Human Capital: 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.
Human Capital
Largest movements
- Financial fixed assets +€442,295
up €442,295 (+20.4%), from €2.2m to €2.6m
- Cash -€345,626
down €345,626 (-77.7%), from €444,842 to €99,217
mainly Investment in fixed assets (net) (-€441,830) and Receivables after one year (-€152,675)
- Receivables after one year +€152,675
up €152,675 (+16.0%), from €955,907 to €1.1m
- Receivables within one year +€65,437
up €65,437 (+39.4%), from €166,009 to €231,445
of which Other amounts receivable: +€42,626
- Tangible fixed assets -€46,494
down €46,494 (-9.7%), from €477,531 to €431,037
of which Furniture and vehicles: -€37,145
- Other debts +€299,941
up €299,941 (+13.4%), from €2.2m to €2.5m
- Gross operating margin +€214,213
up €214,213 (+705.8%), from €30,351 to €244,564
- Financial income -€109,559
down €109,559 (-57.3%), from €191,137 to €81,578
of which Financial income: -€85,559
- Financial charges +€109,501
up €109,501 (+76.6%), from €142,980 to €252,481
of which Non-recurring financial charges: +€59,060
- Taxes +€22,519
up €22,519 (+71.9%), from €31,318 to €53,836
- Other operating charges +€9,028
up €9,028 (+120.3%), from €7,504 to €16,532
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 | €4,214,747 | €4,482,503 | +€267,756 | +6.4% |
| Fixed assets | 21/28 | €2,645,185 | €3,040,986 | +€395,802 | +15.0% |
| Tangible fixed assets | 22/27 | €477,531 | €431,037 | -€46,494 | -9.7% |
| Land and buildings | 22 | €382,562 | €375,220 | -€7,342 | -1.9% |
| Plant, machinery and equipment | 23 | €2,981 | €974 | -€2,007 | -67.3% |
| Furniture and vehicles | 24 | €91,987 | €54,843 | -€37,145 | -40.4% |
| Financial fixed assets | 28 | €2,167,654 | €2,609,950 | +€442,295 | +20.4% |
| Current assets | 29/58 | €1,569,562 | €1,441,517 | -€128,045 | -8.2% |
| Amounts receivable after more than one year | 29 | €955,907 | €1,108,583 | +€152,675 | +16.0% |
| Other amounts receivable | 291 | €955,907 | €1,108,583 | +€152,675 | +16.0% |
| Amounts receivable within one year | 40/41 | €166,009 | €231,445 | +€65,437 | +39.4% |
| Trade receivables | 40 | €165,969 | €188,779 | +€22,811 | +13.7% |
| Other amounts receivable | 41 | €40 | €42,666 | +€42,626 | +107235.6% |
| Cash at bank and in hand | 54/58 | €444,842 | €99,217 | -€345,626 | -77.7% |
| Deferred charges and accrued income | 490/1 | €2,804 | €2,272 | -€532 | -19.0% |
| Total equity and liabilities | 10/49 | €4,214,747 | €4,482,503 | +€267,756 | +6.4% |
| Equity | 10/15 | €1,873,857 | €1,831,121 | -€42,736 | -2.3% |
| Contributions | 10/11 | €2,000,000 | €2,000,000 | = | 0.0% |
| Reserves | 13 | €1,211 | €1,211 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,211 | €1,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,354 | -€170,090 | -€42,736 | -33.6% |
| Amounts payable | 17/49 | €2,340,889 | €2,651,382 | +€310,492 | +13.3% |
| Amounts payable within one year | 42/48 | €2,339,922 | €2,648,262 | +€308,340 | +13.2% |
| Trade debts | 44 | €38,454 | €57,122 | +€18,668 | +48.5% |
| Suppliers | 440/4 | €38,454 | €57,122 | +€18,668 | +48.5% |
| Taxes, remuneration and social security | 45 | €60,123 | €49,854 | -€10,269 | -17.1% |
| Taxes | 450/3 | €28,623 | €49,854 | +€21,231 | +74.2% |
| Remuneration and social security | 454/9 | €31,500 | €0 | -€31,500 | -100.0% |
| Other amounts payable | 47/48 | €2,241,345 | €2,541,285 | +€299,941 | +13.4% |
| Accrued charges and deferred income | 492/3 | €968 | €3,120 | +€2,152 | +222.5% |
| Non-recurring operating income | 76A | €45,783 | €192,408 | +€146,625 | +320.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,677 | €46,028 | -€4,649 | -9.2% |
| Other operating charges | 640/8 | €7,504 | €16,532 | +€9,028 | +120.3% |
| Gross operating margin | 9900 | €30,351 | €244,564 | +€214,213 | +705.8% |
| Operating profit (loss) | 9901 | -€27,830 | €182,003 | +€209,833 | |
| Financial income | 75/76B | €191,137 | €81,578 | -€109,559 | -57.3% |
| Recurring financial income | 75 | €167,137 | €81,578 | -€85,559 | -51.2% |
| Non-recurring financial income | 76B | €24,000 | €0 | -€24,000 | -100.0% |
| Financial charges | 65/66B | €142,980 | €252,481 | +€109,501 | +76.6% |
| Recurring financial charges | 65 | €41,040 | €91,481 | +€50,441 | +122.9% |
| Non-recurring financial charges | 66B | €101,940 | €161,000 | +€59,060 | +57.9% |
| Profit (loss) for the period before taxes | 9903 | €20,326 | €11,100 | -€9,226 | -45.4% |
| Income taxes | 67/77 | €31,318 | €53,836 | +€22,519 | +71.9% |
| Profit (loss) for the period | 9904 | -€10,991 | -€42,736 | -€31,745 | -288.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,991 | -€42,736 | -€31,745 | -288.8% |
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.