Ithink: 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.
Ithink
Largest movements
- Cash -€174,224
down €174,224 (-61.1%), from €285,040 to €110,815
mainly Current investments (-€123,957) and Contributions, distributions and other (-€69,829)
- Current investments +€123,957
up €123,957 (+2571.1%), from €4,821 to €128,778
- Tangible fixed assets -€29,485
down €29,485 (-5.1%), from €575,962 to €546,477
of which Land and buildings: -€16,833
- Reserves -€39,732
down €39,732 (-9.7%), from €409,834 to €370,102
of which Distributable reserves: -€32,592
- Debts after one year -€28,843
down €28,843 (-9.2%), from €314,634 to €285,791
- Tax, wage and social debts -€13,092
down €13,092 (-68.0%), from €19,251 to €6,158
- Gross operating margin -€14,013
down €14,013 (-15.5%), from €90,394 to €76,382
- Write-downs -€13,148
down €13,148, from €6,574 to -€6,574
- Other operating charges +€3,985
up €3,985 (+118.6%), from €3,360 to €7,345
- Taxes -€1,799
down €1,799 (-10.9%), from €16,432 to €14,633
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 | €886,112 | €803,345 | -€82,768 | -9.3% |
| Fixed assets | 21/28 | €575,962 | €546,477 | -€29,485 | -5.1% |
| Tangible fixed assets | 22/27 | €575,962 | €546,477 | -€29,485 | -5.1% |
| Land and buildings | 22 | €550,618 | €533,785 | -€16,833 | -3.1% |
| Plant, machinery and equipment | 23 | €2,400 | €1,267 | -€1,133 | -47.2% |
| Furniture and vehicles | 24 | €22,944 | €11,424 | -€11,519 | -50.2% |
| Current assets | 29/58 | €310,150 | €256,868 | -€53,282 | -17.2% |
| Amounts receivable within one year | 40/41 | €19,154 | €15,297 | -€3,857 | -20.1% |
| Trade receivables | 40 | €19,154 | €13,431 | -€5,724 | -29.9% |
| Other amounts receivable | 41 | - | €1,867 | +€1,867 | |
| Current investments | 50/53 | €4,821 | €128,778 | +€123,957 | +2571.1% |
| Cash at bank and in hand | 54/58 | €285,040 | €110,815 | -€174,224 | -61.1% |
| Deferred charges and accrued income | 490/1 | €1,135 | €1,977 | +€842 | +74.1% |
| Total equity and liabilities | 10/49 | €886,112 | €803,345 | -€82,768 | -9.3% |
| Equity | 10/15 | €421,919 | €382,187 | -€39,732 | -9.4% |
| Contributions | 10/11 | €12,084 | €12,084 | = | 0.0% |
| Reserves | 13 | €409,834 | €370,102 | -€39,732 | -9.7% |
| Tax-exempt reserves | 132 | €209,455 | €202,314 | -€7,141 | -3.4% |
| Distributable reserves | 133 | €200,380 | €167,788 | -€32,592 | -16.3% |
| Provisions and deferred taxes | 16 | €95,770 | €93,390 | -€2,380 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €25,951 | €25,951 | = | 0.0% |
| Pensions and similar obligations | 160 | €25,951 | €25,951 | = | 0.0% |
| Deferred taxes | 168 | €69,818 | €67,438 | -€2,380 | -3.4% |
| Amounts payable | 17/49 | €368,424 | €327,769 | -€40,656 | -11.0% |
| Amounts payable after more than one year | 17 | €314,634 | €285,791 | -€28,843 | -9.2% |
| Financial debts | 170/4 | €314,634 | €285,791 | -€28,843 | -9.2% |
| Amounts payable within one year | 42/48 | €53,601 | €41,637 | -€11,963 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €29,359 | €28,802 | -€557 | -1.9% |
| Trade debts | 44 | €1,671 | €3,293 | +€1,621 | +97.0% |
| Suppliers | 440/4 | €1,671 | €3,293 | +€1,621 | +97.0% |
| Taxes, remuneration and social security | 45 | €19,251 | €6,158 | -€13,092 | -68.0% |
| Taxes | 450/3 | €19,251 | €6,158 | -€13,092 | -68.0% |
| Other amounts payable | 47/48 | €3,320 | €3,384 | +€65 | +1.9% |
| Accrued charges and deferred income | 492/3 | €190 | €340 | +€151 | +79.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,442 | €29,485 | +€43 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,574 | -€6,574 | -€13,148 | |
| Other operating charges | 640/8 | €3,360 | €7,345 | +€3,985 | +118.6% |
| Gross operating margin | 9900 | €90,394 | €76,382 | -€14,013 | -15.5% |
| Operating profit (loss) | 9901 | €51,019 | €46,125 | -€4,894 | -9.6% |
| Financial income | 75/76B | €19 | €34 | +€15 | +76.8% |
| Recurring financial income | 75 | €19 | €34 | +€15 | +76.8% |
| Financial charges | 65/66B | €4,176 | €3,809 | -€367 | -8.8% |
| Recurring financial charges | 65 | €4,176 | €3,809 | -€367 | -8.8% |
| Profit (loss) for the period before taxes | 9903 | €46,862 | €42,350 | -€4,512 | -9.6% |
| Transfer from deferred taxes | 780 | €2,380 | €2,380 | = | 0.0% |
| Income taxes | 67/77 | €16,432 | €14,633 | -€1,799 | -10.9% |
| Profit (loss) for the period | 9904 | €32,809 | €30,096 | -€2,713 | -8.3% |
| Transfer from tax-exempt reserves | 789 | €7,141 | €7,141 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,950 | €37,237 | -€2,713 | -6.8% |
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 6 October 2026 via checked.be.