GROW TO FLY: 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.
GROW TO FLY
Largest movements
- Tangible fixed assets -€14,715
down €14,715 (-28.5%), from €51,588 to €36,872
of which Furniture and vehicles: -€12,077
- Stocks and contracts -€11,451
down €11,451 (-30.9%), from €37,031 to €25,580
- Receivables within one year +€3,433
up €3,433 (+12.6%), from €27,310 to €30,742
of which Other amounts receivable: +€11,416
- Reserves -€9,749
down €9,749 (-5.4%), from €181,106 to €171,357
of which Distributable reserves: -€9,749
- Accrued charges and deferred income -€7,555
no longer reported in 2025 (was €7,555)
- Tax, wage and social debts -€5,757
down €5,757 (-67.3%), from €8,548 to €2,791
of which Taxes: -€5,577
- Other debts +€4,656
up €4,656 (+8.0%), from €58,289 to €62,945
- Gross operating margin -€45,730
down €45,730 (-65.9%), from €69,427 to €23,697
- Taxes -€16,396
down €16,396 (-99.0%), from €16,558 to €162
- Write-downs +€16,174
new in 2025: €16,174
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 | €269,712 | €249,064 | -€20,648 | -7.7% |
| Fixed assets | 21/28 | €51,588 | €36,872 | -€14,715 | -28.5% |
| Tangible fixed assets | 22/27 | €51,588 | €36,872 | -€14,715 | -28.5% |
| Plant, machinery and equipment | 23 | €8,264 | €1,817 | -€6,447 | -78.0% |
| Furniture and vehicles | 24 | €43,324 | €31,247 | -€12,077 | -27.9% |
| Other tangible fixed assets | 26 | - | €3,808 | +€3,808 | |
| Current assets | 29/58 | €218,125 | €212,192 | -€5,933 | -2.7% |
| Stocks and contracts in progress | 3 | €37,031 | €25,580 | -€11,451 | -30.9% |
| Stocks | 30/36 | €37,031 | €25,580 | -€11,451 | -30.9% |
| Amounts receivable within one year | 40/41 | €27,310 | €30,742 | +€3,433 | +12.6% |
| Trade receivables | 40 | €18,868 | €10,885 | -€7,983 | -42.3% |
| Other amounts receivable | 41 | €8,442 | €19,857 | +€11,416 | +135% |
| Cash at bank and in hand | 54/58 | €151,597 | €151,448 | -€149 | -0.1% |
| Deferred charges and accrued income | 490/1 | €2,187 | €4,422 | +€2,234 | +102% |
| Total equity and liabilities | 10/49 | €269,712 | €249,064 | -€20,648 | -7.7% |
| Equity | 10/15 | €194,053 | €181,720 | -€12,333 | -6.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €181,106 | €171,357 | -€9,749 | -5.4% |
| Non-distributable reserves | 130/1 | €1,221 | €1,221 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,221 | €1,221 | = | 0.0% |
| Distributable reserves | 133 | €179,885 | €170,136 | -€9,749 | -5.4% |
| Profit (loss) carried forward | 14 | €547 | -€2,037 | -€2,584 | |
| Amounts payable | 17/49 | €75,659 | €67,344 | -€8,315 | -11.0% |
| Amounts payable within one year | 42/48 | €68,104 | €67,344 | -€760 | -1.1% |
| Financial debts | 43 | - | €1,176 | +€1,176 | |
| Credit institutions | 430/8 | - | €1,176 | +€1,176 | |
| Trade debts | 44 | €1,268 | €432 | -€835 | -65.9% |
| Suppliers | 440/4 | €1,268 | €432 | -€835 | -65.9% |
| Taxes, remuneration and social security | 45 | €8,548 | €2,791 | -€5,757 | -67.3% |
| Taxes | 450/3 | €8,369 | €2,791 | -€5,577 | -66.6% |
| Remuneration and social security | 454/9 | €179 | - | -€179 | |
| Other amounts payable | 47/48 | €58,289 | €62,945 | +€4,656 | +8.0% |
| Accrued charges and deferred income | 492/3 | €7,555 | - | -€7,555 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,059 | €14,715 | +€657 | +4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,174 | +€16,174 | |
| Other operating charges | 640/8 | €532 | €584 | +€52 | +9.7% |
| Gross operating margin | 9900 | €69,427 | €23,697 | -€45,730 | -65.9% |
| Operating profit (loss) | 9901 | €54,836 | -€7,776 | -€62,612 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,566 | €4,395 | -€171 | -3.8% |
| Recurring financial charges | 65 | €4,566 | €4,395 | -€171 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €50,270 | -€12,171 | -€62,441 | |
| Income taxes | 67/77 | €16,558 | €162 | -€16,396 | -99.0% |
| Profit (loss) for the period | 9904 | €33,712 | -€12,333 | -€46,045 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,712 | -€12,333 | -€46,045 |
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 24 October 2026 via checked.be.