K25: 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.
K25
Largest movements
- Receivables within one year -€66,398
down €66,398 (-58.4%), from €113,724 to €47,326
of which Other amounts receivable: -€81,438
- Cash +€57,042
up €57,042 (+177.4%), from €32,156 to €89,197
mainly Receivables within one year (+€66,398) and Depreciation (+€45,134)
- Tangible fixed assets +€15,850
up €15,850 (+2.4%), from €673,944 to €689,794
of which Land and buildings: +€30,588
- Reserves -€62,031
down €62,031 (-12.7%), from €488,552 to €426,521
of which Distributable reserves: -€62,031
- Trade debts +€41,244
up €41,244 (+698.5%), from €5,905 to €47,148
- Other debts +€41,145
up €41,145 (+34.5%), from €119,382 to €160,527
- Debts after one year -€19,424
down €19,424 (-11.1%), from €174,644 to €155,220
- Financial income -€41,515
down €41,515 (-100.0%), from €41,534 to €19
of which Non-recurring financial income: -€41,501
- Gross operating margin -€27,844
down €27,844 (-31.5%), from €88,329 to €60,484
- Taxes -€16,810
down €16,810 (-95.6%), from €17,580 to €769
- Financial charges -€1,565
down €1,565 (-9.6%), from €16,249 to €14,684
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €823,690 | €828,240 | +€4,550 | +0.6% |
| Fixed assets | 21/28 | €674,194 | €690,044 | +€15,850 | +2.4% |
| Tangible fixed assets | 22/27 | €673,944 | €689,794 | +€15,850 | +2.4% |
| Land and buildings | 22 | €592,430 | €623,019 | +€30,588 | +5.2% |
| Plant, machinery and equipment | 23 | €14,474 | €12,869 | -€1,604 | -11.1% |
| Furniture and vehicles | 24 | €63,247 | €50,113 | -€13,134 | -20.8% |
| Other tangible fixed assets | 26 | €3,793 | €3,793 | = | 0.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €149,496 | €138,196 | -€11,300 | -7.6% |
| Amounts receivable within one year | 40/41 | €113,724 | €47,326 | -€66,398 | -58.4% |
| Trade receivables | 40 | €17,833 | €32,873 | +€15,040 | +84.3% |
| Other amounts receivable | 41 | €95,891 | €14,453 | -€81,438 | -84.9% |
| Cash at bank and in hand | 54/58 | €32,156 | €89,197 | +€57,042 | +177.4% |
| Deferred charges and accrued income | 490/1 | €3,616 | €1,673 | -€1,943 | -53.7% |
| Total equity and liabilities | 10/49 | €823,690 | €828,240 | +€4,550 | +0.6% |
| Equity | 10/15 | €494,752 | €432,721 | -€62,031 | -12.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €488,552 | €426,521 | -€62,031 | -12.7% |
| Tax-exempt reserves | 132 | €23,438 | €23,438 | = | 0.0% |
| Distributable reserves | 133 | €465,114 | €403,083 | -€62,031 | -13.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €328,939 | €395,519 | +€66,581 | +20.2% |
| Amounts payable after more than one year | 17 | €174,644 | €155,220 | -€19,424 | -11.1% |
| Financial debts | 170/4 | €174,644 | €155,220 | -€19,424 | -11.1% |
| Amounts payable within one year | 42/48 | €154,295 | €240,299 | +€86,005 | +55.7% |
| Current portion of amounts payable after more than one year | 42 | €18,677 | €19,424 | +€747 | +4.0% |
| Financial debts | 43 | €2,362 | €5,481 | +€3,119 | +132.1% |
| Credit institutions | 430/8 | €2,362 | €5,481 | +€3,119 | +132.1% |
| Trade debts | 44 | €5,905 | €47,148 | +€41,244 | +698.5% |
| Suppliers | 440/4 | €5,905 | €47,148 | +€41,244 | +698.5% |
| Taxes, remuneration and social security | 45 | €7,969 | €7,719 | -€250 | -3.1% |
| Taxes | 450/3 | €7,969 | €7,719 | -€250 | -3.1% |
| Other amounts payable | 47/48 | €119,382 | €160,527 | +€41,145 | +34.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,195 | €45,134 | -€61 | -0.1% |
| Other operating charges | 640/8 | €2,398 | €2,400 | +€3 | +0.1% |
| Non-recurring operating charges | 66A | €0 | €101 | +€101 | |
| Gross operating margin | 9900 | €88,329 | €60,484 | -€27,844 | -31.5% |
| Operating profit (loss) | 9901 | €40,737 | €12,850 | -€27,887 | -68.5% |
| Financial income | 75/76B | €41,534 | €19 | -€41,515 | -100.0% |
| Recurring financial income | 75 | €34 | €19 | -€14 | -42.6% |
| Non-recurring financial income | 76B | €41,501 | €0 | -€41,501 | -100.0% |
| Financial charges | 65/66B | €16,249 | €14,684 | -€1,565 | -9.6% |
| Recurring financial charges | 65 | €16,249 | €14,684 | -€1,565 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €66,022 | -€1,815 | -€67,837 | |
| Income taxes | 67/77 | €17,580 | €769 | -€16,810 | -95.6% |
| Profit (loss) for the period | 9904 | €48,442 | -€2,584 | -€51,026 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,442 | -€2,584 | -€51,026 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.