Frédéric DULYERE: 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.
Frédéric DULYERE
Largest movements
- Stocks and contracts +€78,545
up €78,545 (+26.7%), from €293,653 to €372,198
- Cash +€56,302
up €56,302 (+2198.6%), from €2,561 to €58,863
mainly Net result for the year (+€68,085) and Debts after one year (+€56,133)
- Receivables within one year +€26,242
up €26,242 (+158.2%), from €16,583 to €42,825
of which Trade receivables: +€32,314
- Tangible fixed assets -€8,868
down €8,868 (-31.8%), from €27,918 to €19,050
- Reserves +€68,085
up €68,085 (+292.7%), from €23,262 to €91,347
- Debts after one year +€56,133
new in 2025: €56,133
- Other debts +€22,820
up €22,820 (+8.4%), from €270,451 to €293,270
- Trade debts -€16,396
down €16,396 (-83.9%), from €19,551 to €3,155
- Current portion of long-term debt +€12,891
up €12,891 (+224.6%), from €5,739 to €18,630
- Gross operating margin +€77,808
up €77,808 (+104.3%), from €74,600 to €152,408
- Taxes +€32,649
up €32,649 (+831.1%), from €3,928 to €36,577
- Staff costs -€18,007
down €18,007 (-33.7%), from €53,394 to €35,387
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 | €341,839 | €493,116 | +€151,277 | +44.3% |
| Fixed assets | 21/28 | €28,098 | €19,230 | -€8,868 | -31.6% |
| Tangible fixed assets | 22/27 | €27,918 | €19,050 | -€8,868 | -31.8% |
| Furniture and vehicles | 24 | €27,918 | €19,050 | -€8,868 | -31.8% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €313,741 | €473,886 | +€160,145 | +51.0% |
| Stocks and contracts in progress | 3 | €293,653 | €372,198 | +€78,545 | +26.7% |
| Stocks | 30/36 | €293,653 | €372,198 | +€78,545 | +26.7% |
| Amounts receivable within one year | 40/41 | €16,583 | €42,825 | +€26,242 | +158.2% |
| Trade receivables | 40 | €10,511 | €42,825 | +€32,314 | +307.4% |
| Other amounts receivable | 41 | €6,072 | - | -€6,072 | |
| Cash at bank and in hand | 54/58 | €2,561 | €58,863 | +€56,302 | +2198.6% |
| Deferred charges and accrued income | 490/1 | €944 | - | -€944 | |
| Total equity and liabilities | 10/49 | €341,839 | €493,116 | +€151,277 | +44.3% |
| Equity | 10/15 | €23,762 | €91,847 | +€68,085 | +286.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €23,262 | €91,347 | +€68,085 | +292.7% |
| Distributable reserves | 133 | €23,262 | €91,347 | +€68,085 | +292.7% |
| Amounts payable | 17/49 | €318,077 | €401,269 | +€83,192 | +26.2% |
| Amounts payable after more than one year | 17 | - | €56,133 | +€56,133 | |
| Financial debts | 170/4 | - | €56,133 | +€56,133 | |
| Amounts payable within one year | 42/48 | €318,077 | €345,136 | +€27,059 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €5,739 | €18,630 | +€12,891 | +224.6% |
| Financial debts | 43 | €942 | €56 | -€886 | -94.0% |
| Credit institutions | 430/8 | €942 | €56 | -€886 | -94.0% |
| Trade debts | 44 | €19,551 | €3,155 | -€16,396 | -83.9% |
| Suppliers | 440/4 | €19,551 | €3,155 | -€16,396 | -83.9% |
| Taxes, remuneration and social security | 45 | €21,394 | €30,024 | +€8,630 | +40.3% |
| Taxes | 450/3 | €10,074 | €27,036 | +€16,963 | +168.4% |
| Remuneration and social security | 454/9 | €11,320 | €2,988 | -€8,332 | -73.6% |
| Other amounts payable | 47/48 | €270,451 | €293,270 | +€22,820 | +8.4% |
| Remuneration, social security and pensions | 62 | €53,394 | €35,387 | -€18,007 | -33.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,368 | €9,966 | -€401 | -3.9% |
| Other operating charges | 640/8 | €660 | €1,040 | +€380 | +57.6% |
| Gross operating margin | 9900 | €74,600 | €152,408 | +€77,808 | +104.3% |
| Operating profit (loss) | 9901 | €10,178 | €106,014 | +€95,835 | +941.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €473 | €1,352 | +€879 | +186.0% |
| Recurring financial charges | 65 | €473 | €1,352 | +€879 | +186.0% |
| Profit (loss) for the period before taxes | 9903 | €9,706 | €104,662 | +€94,957 | +978.4% |
| Income taxes | 67/77 | €3,928 | €36,577 | +€32,649 | +831.1% |
| Profit (loss) for the period | 9904 | €5,777 | €68,085 | +€62,308 | +1078.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,777 | €68,085 | +€62,308 | +1078.5% |
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 5 October 2026 via checked.be.