@GERMAINE: 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.
@GERMAINE
Largest movements
- Cash +€26,012
up €26,012 (+82.8%), from €31,425 to €57,436
mainly Other debts (+€49,555) and Receivables within one year (+€25,148)
- Receivables within one year -€25,148
down €25,148 (-42.7%), from €58,860 to €33,711
of which Other amounts receivable: -€29,240
- Deferred charges and accrued income -€5,185
down €5,185 (-28.1%), from €18,452 to €13,267
- Tangible fixed assets -€2,736
down €2,736 (-30.6%), from €8,950 to €6,214
- Other debts +€49,555
up €49,555 (+6515.1%), from €761 to €50,316
- Reserves -€46,981
down €46,981 (-52.9%), from €88,815 to €41,835
of which Distributable reserves: -€46,981
- Tax, wage and social debts -€12,690
no longer reported in 2025 (was €12,690)
- Trade debts +€5,141
up €5,141 (+202.5%), from €2,538 to €7,679
- Debts after one year -€2,124
down €2,124 (-45.6%), from €4,655 to €2,531
- Gross operating margin -€39,489
down €39,489 (-76.1%), from €51,888 to €12,399
- Taxes -€10,744
down €10,744 (-81.6%), from €13,171 to €2,427
- Other operating charges -€2,423
down €2,423 (-69.9%), from €3,465 to €1,041
- Financial charges +€1,110
up €1,110 (+44.9%), from €2,474 to €3,583
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 | €117,743 | €110,685 | -€7,058 | -6.0% |
| Fixed assets | 21/28 | €9,007 | €6,271 | -€2,736 | -30.4% |
| Tangible fixed assets | 22/27 | €8,950 | €6,214 | -€2,736 | -30.6% |
| Other tangible fixed assets | 26 | €8,950 | €6,214 | -€2,736 | -30.6% |
| Financial fixed assets | 28 | €57 | €57 | = | 0.0% |
| Current assets | 29/58 | €108,736 | €104,414 | -€4,322 | -4.0% |
| Amounts receivable within one year | 40/41 | €58,860 | €33,711 | -€25,148 | -42.7% |
| Trade receivables | 40 | €13,966 | €18,058 | +€4,092 | +29.3% |
| Other amounts receivable | 41 | €44,893 | €15,653 | -€29,240 | -65.1% |
| Cash at bank and in hand | 54/58 | €31,425 | €57,436 | +€26,012 | +82.8% |
| Deferred charges and accrued income | 490/1 | €18,452 | €13,267 | -€5,185 | -28.1% |
| Total equity and liabilities | 10/49 | €117,743 | €110,685 | -€7,058 | -6.0% |
| Equity | 10/15 | €95,015 | €48,035 | -€46,981 | -49.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €88,815 | €41,835 | -€46,981 | -52.9% |
| Tax-exempt reserves | 132 | €3,730 | €3,730 | = | 0.0% |
| Distributable reserves | 133 | €85,086 | €38,105 | -€46,981 | -55.2% |
| Amounts payable | 17/49 | €22,727 | €62,651 | +€39,923 | +175.7% |
| Amounts payable after more than one year | 17 | €4,655 | €2,531 | -€2,124 | -45.6% |
| Financial debts | 170/4 | €4,655 | €2,531 | -€2,124 | -45.6% |
| Amounts payable within one year | 42/48 | €18,072 | €60,120 | +€42,048 | +232.7% |
| Current portion of amounts payable after more than one year | 42 | €2,083 | €2,124 | +€41 | +2.0% |
| Trade debts | 44 | €2,538 | €7,679 | +€5,141 | +202.5% |
| Suppliers | 440/4 | €2,538 | €7,679 | +€5,141 | +202.5% |
| Taxes, remuneration and social security | 45 | €12,690 | - | -€12,690 | |
| Taxes | 450/3 | €12,690 | - | -€12,690 | |
| Other amounts payable | 47/48 | €761 | €50,316 | +€49,555 | +6515.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,736 | €2,736 | -€0 | 0.0% |
| Other operating charges | 640/8 | €3,465 | €1,041 | -€2,423 | -69.9% |
| Gross operating margin | 9900 | €51,888 | €12,399 | -€39,489 | -76.1% |
| Operating profit (loss) | 9901 | €45,687 | €8,621 | -€37,066 | -81.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,474 | €3,583 | +€1,110 | +44.9% |
| Recurring financial charges | 65 | €2,474 | €3,583 | +€1,110 | +44.9% |
| Profit (loss) for the period before taxes | 9903 | €43,214 | €5,038 | -€38,176 | -88.3% |
| Income taxes | 67/77 | €13,171 | €2,427 | -€10,744 | -81.6% |
| Profit (loss) for the period | 9904 | €30,042 | €2,611 | -€27,431 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €30,042 | €2,611 | -€27,431 | -91.3% |
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 7 October 2026 via checked.be.