H1: 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.
H1
Largest movements
- Tangible fixed assets -€28,890
down €28,890 (-6.6%), from €439,234 to €410,344
- Cash -€5,740
down €5,740 (-49.4%), from €11,611 to €5,871
mainly Debts after one year (-€37,300) and Tax, wage and social debts (-€5,753)
- Debts after one year -€37,300
down €37,300 (-17.3%), from €215,774 to €178,475
of which Financial debts: -€37,217
- Other debts +€11,149
up €11,149 (+2397.6%), from €465 to €11,614
- Tax, wage and social debts -€5,753
down €5,753 (-80.1%), from €7,179 to €1,426
of which Taxes: -€5,948
- Profit (loss) carried forward -€5,155
down €5,155 (-16.5%), from -€31,247 to -€36,402
- Turnover -€22,280
down €22,280 (-31.1%), from €71,546 to €49,266
- Gross operating margin -€18,880
down €18,880 (-25.7%), from €73,473 to €54,592
- Financial charges -€1,349
down €1,349 (-4.8%), from €27,942 to €26,592
- Other operating charges -€758
down €758 (-26.0%), from €2,911 to €2,154
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 | €474,586 | €436,248 | -€38,337 | -8.1% |
| Fixed assets | 21/28 | €439,734 | €410,844 | -€28,890 | -6.6% |
| Tangible fixed assets | 22/27 | €439,234 | €410,344 | -€28,890 | -6.6% |
| Land and buildings | 22 | €240,271 | €231,301 | -€8,970 | -3.7% |
| Plant, machinery and equipment | 23 | €4,354 | €8,860 | +€4,506 | +103.5% |
| Furniture and vehicles | 24 | €22,944 | €10,775 | -€12,169 | -53.0% |
| Leasing and similar rights | 25 | €157,284 | €148,799 | -€8,485 | -5.4% |
| Other tangible fixed assets | 26 | €14,381 | €10,609 | -€3,772 | -26.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €34,852 | €25,405 | -€9,448 | -27.1% |
| Stocks and contracts in progress | 3 | €13,425 | €13,425 | = | 0.0% |
| Stocks | 30/36 | €13,425 | €13,425 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,522 | €1,616 | -€3,906 | -70.7% |
| Trade receivables | 40 | €4,279 | €1,616 | -€2,662 | -62.2% |
| Other amounts receivable | 41 | €1,243 | - | -€1,243 | |
| Cash at bank and in hand | 54/58 | €11,611 | €5,871 | -€5,740 | -49.4% |
| Deferred charges and accrued income | 490/1 | €4,295 | €4,492 | +€198 | +4.6% |
| Total equity and liabilities | 10/49 | €474,586 | €436,248 | -€38,337 | -8.1% |
| Equity | 10/15 | -€6,247 | -€11,402 | -€5,155 | -82.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,247 | -€36,402 | -€5,155 | -16.5% |
| Provisions and deferred taxes | 16 | €217,367 | €214,097 | -€3,270 | -1.5% |
| Provisions for liabilities and charges | 160/5 | €217,367 | €214,097 | -€3,270 | -1.5% |
| Other liabilities and charges | 164/5 | €217,367 | €214,097 | -€3,270 | -1.5% |
| Amounts payable | 17/49 | €263,466 | €233,554 | -€29,912 | -11.4% |
| Amounts payable after more than one year | 17 | €215,774 | €178,475 | -€37,300 | -17.3% |
| Financial debts | 170/4 | €180,042 | €142,824 | -€37,217 | -20.7% |
| Other amounts payable | 178/9 | €35,732 | €35,650 | -€82 | -0.2% |
| Amounts payable within one year | 42/48 | €47,692 | €55,079 | +€7,387 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €35,986 | €37,300 | +€1,314 | +3.7% |
| Financial debts | 43 | €820 | €803 | -€17 | -2.1% |
| Credit institutions | 430/8 | €820 | €803 | -€17 | -2.1% |
| Trade debts | 44 | €3,242 | €3,937 | +€695 | +21.4% |
| Suppliers | 440/4 | €3,242 | €3,937 | +€695 | +21.4% |
| Taxes, remuneration and social security | 45 | €7,179 | €1,426 | -€5,753 | -80.1% |
| Taxes | 450/3 | €7,179 | €1,231 | -€5,948 | -82.9% |
| Remuneration and social security | 454/9 | - | €195 | +€195 | |
| Other amounts payable | 47/48 | €465 | €11,614 | +€11,149 | +2397.6% |
| Turnover | 70 | €71,546 | €49,266 | -€22,280 | -31.1% |
| Non-recurring operating income | 76A | €3,788 | €952 | -€2,836 | -74.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,939 | €34,114 | +€175 | +0.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,078 | -€3,270 | -€192 | -6.3% |
| Other operating charges | 640/8 | €2,911 | €2,154 | -€758 | -26.0% |
| Gross operating margin | 9900 | €73,473 | €54,592 | -€18,880 | -25.7% |
| Operating profit (loss) | 9901 | €39,700 | €21,595 | -€18,105 | -45.6% |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Financial charges | 65/66B | €27,942 | €26,592 | -€1,349 | -4.8% |
| Recurring financial charges | 65 | €27,942 | €26,592 | -€1,349 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €11,791 | -€4,998 | -€16,789 | |
| Income taxes | 67/77 | €166 | €157 | -€8 | -5.0% |
| Profit (loss) for the period | 9904 | €11,625 | -€5,155 | -€16,780 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,625 | -€5,155 | -€16,780 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.