GENERAL FIRST: 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.
GENERAL FIRST
Largest movements
- Stocks and contracts -€18,414
down €18,414 (-9.1%), from €203,104 to €184,690
- Receivables within one year -€17,749
down €17,749 (-83.0%), from €21,383 to €3,635
of which Other amounts receivable: -€13,682
- Tangible fixed assets -€6,259
down €6,259 (-35.7%), from €17,554 to €11,294
- Trade debts -€23,015
down €23,015 (-33.2%), from €69,226 to €46,211
- Debts after one year -€16,599
down €16,599 (-15.6%), from €106,388 to €89,789
- Tax, wage and social debts -€7,917
down €7,917 (-13.3%), from €59,516 to €51,599
of which Remuneration and social security: -€18,226
- Gross operating margin +€29,883
up €29,883 (+62.1%), from €48,084 to €77,966
- Staff costs -€2,047
down €2,047 (-4.1%), from €49,550 to €47,503
- Other operating charges +€1,752
up €1,752 (+19.2%), from €9,128 to €10,881
- Financial charges +€1,260
up €1,260 (+28.4%), from €4,441 to €5,701
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 | €270,383 | €225,891 | -€44,492 | -16.5% |
| Fixed assets | 21/28 | €18,441 | €12,181 | -€6,259 | -33.9% |
| Tangible fixed assets | 22/27 | €17,554 | €11,294 | -€6,259 | -35.7% |
| Furniture and vehicles | 24 | €17,554 | €11,294 | -€6,259 | -35.7% |
| Financial fixed assets | 28 | €887 | €887 | = | 0.0% |
| Current assets | 29/58 | €251,942 | €213,710 | -€38,233 | -15.2% |
| Stocks and contracts in progress | 3 | €203,104 | €184,690 | -€18,414 | -9.1% |
| Stocks | 30/36 | €203,104 | €184,690 | -€18,414 | -9.1% |
| Amounts receivable within one year | 40/41 | €21,383 | €3,635 | -€17,749 | -83.0% |
| Trade receivables | 40 | €7,702 | €3,635 | -€4,067 | -52.8% |
| Other amounts receivable | 41 | €13,682 | - | -€13,682 | |
| Current investments | 50/53 | €95 | €95 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €26,462 | €23,825 | -€2,637 | -10.0% |
| Deferred charges and accrued income | 490/1 | €898 | €1,465 | +€567 | +63.1% |
| Total equity and liabilities | 10/49 | €270,383 | €225,891 | -€44,492 | -16.5% |
| Equity | 10/15 | €7,213 | €9,881 | +€2,667 | +37.0% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€852 | €1,815 | +€2,667 | |
| Amounts payable | 17/49 | €263,170 | €216,010 | -€47,159 | -17.9% |
| Amounts payable after more than one year | 17 | €106,388 | €89,789 | -€16,599 | -15.6% |
| Financial debts | 170/4 | €106,388 | €89,789 | -€16,599 | -15.6% |
| Amounts payable within one year | 42/48 | €156,781 | €126,221 | -€30,560 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €16,039 | €15,669 | -€370 | -2.3% |
| Trade debts | 44 | €69,226 | €46,211 | -€23,015 | -33.2% |
| Suppliers | 440/4 | €69,226 | €46,211 | -€23,015 | -33.2% |
| Taxes, remuneration and social security | 45 | €59,516 | €51,599 | -€7,917 | -13.3% |
| Taxes | 450/3 | €18,396 | €28,705 | +€10,309 | +56.0% |
| Remuneration and social security | 454/9 | €41,120 | €22,894 | -€18,226 | -44.3% |
| Other amounts payable | 47/48 | €12,000 | €12,742 | +€742 | +6.2% |
| Remuneration, social security and pensions | 62 | €49,550 | €47,503 | -€2,047 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,325 | €6,259 | -€65 | -1.0% |
| Other operating charges | 640/8 | €9,128 | €10,881 | +€1,752 | +19.2% |
| Non-recurring operating charges | 66A | - | €4,931 | +€4,931 | |
| Gross operating margin | 9900 | €48,084 | €77,966 | +€29,883 | +62.1% |
| Operating profit (loss) | 9901 | -€16,919 | €8,392 | +€25,311 | |
| Financial income | 75/76B | - | €192 | +€192 | |
| Recurring financial income | 75 | - | €192 | +€192 | |
| Financial charges | 65/66B | €4,441 | €5,701 | +€1,260 | +28.4% |
| Recurring financial charges | 65 | €4,441 | €5,701 | +€1,260 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,359 | €2,883 | +€24,243 | |
| Income taxes | 67/77 | €8 | €216 | +€208 | +2760.7% |
| Profit (loss) for the period | 9904 | -€21,367 | €2,667 | +€24,034 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,367 | €2,667 | +€24,034 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.