GLOBAL EXPANSION: 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.
GLOBAL EXPANSION
Largest movements
- Cash -€130,311
down €130,311 (-30.9%), from €421,758 to €291,446
mainly Debts after one year (-€220,401) and Current portion of long-term debt (-€63,986)
- Tangible fixed assets -€65,124
down €65,124 (-5.9%), from €1.1m to €1.0m
- Debts after one year -€220,401
down €220,401 (-41.9%), from €525,840 to €305,439
- Profit (loss) carried forward +€94,272
up €94,272 (+42.6%), from €221,445 to €315,717
- Accrued charges and deferred income +€74,568
up €74,568 (+248%), from €30,051 to €104,619
- Current portion of long-term debt -€63,986
no longer reported in 2025 (was €63,986)
- Other debts -€60,000
down €60,000 (-99.4%), from €60,350 to €350
- Gross operating margin -€78,642
down €78,642 (-27.8%), from €282,585 to €203,943
- Taxes -€16,334
down €16,334 (-34.2%), from €47,700 to €31,366
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 | €1,544,372 | €1,367,056 | -€177,316 | -11.5% |
| Fixed assets | 21/28 | €1,113,867 | €1,048,743 | -€65,124 | -5.8% |
| Tangible fixed assets | 22/27 | €1,105,669 | €1,040,545 | -€65,124 | -5.9% |
| Land and buildings | 22 | €1,105,669 | €1,040,545 | -€65,124 | -5.9% |
| Financial fixed assets | 28 | €8,198 | €8,198 | = | 0.0% |
| Current assets | 29/58 | €430,505 | €318,313 | -€112,192 | -26.1% |
| Amounts receivable within one year | 40/41 | €6,960 | €13,600 | +€6,640 | +95.4% |
| Trade receivables | 40 | €6,960 | - | -€6,960 | |
| Other amounts receivable | 41 | - | €13,600 | +€13,600 | |
| Cash at bank and in hand | 54/58 | €421,758 | €291,446 | -€130,311 | -30.9% |
| Deferred charges and accrued income | 490/1 | €1,788 | €13,267 | +€11,479 | +642% |
| Total equity and liabilities | 10/49 | €1,544,372 | €1,367,056 | -€177,316 | -11.5% |
| Equity | 10/15 | €729,133 | €823,404 | +€94,272 | +12.9% |
| Contributions | 10/11 | €220,625 | €220,625 | = | 0.0% |
| Capital | 10 | €220,625 | €220,625 | = | 0.0% |
| Issued capital | 100 | €220,625 | €220,625 | = | 0.0% |
| Reserves | 13 | €287,063 | €287,063 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,063 | €22,063 | = | 0.0% |
| Legal reserve | 130 | €22,063 | €22,063 | = | 0.0% |
| Distributable reserves | 133 | €265,000 | €265,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,445 | €315,717 | +€94,272 | +42.6% |
| Amounts payable | 17/49 | €815,239 | €543,652 | -€271,587 | -33.3% |
| Amounts payable after more than one year | 17 | €525,840 | €305,439 | -€220,401 | -41.9% |
| Other amounts payable | 178/9 | €525,840 | €305,439 | -€220,401 | -41.9% |
| Amounts payable within one year | 42/48 | €259,349 | €133,595 | -€125,754 | -48.5% |
| Current portion of amounts payable after more than one year | 42 | €63,986 | - | -€63,986 | |
| Trade debts | 44 | €7,513 | €3,045 | -€4,468 | -59.5% |
| Suppliers | 440/4 | €7,513 | €3,045 | -€4,468 | -59.5% |
| Advances received on contracts in progress | 46 | €79,800 | €130,200 | +€50,400 | +63.2% |
| Taxes, remuneration and social security | 45 | €47,700 | - | -€47,700 | |
| Taxes | 450/3 | €47,700 | - | -€47,700 | |
| Other amounts payable | 47/48 | €60,350 | €350 | -€60,000 | -99.4% |
| Accrued charges and deferred income | 492/3 | €30,051 | €104,619 | +€74,568 | +248% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,942 | €65,124 | -€2,818 | -4.1% |
| Other operating charges | 640/8 | €12,124 | €12,638 | +€513 | +4.2% |
| Gross operating margin | 9900 | €282,585 | €203,943 | -€78,642 | -27.8% |
| Operating profit (loss) | 9901 | €202,519 | €126,181 | -€76,338 | -37.7% |
| Financial charges | 65/66B | €1,389 | €544 | -€845 | -60.8% |
| Recurring financial charges | 65 | €1,389 | €544 | -€845 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €201,130 | €125,637 | -€75,493 | -37.5% |
| Income taxes | 67/77 | €47,700 | €31,366 | -€16,334 | -34.2% |
| Profit (loss) for the period | 9904 | €153,430 | €94,272 | -€59,159 | -38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €153,430 | €94,272 | -€59,159 | -38.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.