HOMEWORK: 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.
HOMEWORK
Largest movements
- Tangible fixed assets +€486,698
up €486,698 (+7,749%), from €6,281 to €492,979
of which Land and buildings: +€487,783
- Cash -€110,164
down €110,164 (-48.2%), from €228,506 to €118,343
mainly Investment in fixed assets (net) (-€510,447) and Trade debts (-€44,523)
- Financial fixed assets +€14,000
up €14,000 (+245%), from €5,705 to €19,705
- Debts after one year +€387,332
new in 2025: €387,332
of which Financial debts: +€386,632
- Trade debts -€44,523
down €44,523 (-73.4%), from €60,680 to €16,157
- Current portion of long-term debt +€29,592
new in 2025: €29,592
- Other debts +€25,423
up €25,423 (+311%), from €8,176 to €33,599
- Tax, wage and social debts -€10,613
down €10,613 (-79.3%), from €13,380 to €2,767
- Gross operating margin +€16,882
up €16,882 (+74.2%), from €22,766 to €39,648
- Financial charges +€11,804
up €11,804 (+749%), from €1,577 to €13,381
- Depreciation +€5,534
up €5,534 (+131%), from €4,215 to €9,749
- Taxes +€967
up €967 (+14.8%), from €6,522 to €7,489
- Financial income +€540
up €540 (+28.1%), from €1,922 to €2,462
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 | €315,472 | €713,136 | +€397,664 | +126% |
| Fixed assets | 21/28 | €11,986 | €512,684 | +€500,698 | +4,177% |
| Tangible fixed assets | 22/27 | €6,281 | €492,979 | +€486,698 | +7,749% |
| Land and buildings | 22 | - | €487,783 | +€487,783 | |
| Furniture and vehicles | 24 | €6,281 | €5,196 | -€1,085 | -17.3% |
| Financial fixed assets | 28 | €5,705 | €19,705 | +€14,000 | +245% |
| Current assets | 29/58 | €303,487 | €200,452 | -€103,034 | -34.0% |
| Amounts receivable within one year | 40/41 | €74,980 | €81,237 | +€6,257 | +8.3% |
| Trade receivables | 40 | €45,980 | - | -€45,980 | |
| Other amounts receivable | 41 | €29,000 | €81,237 | +€52,237 | +180% |
| Cash at bank and in hand | 54/58 | €228,506 | €118,343 | -€110,164 | -48.2% |
| Deferred charges and accrued income | 490/1 | - | €873 | +€873 | |
| Total equity and liabilities | 10/49 | €315,472 | €713,136 | +€397,664 | +126% |
| Equity | 10/15 | €233,236 | €243,689 | +€10,453 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €212,776 | €223,229 | +€10,453 | +4.9% |
| Amounts payable | 17/49 | €82,236 | €469,447 | +€387,211 | +471% |
| Amounts payable after more than one year | 17 | - | €387,332 | +€387,332 | |
| Financial debts | 170/4 | - | €386,632 | +€386,632 | |
| Other amounts payable | 178/9 | - | €700 | +€700 | |
| Amounts payable within one year | 42/48 | €82,236 | €82,115 | -€121 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | - | €29,592 | +€29,592 | |
| Trade debts | 44 | €60,680 | €16,157 | -€44,523 | -73.4% |
| Suppliers | 440/4 | €60,680 | €16,157 | -€44,523 | -73.4% |
| Taxes, remuneration and social security | 45 | €13,380 | €2,767 | -€10,613 | -79.3% |
| Taxes | 450/3 | €13,380 | €2,767 | -€10,613 | -79.3% |
| Other amounts payable | 47/48 | €8,176 | €33,599 | +€25,423 | +311% |
| Non-recurring operating income | 76A | - | €300 | +€300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,215 | €9,749 | +€5,534 | +131% |
| Other operating charges | 640/8 | €384 | €775 | +€390 | +102% |
| Gross operating margin | 9900 | €22,766 | €39,648 | +€16,882 | +74.2% |
| Operating profit (loss) | 9901 | €18,166 | €29,124 | +€10,958 | +60.3% |
| Financial income | 75/76B | €1,922 | €2,462 | +€540 | +28.1% |
| Recurring financial income | 75 | €1,922 | €2,462 | +€540 | +28.1% |
| Financial charges | 65/66B | €1,577 | €13,381 | +€11,804 | +749% |
| Recurring financial charges | 65 | €1,577 | €13,381 | +€11,804 | +749% |
| Profit (loss) for the period before taxes | 9903 | €18,512 | €18,206 | -€306 | -1.7% |
| Income taxes | 67/77 | €6,522 | €7,489 | +€967 | +14.8% |
| Profit (loss) for the period | 9904 | €11,990 | €10,717 | -€1,272 | -10.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,990 | €10,717 | -€1,272 | -10.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.