FOLLOW - UP: 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.
FOLLOW - UP
Largest movements
- Financial fixed assets -€4.5m
down €4.5m (-55.0%), from €8.1m to €3.6m
- Cash +€1.6m
up €1.6m (+727%), from €222,626 to €1.8m
mainly Investment in fixed assets (net) (+€2.3m) and Current investments (+€750,000)
- Tangible fixed assets +€1.5m
up €1.5m (+13.4%), from €11.1m to €12.5m
- Current investments -€750,000
no longer reported in 2025 (was €750,000)
- Profit (loss) carried forward -€1.4m
down €1.4m (-34.4%), from €4.1m to €2.7m
- Other debts -€448,875
down €448,875 (-37.1%), from €1.2m to €762,425
- Debts after one year +€323,623
up €323,623 (+4.4%), from €7.3m to €7.7m
- Current portion of long-term debt -€303,150
down €303,150 (-34.0%), from €891,528 to €588,378
- Financial charges +€2.2m
up €2.2m (+390%), from €568,763 to €2.8m
of which Non-recurring financial charges: +€2.3m
- Gross operating margin -€671,043
down €671,043 (-24.4%), from €2.8m to €2.1m
- Other operating charges +€132,756
up €132,756 (+405%), from €32,787 to €165,543
- Taxes -€110,554
down €110,554 (-100.0%), from €110,556 to €2
- Depreciation +€70,943
up €70,943 (+11.1%), from €636,452 to €707,395
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 | €28,633,945 | €26,589,080 | -€2.0m | -7.1% |
| Fixed assets | 21/28 | €19,154,694 | €16,180,294 | -€3.0m | -15.5% |
| Tangible fixed assets | 22/27 | €11,054,694 | €12,536,278 | +€1.5m | +13.4% |
| Land and buildings | 22 | €11,054,694 | €12,536,278 | +€1.5m | +13.4% |
| Financial fixed assets | 28 | €8,100,000 | €3,644,016 | -€4.5m | -55.0% |
| Current assets | 29/58 | €9,479,251 | €10,408,786 | +€929,535 | +9.8% |
| Amounts receivable after more than one year | 29 | €398,205 | €257,246 | -€140,959 | -35.4% |
| Other amounts receivable | 291 | €398,205 | €257,246 | -€140,959 | -35.4% |
| Stocks and contracts in progress | 3 | €3,242,875 | €3,343,154 | +€100,279 | +3.1% |
| Stocks | 30/36 | €3,242,875 | €3,343,154 | +€100,279 | +3.1% |
| Amounts receivable within one year | 40/41 | €4,285,094 | €4,272,202 | -€12,893 | -0.3% |
| Trade receivables | 40 | €503,606 | €284,444 | -€219,162 | -43.5% |
| Other amounts receivable | 41 | €3,781,488 | €3,987,758 | +€206,270 | +5.5% |
| Current investments | 50/53 | €750,000 | - | -€750,000 | |
| Cash at bank and in hand | 54/58 | €222,626 | €1,841,136 | +€1.6m | +727% |
| Deferred charges and accrued income | 490/1 | €580,452 | €695,049 | +€114,597 | +19.7% |
| Total equity and liabilities | 10/49 | €28,633,945 | €26,589,080 | -€2.0m | -7.1% |
| Equity | 10/15 | €15,917,078 | €14,491,271 | -€1.4m | -9.0% |
| Contributions | 10/11 | €1,611,308 | €1,611,308 | = | 0.0% |
| Capital | 10 | €1,611,308 | €1,611,308 | = | 0.0% |
| Issued capital | 100 | €1,611,308 | €1,611,308 | = | 0.0% |
| Reserves | 13 | €10,161,131 | €10,161,131 | = | 0.0% |
| Non-distributable reserves | 130/1 | €161,131 | €161,131 | = | 0.0% |
| Legal reserve | 130 | €161,131 | €161,131 | = | 0.0% |
| Distributable reserves | 133 | €10,000,000 | €10,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,144,639 | €2,718,832 | -€1.4m | -34.4% |
| Amounts payable | 17/49 | €12,716,867 | €12,097,809 | -€619,058 | -4.9% |
| Amounts payable after more than one year | 17 | €7,337,158 | €7,660,781 | +€323,623 | +4.4% |
| Financial debts | 170/4 | €7,337,158 | €7,660,781 | +€323,623 | +4.4% |
| Amounts payable within one year | 42/48 | €4,656,167 | €3,704,615 | -€951,552 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €891,528 | €588,378 | -€303,150 | -34.0% |
| Financial debts | 43 | €2,343,452 | €2,290,000 | -€53,452 | -2.3% |
| Credit institutions | 430/8 | €2,343,452 | €2,290,000 | -€53,452 | -2.3% |
| Trade debts | 44 | €76,974 | €63,812 | -€13,162 | -17.1% |
| Suppliers | 440/4 | €76,974 | €63,812 | -€13,162 | -17.1% |
| Taxes, remuneration and social security | 45 | €132,913 | - | -€132,913 | |
| Taxes | 450/3 | €132,913 | - | -€132,913 | |
| Other amounts payable | 47/48 | €1,211,300 | €762,425 | -€448,875 | -37.1% |
| Accrued charges and deferred income | 492/3 | €723,542 | €732,413 | +€8,870 | +1.2% |
| Non-recurring operating income | 76A | €459,999 | - | -€459,999 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €636,452 | €707,395 | +€70,943 | +11.1% |
| Other operating charges | 640/8 | €32,787 | €165,543 | +€132,756 | +405% |
| Gross operating margin | 9900 | €2,755,166 | €2,084,123 | -€671,043 | -24.4% |
| Operating profit (loss) | 9901 | €2,085,927 | €1,211,185 | -€874,743 | -41.9% |
| Financial income | 75/76B | €108,418 | €147,738 | +€39,320 | +36.3% |
| Recurring financial income | 75 | €108,418 | €147,738 | +€39,320 | +36.3% |
| Financial charges | 65/66B | €568,763 | €2,784,728 | +€2.2m | +390% |
| Recurring financial charges | 65 | €568,763 | €502,877 | -€65,886 | -11.6% |
| Non-recurring financial charges | 66B | - | €2,281,850 | +€2.3m | |
| Profit (loss) for the period before taxes | 9903 | €1,625,582 | -€1,425,805 | -€3.1m | |
| Income taxes | 67/77 | €110,556 | €2 | -€110,554 | -100.0% |
| Profit (loss) for the period | 9904 | €1,515,026 | -€1,425,807 | -€2.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,515,026 | -€1,425,807 | -€2.9m |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.