FIVE S: 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.
FIVE S
Largest movements
- Cash +€671,228
up €671,228 (+570.9%), from €117,570 to €788,798
mainly Current investments (+€650,000) and Net result for the year (+€45,879)
- Current investments -€650,000
down €650,000 (-72.4%), from €897,293 to €247,293
- Receivables within one year +€53,885
up €53,885 (+32.8%), from €164,506 to €218,391
of which Other amounts receivable: +€30,970
- Tangible fixed assets -€28,932
down €28,932 (-4.4%), from €658,094 to €629,162
of which Land and buildings: -€18,635
- Reserves +€45,773
up €45,773 (+7.9%), from €580,451 to €626,224
of which Distributable reserves: +€52,000
- Taxes +€12,843
up €12,843 (+306.2%), from €4,194 to €17,038
- Financial income +€12,076
up €12,076 (+77.4%), from €15,609 to €27,685
- Gross operating margin +€8,791
up €8,791 (+10.1%), from €86,836 to €95,626
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 | €1,840,272 | €1,887,728 | +€47,456 | +2.6% |
| Fixed assets | 21/28 | €658,094 | €629,162 | -€28,932 | -4.4% |
| Tangible fixed assets | 22/27 | €658,094 | €629,162 | -€28,932 | -4.4% |
| Land and buildings | 22 | €560,040 | €541,405 | -€18,635 | -3.3% |
| Plant, machinery and equipment | 23 | €71,137 | €67,615 | -€3,523 | -5.0% |
| Furniture and vehicles | 24 | €26,917 | €20,143 | -€6,775 | -25.2% |
| Current assets | 29/58 | €1,182,178 | €1,258,566 | +€76,388 | +6.5% |
| Amounts receivable within one year | 40/41 | €164,506 | €218,391 | +€53,885 | +32.8% |
| Trade receivables | 40 | €63,895 | €86,810 | +€22,915 | +35.9% |
| Other amounts receivable | 41 | €100,611 | €131,581 | +€30,970 | +30.8% |
| Current investments | 50/53 | €897,293 | €247,293 | -€650,000 | -72.4% |
| Cash at bank and in hand | 54/58 | €117,570 | €788,798 | +€671,228 | +570.9% |
| Deferred charges and accrued income | 490/1 | €2,809 | €4,084 | +€1,274 | +45.4% |
| Total equity and liabilities | 10/49 | €1,840,272 | €1,887,728 | +€47,456 | +2.6% |
| Equity | 10/15 | €1,388,719 | €1,434,598 | +€45,879 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €580,451 | €626,224 | +€45,773 | +7.9% |
| Non-distributable reserves | 130/1 | €249,153 | €249,153 | = | 0.0% |
| Reserves not available under the articles | 1311 | €249,153 | €249,153 | = | 0.0% |
| Tax-exempt reserves | 132 | €120,298 | €114,071 | -€6,227 | -5.2% |
| Distributable reserves | 133 | €211,000 | €263,000 | +€52,000 | +24.6% |
| Profit (loss) carried forward | 14 | €789,668 | €789,774 | +€106 | 0.0% |
| Provisions and deferred taxes | 16 | €388,418 | €382,047 | -€6,371 | -1.6% |
| Provisions for liabilities and charges | 160/5 | €323,619 | €320,600 | -€3,019 | -0.9% |
| Other liabilities and charges | 164/5 | €323,619 | €320,600 | -€3,019 | -0.9% |
| Deferred taxes | 168 | €64,799 | €61,447 | -€3,352 | -5.2% |
| Amounts payable | 17/49 | €63,135 | €71,083 | +€7,948 | +12.6% |
| Amounts payable after more than one year | 17 | €34,949 | €31,853 | -€3,097 | -8.9% |
| Financial debts | 170/4 | €34,949 | €31,853 | -€3,097 | -8.9% |
| Amounts payable within one year | 42/48 | €20,921 | €31,949 | +€11,028 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | €7,961 | €10,123 | +€2,163 | +27.2% |
| Trade debts | 44 | €5,979 | €2,882 | -€3,097 | -51.8% |
| Suppliers | 440/4 | €5,979 | €2,882 | -€3,097 | -51.8% |
| Taxes, remuneration and social security | 45 | €6,981 | €18,943 | +€11,963 | +171.4% |
| Taxes | 450/3 | €6,981 | €18,943 | +€11,963 | +171.4% |
| Accrued charges and deferred income | 492/3 | €7,265 | €7,282 | +€16 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,462 | €41,276 | +€814 | +2.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€2,842 | -€3,019 | -€178 | -6.3% |
| Other operating charges | 640/8 | €6,353 | €6,648 | +€295 | +4.6% |
| Gross operating margin | 9900 | €86,836 | €95,626 | +€8,791 | +10.1% |
| Operating profit (loss) | 9901 | €42,863 | €50,722 | +€7,859 | +18.3% |
| Financial income | 75/76B | €15,609 | €27,685 | +€12,076 | +77.4% |
| Recurring financial income | 75 | €15,609 | €27,685 | +€12,076 | +77.4% |
| Financial charges | 65/66B | €18,774 | €18,841 | +€67 | +0.4% |
| Recurring financial charges | 65 | €18,774 | €18,841 | +€67 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €39,697 | €59,565 | +€19,868 | +50.0% |
| Transfer from deferred taxes | 780 | €3,352 | €3,352 | = | 0.0% |
| Income taxes | 67/77 | €4,194 | €17,038 | +€12,843 | +306.2% |
| Profit (loss) for the period | 9904 | €38,855 | €45,879 | +€7,024 | +18.1% |
| Transfer from tax-exempt reserves | 789 | €6,227 | €6,227 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,082 | €52,106 | +€7,024 | +15.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.