HIGH DEFINITION: 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.
HIGH DEFINITION
Largest movements
- Receivables within one year +€33,072
up €33,072 (+77.6%), from €42,605 to €75,676
of which Trade receivables: +€30,719
- Tangible fixed assets -€31,115
down €31,115 (-12.3%), from €252,743 to €221,629
of which Leasing and similar rights: -€34,385
- Cash -€22,868
down €22,868 (-55.4%), from €41,262 to €18,394
mainly Current portion of long-term debt (-€72,854) and Investment in fixed assets (net) (-€64,124)
- Short-term financial debts +€90,034
new in 2025: €90,034
- Current portion of long-term debt -€72,854
no longer reported in 2025 (was €72,854)
- Debts after one year -€48,506
down €48,506 (-28.8%), from €168,536 to €120,030
- Profit (loss) carried forward +€10,889
up €10,889 (+50.3%), from -€21,644 to -€10,754
- Gross operating margin +€65,382
up €65,382 (+117%), from €55,886 to €121,268
- Depreciation +€31,726
up €31,726 (+49.2%), from €64,519 to €96,245
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 | €340,601 | €319,405 | -€21,196 | -6.2% |
| Fixed assets | 21/28 | €256,735 | €224,614 | -€32,121 | -12.5% |
| Intangible fixed assets | 21 | €3,992 | €2,985 | -€1,007 | -25.2% |
| Tangible fixed assets | 22/27 | €252,743 | €221,629 | -€31,115 | -12.3% |
| Plant, machinery and equipment | 23 | €13,678 | €16,949 | +€3,271 | +23.9% |
| Leasing and similar rights | 25 | €239,065 | €204,680 | -€34,385 | -14.4% |
| Current assets | 29/58 | €83,867 | €94,791 | +€10,925 | +13.0% |
| Amounts receivable within one year | 40/41 | €42,605 | €75,676 | +€33,072 | +77.6% |
| Trade receivables | 40 | €42,605 | €73,324 | +€30,719 | +72.1% |
| Other amounts receivable | 41 | - | €2,352 | +€2,352 | |
| Cash at bank and in hand | 54/58 | €41,262 | €18,394 | -€22,868 | -55.4% |
| Deferred charges and accrued income | 490/1 | - | €721 | +€721 | |
| Total equity and liabilities | 10/49 | €340,601 | €319,405 | -€21,196 | -6.2% |
| Equity | 10/15 | €63,356 | €74,246 | +€10,889 | +17.2% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,644 | -€10,754 | +€10,889 | +50.3% |
| Amounts payable | 17/49 | €277,245 | €245,159 | -€32,086 | -11.6% |
| Amounts payable after more than one year | 17 | €168,536 | €120,030 | -€48,506 | -28.8% |
| Financial debts | 170/4 | €168,536 | €120,030 | -€48,506 | -28.8% |
| Amounts payable within one year | 42/48 | €108,709 | €125,129 | +€16,420 | +15.1% |
| Current portion of amounts payable after more than one year | 42 | €72,854 | - | -€72,854 | |
| Financial debts | 43 | - | €90,034 | +€90,034 | |
| Credit institutions | 430/8 | - | €90,034 | +€90,034 | |
| Trade debts | 44 | €32,611 | €33,689 | +€1,078 | +3.3% |
| Suppliers | 440/4 | €32,611 | €33,689 | +€1,078 | +3.3% |
| Taxes, remuneration and social security | 45 | €3,244 | €1,406 | -€1,838 | -56.7% |
| Taxes | 450/3 | €3,244 | €1,406 | -€1,838 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,519 | €96,245 | +€31,726 | +49.2% |
| Other operating charges | 640/8 | €485 | €997 | +€512 | +105% |
| Gross operating margin | 9900 | €55,886 | €121,268 | +€65,382 | +117% |
| Operating profit (loss) | 9901 | -€9,119 | €24,026 | +€33,145 | |
| Financial charges | 65/66B | €12,525 | €13,137 | +€612 | +4.9% |
| Recurring financial charges | 65 | €12,525 | €13,137 | +€612 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | -€21,644 | €10,889 | +€32,533 | |
| Profit (loss) for the period | 9904 | -€21,644 | €10,889 | +€32,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,644 | €10,889 | +€32,533 |
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 26 October 2026 via checked.be.