HIGH EXPECTATIONS: 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.
HIGH EXPECTATIONS
Largest movements
- Cash -€111,121
down €111,121 (-72.6%), from €153,162 to €42,042
mainly Current investments (-€50,000) and Contributions, distributions and other (-€38,800)
- Current investments +€50,000
new in 2025: €50,000
- Receivables within one year +€14,208
up €14,208 (+6.8%), from €208,243 to €222,451
of which Other amounts receivable: +€17,071
- Tangible fixed assets +€5,245
up €5,245 (+54.9%), from €9,546 to €14,791
of which Plant, machinery and equipment: +€11,012
- Reserves -€23,938
down €23,938 (-7.6%), from €313,468 to €289,530
- Other debts -€14,949
down €14,949 (-28.9%), from €51,809 to €36,860
- Gross operating margin -€33,748
down €33,748 (-61.3%), from €55,025 to €21,276
- Taxes -€10,561
down €10,561 (-64.0%), from €16,490 to €5,929
- Financial income -€3,881
down €3,881 (-32.3%), from €12,000 to €8,120
- Financial charges -€3,155
down €3,155 (-93.1%), from €3,387 to €232
of which Non-recurring financial charges: -€2,500
- Depreciation +€1,383
up €1,383 (+20.5%), from €6,737 to €8,120
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 | €372,451 | €330,784 | -€41,667 | -11.2% |
| Fixed assets | 21/28 | €11,046 | €16,291 | +€5,245 | +47.5% |
| Tangible fixed assets | 22/27 | €9,546 | €14,791 | +€5,245 | +54.9% |
| Plant, machinery and equipment | 23 | €2,818 | €13,830 | +€11,012 | +390.8% |
| Furniture and vehicles | 24 | €6,728 | €961 | -€5,767 | -85.7% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €361,405 | €314,493 | -€46,913 | -13.0% |
| Amounts receivable within one year | 40/41 | €208,243 | €222,451 | +€14,208 | +6.8% |
| Trade receivables | 40 | €8,243 | €5,380 | -€2,863 | -34.7% |
| Other amounts receivable | 41 | €200,000 | €217,071 | +€17,071 | +8.5% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €153,162 | €42,042 | -€111,121 | -72.6% |
| Total equity and liabilities | 10/49 | €372,451 | €330,784 | -€41,667 | -11.2% |
| Equity | 10/15 | €313,468 | €289,530 | -€23,938 | -7.6% |
| Reserves | 13 | €313,468 | €289,530 | -€23,938 | -7.6% |
| Distributable reserves | 133 | €313,468 | €289,530 | -€23,938 | -7.6% |
| Amounts payable | 17/49 | €58,983 | €41,254 | -€17,729 | -30.1% |
| Amounts payable within one year | 42/48 | €58,983 | €41,254 | -€17,729 | -30.1% |
| Trade debts | 44 | €1,229 | €661 | -€568 | -46.2% |
| Suppliers | 440/4 | €1,229 | €661 | -€568 | -46.2% |
| Taxes, remuneration and social security | 45 | €5,945 | €3,733 | -€2,213 | -37.2% |
| Taxes | 450/3 | €5,945 | €3,733 | -€2,213 | -37.2% |
| Other amounts payable | 47/48 | €51,809 | €36,860 | -€14,949 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,737 | €8,120 | +€1,383 | +20.5% |
| Other operating charges | 640/8 | €115 | €253 | +€138 | +119.6% |
| Gross operating margin | 9900 | €55,025 | €21,276 | -€33,748 | -61.3% |
| Operating profit (loss) | 9901 | €48,173 | €12,904 | -€35,268 | -73.2% |
| Financial income | 75/76B | €12,000 | €8,120 | -€3,881 | -32.3% |
| Recurring financial income | 75 | €12,000 | €8,120 | -€3,881 | -32.3% |
| Financial charges | 65/66B | €3,387 | €232 | -€3,155 | -93.1% |
| Recurring financial charges | 65 | €887 | €232 | -€655 | -73.8% |
| Non-recurring financial charges | 66B | €2,500 | - | -€2,500 | |
| Profit (loss) for the period before taxes | 9903 | €56,785 | €20,791 | -€35,994 | -63.4% |
| Income taxes | 67/77 | €16,490 | €5,929 | -€10,561 | -64.0% |
| Profit (loss) for the period | 9904 | €40,295 | €14,862 | -€25,433 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,295 | €14,862 | -€25,433 | -63.1% |
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 8 October 2026 via checked.be.