FULL MARKS: 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.
FULL MARKS
Largest movements
- Intangible fixed assets -€71,934
down €71,934 (-36.4%), from €197,574 to €125,640
- Receivables within one year +€51,003
up €51,003 (+6.4%), from €802,666 to €853,669
of which Other amounts receivable: +€56,016
- Tangible fixed assets -€45,389
down €45,389 (-18.1%), from €250,122 to €204,732
of which Other tangible fixed assets: -€27,521
- Reserves -€262,053
down €262,053 (-55.1%), from €475,336 to €213,284
of which Distributable reserves: -€229,412
- Advances received +€243,321
new in 2025: €243,321
- Debts after one year -€94,399
down €94,399 (-63.6%), from €148,357 to €53,959
- Other debts +€47,606
up €47,606 (+31.3%), from €151,919 to €199,525
- Current portion of long-term debt -€33,966
down €33,966 (-26.1%), from €130,264 to €96,299
- Gross operating margin -€257,983
down €257,983, from €172,246 to -€85,737
- Financial income -€15,791
down €15,791 (-49.1%), from €32,182 to €16,391
- Financial charges +€7,730
up €7,730 (+44.1%), from €17,509 to €25,239
- Taxes -€4,662
down €4,662 (-95.3%), from €4,890 to €228
- Staff costs +€3,168
up €3,168 (+5.7%), from €55,573 to €58,741
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 | €1,277,578 | €1,207,088 | -€70,490 | -5.5% |
| Fixed assets | 21/28 | €447,980 | €330,657 | -€117,323 | -26.2% |
| Intangible fixed assets | 21 | €197,574 | €125,640 | -€71,934 | -36.4% |
| Tangible fixed assets | 22/27 | €250,122 | €204,732 | -€45,389 | -18.1% |
| Land and buildings | 22 | €176,387 | €172,158 | -€4,229 | -2.4% |
| Plant, machinery and equipment | 23 | €933 | €506 | -€428 | -45.8% |
| Furniture and vehicles | 24 | €30,746 | €17,535 | -€13,212 | -43.0% |
| Other tangible fixed assets | 26 | €42,055 | €14,534 | -€27,521 | -65.4% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €829,598 | €876,431 | +€46,834 | +5.6% |
| Amounts receivable within one year | 40/41 | €802,666 | €853,669 | +€51,003 | +6.4% |
| Trade receivables | 40 | €18,900 | €13,888 | -€5,013 | -26.5% |
| Other amounts receivable | 41 | €783,765 | €839,782 | +€56,016 | +7.1% |
| Cash at bank and in hand | 54/58 | €5,687 | €0 | -€5,687 | -100.0% |
| Deferred charges and accrued income | 490/1 | €21,245 | €22,762 | +€1,517 | +7.1% |
| Total equity and liabilities | 10/49 | €1,277,578 | €1,207,088 | -€70,490 | -5.5% |
| Equity | 10/15 | €536,836 | €268,620 | -€268,216 | -50.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €475,336 | €213,284 | -€262,053 | -55.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,949 | €45,308 | -€32,641 | -41.9% |
| Distributable reserves | 133 | €391,238 | €161,826 | -€229,412 | -58.6% |
| Profit (loss) carried forward | 14 | - | -€6,163 | -€6,163 | |
| Provisions and deferred taxes | 16 | €25,983 | €15,103 | -€10,880 | -41.9% |
| Deferred taxes | 168 | €25,983 | €15,103 | -€10,880 | -41.9% |
| Amounts payable | 17/49 | €714,759 | €923,365 | +€208,606 | +29.2% |
| Amounts payable after more than one year | 17 | €148,357 | €53,959 | -€94,399 | -63.6% |
| Financial debts | 170/4 | €148,357 | €53,959 | -€94,399 | -63.6% |
| Amounts payable within one year | 42/48 | €566,402 | €857,134 | +€290,733 | +51.3% |
| Current portion of amounts payable after more than one year | 42 | €130,264 | €96,299 | -€33,966 | -26.1% |
| Financial debts | 43 | €165,752 | €192,784 | +€27,032 | +16.3% |
| Credit institutions | 430/8 | €165,752 | €192,784 | +€27,032 | +16.3% |
| Trade debts | 44 | €59,535 | €49,082 | -€10,453 | -17.6% |
| Suppliers | 440/4 | €59,535 | €49,082 | -€10,453 | -17.6% |
| Advances received on contracts in progress | 46 | - | €243,321 | +€243,321 | |
| Taxes, remuneration and social security | 45 | €58,932 | €76,124 | +€17,193 | +29.2% |
| Taxes | 450/3 | €40,861 | €46,445 | +€5,584 | +13.7% |
| Remuneration and social security | 454/9 | €18,071 | €29,679 | +€11,608 | +64.2% |
| Other amounts payable | 47/48 | €151,919 | €199,525 | +€47,606 | +31.3% |
| Accrued charges and deferred income | 492/3 | - | €12,272 | +€12,272 | |
| Non-recurring operating income | 76A | €10,168 | €0 | -€10,168 | -100.0% |
| Remuneration, social security and pensions | 62 | €55,573 | €58,741 | +€3,168 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,279 | €117,323 | +€44 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €7,717 | €8,219 | +€502 | +6.5% |
| Gross operating margin | 9900 | €172,246 | -€85,737 | -€257,983 | |
| Operating profit (loss) | 9901 | -€8,323 | -€270,020 | -€261,697 | -3144.4% |
| Financial income | 75/76B | €32,182 | €16,391 | -€15,791 | -49.1% |
| Recurring financial income | 75 | €32,182 | €16,391 | -€15,791 | -49.1% |
| Financial charges | 65/66B | €17,509 | €25,239 | +€7,730 | +44.1% |
| Recurring financial charges | 65 | €17,509 | €25,239 | +€7,730 | +44.1% |
| Profit (loss) for the period before taxes | 9903 | €6,351 | -€278,868 | -€285,218 | |
| Transfer from deferred taxes | 780 | €10,905 | €10,880 | -€25 | -0.2% |
| Income taxes | 67/77 | €4,890 | €228 | -€4,662 | -95.3% |
| Profit (loss) for the period | 9904 | €12,365 | -€268,216 | -€280,581 | |
| Transfer from tax-exempt reserves | 789 | €32,716 | €32,641 | -€75 | -0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €45,081 | -€235,575 | -€280,656 |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.