MARKET FOCUS: 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.
MARKET FOCUS
Largest movements
- Current investments +€296,518
up €296,518 (+115%), from €256,740 to €553,258
- Cash -€175,491
down €175,491 (-83.2%), from €210,808 to €35,316
mainly Current investments (-€296,518) and Tax, wage and social debts (-€95,443)
- Receivables within one year -€44,200
down €44,200 (-59.8%), from €73,931 to €29,731
of which Trade receivables: -€44,831
- Reserves +€178,388
up €178,388 (+49.6%), from €359,973 to €538,361
- Tax, wage and social debts -€95,443
down €95,443 (-56.2%), from €169,758 to €74,316
- Trade debts -€7,382
down €7,382 (-80.0%), from €9,227 to €1,845
- Gross operating margin -€271,643
down €271,643 (-52.4%), from €518,695 to €247,052
- Taxes -€84,965
down €84,965 (-52.3%), from €162,426 to €77,461
- Financial income +€5,410
up €5,410 (+106%), from €5,124 to €10,534
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 | €541,479 | €619,161 | +€77,683 | +14.3% |
| Current assets | 29/58 | €541,479 | €619,161 | +€77,683 | +14.3% |
| Amounts receivable within one year | 40/41 | €73,931 | €29,731 | -€44,200 | -59.8% |
| Trade receivables | 40 | €73,931 | €29,100 | -€44,831 | -60.6% |
| Other amounts receivable | 41 | - | €631 | +€631 | |
| Current investments | 50/53 | €256,740 | €553,258 | +€296,518 | +115% |
| Cash at bank and in hand | 54/58 | €210,808 | €35,316 | -€175,491 | -83.2% |
| Deferred charges and accrued income | 490/1 | - | €856 | +€856 | |
| Total equity and liabilities | 10/49 | €541,479 | €619,161 | +€77,683 | +14.3% |
| Equity | 10/15 | €362,473 | €540,861 | +€178,388 | +49.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €359,973 | €538,361 | +€178,388 | +49.6% |
| Distributable reserves | 133 | €359,973 | €538,361 | +€178,388 | +49.6% |
| Amounts payable | 17/49 | €179,005 | €78,300 | -€100,705 | -56.3% |
| Amounts payable within one year | 42/48 | €179,005 | €77,332 | -€101,673 | -56.8% |
| Trade debts | 44 | €9,227 | €1,845 | -€7,382 | -80.0% |
| Suppliers | 440/4 | €9,227 | €1,845 | -€7,382 | -80.0% |
| Taxes, remuneration and social security | 45 | €169,758 | €74,316 | -€95,443 | -56.2% |
| Taxes | 450/3 | €169,758 | €74,316 | -€95,443 | -56.2% |
| Other amounts payable | 47/48 | €20 | €1,171 | +€1,151 | +5,829% |
| Accrued charges and deferred income | 492/3 | - | €968 | +€968 | |
| Other operating charges | 640/8 | €384 | €405 | +€21 | +5.5% |
| Gross operating margin | 9900 | €518,695 | €247,052 | -€271,643 | -52.4% |
| Operating profit (loss) | 9901 | €518,311 | €246,647 | -€271,664 | -52.4% |
| Financial income | 75/76B | €5,124 | €10,534 | +€5,410 | +106% |
| Recurring financial income | 75 | €5,124 | €10,534 | +€5,410 | +106% |
| Financial charges | 65/66B | €1,035 | €1,331 | +€297 | +28.7% |
| Recurring financial charges | 65 | €1,035 | €1,331 | +€297 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | €522,399 | €255,849 | -€266,551 | -51.0% |
| Income taxes | 67/77 | €162,426 | €77,461 | -€84,965 | -52.3% |
| Profit (loss) for the period | 9904 | €359,973 | €178,388 | -€181,586 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €359,973 | €178,388 | -€181,586 | -50.4% |
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 26 October 2026 via checked.be.