FORTYEIGHT: 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.
FORTYEIGHT
Largest movements
- Cash +€168,562
up €168,562 (+881%), from €19,141 to €187,703
mainly Depreciation (+€173,693) and Net result for the year (+€156,324)
- Tangible fixed assets +€136,416
up €136,416 (+7.9%), from €1.7m to €1.9m
of which Land and buildings: +€1.3m
- Receivables within one year -€34,468
down €34,468 (-10.9%), from €316,763 to €282,295
of which Other amounts receivable: -€129,870
- Reserves +€244,447
up €244,447 (+584%), from €41,860 to €286,307
of which Tax-exempt reserves: +€244,447
- Debts after one year +€96,050
up €96,050 (+6.7%), from €1.4m to €1.5m
- Profit (loss) carried forward -€90,065
down €90,065 (-40.4%), from €223,175 to €133,110
- Provisions +€61,112
new in 2025: €61,112
- Short-term financial debts -€39,464
down €39,464 (-95.8%), from €41,180 to €1,716
- Gross operating margin +€212,956
up €212,956 (+45.9%), from €464,154 to €677,110
- Staff costs -€22,504
down €22,504 (-10.6%), from €211,355 to €188,851
- Depreciation +€21,660
up €21,660 (+14.2%), from €152,033 to €173,693
- Financial charges +€13,682
up €13,682 (+18.3%), from €74,934 to €88,616
- Other operating charges -€6,842
down €6,842 (-38.3%), from €17,877 to €11,034
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 | €2,080,430 | €2,351,141 | +€270,711 | +13.0% |
| Fixed assets | 21/28 | €1,734,630 | €1,871,546 | +€136,916 | +7.9% |
| Tangible fixed assets | 22/27 | €1,734,600 | €1,871,016 | +€136,416 | +7.9% |
| Land and buildings | 22 | €227,642 | €1,531,087 | +€1.3m | +573% |
| Plant, machinery and equipment | 23 | €179,037 | €167,703 | -€11,334 | -6.3% |
| Furniture and vehicles | 24 | €5,183 | €11,845 | +€6,662 | +129% |
| Leasing and similar rights | 25 | €180,734 | €118,514 | -€62,220 | -34.4% |
| Other tangible fixed assets | 26 | €42,561 | €41,866 | -€696 | -1.6% |
| Assets under construction and advance payments | 27 | €1,099,442 | €0 | -€1.1m | -100% |
| Financial fixed assets | 28 | €30 | €530 | +€500 | +1,667% |
| Current assets | 29/58 | €345,801 | €479,596 | +€133,795 | +38.7% |
| Amounts receivable within one year | 40/41 | €316,763 | €282,295 | -€34,468 | -10.9% |
| Trade receivables | 40 | €167,008 | €262,410 | +€95,402 | +57.1% |
| Other amounts receivable | 41 | €149,755 | €19,885 | -€129,870 | -86.7% |
| Cash at bank and in hand | 54/58 | €19,141 | €187,703 | +€168,562 | +881% |
| Deferred charges and accrued income | 490/1 | €9,897 | €9,598 | -€299 | -3.0% |
| Total equity and liabilities | 10/49 | €2,080,430 | €2,351,141 | +€270,711 | +13.0% |
| Equity | 10/15 | €273,121 | €425,617 | +€152,497 | +55.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,860 | €286,307 | +€244,447 | +584% |
| Tax-exempt reserves | 132 | - | €244,447 | +€244,447 | |
| Distributable reserves | 133 | €41,860 | €41,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €223,175 | €133,110 | -€90,065 | -40.4% |
| Investment grants | 15 | €1,886 | €0 | -€1,886 | -100% |
| Provisions and deferred taxes | 16 | - | €61,112 | +€61,112 | |
| Deferred taxes | 168 | - | €61,112 | +€61,112 | |
| Amounts payable | 17/49 | €1,807,309 | €1,864,412 | +€57,103 | +3.2% |
| Amounts payable after more than one year | 17 | €1,436,973 | €1,533,023 | +€96,050 | +6.7% |
| Financial debts | 170/4 | €1,436,973 | €1,533,023 | +€96,050 | +6.7% |
| Amounts payable within one year | 42/48 | €370,337 | €331,389 | -€38,948 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €123,779 | €145,036 | +€21,257 | +17.2% |
| Financial debts | 43 | €41,180 | €1,716 | -€39,464 | -95.8% |
| Credit institutions | 430/8 | €41,180 | €1,716 | -€39,464 | -95.8% |
| Trade debts | 44 | €150,511 | €126,814 | -€23,696 | -15.7% |
| Suppliers | 440/4 | €110,397 | €65,673 | -€44,724 | -40.5% |
| Bills of exchange payable | 441 | €40,114 | €61,141 | +€21,027 | +52.4% |
| Taxes, remuneration and social security | 45 | €54,034 | €51,554 | -€2,480 | -4.6% |
| Taxes | 450/3 | €30,928 | €27,656 | -€3,272 | -10.6% |
| Remuneration and social security | 454/9 | €23,106 | €23,898 | +€792 | +3.4% |
| Other amounts payable | 47/48 | €833 | €6,269 | +€5,436 | +653% |
| Non-recurring operating income | 76A | - | €321,885 | +€321,885 | |
| Remuneration, social security and pensions | 62 | €211,355 | €188,851 | -€22,504 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,033 | €173,693 | +€21,660 | +14.2% |
| Other operating charges | 640/8 | €17,877 | €11,034 | -€6,842 | -38.3% |
| Gross operating margin | 9900 | €464,154 | €677,110 | +€212,956 | +45.9% |
| Operating profit (loss) | 9901 | €82,889 | €303,531 | +€220,643 | +266% |
| Financial income | 75/76B | €4,450 | €2,831 | -€1,619 | -36.4% |
| Recurring financial income | 75 | €4,450 | €2,831 | -€1,619 | -36.4% |
| Financial charges | 65/66B | €74,934 | €88,616 | +€13,682 | +18.3% |
| Recurring financial charges | 65 | €74,934 | €88,616 | +€13,682 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €12,405 | €217,746 | +€205,341 | +1,655% |
| Transfer from deferred taxes | 780 | - | €3,265 | +€3,265 | |
| Transfer to deferred taxes | 680 | - | €64,377 | +€64,377 | |
| Income taxes | 67/77 | €2,051 | €310 | -€1,741 | -84.9% |
| Profit (loss) for the period | 9904 | €10,354 | €156,324 | +€145,970 | +1,410% |
| Transfer from tax-exempt reserves | 789 | - | €13,061 | +€13,061 | |
| Transfer to tax-exempt reserves | 689 | - | €257,508 | +€257,508 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,354 | -€88,124 | -€98,477 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.