Forum 37: 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.
Forum 37
Largest movements
- Tangible fixed assets +€159,911
up €159,911 (+135%), from €118,466 to €278,377
of which Land and buildings: +€98,906
- Current investments -€51,485
down €51,485 (-98.5%), from €52,259 to €774
- Receivables within one year -€14,372
down €14,372 (-42.0%), from €34,259 to €19,887
of which Trade receivables: -€21,500
- Deferred charges and accrued income +€10,296
new in 2025: €10,296
- Cash -€9,917
down €9,917 (-63.2%), from €15,699 to €5,782
mainly Investment in fixed assets (net) (-€196,399) and Deferred charges and accrued income (-€10,296)
- Debts after one year +€54,308
new in 2025: €54,308
- Other debts +€20,271
up €20,271 (+27.2%), from €74,482 to €94,753
- Trade debts +€14,640
up €14,640 (+20.1%), from €72,770 to €87,410
- Current portion of long-term debt +€9,101
new in 2025: €9,101
- Tax, wage and social debts +€4,400
up €4,400 (+124%), from €3,543 to €7,943
of which Remuneration and social security: +€4,925
- Staff costs +€33,725
up €33,725 (+60.5%), from €55,773 to €89,498
- Depreciation +€23,416
up €23,416 (+203%), from €11,533 to €34,949
- Gross operating margin +€15,804
up €15,804 (+13.6%), from €115,901 to €131,705
- Other operating charges -€3,846
down €3,846 (-81.0%), from €4,751 to €905
- Taxes -€3,609
down €3,609 (-88.8%), from €4,066 to €457
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 | €226,095 | €328,868 | +€102,773 | +45.5% |
| Fixed assets | 21/28 | €123,878 | €285,328 | +€161,450 | +130% |
| Intangible fixed assets | 21 | €5,412 | €6,951 | +€1,539 | +28.4% |
| Tangible fixed assets | 22/27 | €118,466 | €278,377 | +€159,911 | +135% |
| Land and buildings | 22 | €89,426 | €188,332 | +€98,906 | +111% |
| Plant, machinery and equipment | 23 | €25,766 | €70,670 | +€44,904 | +174% |
| Furniture and vehicles | 24 | €3,274 | €19,375 | +€16,101 | +492% |
| Current assets | 29/58 | €102,217 | €43,540 | -€58,677 | -57.4% |
| Stocks and contracts in progress | 3 | - | €6,801 | +€6,801 | |
| Stocks | 30/36 | - | €6,801 | +€6,801 | |
| Amounts receivable within one year | 40/41 | €34,259 | €19,887 | -€14,372 | -42.0% |
| Trade receivables | 40 | €25,598 | €4,098 | -€21,500 | -84.0% |
| Other amounts receivable | 41 | €8,661 | €15,789 | +€7,128 | +82.3% |
| Current investments | 50/53 | €52,259 | €774 | -€51,485 | -98.5% |
| Cash at bank and in hand | 54/58 | €15,699 | €5,782 | -€9,917 | -63.2% |
| Deferred charges and accrued income | 490/1 | - | €10,296 | +€10,296 | |
| Total equity and liabilities | 10/49 | €226,095 | €328,868 | +€102,773 | +45.5% |
| Equity | 10/15 | €75,300 | €75,353 | +€53 | +0.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,300 | €15,353 | +€53 | +0.3% |
| Amounts payable | 17/49 | €150,795 | €253,515 | +€102,720 | +68.1% |
| Amounts payable after more than one year | 17 | - | €54,308 | +€54,308 | |
| Financial debts | 170/4 | - | €54,308 | +€54,308 | |
| Amounts payable within one year | 42/48 | €150,795 | €199,207 | +€48,412 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,101 | +€9,101 | |
| Trade debts | 44 | €72,770 | €87,410 | +€14,640 | +20.1% |
| Suppliers | 440/4 | €72,770 | €87,410 | +€14,640 | +20.1% |
| Taxes, remuneration and social security | 45 | €3,543 | €7,943 | +€4,400 | +124% |
| Taxes | 450/3 | €3,543 | €3,018 | -€525 | -14.8% |
| Remuneration and social security | 454/9 | - | €4,925 | +€4,925 | |
| Other amounts payable | 47/48 | €74,482 | €94,753 | +€20,271 | +27.2% |
| Non-recurring operating income | 76A | - | €957 | +€957 | |
| Remuneration, social security and pensions | 62 | €55,773 | €89,498 | +€33,725 | +60.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,533 | €34,949 | +€23,416 | +203% |
| Other operating charges | 640/8 | €4,751 | €905 | -€3,846 | -81.0% |
| Gross operating margin | 9900 | €115,901 | €131,705 | +€15,804 | +13.6% |
| Operating profit (loss) | 9901 | €43,844 | €6,353 | -€37,491 | -85.5% |
| Financial income | 75/76B | €1,485 | €1,350 | -€135 | -9.1% |
| Recurring financial income | 75 | €1,485 | €1,350 | -€135 | -9.1% |
| Financial charges | 65/66B | €1,460 | €4,947 | +€3,487 | +239% |
| Recurring financial charges | 65 | €1,460 | €4,947 | +€3,487 | +239% |
| Profit (loss) for the period before taxes | 9903 | €43,869 | €2,756 | -€41,113 | -93.7% |
| Income taxes | 67/77 | €4,066 | €457 | -€3,609 | -88.8% |
| Profit (loss) for the period | 9904 | €39,803 | €2,299 | -€37,504 | -94.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,803 | €2,299 | -€37,504 | -94.2% |
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 25 October 2026 via checked.be.