FUNDAMENT: 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.
FUNDAMENT
Largest movements
- Tangible fixed assets +€33,251
up €33,251 (+380.0%), from €8,751 to €42,002
of which Other tangible fixed assets: +€35,036
- Cash -€29,885
down €29,885 (-95.0%), from €31,470 to €1,585
mainly Investment in fixed assets (net) (-€36,353) and Tax, wage and social debts (-€7,207)
- Deferred charges and accrued income -€1,234
down €1,234 (-72.9%), from €1,692 to €459
- Other debts +€12,518
up €12,518 (+237.9%), from €5,261 to €17,779
- Tax, wage and social debts -€7,207
down €7,207 (-99.4%), from €7,252 to €45
- Reserves -€3,727
down €3,727 (-13.3%), from €28,052 to €24,325
- Gross operating margin -€37,911
down €37,911 (-99.0%), from €38,292 to €381
- Taxes -€7,207
down €7,207 (-99.4%), from €7,252 to €45
- Depreciation +€1,520
up €1,520 (+80.7%), from €1,883 to €3,403
- Other operating charges -€481
down €481 (-59.7%), from €806 to €325
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,581 | €45,363 | +€1,782 | +4.1% |
| Fixed assets | 21/28 | €10,025 | €42,976 | +€32,950 | +328.7% |
| Intangible fixed assets | 21 | €1,275 | €974 | -€301 | -23.6% |
| Tangible fixed assets | 22/27 | €8,751 | €42,002 | +€33,251 | +380.0% |
| Plant, machinery and equipment | 23 | €1,499 | €831 | -€668 | -44.6% |
| Furniture and vehicles | 24 | €2,692 | €1,575 | -€1,117 | -41.5% |
| Other tangible fixed assets | 26 | €4,559 | €39,595 | +€35,036 | +768.5% |
| Current assets | 29/58 | €33,556 | €2,388 | -€31,168 | -92.9% |
| Amounts receivable within one year | 40/41 | €393 | €345 | -€49 | -12.4% |
| Trade receivables | 40 | €309 | - | -€309 | |
| Other amounts receivable | 41 | €85 | €345 | +€260 | +305.8% |
| Cash at bank and in hand | 54/58 | €31,470 | €1,585 | -€29,885 | -95.0% |
| Deferred charges and accrued income | 490/1 | €1,692 | €459 | -€1,234 | -72.9% |
| Total equity and liabilities | 10/49 | €43,581 | €45,363 | +€1,782 | +4.1% |
| Equity | 10/15 | €31,052 | €27,325 | -€3,727 | -12.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €28,052 | €24,325 | -€3,727 | -13.3% |
| Distributable reserves | 133 | €28,052 | €24,325 | -€3,727 | -13.3% |
| Amounts payable | 17/49 | €12,529 | €18,038 | +€5,509 | +44.0% |
| Amounts payable within one year | 42/48 | €12,529 | €18,038 | +€5,509 | +44.0% |
| Trade debts | 44 | €16 | €214 | +€199 | +1266.5% |
| Suppliers | 440/4 | €16 | €214 | +€199 | +1266.5% |
| Taxes, remuneration and social security | 45 | €7,252 | €45 | -€7,207 | -99.4% |
| Taxes | 450/3 | €7,252 | €45 | -€7,207 | -99.4% |
| Other amounts payable | 47/48 | €5,261 | €17,779 | +€12,518 | +237.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,883 | €3,403 | +€1,520 | +80.7% |
| Other operating charges | 640/8 | €806 | €325 | -€481 | -59.7% |
| Gross operating margin | 9900 | €38,292 | €381 | -€37,911 | -99.0% |
| Operating profit (loss) | 9901 | €35,603 | -€3,347 | -€38,950 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €300 | €335 | +€35 | +11.7% |
| Recurring financial charges | 65 | €300 | €335 | +€35 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €35,304 | -€3,682 | -€38,986 | |
| Income taxes | 67/77 | €7,252 | €45 | -€7,207 | -99.4% |
| Profit (loss) for the period | 9904 | €28,052 | -€3,727 | -€31,779 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,052 | -€3,727 | -€31,779 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.