MARKET: 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.
MARKET
Largest movements
- Cash -€169,892
down €169,892 (-51.1%), from €332,668 to €162,776
mainly Contributions, distributions and other (-€166,900) and Investment in fixed assets (net) (-€26,477)
- Receivables within one year +€13,550
up €13,550 (+11.4%), from €118,466 to €132,016
of which Other amounts receivable: +€14,817
- Reserves -€165,401
down €165,401 (-34.3%), from €482,518 to €317,117
- Other debts +€15,081
up €15,081 (+41.0%), from €36,758 to €51,838
- Gross operating margin -€51,239
down €51,239 (-64.4%), from €79,600 to €28,362
- Taxes -€14,300
down €14,300 (-80.5%), from €17,767 to €3,468
- Financial charges -€1,422
down €1,422 (-87.2%), from €1,631 to €209
- Depreciation +€1,216
up €1,216 (+5.5%), from €22,290 to €23,506
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 | €552,819 | €400,036 | -€152,783 | -27.6% |
| Fixed assets | 21/28 | €99,962 | €102,933 | +€2,971 | +3.0% |
| Tangible fixed assets | 22/27 | €99,962 | €102,933 | +€2,971 | +3.0% |
| Land and buildings | 22 | €1,000 | €1,000 | = | 0.0% |
| Plant, machinery and equipment | 23 | €37,455 | €26,883 | -€10,572 | -28.2% |
| Furniture and vehicles | 24 | €47,363 | €62,863 | +€15,499 | +32.7% |
| Other tangible fixed assets | 26 | €14,144 | €12,188 | -€1,957 | -13.8% |
| Current assets | 29/58 | €452,857 | €297,103 | -€155,754 | -34.4% |
| Amounts receivable within one year | 40/41 | €118,466 | €132,016 | +€13,550 | +11.4% |
| Trade receivables | 40 | €59,027 | €57,760 | -€1,267 | -2.1% |
| Other amounts receivable | 41 | €59,440 | €74,256 | +€14,817 | +24.9% |
| Cash at bank and in hand | 54/58 | €332,668 | €162,776 | -€169,892 | -51.1% |
| Deferred charges and accrued income | 490/1 | €1,723 | €2,311 | +€588 | +34.1% |
| Total equity and liabilities | 10/49 | €552,819 | €400,036 | -€152,783 | -27.6% |
| Equity | 10/15 | €501,118 | €335,717 | -€165,401 | -33.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €482,518 | €317,117 | -€165,401 | -34.3% |
| Distributable reserves | 133 | €482,518 | €317,117 | -€165,401 | -34.3% |
| Amounts payable | 17/49 | €51,702 | €64,319 | +€12,617 | +24.4% |
| Amounts payable within one year | 42/48 | €49,466 | €64,319 | +€14,853 | +30.0% |
| Trade debts | 44 | €964 | €2,953 | +€1,989 | +206.3% |
| Suppliers | 440/4 | €964 | €2,953 | +€1,989 | +206.3% |
| Taxes, remuneration and social security | 45 | €11,745 | €9,528 | -€2,217 | -18.9% |
| Taxes | 450/3 | €11,745 | €9,528 | -€2,217 | -18.9% |
| Other amounts payable | 47/48 | €36,758 | €51,838 | +€15,081 | +41.0% |
| Accrued charges and deferred income | 492/3 | €2,236 | - | -€2,236 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,290 | €23,506 | +€1,216 | +5.5% |
| Other operating charges | 640/8 | €1,185 | €856 | -€329 | -27.8% |
| Non-recurring operating charges | 66A | - | €701 | +€701 | |
| Gross operating margin | 9900 | €79,600 | €28,362 | -€51,239 | -64.4% |
| Operating profit (loss) | 9901 | €56,125 | €3,299 | -€52,826 | -94.1% |
| Financial income | 75/76B | €2,561 | €1,878 | -€683 | -26.7% |
| Recurring financial income | 75 | €2,561 | €1,878 | -€683 | -26.7% |
| Financial charges | 65/66B | €1,631 | €209 | -€1,422 | -87.2% |
| Recurring financial charges | 65 | €1,631 | €209 | -€1,422 | -87.2% |
| Profit (loss) for the period before taxes | 9903 | €57,055 | €4,967 | -€52,087 | -91.3% |
| Income taxes | 67/77 | €17,767 | €3,468 | -€14,300 | -80.5% |
| Profit (loss) for the period | 9904 | €39,287 | €1,499 | -€37,788 | -96.2% |
| Profit (loss) for the period to be appropriated | 9905 | €39,287 | €1,499 | -€37,788 | -96.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.