FOCUS RESEARCH: 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.
FOCUS RESEARCH
Largest movements
- Tangible fixed assets -€6,269
down €6,269 (-1.8%), from €355,708 to €349,438
of which Other tangible fixed assets: -€4,405
- Cash -€4,088
down €4,088 (-33.2%), from €12,304 to €8,216
mainly Investment in fixed assets (net) (-€16,947) and Debts after one year (-€11,768)
- Debts after one year -€11,768
down €11,768 (-28.4%), from €41,466 to €29,698
- Tax, wage and social debts +€3,938
up €3,938 (+309.3%), from €1,273 to €5,211
- Other operating charges +€2,035
up €2,035 (+42.5%), from €4,787 to €6,822
- Gross operating margin +€780
up €780 (+2.5%), from €31,813 to €32,593
- Taxes -€640
down €640 (-53.7%), from €1,193 to €553
- Financial charges -€630
down €630 (-41.5%), from €1,517 to €887
- Depreciation +€537
up €537 (+2.4%), from €22,679 to €23,216
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 | €370,762 | €363,605 | -€7,157 | -1.9% |
| Fixed assets | 21/28 | €355,708 | €349,438 | -€6,269 | -1.8% |
| Tangible fixed assets | 22/27 | €355,708 | €349,438 | -€6,269 | -1.8% |
| Land and buildings | 22 | €301,206 | €297,397 | -€3,809 | -1.3% |
| Plant, machinery and equipment | 23 | €2,845 | €2,165 | -€680 | -23.9% |
| Furniture and vehicles | 24 | €2,680 | €5,305 | +€2,625 | +97.9% |
| Other tangible fixed assets | 26 | €48,976 | €44,571 | -€4,405 | -9.0% |
| Current assets | 29/58 | €15,054 | €14,167 | -€887 | -5.9% |
| Amounts receivable within one year | 40/41 | €1,756 | €5,000 | +€3,244 | +184.8% |
| Trade receivables | 40 | €1,489 | €5,000 | +€3,511 | +235.8% |
| Other amounts receivable | 41 | €267 | €0 | -€267 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,304 | €8,216 | -€4,088 | -33.2% |
| Deferred charges and accrued income | 490/1 | €994 | €951 | -€43 | -4.4% |
| Total equity and liabilities | 10/49 | €370,762 | €363,605 | -€7,157 | -1.9% |
| Equity | 10/15 | -€65,950 | -€64,835 | +€1,115 | +1.7% |
| Contributions | 10/11 | €80,092 | €80,092 | = | 0.0% |
| Capital | 10 | €80,092 | €80,092 | = | 0.0% |
| Issued capital | 100 | €80,092 | €80,092 | = | 0.0% |
| Reserves | 13 | €2,589 | €3,000 | +€411 | +15.9% |
| Non-distributable reserves | 130/1 | €2,589 | €3,000 | +€411 | +15.9% |
| Legal reserve | 130 | €2,589 | €3,000 | +€411 | +15.9% |
| Profit (loss) carried forward | 14 | -€148,631 | -€147,927 | +€704 | +0.5% |
| Amounts payable | 17/49 | €436,712 | €428,440 | -€8,272 | -1.9% |
| Amounts payable after more than one year | 17 | €41,466 | €29,698 | -€11,768 | -28.4% |
| Financial debts | 170/4 | €41,466 | €29,698 | -€11,768 | -28.4% |
| Amounts payable within one year | 42/48 | €395,246 | €398,742 | +€3,496 | +0.9% |
| Trade debts | 44 | €106 | €2,575 | +€2,469 | +2340.5% |
| Suppliers | 440/4 | €106 | €2,575 | +€2,469 | +2340.5% |
| Taxes, remuneration and social security | 45 | €1,273 | €5,211 | +€3,938 | +309.3% |
| Taxes | 450/3 | €1,273 | €5,211 | +€3,938 | +309.3% |
| Other amounts payable | 47/48 | €393,867 | €390,956 | -€2,911 | -0.7% |
| Non-recurring operating income | 76A | €8,000 | €12,000 | +€4,000 | +50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,679 | €23,216 | +€537 | +2.4% |
| Other operating charges | 640/8 | €4,787 | €6,822 | +€2,035 | +42.5% |
| Gross operating margin | 9900 | €31,813 | €32,593 | +€780 | +2.5% |
| Operating profit (loss) | 9901 | €4,346 | €2,554 | -€1,792 | -41.2% |
| Financial charges | 65/66B | €1,517 | €887 | -€630 | -41.5% |
| Recurring financial charges | 65 | €1,517 | €887 | -€630 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €2,830 | €1,668 | -€1,162 | -41.1% |
| Income taxes | 67/77 | €1,193 | €553 | -€640 | -53.7% |
| Profit (loss) for the period | 9904 | €1,637 | €1,115 | -€522 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,637 | €1,115 | -€522 | -31.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.