'H: 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.
'H
Largest movements
- Tangible fixed assets -€57,793
down €57,793 (-8.7%), from €665,559 to €607,766
- Cash -€57,479
down €57,479 (-45.5%), from €126,422 to €68,944
mainly Debts after one year (-€88,672) and Receivables within one year (-€35,683)
- Receivables within one year +€35,683
up €35,683 (+155.5%), from €22,948 to €58,631
of which Trade receivables: +€17,887
- Financial fixed assets -€23,500
no longer reported in 2025 (was €23,500)
- Debts after one year -€88,672
down €88,672 (-18.8%), from €470,624 to €381,952
of which Other amounts payable: -€80,000
- Trade debts -€10,450
down €10,450 (-99.1%), from €10,546 to €96
- Gross operating margin -€7,697
down €7,697 (-6.9%), from €111,885 to €104,188
- Taxes -€6,159
down €6,159 (-85.7%), from €7,189 to €1,031
- Depreciation -€3,967
down €3,967 (-6.2%), from €64,484 to €60,517
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 | €838,885 | €735,840 | -€103,045 | -12.3% |
| Fixed assets | 21/28 | €689,059 | €607,766 | -€81,293 | -11.8% |
| Tangible fixed assets | 22/27 | €665,559 | €607,766 | -€57,793 | -8.7% |
| Land and buildings | 22 | €560,362 | €531,556 | -€28,806 | -5.1% |
| Plant, machinery and equipment | 23 | €47,680 | €37,295 | -€10,385 | -21.8% |
| Other tangible fixed assets | 26 | €57,517 | €38,915 | -€18,602 | -32.3% |
| Financial fixed assets | 28 | €23,500 | - | -€23,500 | |
| Current assets | 29/58 | €149,826 | €128,074 | -€21,752 | -14.5% |
| Amounts receivable within one year | 40/41 | €22,948 | €58,631 | +€35,683 | +155.5% |
| Trade receivables | 40 | €5,433 | €23,320 | +€17,887 | +329.2% |
| Other amounts receivable | 41 | €17,515 | €35,311 | +€17,796 | +101.6% |
| Cash at bank and in hand | 54/58 | €126,422 | €68,944 | -€57,479 | -45.5% |
| Deferred charges and accrued income | 490/1 | €456 | €500 | +€44 | +9.6% |
| Total equity and liabilities | 10/49 | €838,885 | €735,840 | -€103,045 | -12.3% |
| Equity | 10/15 | €295,926 | €297,949 | +€2,023 | +0.7% |
| Contributions | 10/11 | €867,000 | €867,000 | = | 0.0% |
| Capital | 10 | €867,000 | €867,000 | = | 0.0% |
| Issued capital | 100 | €867,000 | €867,000 | = | 0.0% |
| Reserves | 13 | €124 | €124 | = | 0.0% |
| Non-distributable reserves | 130/1 | €124 | €124 | = | 0.0% |
| Legal reserve | 130 | €124 | €124 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€571,198 | -€569,175 | +€2,023 | +0.4% |
| Amounts payable | 17/49 | €542,959 | €437,891 | -€105,068 | -19.4% |
| Amounts payable after more than one year | 17 | €470,624 | €381,952 | -€88,672 | -18.8% |
| Financial debts | 170/4 | €29,664 | €20,992 | -€8,672 | -29.2% |
| Other amounts payable | 178/9 | €440,960 | €360,960 | -€80,000 | -18.1% |
| Amounts payable within one year | 42/48 | €71,962 | €55,539 | -€16,424 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €8,484 | €8,672 | +€189 | +2.2% |
| Trade debts | 44 | €10,546 | €96 | -€10,450 | -99.1% |
| Suppliers | 440/4 | €10,546 | €96 | -€10,450 | -99.1% |
| Taxes, remuneration and social security | 45 | €7,183 | €1,020 | -€6,163 | -85.8% |
| Taxes | 450/3 | €7,183 | €1,020 | -€6,163 | -85.8% |
| Other amounts payable | 47/48 | €45,750 | €45,750 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €373 | €400 | +€28 | +7.4% |
| Remuneration, social security and pensions | 62 | €709 | - | -€709 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,484 | €60,517 | -€3,967 | -6.2% |
| Other operating charges | 640/8 | €17,652 | €18,464 | +€812 | +4.6% |
| Non-recurring operating charges | 66A | - | €18,330 | +€18,330 | |
| Gross operating margin | 9900 | €111,885 | €104,188 | -€7,697 | -6.9% |
| Operating profit (loss) | 9901 | €29,040 | €6,877 | -€22,163 | -76.3% |
| Financial income | 75/76B | €21 | €35 | +€14 | +64.3% |
| Recurring financial income | 75 | €21 | €35 | +€14 | +64.3% |
| Financial charges | 65/66B | €4,424 | €3,858 | -€566 | -12.8% |
| Recurring financial charges | 65 | €4,424 | €3,858 | -€566 | -12.8% |
| Profit (loss) for the period before taxes | 9903 | €24,637 | €3,054 | -€21,583 | -87.6% |
| Income taxes | 67/77 | €7,189 | €1,031 | -€6,159 | -85.7% |
| Profit (loss) for the period | 9904 | €17,448 | €2,023 | -€15,424 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,448 | €2,023 | -€15,424 | -88.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.