L ACTIVITIES: 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.
L ACTIVITIES
Largest movements
- Stocks and contracts +€96,875
up €96,875 (+99.9%), from €96,965 to €193,841
- Cash +€8,078
up €8,078 (+155%), from €5,195 to €13,273
mainly Trade debts (+€51,492) and Short-term financial debts (+€34,865)
- Tangible fixed assets +€5,489
up €5,489 (+2.2%), from €249,830 to €255,319
of which Land and buildings: +€5,748
- Trade debts +€51,492
up €51,492 (+105%), from €48,847 to €100,339
- Short-term financial debts +€34,865
new in 2025: €34,865
- Profit (loss) carried forward +€14,601
up €14,601 (+1,200%), from €1,217 to €15,818
- Tax, wage and social debts +€5,453
up €5,453 (+25.1%), from €21,742 to €27,195
of which Taxes: +€2,814
- Current portion of long-term debt +€5,103
up €5,103 (+23.8%), from €21,403 to €26,506
- Gross operating margin +€24,913
up €24,913 (+46.9%), from €53,098 to €78,011
- Write-downs +€12,710
up €12,710 (+118%), from €10,774 to €23,484
- Staff costs +€8,983
new in 2025: €8,983
- Depreciation +€1,899
up €1,899 (+12.4%), from €15,359 to €17,258
- Taxes -€1,606
down €1,606 (-26.7%), from €6,009 to €4,403
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 | €352,129 | €462,433 | +€110,304 | +31.3% |
| Fixed assets | 21/28 | €249,830 | €255,319 | +€5,489 | +2.2% |
| Tangible fixed assets | 22/27 | €249,830 | €255,319 | +€5,489 | +2.2% |
| Land and buildings | 22 | €247,040 | €252,788 | +€5,748 | +2.3% |
| Plant, machinery and equipment | 23 | €2,690 | €2,531 | -€159 | -5.9% |
| Furniture and vehicles | 24 | €100 | - | -€100 | |
| Current assets | 29/58 | €102,299 | €207,114 | +€104,815 | +102% |
| Stocks and contracts in progress | 3 | €96,965 | €193,841 | +€96,875 | +99.9% |
| Stocks | 30/36 | €96,965 | €193,841 | +€96,875 | +99.9% |
| Amounts receivable within one year | 40/41 | €139 | - | -€139 | |
| Trade receivables | 40 | €139 | - | -€139 | |
| Cash at bank and in hand | 54/58 | €5,195 | €13,273 | +€8,078 | +155% |
| Total equity and liabilities | 10/49 | €352,129 | €462,433 | +€110,304 | +31.3% |
| Equity | 10/15 | €64,214 | €78,815 | +€14,601 | +22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €50,597 | €50,597 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,530 | €2,530 | = | 0.0% |
| Distributable reserves | 133 | €48,066 | €48,066 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,217 | €15,818 | +€14,601 | +1,200% |
| Amounts payable | 17/49 | €287,915 | €383,618 | +€95,703 | +33.2% |
| Amounts payable after more than one year | 17 | €152,987 | €148,822 | -€4,165 | -2.7% |
| Financial debts | 170/4 | €152,987 | €148,822 | -€4,165 | -2.7% |
| Amounts payable within one year | 42/48 | €134,928 | €234,797 | +€99,868 | +74.0% |
| Current portion of amounts payable after more than one year | 42 | €21,403 | €26,506 | +€5,103 | +23.8% |
| Financial debts | 43 | - | €34,865 | +€34,865 | |
| Credit institutions | 430/8 | - | €34,865 | +€34,865 | |
| Trade debts | 44 | €48,847 | €100,339 | +€51,492 | +105% |
| Suppliers | 440/4 | €48,847 | €100,339 | +€51,492 | +105% |
| Taxes, remuneration and social security | 45 | €21,742 | €27,195 | +€5,453 | +25.1% |
| Taxes | 450/3 | €21,742 | €24,555 | +€2,814 | +12.9% |
| Remuneration and social security | 454/9 | - | €2,639 | +€2,639 | |
| Other amounts payable | 47/48 | €42,937 | €45,892 | +€2,955 | +6.9% |
| Remuneration, social security and pensions | 62 | - | €8,983 | +€8,983 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,359 | €17,258 | +€1,899 | +12.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,774 | €23,484 | +€12,710 | +118% |
| Other operating charges | 640/8 | €3,007 | €4,158 | +€1,150 | +38.2% |
| Gross operating margin | 9900 | €53,098 | €78,011 | +€24,913 | +46.9% |
| Operating profit (loss) | 9901 | €23,957 | €24,128 | +€171 | +0.7% |
| Financial income | 75/76B | €1,097 | €1,067 | -€31 | -2.8% |
| Recurring financial income | 75 | €1,097 | €1,067 | -€31 | -2.8% |
| Financial charges | 65/66B | €5,478 | €6,191 | +€714 | +13.0% |
| Recurring financial charges | 65 | €5,478 | €6,191 | +€714 | +13.0% |
| Profit (loss) for the period before taxes | 9903 | €19,577 | €19,004 | -€573 | -2.9% |
| Income taxes | 67/77 | €6,009 | €4,403 | -€1,606 | -26.7% |
| Profit (loss) for the period | 9904 | €13,568 | €14,601 | +€1,032 | +7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,568 | €14,601 | +€1,032 | +7.6% |
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 15 October 2026 via checked.be.