IT IS BEAUTIFUL: 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.
IT IS BEAUTIFUL
Largest movements
- Receivables within one year +€143,966
up €143,966 (+16.2%), from €886,540 to €1.0m
of which Other amounts receivable: +€140,645
- Reserves +€171,424
up €171,424 (+17.0%), from €1.0m to €1.2m
of which Distributable reserves: +€171,424
- Debts after one year -€38,670
down €38,670 (-12.2%), from €316,567 to €277,898
- Tax, wage and social debts +€21,891
up €21,891 (+70.8%), from €30,936 to €52,826
- Gross operating margin +€19,739
up €19,739 (+8.4%), from €233,984 to €253,723
- Financial income +€15,331
up €15,331 (+36.0%), from €42,568 to €57,899
- Taxes +€11,044
up €11,044 (+14.1%), from €78,296 to €89,340
- Other operating charges +€6,953
up €6,953 (+136%), from €5,105 to €12,058
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 | €1,574,223 | €1,731,969 | +€157,746 | +10.0% |
| Fixed assets | 21/28 | €670,283 | €680,087 | +€9,804 | +1.5% |
| Tangible fixed assets | 22/27 | €670,283 | €680,087 | +€9,804 | +1.5% |
| Land and buildings | 22 | €612,415 | €627,705 | +€15,290 | +2.5% |
| Plant, machinery and equipment | 23 | €8,242 | €6,684 | -€1,557 | -18.9% |
| Furniture and vehicles | 24 | €3,084 | €1,802 | -€1,282 | -41.6% |
| Assets under construction and advance payments | 27 | €46,543 | €43,896 | -€2,646 | -5.7% |
| Current assets | 29/58 | €903,940 | €1,051,881 | +€147,942 | +16.4% |
| Amounts receivable within one year | 40/41 | €886,540 | €1,030,506 | +€143,966 | +16.2% |
| Trade receivables | 40 | €408 | €3,728 | +€3,321 | +815% |
| Other amounts receivable | 41 | €886,133 | €1,026,778 | +€140,645 | +15.9% |
| Cash at bank and in hand | 54/58 | €16,575 | €20,708 | +€4,133 | +24.9% |
| Deferred charges and accrued income | 490/1 | €824 | €667 | -€157 | -19.1% |
| Total equity and liabilities | 10/49 | €1,574,223 | €1,731,969 | +€157,746 | +10.0% |
| Equity | 10/15 | €1,164,868 | €1,336,293 | +€171,424 | +14.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,010,400 | €1,181,824 | +€171,424 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €989,790 | €1,161,214 | +€171,424 | +17.3% |
| Profit (loss) carried forward | 14 | €142,068 | €142,068 | = | 0.0% |
| Amounts payable | 17/49 | €409,355 | €395,676 | -€13,679 | -3.3% |
| Amounts payable after more than one year | 17 | €316,567 | €277,898 | -€38,670 | -12.2% |
| Financial debts | 170/4 | €316,567 | €277,898 | -€38,670 | -12.2% |
| Amounts payable within one year | 42/48 | €92,787 | €117,778 | +€24,991 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €57,376 | €58,949 | +€1,573 | +2.7% |
| Trade debts | 44 | €4,476 | €3,654 | -€822 | -18.4% |
| Suppliers | 440/4 | €4,476 | €3,654 | -€822 | -18.4% |
| Advances received on contracts in progress | 46 | - | €2,350 | +€2,350 | |
| Taxes, remuneration and social security | 45 | €30,936 | €52,826 | +€21,891 | +70.8% |
| Taxes | 450/3 | €30,936 | €52,826 | +€21,891 | +70.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,950 | €24,766 | -€2,184 | -8.1% |
| Other operating charges | 640/8 | €5,105 | €12,058 | +€6,953 | +136% |
| Gross operating margin | 9900 | €233,984 | €253,723 | +€19,739 | +8.4% |
| Operating profit (loss) | 9901 | €201,929 | €216,899 | +€14,970 | +7.4% |
| Financial income | 75/76B | €42,568 | €57,899 | +€15,331 | +36.0% |
| Recurring financial income | 75 | €42,568 | €57,899 | +€15,331 | +36.0% |
| Financial charges | 65/66B | €14,209 | €14,034 | -€176 | -1.2% |
| Recurring financial charges | 65 | €14,209 | €14,034 | -€176 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €230,287 | €260,764 | +€30,477 | +13.2% |
| Income taxes | 67/77 | €78,296 | €89,340 | +€11,044 | +14.1% |
| Profit (loss) for the period | 9904 | €151,991 | €171,424 | +€19,433 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €151,991 | €171,424 | +€19,433 | +12.8% |
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 19 October 2026 via checked.be.