LEVEL 27: 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.
LEVEL 27
Largest movements
- Cash +€353,034
up €353,034 (+58.7%), from €601,212 to €954,246
mainly Depreciation (+€555,099) and Receivables within one year (+€206,729)
- Tangible fixed assets -€244,785
down €244,785 (-19.8%), from €1.2m to €988,635
of which Other tangible fixed assets: -€134,920
- Receivables within one year -€206,729
down €206,729 (-37.2%), from €555,430 to €348,701
of which Trade receivables: -€105,564
- Financial fixed assets +€175,000
up €175,000, from €0 to €175,000
- Intangible fixed assets -€115,646
down €115,646 (-30.0%), from €385,761 to €270,115
- Trade debts -€122,092
down €122,092 (-37.4%), from €326,328 to €204,236
- Profit (loss) carried forward +€121,712
up €121,712 (+102.4%), from €118,847 to €240,559
- Current portion of long-term debt -€117,024
down €117,024 (-37.6%), from €310,865 to €193,842
- Other debts +€100,575
up €100,575 (+2290.1%), from €4,392 to €104,966
- Reserves -€62,911
down €62,911 (-9.0%), from €699,364 to €636,453
of which Tax-exempt reserves: -€62,911
- Gross operating margin +€180,169
up €180,169 (+10.7%), from €1.7m to €1.9m
- Depreciation +€117,623
up €117,623 (+26.9%), from €437,476 to €555,099
- Financial income -€22,924
down €22,924 (-91.6%), from €25,032 to €2,108
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 | €2,875,172 | €2,885,608 | +€10,436 | +0.4% |
| Fixed assets | 21/28 | €1,619,180 | €1,433,750 | -€185,431 | -11.5% |
| Intangible fixed assets | 21 | €385,761 | €270,115 | -€115,646 | -30.0% |
| Tangible fixed assets | 22/27 | €1,233,420 | €988,635 | -€244,785 | -19.8% |
| Plant, machinery and equipment | 23 | €201,162 | €229,781 | +€28,619 | +14.2% |
| Furniture and vehicles | 24 | €98,935 | €65,323 | -€33,612 | -34.0% |
| Leasing and similar rights | 25 | €124,553 | €19,681 | -€104,872 | -84.2% |
| Other tangible fixed assets | 26 | €808,769 | €673,849 | -€134,920 | -16.7% |
| Financial fixed assets | 28 | €0 | €175,000 | +€175,000 | |
| Current assets | 29/58 | €1,255,991 | €1,451,858 | +€195,867 | +15.6% |
| Amounts receivable within one year | 40/41 | €555,430 | €348,701 | -€206,729 | -37.2% |
| Trade receivables | 40 | €441,378 | €335,814 | -€105,564 | -23.9% |
| Other amounts receivable | 41 | €114,052 | €12,886 | -€101,165 | -88.7% |
| Current investments | 50/53 | €18,239 | €31,019 | +€12,780 | +70.1% |
| Cash at bank and in hand | 54/58 | €601,212 | €954,246 | +€353,034 | +58.7% |
| Deferred charges and accrued income | 490/1 | €81,111 | €117,893 | +€36,782 | +45.3% |
| Total equity and liabilities | 10/49 | €2,875,172 | €2,885,608 | +€10,436 | +0.4% |
| Equity | 10/15 | €836,811 | €895,612 | +€58,801 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €699,364 | €636,453 | -€62,911 | -9.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €251,644 | €188,733 | -€62,911 | -25.0% |
| Distributable reserves | 133 | €447,721 | €447,721 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,847 | €240,559 | +€121,712 | +102.4% |
| Amounts payable | 17/49 | €2,038,360 | €1,989,996 | -€48,365 | -2.4% |
| Amounts payable after more than one year | 17 | €715,150 | €771,309 | +€56,158 | +7.9% |
| Financial debts | 170/4 | €660,370 | €716,529 | +€56,158 | +8.5% |
| Other amounts payable | 178/9 | €54,780 | €54,780 | = | 0.0% |
| Amounts payable within one year | 42/48 | €851,963 | €725,384 | -€126,579 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €310,865 | €193,842 | -€117,024 | -37.6% |
| Trade debts | 44 | €326,328 | €204,236 | -€122,092 | -37.4% |
| Suppliers | 440/4 | €326,328 | €204,236 | -€122,092 | -37.4% |
| Taxes, remuneration and social security | 45 | €210,378 | €222,340 | +€11,962 | +5.7% |
| Taxes | 450/3 | €47,173 | €46,497 | -€677 | -1.4% |
| Remuneration and social security | 454/9 | €163,205 | €175,843 | +€12,638 | +7.7% |
| Other amounts payable | 47/48 | €4,392 | €104,966 | +€100,575 | +2290.1% |
| Accrued charges and deferred income | 492/3 | €471,247 | €493,303 | +€22,056 | +4.7% |
| Non-recurring operating income | 76A | - | €561 | +€561 | |
| Remuneration, social security and pensions | 62 | €980,950 | €989,694 | +€8,743 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €437,476 | €555,099 | +€117,623 | +26.9% |
| Other operating charges | 640/8 | €29,974 | €28,768 | -€1,206 | -4.0% |
| Non-recurring operating charges | 66A | €78,441 | €13,644 | -€64,797 | -82.6% |
| Gross operating margin | 9900 | €1,678,256 | €1,858,425 | +€180,169 | +10.7% |
| Operating profit (loss) | 9901 | €151,415 | €271,221 | +€119,806 | +79.1% |
| Financial income | 75/76B | €25,032 | €2,108 | -€22,924 | -91.6% |
| Recurring financial income | 75 | €25,032 | €2,108 | -€22,924 | -91.6% |
| Financial charges | 65/66B | €47,026 | €59,491 | +€12,465 | +26.5% |
| Recurring financial charges | 65 | €47,026 | €59,491 | +€12,465 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €129,421 | €213,838 | +€84,417 | +65.2% |
| Income taxes | 67/77 | €39,068 | €55,037 | +€15,969 | +40.9% |
| Profit (loss) for the period | 9904 | €90,352 | €158,801 | +€68,448 | +75.8% |
| Transfer from tax-exempt reserves | 789 | €62,911 | €62,911 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €314,555 | €0 | -€314,555 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€161,291 | €221,712 | +€383,003 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.