GENERAL MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€650,000
no longer reported in 2025 (was €650,000)
- Cash +€477,192
up €477,192 (+159.1%), from €299,934 to €777,126
mainly Current investments (+€650,000) and Net result for the year (+€71,729)
- Receivables within one year +€264,102
up €264,102 (+121.1%), from €218,054 to €482,155
of which Trade receivables: +€268,834
- Profit (loss) carried forward +€71,729
up €71,729 (+57.6%), from €124,574 to €196,302
- Debts after one year -€19,702
down €19,702 (-11.8%), from €167,088 to €147,386
- Tax, wage and social debts +€16,736
up €16,736 (+216.9%), from €7,715 to €24,451
of which Taxes: +€16,416
- Gross operating margin +€34,821
up €34,821 (+50.4%), from €69,104 to €103,924
- Financial income +€16,441
up €16,441 (+444.0%), from €3,703 to €20,144
- Taxes +€10,778
up €10,778 (+60.9%), from €17,690 to €28,468
- Other operating charges +€6,458
up €6,458 (+12915.7%), from €50 to €6,508
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 | €1,235,981 | €1,323,716 | +€87,735 | +7.1% |
| Fixed assets | 21/28 | €65,456 | €61,178 | -€4,278 | -6.5% |
| Tangible fixed assets | 22/27 | €19,956 | €15,678 | -€4,278 | -21.4% |
| Furniture and vehicles | 24 | €15,824 | €12,067 | -€3,758 | -23.7% |
| Other tangible fixed assets | 26 | €4,132 | €3,611 | -€521 | -12.6% |
| Financial fixed assets | 28 | €45,500 | €45,500 | = | 0.0% |
| Current assets | 29/58 | €1,170,524 | €1,262,538 | +€92,013 | +7.9% |
| Amounts receivable within one year | 40/41 | €218,054 | €482,155 | +€264,102 | +121.1% |
| Trade receivables | 40 | €212,235 | €481,068 | +€268,834 | +126.7% |
| Other amounts receivable | 41 | €5,819 | €1,087 | -€4,732 | -81.3% |
| Current investments | 50/53 | €650,000 | - | -€650,000 | |
| Cash at bank and in hand | 54/58 | €299,934 | €777,126 | +€477,192 | +159.1% |
| Deferred charges and accrued income | 490/1 | €2,537 | €3,256 | +€719 | +28.3% |
| Total equity and liabilities | 10/49 | €1,235,981 | €1,323,716 | +€87,735 | +7.1% |
| Equity | 10/15 | €844,146 | €915,875 | +€71,729 | +8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Other | 1109/19 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €699,573 | €699,573 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €512,573 | €512,573 | = | 0.0% |
| Distributable reserves | 133 | €185,000 | €185,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,574 | €196,302 | +€71,729 | +57.6% |
| Provisions and deferred taxes | 16 | €167,524 | €167,524 | = | 0.0% |
| Deferred taxes | 168 | €167,524 | €167,524 | = | 0.0% |
| Amounts payable | 17/49 | €224,310 | €240,316 | +€16,006 | +7.1% |
| Amounts payable after more than one year | 17 | €167,088 | €147,386 | -€19,702 | -11.8% |
| Financial debts | 170/4 | €167,088 | €147,386 | -€19,702 | -11.8% |
| Amounts payable within one year | 42/48 | €57,222 | €92,320 | +€35,098 | +61.3% |
| Current portion of amounts payable after more than one year | 42 | €22,454 | €25,166 | +€2,712 | +12.1% |
| Financial debts | 43 | €7 | - | -€7 | |
| Credit institutions | 430/8 | €7 | - | -€7 | |
| Trade debts | 44 | €3,729 | €13,979 | +€10,251 | +274.9% |
| Suppliers | 440/4 | €3,729 | €13,979 | +€10,251 | +274.9% |
| Taxes, remuneration and social security | 45 | €7,715 | €24,451 | +€16,736 | +216.9% |
| Taxes | 450/3 | €6,915 | €23,331 | +€16,416 | +237.4% |
| Remuneration and social security | 454/9 | €800 | €1,120 | +€320 | +40.0% |
| Other amounts payable | 47/48 | €23,318 | €28,724 | +€5,406 | +23.2% |
| Accrued charges and deferred income | 492/3 | - | €610 | +€610 | |
| Non-recurring operating income | 76A | - | €170 | +€170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,568 | €6,095 | -€473 | -7.2% |
| Other operating charges | 640/8 | €50 | €6,508 | +€6,458 | +12915.7% |
| Non-recurring operating charges | 66A | - | €1,612 | +€1,612 | |
| Gross operating margin | 9900 | €69,104 | €103,924 | +€34,821 | +50.4% |
| Operating profit (loss) | 9901 | €62,485 | €89,709 | +€27,224 | +43.6% |
| Financial income | 75/76B | €3,703 | €20,144 | +€16,441 | +444.0% |
| Recurring financial income | 75 | €3,703 | €20,144 | +€16,441 | +444.0% |
| Financial charges | 65/66B | €9,805 | €9,656 | -€149 | -1.5% |
| Recurring financial charges | 65 | €9,805 | €9,656 | -€149 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €56,384 | €100,197 | +€43,813 | +77.7% |
| Income taxes | 67/77 | €17,690 | €28,468 | +€10,778 | +60.9% |
| Profit (loss) for the period | 9904 | €38,694 | €71,729 | +€33,035 | +85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,694 | €71,729 | +€33,035 | +85.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.