INTO THE SAILS: 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.
INTO THE SAILS
Largest movements
- Current investments +€160,000
up €160,000 (+160%), from €100,000 to €260,000
- Cash -€87,029
down €87,029 (-69.3%), from €125,496 to €38,468
mainly Current investments (-€160,000) and Receivables within one year (-€37,443)
- Receivables within one year +€37,443
up €37,443 (+84.6%), from €44,245 to €81,688
of which Trade receivables: +€32,133
- Tangible fixed assets -€10,351
down €10,351 (-47.3%), from €21,874 to €11,523
of which Furniture and vehicles: -€9,565
- Reserves +€84,000
up €84,000 (+40.4%), from €207,855 to €291,855
- Trade debts +€8,459
up €8,459 (+122%), from €6,948 to €15,407
- Other debts +€7,392
up €7,392 (+26.3%), from €28,155 to €35,547
- Staff costs +€21,727
up €21,727 (+19.3%), from €112,760 to €134,487
- Gross operating margin +€18,226
up €18,226 (+7.2%), from €252,700 to €270,926
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 | €293,120 | €392,386 | +€99,265 | +33.9% |
| Fixed assets | 21/28 | €21,874 | €11,523 | -€10,351 | -47.3% |
| Tangible fixed assets | 22/27 | €21,874 | €11,523 | -€10,351 | -47.3% |
| Land and buildings | 22 | €2,820 | €2,035 | -€786 | -27.9% |
| Furniture and vehicles | 24 | €19,053 | €9,488 | -€9,565 | -50.2% |
| Current assets | 29/58 | €271,247 | €380,863 | +€109,616 | +40.4% |
| Amounts receivable within one year | 40/41 | €44,245 | €81,688 | +€37,443 | +84.6% |
| Trade receivables | 40 | €33,624 | €65,758 | +€32,133 | +95.6% |
| Other amounts receivable | 41 | €10,620 | €15,930 | +€5,310 | +50.0% |
| Current investments | 50/53 | €100,000 | €260,000 | +€160,000 | +160% |
| Cash at bank and in hand | 54/58 | €125,496 | €38,468 | -€87,029 | -69.3% |
| Deferred charges and accrued income | 490/1 | €1,505 | €707 | -€798 | -53.0% |
| Total equity and liabilities | 10/49 | €293,120 | €392,386 | +€99,265 | +33.9% |
| Equity | 10/15 | €239,032 | €323,626 | +€84,594 | +35.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €207,855 | €291,855 | +€84,000 | +40.4% |
| Distributable reserves | 133 | €207,855 | €291,855 | +€84,000 | +40.4% |
| Profit (loss) carried forward | 14 | €12,627 | €13,221 | +€594 | +4.7% |
| Amounts payable | 17/49 | €54,089 | €68,760 | +€14,671 | +27.1% |
| Amounts payable within one year | 42/48 | €54,089 | €68,760 | +€14,671 | +27.1% |
| Trade debts | 44 | €6,948 | €15,407 | +€8,459 | +122% |
| Suppliers | 440/4 | €6,948 | €15,407 | +€8,459 | +122% |
| Taxes, remuneration and social security | 45 | €18,985 | €17,806 | -€1,180 | -6.2% |
| Taxes | 450/3 | €4,190 | €190 | -€4,000 | -95.5% |
| Remuneration and social security | 454/9 | €14,795 | €17,616 | +€2,820 | +19.1% |
| Other amounts payable | 47/48 | €28,155 | €35,547 | +€7,392 | +26.3% |
| Remuneration, social security and pensions | 62 | €112,760 | €134,487 | +€21,727 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,780 | €10,351 | -€429 | -4.0% |
| Other operating charges | 640/8 | €1,161 | €1,041 | -€120 | -10.3% |
| Gross operating margin | 9900 | €252,700 | €270,926 | +€18,226 | +7.2% |
| Operating profit (loss) | 9901 | €127,998 | €125,046 | -€2,952 | -2.3% |
| Financial income | 75/76B | €1,444 | €297 | -€1,147 | -79.4% |
| Recurring financial income | 75 | €1,444 | €297 | -€1,147 | -79.4% |
| Financial charges | 65/66B | €1,203 | €1,522 | +€319 | +26.5% |
| Recurring financial charges | 65 | €1,203 | €1,522 | +€319 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €128,239 | €123,821 | -€4,418 | -3.4% |
| Income taxes | 67/77 | €38,386 | €39,227 | +€841 | +2.2% |
| Profit (loss) for the period | 9904 | €89,853 | €84,594 | -€5,259 | -5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €89,853 | €84,594 | -€5,259 | -5.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.