GAZETTE: 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.
GAZETTE
Largest movements
- Tangible fixed assets +€76,779
up €76,779 (+187%), from €41,005 to €117,784
of which Land and buildings: +€60,302
- Receivables within one year -€25,868
down €25,868 (-69.1%), from €37,419 to €11,551
of which Trade receivables: -€26,136
- Cash +€2,458
up €2,458 (+6.2%), from €39,717 to €42,175
mainly Debts after one year (+€38,759) and Receivables within one year (+€25,868)
- Debts after one year +€38,759
up €38,759 (+12,138%), from €319 to €39,079
- Trade debts -€31,273
down €31,273 (-45.6%), from €68,515 to €37,243
- Accrued charges and deferred income +€20,436
up €20,436 (+266%), from €7,670 to €28,106
- Profit (loss) carried forward +€18,927
up €18,927 (+142%), from €13,358 to €32,285
- Current portion of long-term debt +€9,388
new in 2025: €9,388
- Financial charges +€2,818
up €2,818 (+207%), from €1,359 to €4,178
- Taxes -€2,780
down €2,780 (-36.5%), from €7,615 to €4,835
- Depreciation -€737
down €737 (-6.1%), from €12,113 to €11,376
- Gross operating margin +€695
up €695 (+1.7%), from €41,241 to €41,936
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.
Derived cash bridge
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 | €131,668 | €184,999 | +€53,331 | +40.5% |
| Fixed assets | 21/28 | €50,840 | €127,619 | +€76,779 | +151% |
| Tangible fixed assets | 22/27 | €41,005 | €117,784 | +€76,779 | +187% |
| Land and buildings | 22 | €6,299 | €66,601 | +€60,302 | +957% |
| Plant, machinery and equipment | 23 | €13,222 | €22,379 | +€9,157 | +69.3% |
| Furniture and vehicles | 24 | €21,484 | €28,804 | +€7,320 | +34.1% |
| Financial fixed assets | 28 | €9,835 | €9,835 | = | 0.0% |
| Current assets | 29/58 | €80,828 | €57,380 | -€23,448 | -29.0% |
| Stocks and contracts in progress | 3 | €3,020 | €2,945 | -€74 | -2.5% |
| Stocks | 30/36 | €3,020 | €2,945 | -€74 | -2.5% |
| Amounts receivable within one year | 40/41 | €37,419 | €11,551 | -€25,868 | -69.1% |
| Trade receivables | 40 | €26,136 | - | -€26,136 | |
| Other amounts receivable | 41 | €11,283 | €11,551 | +€268 | +2.4% |
| Cash at bank and in hand | 54/58 | €39,717 | €42,175 | +€2,458 | +6.2% |
| Deferred charges and accrued income | 490/1 | €673 | €709 | +€36 | +5.4% |
| Total equity and liabilities | 10/49 | €131,668 | €184,999 | +€53,331 | +40.5% |
| Equity | 10/15 | €33,818 | €52,745 | +€18,927 | +56.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,358 | €32,285 | +€18,927 | +142% |
| Amounts payable | 17/49 | €97,850 | €132,254 | +€34,404 | +35.2% |
| Amounts payable after more than one year | 17 | €319 | €39,079 | +€38,759 | +12,138% |
| Financial debts | 170/4 | €319 | €39,079 | +€38,759 | +12,138% |
| Amounts payable within one year | 42/48 | €89,861 | €65,069 | -€24,792 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | - | €9,388 | +€9,388 | |
| Trade debts | 44 | €68,515 | €37,243 | -€31,273 | -45.6% |
| Suppliers | 440/4 | €68,515 | €37,243 | -€31,273 | -45.6% |
| Taxes, remuneration and social security | 45 | €21,345 | €18,439 | -€2,907 | -13.6% |
| Taxes | 450/3 | €21,345 | €18,439 | -€2,907 | -13.6% |
| Accrued charges and deferred income | 492/3 | €7,670 | €28,106 | +€20,436 | +266% |
| Remuneration, social security and pensions | 62 | - | €27 | +€27 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,113 | €11,376 | -€737 | -6.1% |
| Other operating charges | 640/8 | €2,327 | €2,627 | +€300 | +12.9% |
| Gross operating margin | 9900 | €41,241 | €41,936 | +€695 | +1.7% |
| Operating profit (loss) | 9901 | €26,802 | €27,907 | +€1,106 | +4.1% |
| Financial income | 75/76B | €319 | €32 | -€287 | -90.0% |
| Recurring financial income | 75 | €319 | €32 | -€287 | -90.0% |
| Financial charges | 65/66B | €1,359 | €4,178 | +€2,818 | +207% |
| Recurring financial charges | 65 | €1,359 | €4,178 | +€2,818 | +207% |
| Profit (loss) for the period before taxes | 9903 | €25,761 | €23,762 | -€1,999 | -7.8% |
| Income taxes | 67/77 | €7,615 | €4,835 | -€2,780 | -36.5% |
| Profit (loss) for the period | 9904 | €18,146 | €18,927 | +€781 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,146 | €18,927 | +€781 | +4.3% |
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 21 October 2026 via checked.be.