: 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 - INVEST
Largest movements
- Financial fixed assets +€2.1m
up €2.1m (+3,960%), from €53,406 to €2.2m
- Cash -€202,943
down €202,943 (-47.1%), from €430,570 to €227,627
mainly Investment in fixed assets (net) (-€2.3m) and Short-term financial debts (-€150,000)
- Receivables within one year -€168,209
down €168,209 (-44.0%), from €381,881 to €213,672
of which Other amounts receivable: -€177,000
- Debts after one year +€1.2m
up €1.2m (+64.1%), from €1.8m to €3.0m
- Other debts +€375,000
up €375,000 (+880%), from €42,615 to €417,615
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Current portion of long-term debt +€147,010
up €147,010 (+53.8%), from €273,248 to €420,258
- Profit (loss) carried forward +€116,496
up €116,496 (+155%), from €75,095 to €191,591
- Gross operating margin -€347,908
down €347,908 (-40.2%), from €865,490 to €517,582
- Turnover +€69,055
up €69,055 (+13.4%), from €516,376 to €585,431
- Taxes +€57,772
up €57,772, from -€10,683 to €47,089
- Financial charges +€39,129
up €39,129 (+44.6%), from €87,738 to €126,867
- Purchases and services -€12,941
down €12,941 (-15.5%), from €83,406 to €70,465
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 | €3,416,979 | €5,133,692 | +€1.7m | +50.2% |
| Fixed assets | 21/28 | €2,604,528 | €4,689,928 | +€2.1m | +80.1% |
| Tangible fixed assets | 22/27 | €2,551,122 | €2,521,522 | -€29,600 | -1.2% |
| Land and buildings | 22 | €2,521,957 | €2,469,468 | -€52,489 | -2.1% |
| Plant, machinery and equipment | 23 | €17,238 | €13,041 | -€4,197 | -24.3% |
| Furniture and vehicles | 24 | - | €29,529 | +€29,529 | |
| Other tangible fixed assets | 26 | €11,927 | €9,483 | -€2,443 | -20.5% |
| Financial fixed assets | 28 | €53,406 | €2,168,406 | +€2.1m | +3,960% |
| Current assets | 29/58 | €812,450 | €443,764 | -€368,686 | -45.4% |
| Amounts receivable within one year | 40/41 | €381,881 | €213,672 | -€168,209 | -44.0% |
| Trade receivables | 40 | €47,826 | €56,618 | +€8,791 | +18.4% |
| Other amounts receivable | 41 | €334,054 | €157,054 | -€177,000 | -53.0% |
| Cash at bank and in hand | 54/58 | €430,570 | €227,627 | -€202,943 | -47.1% |
| Deferred charges and accrued income | 490/1 | - | €2,465 | +€2,465 | |
| Total equity and liabilities | 10/49 | €3,416,979 | €5,133,692 | +€1.7m | +50.2% |
| Equity | 10/15 | €1,127,379 | €1,199,357 | +€71,978 | +6.4% |
| Contributions | 10/11 | €588,000 | €588,000 | = | 0.0% |
| Capital | 10 | €588,000 | €588,000 | = | 0.0% |
| Issued capital | 100 | €588,000 | €588,000 | = | 0.0% |
| Reserves | 13 | €464,284 | €419,766 | -€44,518 | -9.6% |
| Tax-exempt reserves | 132 | €421,359 | €376,840 | -€44,518 | -10.6% |
| Distributable reserves | 133 | €42,925 | €42,925 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,095 | €191,591 | +€116,496 | +155% |
| Amounts payable | 17/49 | €2,289,600 | €3,934,336 | +€1.6m | +71.8% |
| Amounts payable after more than one year | 17 | €1,797,716 | €2,950,695 | +€1.2m | +64.1% |
| Financial debts | 170/4 | €1,797,716 | €2,950,695 | +€1.2m | +64.1% |
| Amounts payable within one year | 42/48 | €491,884 | €983,640 | +€491,757 | +100.0% |
| Current portion of amounts payable after more than one year | 42 | €273,248 | €420,258 | +€147,010 | +53.8% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €26,020 | €109,424 | +€83,404 | +321% |
| Suppliers | 440/4 | €26,020 | €109,424 | +€83,404 | +321% |
| Taxes, remuneration and social security | 45 | - | €36,343 | +€36,343 | |
| Taxes | 450/3 | - | €36,343 | +€36,343 | |
| Other amounts payable | 47/48 | €42,615 | €417,615 | +€375,000 | +880% |
| Turnover | 70 | €516,376 | €585,431 | +€69,055 | +13.4% |
| Non-recurring operating income | 76A | €429,542 | - | -€429,542 | |
| Goods, raw materials, services and sundry goods | 60/61 | €83,406 | €70,465 | -€12,941 | -15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,590 | €211,276 | -€6,314 | -2.9% |
| Other operating charges | 640/8 | €60,508 | €62,684 | +€2,176 | +3.6% |
| Gross operating margin | 9900 | €865,490 | €517,582 | -€347,908 | -40.2% |
| Operating profit (loss) | 9901 | €587,392 | €243,622 | -€343,770 | -58.5% |
| Financial income | 75/76B | €3,763 | €2,312 | -€1,451 | -38.6% |
| Recurring financial income | 75 | €3,763 | €1,826 | -€1,937 | -51.5% |
| Non-recurring financial income | 76B | - | €486 | +€486 | |
| Financial charges | 65/66B | €87,738 | €126,867 | +€39,129 | +44.6% |
| Recurring financial charges | 65 | €87,738 | €126,867 | +€39,129 | +44.6% |
| Profit (loss) for the period before taxes | 9903 | €503,417 | €119,067 | -€384,350 | -76.3% |
| Income taxes | 67/77 | -€10,683 | €47,089 | +€57,772 | |
| Profit (loss) for the period | 9904 | €514,100 | €71,978 | -€442,122 | -86.0% |
| Transfer from tax-exempt reserves | 789 | €8,183 | €44,518 | +€36,335 | +444% |
| Transfer to tax-exempt reserves | 689 | €429,542 | - | -€429,542 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,741 | €116,496 | +€23,755 | +25.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.