HIGHER EDUCATION EXPANSION: 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.
HIGHER EDUCATION EXPANSION
Largest movements
- Receivables after one year +€93,435
up €93,435 (+13.0%), from €718,315 to €811,750
- Receivables within one year -€37,832
down €37,832 (-34.1%), from €110,995 to €73,163
of which Trade receivables: -€19,035
- Current portion of long-term debt +€226,825
up €226,825 (+2,871%), from €7,901 to €234,726
- Trade debts -€204,472
down €204,472 (-43.3%), from €471,698 to €267,226
- Debts after one year +€25,004
up €25,004 (+9.9%), from €252,699 to €277,703
- Gross operating margin +€31,659
up €31,659 (+94.5%), from €33,514 to €65,173
- Financial charges +€25,705
up €25,705 (+202%), from €12,713 to €38,418
- Other operating charges +€5,678
up €5,678 (+10.6%), from €53,632 to €59,310
- Depreciation -€734
down €734 (-36.5%), from €2,008 to €1,274
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 | €893,536 | €950,280 | +€56,744 | +6.4% |
| Fixed assets | 21/28 | €1,275 | - | -€1,275 | |
| Intangible fixed assets | 21 | €1,275 | - | -€1,275 | |
| Current assets | 29/58 | €892,261 | €950,280 | +€58,019 | +6.5% |
| Amounts receivable after more than one year | 29 | €718,315 | €811,750 | +€93,435 | +13.0% |
| Other amounts receivable | 291 | €718,315 | €811,750 | +€93,435 | +13.0% |
| Amounts receivable within one year | 40/41 | €110,995 | €73,163 | -€37,832 | -34.1% |
| Trade receivables | 40 | €75,404 | €56,369 | -€19,035 | -25.2% |
| Other amounts receivable | 41 | €35,591 | €16,794 | -€18,797 | -52.8% |
| Cash at bank and in hand | 54/58 | €376 | €858 | +€482 | +128% |
| Deferred charges and accrued income | 490/1 | €62,575 | €64,509 | +€1,934 | +3.1% |
| Total equity and liabilities | 10/49 | €893,536 | €950,280 | +€56,744 | +6.4% |
| Equity | 10/15 | €160,551 | €161,616 | +€1,065 | +0.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €92,351 | €93,416 | +€1,065 | +1.2% |
| Amounts payable | 17/49 | €732,985 | €788,664 | +€55,679 | +7.6% |
| Amounts payable after more than one year | 17 | €252,699 | €277,703 | +€25,004 | +9.9% |
| Financial debts | 170/4 | €252,699 | €277,703 | +€25,004 | +9.9% |
| Amounts payable within one year | 42/48 | €480,285 | €510,961 | +€30,676 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €7,901 | €234,726 | +€226,825 | +2,871% |
| Trade debts | 44 | €471,698 | €267,226 | -€204,472 | -43.3% |
| Suppliers | 440/4 | €471,698 | €267,226 | -€204,472 | -43.3% |
| Taxes, remuneration and social security | 45 | €686 | €9,009 | +€8,323 | +1,214% |
| Taxes | 450/3 | €686 | €9,009 | +€8,323 | +1,214% |
| Non-recurring operating income | 76A | - | €2,400 | +€2,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,008 | €1,274 | -€734 | -36.5% |
| Other operating charges | 640/8 | €53,632 | €59,310 | +€5,678 | +10.6% |
| Gross operating margin | 9900 | €33,514 | €65,173 | +€31,659 | +94.5% |
| Operating profit (loss) | 9901 | -€22,125 | €4,589 | +€26,714 | |
| Financial income | 75/76B | €35,591 | €35,293 | -€298 | -0.8% |
| Recurring financial income | 75 | €35,591 | €35,293 | -€298 | -0.8% |
| Financial charges | 65/66B | €12,713 | €38,418 | +€25,705 | +202% |
| Recurring financial charges | 65 | €12,713 | €38,418 | +€25,705 | +202% |
| Profit (loss) for the period before taxes | 9903 | €753 | €1,464 | +€711 | +94.5% |
| Income taxes | 67/77 | €201 | €399 | +€198 | +98.7% |
| Profit (loss) for the period | 9904 | €552 | €1,065 | +€513 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €552 | €1,065 | +€513 | +93.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.