KARIN RASSCHAERT: 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.
KARIN RASSCHAERT
Largest movements
- Receivables within one year -€60,891
down €60,891 (-24.9%), from €244,710 to €183,820
of which Other amounts receivable: -€55,783
- Tangible fixed assets -€24,972
down €24,972 (-5.6%), from €446,551 to €421,579
of which Land and buildings: -€12,953
- Debts after one year -€50,748
down €50,748 (-71.2%), from €71,314 to €20,566
- Current portion of long-term debt -€46,324
down €46,324 (-37.0%), from €125,094 to €78,770
- Reserves +€11,300
up €11,300 (+1.5%), from €778,800 to €790,100
- Gross operating margin +€63,057
up €63,057 (+31.6%), from €199,834 to €262,890
- Taxes +€20,944
up €20,944 (+41.8%), from €50,143 to €71,087
- Financial charges -€4,252
down €4,252 (-37.2%), from €11,444 to €7,192
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 | €1,026,378 | €938,985 | -€87,393 | -8.5% |
| Fixed assets | 21/28 | €447,868 | €422,528 | -€25,340 | -5.7% |
| Intangible fixed assets | 21 | €1,317 | €949 | -€368 | -27.9% |
| Tangible fixed assets | 22/27 | €446,551 | €421,579 | -€24,972 | -5.6% |
| Land and buildings | 22 | €370,631 | €357,678 | -€12,953 | -3.5% |
| Plant, machinery and equipment | 23 | €64,931 | €55,439 | -€9,492 | -14.6% |
| Furniture and vehicles | 24 | €10,989 | €8,462 | -€2,527 | -23.0% |
| Current assets | 29/58 | €578,510 | €516,457 | -€62,053 | -10.7% |
| Amounts receivable after more than one year | 29 | €310,000 | €310,000 | = | 0.0% |
| Other amounts receivable | 291 | €310,000 | €310,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €244,710 | €183,820 | -€60,891 | -24.9% |
| Trade receivables | 40 | €57,229 | €52,122 | -€5,107 | -8.9% |
| Other amounts receivable | 41 | €187,481 | €131,698 | -€55,783 | -29.8% |
| Current investments | 50/53 | €321 | €87 | -€234 | -72.9% |
| Cash at bank and in hand | 54/58 | €659 | €5,136 | +€4,477 | +679% |
| Deferred charges and accrued income | 490/1 | €22,819 | €17,414 | -€5,405 | -23.7% |
| Total equity and liabilities | 10/49 | €1,026,378 | €938,985 | -€87,393 | -8.5% |
| Equity | 10/15 | €779,944 | €791,248 | +€11,304 | +1.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €778,800 | €790,100 | +€11,300 | +1.5% |
| Distributable reserves | 133 | €778,800 | €790,100 | +€11,300 | +1.5% |
| Profit (loss) carried forward | 14 | €144 | €148 | +€4 | +2.6% |
| Amounts payable | 17/49 | €246,434 | €147,738 | -€98,696 | -40.0% |
| Amounts payable after more than one year | 17 | €71,314 | €20,566 | -€50,748 | -71.2% |
| Financial debts | 170/4 | €71,314 | €20,566 | -€50,748 | -71.2% |
| Amounts payable within one year | 42/48 | €173,550 | €125,619 | -€47,931 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €125,094 | €78,770 | -€46,324 | -37.0% |
| Financial debts | 43 | €1,928 | - | -€1,928 | |
| Credit institutions | 430/8 | €1,928 | - | -€1,928 | |
| Trade debts | 44 | €5,404 | €7,508 | +€2,103 | +38.9% |
| Suppliers | 440/4 | €5,404 | €7,508 | +€2,103 | +38.9% |
| Taxes, remuneration and social security | 45 | €41,125 | €39,342 | -€1,782 | -4.3% |
| Taxes | 450/3 | €41,125 | €39,342 | -€1,782 | -4.3% |
| Accrued charges and deferred income | 492/3 | €1,570 | €1,552 | -€18 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,973 | €33,456 | +€1,484 | +4.6% |
| Other operating charges | 640/8 | €3,137 | €3,436 | +€299 | +9.5% |
| Gross operating margin | 9900 | €199,834 | €262,890 | +€63,057 | +31.6% |
| Operating profit (loss) | 9901 | €164,724 | €225,998 | +€61,274 | +37.2% |
| Financial income | 75/76B | €15,418 | €15,585 | +€167 | +1.1% |
| Recurring financial income | 75 | €15,418 | €15,585 | +€167 | +1.1% |
| Financial charges | 65/66B | €11,444 | €7,192 | -€4,252 | -37.2% |
| Recurring financial charges | 65 | €11,444 | €7,192 | -€4,252 | -37.2% |
| Profit (loss) for the period before taxes | 9903 | €168,698 | €234,391 | +€65,693 | +38.9% |
| Income taxes | 67/77 | €50,143 | €71,087 | +€20,944 | +41.8% |
| Profit (loss) for the period | 9904 | €118,555 | €163,304 | +€44,749 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €118,555 | €163,304 | +€44,749 | +37.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.