FIRST TRADE: 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 TRADE
Largest movements
- Tangible fixed assets -€43,977
down €43,977 (-9.6%), from €459,793 to €415,816
- Cash -€5,099
down €5,099 (-33.5%), from €15,208 to €10,109
mainly Debts after one year (-€58,194) and Receivables within one year (-€2,296)
- Debts after one year -€58,194
down €58,194 (-46.0%), from €126,536 to €68,341
- Reserves +€13,968
up €13,968 (+8.0%), from €175,267 to €189,235
of which Distributable reserves: +€13,968
- Gross operating margin -€7,115
down €7,115 (-9.1%), from €78,334 to €71,219
- Taxes +€2,912
new in 2025: €2,912
- Financial charges -€2,531
down €2,531 (-34.2%), from €7,402 to €4,871
- Depreciation -€1,552
down €1,552 (-3.4%), from €45,528 to €43,977
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 | €478,981 | €432,367 | -€46,614 | -9.7% |
| Fixed assets | 21/28 | €459,793 | €415,816 | -€43,977 | -9.6% |
| Tangible fixed assets | 22/27 | €459,793 | €415,816 | -€43,977 | -9.6% |
| Land and buildings | 22 | €459,793 | €415,816 | -€43,977 | -9.6% |
| Current assets | 29/58 | €19,188 | €16,551 | -€2,637 | -13.7% |
| Amounts receivable within one year | 40/41 | €0 | €2,296 | +€2,296 | |
| Other amounts receivable | 41 | €0 | €2,296 | +€2,296 | |
| Cash at bank and in hand | 54/58 | €15,208 | €10,109 | -€5,099 | -33.5% |
| Deferred charges and accrued income | 490/1 | €3,981 | €4,146 | +€165 | +4.2% |
| Total equity and liabilities | 10/49 | €478,981 | €432,367 | -€46,614 | -9.7% |
| Equity | 10/15 | €237,381 | €251,349 | +€13,968 | +5.9% |
| Contributions | 10/11 | €62,114 | €62,114 | = | 0.0% |
| Capital | 10 | €62,114 | €62,114 | = | 0.0% |
| Issued capital | 100 | €62,114 | €62,114 | = | 0.0% |
| Reserves | 13 | €175,267 | €189,235 | +€13,968 | +8.0% |
| Non-distributable reserves | 130/1 | €6,211 | €6,211 | = | 0.0% |
| Legal reserve | 130 | €6,211 | €6,211 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,678 | €85,678 | = | 0.0% |
| Distributable reserves | 133 | €83,378 | €97,345 | +€13,968 | +16.8% |
| Provisions and deferred taxes | 16 | €44,118 | €44,118 | = | 0.0% |
| Deferred taxes | 168 | €44,118 | €44,118 | = | 0.0% |
| Amounts payable | 17/49 | €197,482 | €136,901 | -€60,582 | -30.7% |
| Amounts payable after more than one year | 17 | €126,536 | €68,341 | -€58,194 | -46.0% |
| Financial debts | 170/4 | €126,536 | €68,341 | -€58,194 | -46.0% |
| Amounts payable within one year | 42/48 | €70,476 | €67,510 | -€2,966 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €51,981 | €51,194 | -€787 | -1.5% |
| Financial debts | 43 | €564 | €0 | -€564 | -100.0% |
| Credit institutions | 430/8 | €564 | €0 | -€564 | -100.0% |
| Trade debts | 44 | €1,600 | €1,815 | +€215 | +13.5% |
| Suppliers | 440/4 | €1,600 | €1,815 | +€215 | +13.5% |
| Advances received on contracts in progress | 46 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €13,330 | €11,500 | -€1,830 | -13.7% |
| Accrued charges and deferred income | 492/3 | €471 | €1,050 | +€579 | +122.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,528 | €43,977 | -€1,552 | -3.4% |
| Other operating charges | 640/8 | €5,091 | €5,491 | +€400 | +7.8% |
| Gross operating margin | 9900 | €78,334 | €71,219 | -€7,115 | -9.1% |
| Operating profit (loss) | 9901 | €27,714 | €21,751 | -€5,963 | -21.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €7,402 | €4,871 | -€2,531 | -34.2% |
| Recurring financial charges | 65 | €7,402 | €4,871 | -€2,531 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | €20,312 | €16,880 | -€3,433 | -16.9% |
| Income taxes | 67/77 | - | €2,912 | +€2,912 | |
| Profit (loss) for the period | 9904 | €20,312 | €13,968 | -€6,345 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €20,312 | €13,968 | -€6,345 | -31.2% |
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.