G + CONCEPTS: 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.
G + CONCEPTS
Largest movements
- Receivables within one year +€376,280
up €376,280 (+42.8%), from €878,659 to €1.3m
of which Other amounts receivable: +€197,462
- Cash -€150,114
down €150,114 (-41.3%), from €363,521 to €213,407
mainly Receivables within one year (-€376,280) and Short-term financial debts (-€125,343)
- Stocks and contracts -€77,641
down €77,641 (-10.0%), from €778,610 to €700,969
- Tangible fixed assets -€25,139
down €25,139 (-8.5%), from €296,372 to €271,233
of which Land and buildings: -€22,745
- Trade debts +€432,281
up €432,281 (+83.9%), from €515,068 to €947,349
- Short-term financial debts -€125,343
down €125,343 (-18.6%), from €675,335 to €549,992
- Advances received -€81,919
no longer reported in 2025 (was €81,919)
- Other debts -€63,794
down €63,794 (-38.6%), from €165,195 to €101,402
- Tax, wage and social debts -€30,019
down €30,019 (-39.5%), from €76,060 to €46,041
of which Taxes: -€26,607
- Gross operating margin -€204,508
down €204,508 (-45.0%), from €454,488 to €249,979
- Staff costs -€53,015
down €53,015 (-46.5%), from €114,098 to €61,083
- Financial charges -€31,969
down €31,969 (-45.7%), from €69,902 to €37,933
- Taxes -€14,049
down €14,049 (-65.1%), from €21,593 to €7,544
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 | €2,324,595 | €2,446,027 | +€121,432 | +5.2% |
| Fixed assets | 21/28 | €296,646 | €271,507 | -€25,139 | -8.5% |
| Tangible fixed assets | 22/27 | €296,372 | €271,233 | -€25,139 | -8.5% |
| Land and buildings | 22 | €290,134 | €267,389 | -€22,745 | -7.8% |
| Furniture and vehicles | 24 | €6,238 | €3,844 | -€2,394 | -38.4% |
| Financial fixed assets | 28 | €274 | €274 | = | 0.0% |
| Current assets | 29/58 | €2,027,949 | €2,174,519 | +€146,571 | +7.2% |
| Stocks and contracts in progress | 3 | €778,610 | €700,969 | -€77,641 | -10.0% |
| Stocks | 30/36 | €778,610 | €700,969 | -€77,641 | -10.0% |
| Amounts receivable within one year | 40/41 | €878,659 | €1,254,939 | +€376,280 | +42.8% |
| Trade receivables | 40 | €540,754 | €719,573 | +€178,818 | +33.1% |
| Other amounts receivable | 41 | €337,905 | €535,366 | +€197,462 | +58.4% |
| Cash at bank and in hand | 54/58 | €363,521 | €213,407 | -€150,114 | -41.3% |
| Deferred charges and accrued income | 490/1 | €7,158 | €5,204 | -€1,954 | -27.3% |
| Total equity and liabilities | 10/49 | €2,324,595 | €2,446,027 | +€121,432 | +5.2% |
| Equity | 10/15 | €490,396 | €505,786 | +€15,390 | +3.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €445,000 | €445,000 | = | 0.0% |
| Distributable reserves | 133 | €445,000 | €445,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,196 | €54,586 | +€15,390 | +39.3% |
| Amounts payable | 17/49 | €1,834,199 | €1,940,240 | +€106,042 | +5.8% |
| Amounts payable after more than one year | 17 | €292,996 | €269,887 | -€23,109 | -7.9% |
| Financial debts | 170/4 | €292,996 | €269,887 | -€23,109 | -7.9% |
| Amounts payable within one year | 42/48 | €1,536,217 | €1,667,893 | +€131,676 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €22,641 | €23,109 | +€469 | +2.1% |
| Financial debts | 43 | €675,335 | €549,992 | -€125,343 | -18.6% |
| Credit institutions | 430/8 | €675,335 | €549,992 | -€125,343 | -18.6% |
| Trade debts | 44 | €515,068 | €947,349 | +€432,281 | +83.9% |
| Suppliers | 440/4 | €515,068 | €947,349 | +€432,281 | +83.9% |
| Advances received on contracts in progress | 46 | €81,919 | - | -€81,919 | |
| Taxes, remuneration and social security | 45 | €76,060 | €46,041 | -€30,019 | -39.5% |
| Taxes | 450/3 | €64,544 | €37,937 | -€26,607 | -41.2% |
| Remuneration and social security | 454/9 | €11,516 | €8,104 | -€3,412 | -29.6% |
| Other amounts payable | 47/48 | €165,195 | €101,402 | -€63,794 | -38.6% |
| Accrued charges and deferred income | 492/3 | €4,985 | €2,460 | -€2,525 | -50.6% |
| Remuneration, social security and pensions | 62 | €114,098 | €61,083 | -€53,015 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,127 | €25,139 | -€989 | -3.8% |
| Other operating charges | 640/8 | €10,250 | €8,096 | -€2,154 | -21.0% |
| Gross operating margin | 9900 | €454,488 | €249,979 | -€204,508 | -45.0% |
| Operating profit (loss) | 9901 | €304,013 | €155,662 | -€148,351 | -48.8% |
| Financial income | 75/76B | €6,219 | €5,206 | -€1,013 | -16.3% |
| Recurring financial income | 75 | €6,219 | €5,206 | -€1,013 | -16.3% |
| Financial charges | 65/66B | €69,902 | €37,933 | -€31,969 | -45.7% |
| Recurring financial charges | 65 | €69,902 | €37,933 | -€31,969 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €240,329 | €122,934 | -€117,395 | -48.8% |
| Income taxes | 67/77 | €21,593 | €7,544 | -€14,049 | -65.1% |
| Profit (loss) for the period | 9904 | €218,736 | €115,390 | -€103,346 | -47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €218,736 | €115,390 | -€103,346 | -47.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.