HOWEVER: 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.
HOWEVER
Largest movements
- Receivables within one year -€33,166
down €33,166 (-77.5%), from €42,774 to €9,608
of which Trade receivables: -€34,230
- Cash +€32,226
up €32,226 (+12.8%), from €251,316 to €283,542
mainly Receivables within one year (+€33,166) and Net result for the year (+€18,774)
- Tangible fixed assets +€24,433
up €24,433 (+328.2%), from €7,444 to €31,877
- Reserves +€18,774
up €18,774 (+6.5%), from €289,111 to €307,885
- Trade debts +€5,916
up €5,916 (+20380.1%), from €29 to €5,945
- Gross operating margin -€66,431
down €66,431 (-68.9%), from €96,459 to €30,028
- Taxes -€17,493
down €17,493 (-70.7%), from €24,729 to €7,236
- Financial income -€3,701
down €3,701 (-100.0%), from €3,701 to €0
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 | €301,623 | €325,027 | +€23,405 | +7.8% |
| Fixed assets | 21/28 | €7,444 | €31,877 | +€24,433 | +328.2% |
| Tangible fixed assets | 22/27 | €7,444 | €31,877 | +€24,433 | +328.2% |
| Furniture and vehicles | 24 | €7,444 | €31,877 | +€24,433 | +328.2% |
| Current assets | 29/58 | €294,178 | €293,150 | -€1,028 | -0.3% |
| Amounts receivable within one year | 40/41 | €42,774 | €9,608 | -€33,166 | -77.5% |
| Trade receivables | 40 | €34,230 | €0 | -€34,230 | -100.0% |
| Other amounts receivable | 41 | €8,544 | €9,608 | +€1,064 | +12.4% |
| Cash at bank and in hand | 54/58 | €251,316 | €283,542 | +€32,226 | +12.8% |
| Deferred charges and accrued income | 490/1 | €88 | €0 | -€88 | -100.0% |
| Total equity and liabilities | 10/49 | €301,623 | €325,027 | +€23,405 | +7.8% |
| Equity | 10/15 | €292,111 | €310,885 | +€18,774 | +6.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €289,111 | €307,885 | +€18,774 | +6.5% |
| Distributable reserves | 133 | €289,111 | €307,885 | +€18,774 | +6.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €9,512 | €14,142 | +€4,631 | +48.7% |
| Amounts payable within one year | 42/48 | €9,512 | €14,142 | +€4,631 | +48.7% |
| Trade debts | 44 | €29 | €5,945 | +€5,916 | +20380.1% |
| Suppliers | 440/4 | €29 | €5,945 | +€5,916 | +20380.1% |
| Taxes, remuneration and social security | 45 | €9,483 | €8,197 | -€1,286 | -13.6% |
| Taxes | 450/3 | €9,483 | €8,197 | -€1,286 | -13.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | €10,522 | €0 | -€10,522 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,388 | €3,486 | -€902 | -20.6% |
| Other operating charges | 640/8 | €700 | €449 | -€251 | -35.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €96,459 | €30,028 | -€66,431 | -68.9% |
| Operating profit (loss) | 9901 | €91,370 | €26,093 | -€65,278 | -71.4% |
| Financial income | 75/76B | €3,701 | €0 | -€3,701 | -100.0% |
| Recurring financial income | 75 | €3,701 | €0 | -€3,701 | -100.0% |
| Financial charges | 65/66B | €74 | €83 | +€9 | +11.8% |
| Recurring financial charges | 65 | €74 | €83 | +€9 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €94,997 | €26,010 | -€68,987 | -72.6% |
| Income taxes | 67/77 | €24,729 | €7,236 | -€17,493 | -70.7% |
| Profit (loss) for the period | 9904 | €70,268 | €18,774 | -€51,494 | -73.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,268 | €18,774 | -€51,494 | -73.3% |
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.