IMPROVE: 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.
IMPROVE
Largest movements
- Tangible fixed assets +€37,410
up €37,410 (+1.6%), from €2.4m to €2.4m
- Debts after one year -€46,668
down €46,668 (-4.2%), from €1.1m to €1.1m
- Gross operating margin +€31,367
up €31,367 (+66.2%), from €47,411 to €78,778
- Financial charges -€9,051
down €9,051 (-16.9%), from €53,446 to €44,395
- Depreciation +€4,504
up €4,504 (+83.4%), from €5,400 to €9,904
- Other operating charges +€2,173
up €2,173 (+18.1%), from €12,013 to €14,186
- Financial income -€992
no longer reported in 2025 (was €992)
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 | €2,480,039 | €2,465,136 | -€14,903 | -0.6% |
| Fixed assets | 21/28 | €2,360,414 | €2,397,824 | +€37,410 | +1.6% |
| Tangible fixed assets | 22/27 | €2,360,213 | €2,397,623 | +€37,410 | +1.6% |
| Land and buildings | 22 | €2,360,213 | €2,397,623 | +€37,410 | +1.6% |
| Financial fixed assets | 28 | €201 | €201 | = | 0.0% |
| Current assets | 29/58 | €119,625 | €67,312 | -€52,313 | -43.7% |
| Amounts receivable within one year | 40/41 | €33,173 | €13,262 | -€19,911 | -60.0% |
| Trade receivables | 40 | €22,267 | €8,557 | -€13,710 | -61.6% |
| Other amounts receivable | 41 | €10,906 | €4,705 | -€6,201 | -56.9% |
| Cash at bank and in hand | 54/58 | €23,476 | €4,631 | -€18,845 | -80.3% |
| Deferred charges and accrued income | 490/1 | €62,976 | €49,419 | -€13,557 | -21.5% |
| Total equity and liabilities | 10/49 | €2,480,039 | €2,465,136 | -€14,903 | -0.6% |
| Equity | 10/15 | €1,250,034 | €1,260,327 | +€10,293 | +0.8% |
| Contributions | 10/11 | €123,600 | €123,600 | = | 0.0% |
| Revaluation surpluses | 12 | €40,428 | €40,428 | = | 0.0% |
| Reserves | 13 | €1,159,321 | €1,159,321 | = | 0.0% |
| Distributable reserves | 133 | €1,159,321 | €1,159,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€73,315 | -€63,022 | +€10,293 | +14.0% |
| Amounts payable | 17/49 | €1,230,005 | €1,204,809 | -€25,196 | -2.0% |
| Amounts payable after more than one year | 17 | €1,121,490 | €1,074,822 | -€46,668 | -4.2% |
| Financial debts | 170/4 | €1,121,490 | €1,074,822 | -€46,668 | -4.2% |
| Amounts payable within one year | 42/48 | €93,066 | €102,709 | +€9,643 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €54,321 | €47,138 | -€7,183 | -13.2% |
| Trade debts | 44 | €38,745 | €55,571 | +€16,826 | +43.4% |
| Suppliers | 440/4 | €38,745 | €55,571 | +€16,826 | +43.4% |
| Accrued charges and deferred income | 492/3 | €15,449 | €27,278 | +€11,829 | +76.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,400 | €9,904 | +€4,504 | +83.4% |
| Other operating charges | 640/8 | €12,013 | €14,186 | +€2,173 | +18.1% |
| Gross operating margin | 9900 | €47,411 | €78,778 | +€31,367 | +66.2% |
| Operating profit (loss) | 9901 | €29,998 | €54,688 | +€24,690 | +82.3% |
| Financial income | 75/76B | €992 | - | -€992 | |
| Recurring financial income | 75 | €992 | - | -€992 | |
| Financial charges | 65/66B | €53,446 | €44,395 | -€9,051 | -16.9% |
| Recurring financial charges | 65 | €53,446 | €44,395 | -€9,051 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,456 | €10,293 | +€32,749 | |
| Profit (loss) for the period | 9904 | -€22,456 | €10,293 | +€32,749 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,456 | €10,293 | +€32,749 |
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 5 October 2026 via checked.be.