MARKET LEVAL: 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 LEVAL
Largest movements
- Cash -€142,352
down €142,352 (-80.6%), from €176,654 to €34,302
mainly Net result for the year (-€181,703) and Current portion of long-term debt (-€154,414)
- Receivables within one year -€100,177
down €100,177 (-63.7%), from €157,262 to €57,085
of which Trade receivables: -€79,615
- Tangible fixed assets -€75,492
down €75,492 (-11.8%), from €639,963 to €564,471
of which Plant, machinery and equipment: -€72,244
- Deferred charges and accrued income -€16,741
down €16,741 (-91.6%), from €18,285 to €1,544
- Stocks and contracts -€15,494
down €15,494 (-6.0%), from €259,617 to €244,123
- Profit (loss) carried forward -€181,703
down €181,703 (-69.5%), from -€261,419 to -€443,122
- Trade debts +€173,890
up €173,890 (+35.0%), from €496,895 to €670,785
- Current portion of long-term debt -€154,414
down €154,414 (-53.4%), from €289,097 to €134,683
- Debts after one year -€134,633
down €134,633 (-22.1%), from €608,285 to €473,652
- Tax, wage and social debts -€36,629
down €36,629 (-31.7%), from €115,458 to €78,829
of which Remuneration and social security: -€36,629
- Turnover +€4.8m
new in 2025: €4.8m
- Purchases and services +€4.4m
new in 2025: €4.4m
- Staff costs -€86,097
down €86,097 (-13.3%), from €645,673 to €559,576
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 | €1,443,164 | €1,082,358 | -€360,806 | -25.0% |
| Fixed assets | 21/28 | €831,346 | €745,304 | -€86,042 | -10.3% |
| Intangible fixed assets | 21 | €190,738 | €180,188 | -€10,550 | -5.5% |
| Tangible fixed assets | 22/27 | €639,963 | €564,471 | -€75,492 | -11.8% |
| Plant, machinery and equipment | 23 | €621,597 | €549,353 | -€72,244 | -11.6% |
| Furniture and vehicles | 24 | €18,366 | €15,118 | -€3,248 | -17.7% |
| Financial fixed assets | 28 | €645 | €645 | = | 0.0% |
| Current assets | 29/58 | €611,818 | €337,054 | -€274,764 | -44.9% |
| Stocks and contracts in progress | 3 | €259,617 | €244,123 | -€15,494 | -6.0% |
| Stocks | 30/36 | €259,617 | €244,123 | -€15,494 | -6.0% |
| Amounts receivable within one year | 40/41 | €157,262 | €57,085 | -€100,177 | -63.7% |
| Trade receivables | 40 | €133,938 | €54,323 | -€79,615 | -59.4% |
| Other amounts receivable | 41 | €23,324 | €2,762 | -€20,562 | -88.2% |
| Cash at bank and in hand | 54/58 | €176,654 | €34,302 | -€142,352 | -80.6% |
| Deferred charges and accrued income | 490/1 | €18,285 | €1,544 | -€16,741 | -91.6% |
| Total equity and liabilities | 10/49 | €1,443,164 | €1,082,358 | -€360,806 | -25.0% |
| Equity | 10/15 | -€130,919 | -€312,622 | -€181,703 | -139% |
| Contributions | 10/11 | €130,500 | €130,500 | = | 0.0% |
| Capital | 10 | €130,500 | €130,500 | = | 0.0% |
| Issued capital | 100 | €130,500 | €130,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€261,419 | -€443,122 | -€181,703 | -69.5% |
| Amounts payable | 17/49 | €1,574,083 | €1,394,980 | -€179,103 | -11.4% |
| Amounts payable after more than one year | 17 | €608,285 | €473,652 | -€134,633 | -22.1% |
| Financial debts | 170/4 | €608,285 | €473,652 | -€134,633 | -22.1% |
| Amounts payable within one year | 42/48 | €901,450 | €886,517 | -€14,933 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €289,097 | €134,683 | -€154,414 | -53.4% |
| Trade debts | 44 | €496,895 | €670,785 | +€173,890 | +35.0% |
| Suppliers | 440/4 | €496,895 | €670,785 | +€173,890 | +35.0% |
| Taxes, remuneration and social security | 45 | €115,458 | €78,829 | -€36,629 | -31.7% |
| Taxes | 450/3 | - | €0 | = | |
| Remuneration and social security | 454/9 | €115,458 | €78,829 | -€36,629 | -31.7% |
| Other amounts payable | 47/48 | - | €2,220 | +€2,220 | |
| Accrued charges and deferred income | 492/3 | €64,348 | €34,811 | -€29,537 | -45.9% |
| Turnover | 70 | - | €4,826,587 | +€4.8m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €4,404,941 | +€4.4m | |
| Remuneration, social security and pensions | 62 | €645,673 | €559,576 | -€86,097 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,991 | €88,242 | +€1,251 | +1.4% |
| Other operating charges | 640/8 | €3,512 | €17,327 | +€13,815 | +393% |
| Gross operating margin | 9900 | €570,230 | €524,919 | -€45,311 | -7.9% |
| Operating profit (loss) | 9901 | -€165,946 | -€140,226 | +€25,720 | +15.5% |
| Financial income | 75/76B | €423 | €329 | -€94 | -22.2% |
| Recurring financial income | 75 | €423 | €329 | -€94 | -22.2% |
| Financial charges | 65/66B | €39,705 | €41,806 | +€2,101 | +5.3% |
| Recurring financial charges | 65 | €39,705 | €41,806 | +€2,101 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | -€205,228 | -€181,703 | +€23,525 | +11.5% |
| Profit (loss) for the period | 9904 | -€205,228 | -€181,703 | +€23,525 | +11.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€205,228 | -€181,703 | +€23,525 | +11.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.