Fiscal 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.
Fiscal First
Largest movements
- Financial fixed assets +€188,000
up €188,000 (+144.6%), from €130,050 to €318,050
- Receivables after one year -€79,376
down €79,376 (-12.0%), from €661,657 to €582,281
- Cash -€74,544
down €74,544 (-80.9%), from €92,192 to €17,648
mainly Investment in fixed assets (net) (-€189,414) and Current portion of long-term debt (-€150,886)
- Receivables within one year +€67,452
up €67,452 (+332.0%), from €20,316 to €87,768
of which Trade receivables: +€67,464
- Tangible fixed assets -€31,671
down €31,671 (-39.5%), from €80,260 to €48,589
of which Furniture and vehicles: -€31,987
- Debts after one year +€171,337
up €171,337 (+28.4%), from €603,211 to €774,548
of which Other amounts payable: +€130,920
- Current portion of long-term debt -€150,886
down €150,886 (-73.5%), from €205,207 to €54,321
- Tax, wage and social debts +€26,249
up €26,249 (+111.8%), from €23,487 to €49,736
- Trade debts +€16,103
up €16,103 (+78.5%), from €20,510 to €36,613
- Financial charges -€27,909
down €27,909 (-78.2%), from €35,698 to €7,789
of which Non-recurring financial charges: -€19,798
- Taxes +€17,090
up €17,090 (+155.7%), from €10,978 to €28,068
- Gross operating margin -€11,726
down €11,726 (-11.8%), from €99,579 to €87,853
- Other operating charges +€11,533
up €11,533 (+2112.8%), from €546 to €12,079
- Depreciation +€2,513
up €2,513 (+8.2%), from €30,572 to €33,085
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 | €986,325 | €1,055,959 | +€69,634 | +7.1% |
| Fixed assets | 21/28 | €210,310 | €366,639 | +€156,329 | +74.3% |
| Tangible fixed assets | 22/27 | €80,260 | €48,589 | -€31,671 | -39.5% |
| Land and buildings | 22 | €8,304 | €7,712 | -€592 | -7.1% |
| Plant, machinery and equipment | 23 | €343 | €1,252 | +€909 | +264.8% |
| Furniture and vehicles | 24 | €71,612 | €39,625 | -€31,987 | -44.7% |
| Financial fixed assets | 28 | €130,050 | €318,050 | +€188,000 | +144.6% |
| Current assets | 29/58 | €776,015 | €689,320 | -€86,695 | -11.2% |
| Amounts receivable after more than one year | 29 | €661,657 | €582,281 | -€79,376 | -12.0% |
| Other amounts receivable | 291 | €661,657 | €582,281 | -€79,376 | -12.0% |
| Amounts receivable within one year | 40/41 | €20,316 | €87,768 | +€67,452 | +332.0% |
| Trade receivables | 40 | €20,304 | €87,768 | +€67,464 | +332.3% |
| Other amounts receivable | 41 | €12 | - | -€12 | |
| Cash at bank and in hand | 54/58 | €92,192 | €17,648 | -€74,544 | -80.9% |
| Deferred charges and accrued income | 490/1 | €1,850 | €1,623 | -€227 | -12.3% |
| Total equity and liabilities | 10/49 | €986,325 | €1,055,959 | +€69,634 | +7.1% |
| Equity | 10/15 | €133,909 | €140,741 | +€6,832 | +5.1% |
| Contributions | 10/11 | €61,592 | €61,592 | -€0 | 0.0% |
| Reserves | 13 | €72,317 | €79,149 | +€6,832 | +9.4% |
| Distributable reserves | 133 | €72,317 | €79,149 | +€6,832 | +9.4% |
| Amounts payable | 17/49 | €852,416 | €915,218 | +€62,802 | +7.4% |
| Amounts payable after more than one year | 17 | €603,211 | €774,548 | +€171,337 | +28.4% |
| Financial debts | 170/4 | €101,639 | €142,056 | +€40,417 | +39.8% |
| Other amounts payable | 178/9 | €501,572 | €632,492 | +€130,920 | +26.1% |
| Amounts payable within one year | 42/48 | €249,205 | €140,670 | -€108,535 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €205,207 | €54,321 | -€150,886 | -73.5% |
| Trade debts | 44 | €20,510 | €36,613 | +€16,103 | +78.5% |
| Suppliers | 440/4 | €20,510 | €36,613 | +€16,103 | +78.5% |
| Taxes, remuneration and social security | 45 | €23,487 | €49,736 | +€26,249 | +111.8% |
| Taxes | 450/3 | €23,487 | €49,736 | +€26,249 | +111.8% |
| Non-recurring operating income | 76A | €14 | €2,534 | +€2,520 | +17436.3% |
| Remuneration, social security and pensions | 62 | -€74 | - | +€74 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,572 | €33,085 | +€2,513 | +8.2% |
| Other operating charges | 640/8 | €546 | €12,079 | +€11,533 | +2112.8% |
| Gross operating margin | 9900 | €99,579 | €87,853 | -€11,726 | -11.8% |
| Operating profit (loss) | 9901 | €68,534 | €42,689 | -€25,845 | -37.7% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €35,698 | €7,789 | -€27,909 | -78.2% |
| Recurring financial charges | 65 | €15,698 | €7,587 | -€8,111 | -51.7% |
| Non-recurring financial charges | 66B | €20,000 | €202 | -€19,798 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | €32,839 | €34,900 | +€2,061 | +6.3% |
| Income taxes | 67/77 | €10,978 | €28,068 | +€17,090 | +155.7% |
| Profit (loss) for the period | 9904 | €21,862 | €6,832 | -€15,030 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,862 | €6,832 | -€15,030 | -68.7% |
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 28 September 2026 via checked.be.