MAKING IT HAPPEN: 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.
MAKING IT HAPPEN
Largest movements
- Current investments +€51,540
up €51,540 (+56.9%), from €90,586 to €142,126
- Cash -€30,239
down €30,239 (-17.7%), from €171,065 to €140,826
mainly Current investments (-€51,540) and Contributions, distributions and other (-€36,393)
- Receivables within one year -€12,223
down €12,223 (-18.1%), from €67,426 to €55,203
of which Trade receivables: -€8,593
- Deferred charges and accrued income +€11,346
up €11,346 (+1855.5%), from €611 to €11,957
- Accrued charges and deferred income +€33,791
up €33,791 (+22527.1%), from €150 to €33,941
- Other debts -€19,642
down €19,642 (-21.2%), from €92,551 to €72,909
- Reserves +€5,019
up €5,019 (+2.2%), from €226,001 to €231,020
of which Distributable reserves: +€5,019
- Gross operating margin +€6,149
up €6,149 (+9.9%), from €62,147 to €68,296
- Financial charges +€4,553
up €4,553 (+197.7%), from €2,303 to €6,856
- Depreciation -€2,238
down €2,238 (-44.8%), from €4,998 to €2,760
- Financial income -€1,104
down €1,104 (-63.4%), from €1,743 to €639
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 | €336,649 | €356,920 | +€20,272 | +6.0% |
| Fixed assets | 21/28 | €6,960 | €6,808 | -€152 | -2.2% |
| Tangible fixed assets | 22/27 | €6,832 | €6,681 | -€152 | -2.2% |
| Plant, machinery and equipment | 23 | €2,268 | €1,706 | -€562 | -24.8% |
| Furniture and vehicles | 24 | €4,564 | €4,975 | +€410 | +9.0% |
| Financial fixed assets | 28 | €128 | €128 | = | 0.0% |
| Current assets | 29/58 | €329,689 | €350,112 | +€20,424 | +6.2% |
| Amounts receivable within one year | 40/41 | €67,426 | €55,203 | -€12,223 | -18.1% |
| Trade receivables | 40 | €52,027 | €43,434 | -€8,593 | -16.5% |
| Other amounts receivable | 41 | €15,399 | €11,769 | -€3,631 | -23.6% |
| Current investments | 50/53 | €90,586 | €142,126 | +€51,540 | +56.9% |
| Cash at bank and in hand | 54/58 | €171,065 | €140,826 | -€30,239 | -17.7% |
| Deferred charges and accrued income | 490/1 | €611 | €11,957 | +€11,346 | +1855.5% |
| Total equity and liabilities | 10/49 | €336,649 | €356,920 | +€20,272 | +6.0% |
| Equity | 10/15 | €232,201 | €237,220 | +€5,019 | +2.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €226,001 | €231,020 | +€5,019 | +2.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €224,141 | €229,160 | +€5,019 | +2.2% |
| Amounts payable | 17/49 | €104,447 | €119,700 | +€15,253 | +14.6% |
| Amounts payable within one year | 42/48 | €104,297 | €85,760 | -€18,537 | -17.8% |
| Trade debts | 44 | €3,038 | €4,049 | +€1,012 | +33.3% |
| Suppliers | 440/4 | €3,038 | €4,049 | +€1,012 | +33.3% |
| Taxes, remuneration and social security | 45 | €8,708 | €8,801 | +€93 | +1.1% |
| Taxes | 450/3 | €8,683 | €6,301 | -€2,382 | -27.4% |
| Remuneration and social security | 454/9 | €25 | €2,500 | +€2,475 | +9900.0% |
| Other amounts payable | 47/48 | €92,551 | €72,909 | -€19,642 | -21.2% |
| Accrued charges and deferred income | 492/3 | €150 | €33,941 | +€33,791 | +22527.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,998 | €2,760 | -€2,238 | -44.8% |
| Other operating charges | 640/8 | €1,717 | €1,276 | -€441 | -25.7% |
| Gross operating margin | 9900 | €62,147 | €68,296 | +€6,149 | +9.9% |
| Operating profit (loss) | 9901 | €55,432 | €64,260 | +€8,828 | +15.9% |
| Financial income | 75/76B | €1,743 | €639 | -€1,104 | -63.4% |
| Recurring financial income | 75 | €1,743 | €639 | -€1,104 | -63.4% |
| Financial charges | 65/66B | €2,303 | €6,856 | +€4,553 | +197.7% |
| Recurring financial charges | 65 | €2,303 | €6,856 | +€4,553 | +197.7% |
| Profit (loss) for the period before taxes | 9903 | €54,872 | €58,043 | +€3,171 | +5.8% |
| Income taxes | 67/77 | €16,087 | €16,631 | +€544 | +3.4% |
| Profit (loss) for the period | 9904 | €38,785 | €41,412 | +€2,627 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,785 | €41,412 | +€2,627 | +6.8% |
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 8 October 2026 via checked.be.