Luc CHALSÈGE: 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.
Luc CHALSÈGE
Largest movements
- Receivables after one year -€26,923
down €26,923 (-9.5%), from €282,698 to €255,774
- Receivables within one year -€15,559
down €15,559 (-27.6%), from €56,443 to €40,884
of which Trade receivables: -€27,422
- Reserves -€50,518
down €50,518 (-23.2%), from €217,681 to €167,163
of which Distributable reserves: -€50,518
- Debts after one year -€8,908
down €8,908 (-21.1%), from €42,204 to €33,296
- Tax, wage and social debts +€5,390
up €5,390 (+64.5%), from €8,352 to €13,742
- Financial charges -€82,770
down €82,770 (-97.3%), from €85,094 to €2,324
- Gross operating margin -€68,425
down €68,425 (-84.4%), from €81,057 to €12,632
- Taxes +€6,571
up €6,571 (+640%), from €1,026 to €7,597
- Other operating charges -€2,916
down €2,916 (-78.9%), from €3,699 to €782
- Depreciation -€1,331
down €1,331 (-28.5%), from €4,674 to €3,343
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 | €479,304 | €427,383 | -€51,921 | -10.8% |
| Fixed assets | 21/28 | €98,150 | €94,807 | -€3,343 | -3.4% |
| Tangible fixed assets | 22/27 | €96,540 | €93,197 | -€3,343 | -3.5% |
| Land and buildings | 22 | €96,058 | €92,774 | -€3,284 | -3.4% |
| Furniture and vehicles | 24 | €58 | - | -€58 | |
| Other tangible fixed assets | 26 | €423 | €423 | = | 0.0% |
| Financial fixed assets | 28 | €1,610 | €1,610 | = | 0.0% |
| Current assets | 29/58 | €381,154 | €332,576 | -€48,578 | -12.7% |
| Amounts receivable after more than one year | 29 | €282,698 | €255,774 | -€26,923 | -9.5% |
| Other amounts receivable | 291 | €282,698 | €255,774 | -€26,923 | -9.5% |
| Amounts receivable within one year | 40/41 | €56,443 | €40,884 | -€15,559 | -27.6% |
| Trade receivables | 40 | €27,422 | - | -€27,422 | |
| Other amounts receivable | 41 | €29,021 | €40,884 | +€11,863 | +40.9% |
| Cash at bank and in hand | 54/58 | €28,064 | €23,593 | -€4,471 | -15.9% |
| Deferred charges and accrued income | 490/1 | €13,949 | €12,325 | -€1,624 | -11.6% |
| Total equity and liabilities | 10/49 | €479,304 | €427,383 | -€51,921 | -10.8% |
| Equity | 10/15 | €390,192 | €339,674 | -€50,518 | -12.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €217,681 | €167,163 | -€50,518 | -23.2% |
| Non-distributable reserves | 130/1 | €8,442 | €8,442 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,442 | €8,442 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,000 | €8,000 | = | 0.0% |
| Distributable reserves | 133 | €201,240 | €150,722 | -€50,518 | -25.1% |
| Profit (loss) carried forward | 14 | €157,510 | €157,510 | = | 0.0% |
| Provisions and deferred taxes | 16 | €30,000 | €30,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €30,000 | €30,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable | 17/49 | €59,112 | €57,710 | -€1,402 | -2.4% |
| Amounts payable after more than one year | 17 | €42,204 | €33,296 | -€8,908 | -21.1% |
| Financial debts | 170/4 | €42,204 | €33,296 | -€8,908 | -21.1% |
| Amounts payable within one year | 42/48 | €16,908 | €24,414 | +€7,506 | +44.4% |
| Current portion of amounts payable after more than one year | 42 | €8,556 | €8,908 | +€352 | +4.1% |
| Trade debts | 44 | - | €1,763 | +€1,763 | |
| Suppliers | 440/4 | - | €1,763 | +€1,763 | |
| Taxes, remuneration and social security | 45 | €8,352 | €13,742 | +€5,390 | +64.5% |
| Taxes | 450/3 | €8,352 | €13,742 | +€5,390 | +64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,674 | €3,343 | -€1,331 | -28.5% |
| Other operating charges | 640/8 | €3,699 | €782 | -€2,916 | -78.9% |
| Gross operating margin | 9900 | €81,057 | €12,632 | -€68,425 | -84.4% |
| Operating profit (loss) | 9901 | €72,684 | €8,507 | -€64,178 | -88.3% |
| Financial income | 75/76B | €13,473 | €13,820 | +€347 | +2.6% |
| Recurring financial income | 75 | €13,473 | €13,820 | +€347 | +2.6% |
| Financial charges | 65/66B | €85,094 | €2,324 | -€82,770 | -97.3% |
| Recurring financial charges | 65 | €85,094 | €2,324 | -€82,770 | -97.3% |
| Profit (loss) for the period before taxes | 9903 | €1,062 | €20,002 | +€18,940 | +1,783% |
| Income taxes | 67/77 | €1,026 | €7,597 | +€6,571 | +640% |
| Profit (loss) for the period | 9904 | €36 | €12,405 | +€12,369 | +34,416% |
| Profit (loss) for the period to be appropriated | 9905 | €36 | €12,405 | +€12,369 | +34,416% |
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 23 October 2026 via checked.be.