FRAME: 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.
FRAME
Largest movements
- Receivables within one year -€58,992
down €58,992 (-41.1%), from €143,411 to €84,419
of which Trade receivables: -€58,995
- Cash -€32,417
down €32,417 (-86.7%), from €37,396 to €4,979
mainly Other debts (-€51,612) and Investment in fixed assets (net) (-€42,380)
- Stocks and contracts +€25,000
new in 2025: €25,000
- Tangible fixed assets -€24,547
down €24,547 (-11.5%), from €213,492 to €188,945
of which Plant, machinery and equipment: -€14,335
- Other debts -€51,612
down €51,612 (-97.8%), from €52,753 to €1,141
- Trade debts -€25,985
down €25,985 (-18.2%), from €142,874 to €116,888
- Profit (loss) carried forward -€15,181
down €15,181 (-62.6%), from -€24,263 to -€39,444
- Short-term financial debts +€9,486
up €9,486 (+27.1%), from €35,000 to €44,486
- Current portion of long-term debt -€6,564
down €6,564 (-12.9%), from €50,748 to €44,184
- Gross operating margin -€83,860
down €83,860 (-44.3%), from €189,121 to €105,261
- Financial income +€46,285
up €46,285 (+18154.5%), from €255 to €46,540
of which Non-recurring financial income: +€46,500
- Staff costs -€18,767
down €18,767 (-17.0%), from €110,289 to €91,522
- Depreciation -€7,922
down €7,922 (-10.6%), from €74,850 to €66,927
- Other operating charges -€5,865
down €5,865 (-83.6%), from €7,013 to €1,149
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 | €398,188 | €306,116 | -€92,072 | -23.1% |
| Fixed assets | 21/28 | €214,277 | €189,730 | -€24,547 | -11.5% |
| Tangible fixed assets | 22/27 | €213,492 | €188,945 | -€24,547 | -11.5% |
| Plant, machinery and equipment | 23 | €176,275 | €161,940 | -€14,335 | -8.1% |
| Furniture and vehicles | 24 | €18,111 | €10,654 | -€7,457 | -41.2% |
| Other tangible fixed assets | 26 | €19,106 | €16,351 | -€2,755 | -14.4% |
| Financial fixed assets | 28 | €785 | €785 | = | 0.0% |
| Current assets | 29/58 | €183,910 | €116,386 | -€67,525 | -36.7% |
| Stocks and contracts in progress | 3 | - | €25,000 | +€25,000 | |
| Contracts in progress | 37 | - | €25,000 | +€25,000 | |
| Amounts receivable within one year | 40/41 | €143,411 | €84,419 | -€58,992 | -41.1% |
| Trade receivables | 40 | €143,411 | €84,416 | -€58,995 | -41.1% |
| Other amounts receivable | 41 | €0 | €3 | +€3 | |
| Cash at bank and in hand | 54/58 | €37,396 | €4,979 | -€32,417 | -86.7% |
| Deferred charges and accrued income | 490/1 | €3,104 | €1,988 | -€1,115 | -35.9% |
| Total equity and liabilities | 10/49 | €398,188 | €306,116 | -€92,072 | -23.1% |
| Equity | 10/15 | €29,545 | €14,364 | -€15,181 | -51.4% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €5,208 | €5,208 | = | 0.0% |
| Distributable reserves | 133 | €5,208 | €5,208 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,263 | -€39,444 | -€15,181 | -62.6% |
| Amounts payable | 17/49 | €368,643 | €291,752 | -€76,891 | -20.9% |
| Amounts payable after more than one year | 17 | €72,406 | €68,115 | -€4,291 | -5.9% |
| Financial debts | 170/4 | €72,406 | €68,115 | -€4,291 | -5.9% |
| Amounts payable within one year | 42/48 | €296,102 | €223,524 | -€72,578 | -24.5% |
| Current portion of amounts payable after more than one year | 42 | €50,748 | €44,184 | -€6,564 | -12.9% |
| Financial debts | 43 | €35,000 | €44,486 | +€9,486 | +27.1% |
| Credit institutions | 430/8 | €35,000 | €44,486 | +€9,486 | +27.1% |
| Trade debts | 44 | €142,874 | €116,888 | -€25,985 | -18.2% |
| Suppliers | 440/4 | €142,874 | €116,888 | -€25,985 | -18.2% |
| Taxes, remuneration and social security | 45 | €14,728 | €16,826 | +€2,097 | +14.2% |
| Taxes | 450/3 | €7,229 | €4,531 | -€2,698 | -37.3% |
| Remuneration and social security | 454/9 | €7,499 | €12,295 | +€4,796 | +63.9% |
| Other amounts payable | 47/48 | €52,753 | €1,141 | -€51,612 | -97.8% |
| Accrued charges and deferred income | 492/3 | €134 | €112 | -€22 | -16.7% |
| Non-recurring operating income | 76A | €14,807 | €0 | -€14,807 | -100.0% |
| Remuneration, social security and pensions | 62 | €110,289 | €91,522 | -€18,767 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,850 | €66,927 | -€7,922 | -10.6% |
| Other operating charges | 640/8 | €7,013 | €1,149 | -€5,865 | -83.6% |
| Non-recurring operating charges | 66A | €231 | €0 | -€231 | -100.0% |
| Gross operating margin | 9900 | €189,121 | €105,261 | -€83,860 | -44.3% |
| Operating profit (loss) | 9901 | -€3,262 | -€54,337 | -€51,076 | -1566.0% |
| Financial income | 75/76B | €255 | €46,540 | +€46,285 | +18154.5% |
| Recurring financial income | 75 | €255 | €40 | -€215 | -84.3% |
| Non-recurring financial income | 76B | - | €46,500 | +€46,500 | |
| Financial charges | 65/66B | €6,298 | €7,176 | +€878 | +13.9% |
| Recurring financial charges | 65 | €6,298 | €7,176 | +€878 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,305 | -€14,974 | -€5,669 | -60.9% |
| Income taxes | 67/77 | €208 | €207 | -€1 | -0.6% |
| Profit (loss) for the period | 9904 | -€9,513 | -€15,181 | -€5,667 | -59.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,513 | -€15,181 | -€5,667 | -59.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.