LEVEL 4: 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.
LEVEL 4
Largest movements
- Receivables within one year +€82,783
up €82,783 (+43.6%), from €189,857 to €272,640
of which Trade receivables: +€79,513
- Cash -€5,907
down €5,907 (-58.5%), from €10,092 to €4,185
mainly Receivables within one year (-€82,783) and Current portion of long-term debt (-€12,382)
- Profit (loss) carried forward +€84,732
up €84,732 (+11.2%), from -€757,243 to -€672,512
- Current portion of long-term debt -€12,382
no longer reported in 2025 (was €12,382)
- Depreciation -€7,426
down €7,426 (-71.6%), from €10,372 to €2,947
- Financial income -€2,513
down €2,513 (-83.4%), from €3,011 to €499
- Gross operating margin -€2,156
down €2,156 (-2.3%), from €93,311 to €91,155
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 | €308,546 | €379,965 | +€71,419 | +23.1% |
| Fixed assets | 21/28 | €104,966 | €102,019 | -€2,947 | -2.8% |
| Tangible fixed assets | 22/27 | €104,966 | €102,019 | -€2,947 | -2.8% |
| Land and buildings | 22 | €104,966 | €102,019 | -€2,947 | -2.8% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €203,580 | €277,946 | +€74,366 | +36.5% |
| Stocks and contracts in progress | 3 | €1,339 | - | -€1,339 | |
| Stocks | 30/36 | €1,339 | - | -€1,339 | |
| Amounts receivable within one year | 40/41 | €189,857 | €272,640 | +€82,783 | +43.6% |
| Trade receivables | 40 | €184,201 | €263,714 | +€79,513 | +43.2% |
| Other amounts receivable | 41 | €5,656 | €8,926 | +€3,270 | +57.8% |
| Cash at bank and in hand | 54/58 | €10,092 | €4,185 | -€5,907 | -58.5% |
| Deferred charges and accrued income | 490/1 | €2,291 | €1,121 | -€1,171 | -51.1% |
| Total equity and liabilities | 10/49 | €308,546 | €379,965 | +€71,419 | +23.1% |
| Equity | 10/15 | -€94,017 | -€9,286 | +€84,732 | +90.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €483,507 | €483,507 | = | 0.0% |
| Reserves | 13 | €161,169 | €161,169 | = | 0.0% |
| Distributable reserves | 133 | €161,169 | €161,169 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€757,243 | -€672,512 | +€84,732 | +11.2% |
| Amounts payable | 17/49 | €402,563 | €389,250 | -€13,312 | -3.3% |
| Amounts payable after more than one year | 17 | €372,022 | €372,022 | = | 0.0% |
| Financial debts | 170/4 | €372,022 | €372,022 | = | 0.0% |
| Amounts payable within one year | 42/48 | €30,541 | €17,228 | -€13,312 | -43.6% |
| Current portion of amounts payable after more than one year | 42 | €12,382 | - | -€12,382 | |
| Trade debts | 44 | €1,566 | €531 | -€1,035 | -66.1% |
| Suppliers | 440/4 | €1,566 | €531 | -€1,035 | -66.1% |
| Taxes, remuneration and social security | 45 | €6,231 | €3,824 | -€2,407 | -38.6% |
| Taxes | 450/3 | €6,231 | €3,824 | -€2,407 | -38.6% |
| Other amounts payable | 47/48 | €10,362 | €12,873 | +€2,511 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,372 | €2,947 | -€7,426 | -71.6% |
| Other operating charges | 640/8 | €3,540 | €3,503 | -€37 | -1.1% |
| Gross operating margin | 9900 | €93,311 | €91,155 | -€2,156 | -2.3% |
| Operating profit (loss) | 9901 | €79,399 | €84,705 | +€5,306 | +6.7% |
| Financial income | 75/76B | €3,011 | €499 | -€2,513 | -83.4% |
| Recurring financial income | 75 | €3,011 | €499 | -€2,513 | -83.4% |
| Financial charges | 65/66B | €849 | €186 | -€663 | -78.1% |
| Recurring financial charges | 65 | €849 | €186 | -€663 | -78.1% |
| Profit (loss) for the period before taxes | 9903 | €81,561 | €85,018 | +€3,457 | +4.2% |
| Income taxes | 67/77 | €274 | €286 | +€12 | +4.4% |
| Profit (loss) for the period | 9904 | €81,287 | €84,732 | +€3,445 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €81,287 | €84,732 | +€3,445 | +4.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.