GREGORY BOUW: 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.
GREGORY BOUW
Largest movements
- Stocks and contracts +€173,310
up €173,310 (+27.5%), from €629,523 to €802,833
of which Stocks: +€173,310
- Receivables within one year +€88,742
up €88,742 (+34.4%), from €258,301 to €347,043
of which Trade receivables: +€97,694
- Cash +€30,007
up €30,007 (+487%), from €6,156 to €36,163
mainly Short-term financial debts (+€217,527) and Debts after one year (+€180,276)
- Tangible fixed assets -€16,514
down €16,514 (-43.5%), from €37,997 to €21,483
of which Furniture and vehicles: -€13,793
- Short-term financial debts +€217,527
up €217,527 (+155%), from €140,000 to €357,527
- Debts after one year +€180,276
up €180,276 (+39.3%), from €458,517 to €638,793
of which Other amounts payable: +€180,276
- Profit (loss) carried forward -€73,727
down €73,727 (-2,688%), from -€2,743 to -€76,470
- Other debts -€59,142
down €59,142 (-100%), from €59,142 to €0
- Trade debts +€33,315
up €33,315 (+27.3%), from €122,206 to €155,521
- Gross operating margin -€196,585
down €196,585 (-94.7%), from €207,665 to €11,079
- Write-downs -€60,560
down €60,560 (-98.6%), from €61,430 to €870
- Staff costs -€34,041
down €34,041 (-40.3%), from €84,367 to €50,325
- Taxes -€7,006
down €7,006 (-93.7%), from €7,476 to €470
- Financial charges +€6,944
up €6,944 (+109%), from €6,389 to €13,333
of which Financial charges: +€6,944
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 | €941,582 | €1,211,122 | +€269,540 | +28.6% |
| Fixed assets | 21/28 | €41,597 | €25,083 | -€16,514 | -39.7% |
| Tangible fixed assets | 22/27 | €37,997 | €21,483 | -€16,514 | -43.5% |
| Plant, machinery and equipment | 23 | €9,109 | €6,389 | -€2,720 | -29.9% |
| Furniture and vehicles | 24 | €28,887 | €15,094 | -€13,793 | -47.7% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €899,985 | €1,186,039 | +€286,054 | +31.8% |
| Stocks and contracts in progress | 3 | €629,523 | €802,833 | +€173,310 | +27.5% |
| Stocks | 30/36 | €574,424 | €747,735 | +€173,310 | +30.2% |
| Contracts in progress | 37 | €55,099 | €55,099 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €258,301 | €347,043 | +€88,742 | +34.4% |
| Trade receivables | 40 | €248,880 | €346,573 | +€97,694 | +39.3% |
| Other amounts receivable | 41 | €9,421 | €469 | -€8,952 | -95.0% |
| Cash at bank and in hand | 54/58 | €6,156 | €36,163 | +€30,007 | +487% |
| Deferred charges and accrued income | 490/1 | €6,006 | €0 | -€6,006 | -100% |
| Total equity and liabilities | 10/49 | €941,582 | €1,211,122 | +€269,540 | +28.6% |
| Equity | 10/15 | €108,045 | €34,318 | -€73,727 | -68.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,388 | €98,388 | = | 0.0% |
| Distributable reserves | 133 | €98,388 | €98,388 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,743 | -€76,470 | -€73,727 | -2,688% |
| Amounts payable | 17/49 | €833,537 | €1,176,804 | +€343,267 | +41.2% |
| Amounts payable after more than one year | 17 | €458,517 | €638,793 | +€180,276 | +39.3% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €458,517 | €638,793 | +€180,276 | +39.3% |
| Amounts payable within one year | 42/48 | €366,207 | €538,011 | +€171,804 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €3,352 | €0 | -€3,352 | -100% |
| Financial debts | 43 | €140,000 | €357,527 | +€217,527 | +155% |
| Credit institutions | 430/8 | €140,000 | €357,527 | +€217,527 | +155% |
| Trade debts | 44 | €122,206 | €155,521 | +€33,315 | +27.3% |
| Suppliers | 440/4 | €122,206 | €155,521 | +€33,315 | +27.3% |
| Taxes, remuneration and social security | 45 | €41,508 | €24,963 | -€16,545 | -39.9% |
| Taxes | 450/3 | €12,184 | €7,807 | -€4,378 | -35.9% |
| Remuneration and social security | 454/9 | €29,324 | €17,156 | -€12,167 | -41.5% |
| Other amounts payable | 47/48 | €59,142 | €0 | -€59,142 | -100% |
| Accrued charges and deferred income | 492/3 | €8,813 | €0 | -€8,813 | -100% |
| Non-recurring operating income | 76A | €3,983 | €2,415 | -€1,568 | -39.4% |
| Remuneration, social security and pensions | 62 | €84,367 | €50,325 | -€34,041 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,645 | €16,896 | -€1,749 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €61,430 | €870 | -€60,560 | -98.6% |
| Other operating charges | 640/8 | €5,967 | €3,279 | -€2,689 | -45.1% |
| Non-recurring operating charges | 66A | €8,388 | €0 | -€8,388 | -100% |
| Gross operating margin | 9900 | €207,665 | €11,079 | -€196,585 | -94.7% |
| Operating profit (loss) | 9901 | €28,868 | -€60,291 | -€89,158 | |
| Financial income | 75/76B | €259 | €367 | +€108 | +41.7% |
| Recurring financial income | 75 | €259 | €367 | +€108 | +41.7% |
| Financial charges | 65/66B | €6,389 | €13,333 | +€6,944 | +109% |
| Recurring financial charges | 65 | €6,389 | €13,333 | +€6,944 | +109% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €22,738 | -€73,257 | -€95,995 | |
| Income taxes | 67/77 | €7,476 | €470 | -€7,006 | -93.7% |
| Profit (loss) for the period | 9904 | €15,262 | -€73,727 | -€88,989 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,262 | -€73,727 | -€88,989 |
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 25 October 2026 via checked.be.