KEY POST: 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.
KEY POST
Largest movements
- Receivables within one year +€157,526
up €157,526 (+40.1%), from €393,073 to €550,599
of which Trade receivables: +€155,957
- Tangible fixed assets +€71,062
up €71,062 (+75.1%), from €94,655 to €165,717
of which Furniture and vehicles: +€49,667
- Debts after one year +€50,551
up €50,551 (+93.3%), from €54,190 to €104,741
- Trade debts +€42,731
up €42,731 (+22.6%), from €189,178 to €231,909
- Current portion of long-term debt +€42,506
up €42,506 (+111.3%), from €38,174 to €80,680
- Tax, wage and social debts +€40,468
up €40,468 (+111.4%), from €36,331 to €76,799
of which Taxes: +€25,157
- Other debts +€23,909
up €23,909 (+923.1%), from €2,590 to €26,499
- Staff costs +€57,637
up €57,637 (+50.6%), from €113,975 to €171,612
- Gross operating margin -€23,323
down €23,323 (-9.2%), from €254,147 to €230,823
- Depreciation +€19,834
up €19,834 (+93.4%), from €21,226 to €41,060
- Financial charges +€9,274
up €9,274 (+264.1%), from €3,512 to €12,786
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 | €494,269 | €720,805 | +€226,536 | +45.8% |
| Fixed assets | 21/28 | €94,655 | €165,717 | +€71,062 | +75.1% |
| Tangible fixed assets | 22/27 | €94,655 | €165,717 | +€71,062 | +75.1% |
| Furniture and vehicles | 24 | €6,191 | €55,858 | +€49,667 | +802.2% |
| Other tangible fixed assets | 26 | €88,463 | €109,859 | +€21,395 | +24.2% |
| Current assets | 29/58 | €399,614 | €555,088 | +€155,474 | +38.9% |
| Amounts receivable within one year | 40/41 | €393,073 | €550,599 | +€157,526 | +40.1% |
| Trade receivables | 40 | €245,468 | €401,425 | +€155,957 | +63.5% |
| Other amounts receivable | 41 | €147,605 | €149,174 | +€1,569 | +1.1% |
| Cash at bank and in hand | 54/58 | €1,927 | €1,288 | -€639 | -33.2% |
| Deferred charges and accrued income | 490/1 | €4,614 | €3,201 | -€1,413 | -30.6% |
| Total equity and liabilities | 10/49 | €494,269 | €720,805 | +€226,536 | +45.8% |
| Equity | 10/15 | €157,352 | €160,086 | +€2,734 | +1.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €138,802 | €141,536 | +€2,734 | +2.0% |
| Amounts payable | 17/49 | €336,916 | €560,719 | +€223,802 | +66.4% |
| Amounts payable after more than one year | 17 | €54,190 | €104,741 | +€50,551 | +93.3% |
| Financial debts | 170/4 | €54,190 | €104,741 | +€50,551 | +93.3% |
| Amounts payable within one year | 42/48 | €271,025 | €432,313 | +€161,287 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | €38,174 | €80,680 | +€42,506 | +111.3% |
| Financial debts | 43 | €4,753 | €8,198 | +€3,445 | +72.5% |
| Credit institutions | 430/8 | €4,753 | €8,198 | +€3,445 | +72.5% |
| Trade debts | 44 | €189,178 | €231,909 | +€42,731 | +22.6% |
| Suppliers | 440/4 | €189,178 | €231,909 | +€42,731 | +22.6% |
| Advances received on contracts in progress | 46 | - | €8,228 | +€8,228 | |
| Taxes, remuneration and social security | 45 | €36,331 | €76,799 | +€40,468 | +111.4% |
| Taxes | 450/3 | €30,330 | €55,487 | +€25,157 | +82.9% |
| Remuneration and social security | 454/9 | €6,000 | €21,312 | +€15,312 | +255.2% |
| Other amounts payable | 47/48 | €2,590 | €26,499 | +€23,909 | +923.1% |
| Accrued charges and deferred income | 492/3 | €11,701 | €23,665 | +€11,964 | +102.3% |
| Remuneration, social security and pensions | 62 | €113,975 | €171,612 | +€57,637 | +50.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,226 | €41,060 | +€19,834 | +93.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €159 | €1,620 | +€1,461 | +918.0% |
| Gross operating margin | 9900 | €254,147 | €230,823 | -€23,323 | -9.2% |
| Operating profit (loss) | 9901 | €118,786 | €16,531 | -€102,256 | -86.1% |
| Financial income | 75/76B | €3 | €189 | +€186 | +5363.6% |
| Recurring financial income | 75 | €3 | €189 | +€186 | +5363.6% |
| Financial charges | 65/66B | €3,512 | €12,786 | +€9,274 | +264.1% |
| Recurring financial charges | 65 | €3,512 | €12,786 | +€9,274 | +264.1% |
| Profit (loss) for the period before taxes | 9903 | €115,278 | €3,933 | -€111,344 | -96.6% |
| Income taxes | 67/77 | €86 | €1,200 | +€1,114 | +1298.1% |
| Profit (loss) for the period | 9904 | €115,192 | €2,734 | -€112,458 | -97.6% |
| Profit (loss) for the period to be appropriated | 9905 | €115,192 | €2,734 | -€112,458 | -97.6% |
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.