LE SCENARIO: 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.
LE SCENARIO
Largest movements
- Receivables within one year -€161,694
down €161,694 (-84.5%), from €191,291 to €29,597
of which Other amounts receivable: -€151,274
- Receivables after one year +€147,918
new in 2025: €147,918
- Tangible fixed assets -€35,983
down €35,983 (-9.3%), from €387,505 to €351,521
of which Land and buildings: -€32,143
- Cash -€12,343
down €12,343 (-30.0%), from €41,077 to €28,734
mainly Current portion of long-term debt (-€159,762) and Receivables after one year (-€147,918)
- Current portion of long-term debt -€159,762
no longer reported in 2025 (was €159,762)
- Debts after one year -€136,668
down €136,668 (-10.3%), from €1.3m to €1.2m
of which Financial debts: -€136,668
- Short-term financial debts +€136,668
new in 2025: €136,668
- Profit (loss) carried forward +€68,893
up €68,893 (+6.5%), from -€1.1m to -€993,581
- Trade debts +€55,454
up €55,454 (+251.8%), from €22,021 to €77,475
- Financial charges -€1.6m
down €1.6m (-98.0%), from €1.6m to €33,548
of which Non-recurring financial charges: -€1.6m
- Financial income -€228,191
down €228,191 (-98.8%), from €231,038 to €2,847
- Gross operating margin +€68,949
up €68,949 (+55.6%), from €123,998 to €192,947
- Taxes +€18,589
up €18,589 (+262.6%), from €7,079 to €25,668
- Depreciation -€4,988
down €4,988 (-12.2%), from €40,971 to €35,983
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 | €619,873 | €557,771 | -€62,103 | -10.0% |
| Fixed assets | 21/28 | €387,505 | €351,521 | -€35,983 | -9.3% |
| Tangible fixed assets | 22/27 | €387,505 | €351,521 | -€35,983 | -9.3% |
| Land and buildings | 22 | €371,143 | €339,000 | -€32,143 | -8.7% |
| Plant, machinery and equipment | 23 | €16,362 | €12,521 | -€3,841 | -23.5% |
| Current assets | 29/58 | €232,368 | €206,249 | -€26,119 | -11.2% |
| Amounts receivable after more than one year | 29 | - | €147,918 | +€147,918 | |
| Other amounts receivable | 291 | - | €147,918 | +€147,918 | |
| Amounts receivable within one year | 40/41 | €191,291 | €29,597 | -€161,694 | -84.5% |
| Trade receivables | 40 | €36,556 | €26,136 | -€10,421 | -28.5% |
| Other amounts receivable | 41 | €154,735 | €3,461 | -€151,274 | -97.8% |
| Cash at bank and in hand | 54/58 | €41,077 | €28,734 | -€12,343 | -30.0% |
| Total equity and liabilities | 10/49 | €619,873 | €557,771 | -€62,103 | -10.0% |
| Equity | 10/15 | -€929,617 | -€869,929 | +€59,688 | +6.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €70,457 | €62,153 | -€8,305 | -11.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,307 | €56,003 | -€8,305 | -12.9% |
| Profit (loss) carried forward | 14 | -€1,062,474 | -€993,581 | +€68,893 | +6.5% |
| Investment grants | 15 | €900 | - | -€900 | |
| Provisions and deferred taxes | 16 | €24,989 | €21,143 | -€3,846 | -15.4% |
| Deferred taxes | 168 | €24,989 | €21,143 | -€3,846 | -15.4% |
| Amounts payable | 17/49 | €1,524,501 | €1,406,556 | -€117,945 | -7.7% |
| Amounts payable after more than one year | 17 | €1,323,881 | €1,187,213 | -€136,668 | -10.3% |
| Financial debts | 170/4 | €1,241,381 | €1,104,713 | -€136,668 | -11.0% |
| Other amounts payable | 178/9 | €82,500 | €82,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €200,620 | €219,343 | +€18,723 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €159,762 | - | -€159,762 | |
| Financial debts | 43 | - | €136,668 | +€136,668 | |
| Credit institutions | 430/8 | - | €136,668 | +€136,668 | |
| Trade debts | 44 | €22,021 | €77,475 | +€55,454 | +251.8% |
| Suppliers | 440/4 | €22,021 | €77,475 | +€55,454 | +251.8% |
| Taxes, remuneration and social security | 45 | €15,837 | €2,200 | -€13,637 | -86.1% |
| Taxes | 450/3 | €15,837 | €2,200 | -€13,637 | -86.1% |
| Other amounts payable | 47/48 | €3,000 | €3,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,971 | €35,983 | -€4,988 | -12.2% |
| Other operating charges | 640/8 | €42,425 | €43,852 | +€1,427 | +3.4% |
| Gross operating margin | 9900 | €123,998 | €192,947 | +€68,949 | +55.6% |
| Operating profit (loss) | 9901 | €40,602 | €113,112 | +€72,510 | +178.6% |
| Financial income | 75/76B | €231,038 | €2,847 | -€228,191 | -98.8% |
| Recurring financial income | 75 | €231,038 | €2,847 | -€228,191 | -98.8% |
| Financial charges | 65/66B | €1,643,911 | €33,548 | -€1.6m | -98.0% |
| Recurring financial charges | 65 | €35,084 | €33,548 | -€1,536 | -4.4% |
| Non-recurring financial charges | 66B | €1,608,828 | - | -€1.6m | |
| Profit (loss) for the period before taxes | 9903 | -€1,372,272 | €82,410 | +€1.5m | |
| Transfer from deferred taxes | 780 | €3,846 | €3,846 | = | 0.0% |
| Income taxes | 67/77 | €7,079 | €25,668 | +€18,589 | +262.6% |
| Profit (loss) for the period | 9904 | -€1,375,505 | €60,588 | +€1.4m | |
| Transfer from tax-exempt reserves | 789 | €8,305 | €8,305 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,367,200 | €68,893 | +€1.4m |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.