Market Unit: 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 Unit
Largest movements
- Tangible fixed assets +€109,038
up €109,038 (+279%), from €39,015 to €148,053
of which Furniture and vehicles: +€113,624
- Receivables within one year -€43,837
down €43,837 (-41.7%), from €105,167 to €61,329
of which Trade receivables: -€46,978
- Cash -€7,598
down €7,598 (-5.9%), from €129,837 to €122,239
mainly Investment in fixed assets (net) (-€146,420) and Short-term financial debts (-€25,000)
- Deferred charges and accrued income +€4,304
up €4,304 (+216%), from €1,994 to €6,298
- Receivables after one year -€4,000
down €4,000 (-25.0%), from €16,000 to €12,000
- Reserves +€72,274
up €72,274 (+38.6%), from €187,028 to €259,302
of which Tax-exempt reserves: +€42,100
- Short-term financial debts -€25,000
down €25,000 (-100%), from €25,000 to €0
- Trade debts +€15,560
up €15,560 (+240%), from €6,489 to €22,049
- Debts after one year -€15,397
down €15,397 (-27.9%), from €55,198 to €39,802
- Other debts +€10,000
up €10,000 (+77.6%), from €12,892 to €22,892
- Gross operating margin +€52,794
up €52,794 (+54.8%), from €96,363 to €149,158
- Depreciation +€25,661
up €25,661 (+219%), from €11,721 to €37,382
- Taxes +€3,377
up €3,377 (+11.7%), from €28,874 to €32,251
- Financial charges +€3,025
up €3,025 (+190%), from €1,589 to €4,614
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 | €322,687 | €380,594 | +€57,907 | +17.9% |
| Fixed assets | 21/28 | €69,690 | €178,728 | +€109,038 | +156% |
| Tangible fixed assets | 22/27 | €39,015 | €148,053 | +€109,038 | +279% |
| Plant, machinery and equipment | 23 | €2,408 | €1,524 | -€884 | -36.7% |
| Furniture and vehicles | 24 | €23,448 | €137,072 | +€113,624 | +485% |
| Other tangible fixed assets | 26 | €13,159 | €9,456 | -€3,703 | -28.1% |
| Financial fixed assets | 28 | €30,675 | €30,675 | = | 0.0% |
| Current assets | 29/58 | €252,997 | €201,866 | -€51,131 | -20.2% |
| Amounts receivable after more than one year | 29 | €16,000 | €12,000 | -€4,000 | -25.0% |
| Other amounts receivable | 291 | €16,000 | €12,000 | -€4,000 | -25.0% |
| Amounts receivable within one year | 40/41 | €105,167 | €61,329 | -€43,837 | -41.7% |
| Trade receivables | 40 | €93,054 | €46,076 | -€46,978 | -50.5% |
| Other amounts receivable | 41 | €12,112 | €15,253 | +€3,141 | +25.9% |
| Cash at bank and in hand | 54/58 | €129,837 | €122,239 | -€7,598 | -5.9% |
| Deferred charges and accrued income | 490/1 | €1,994 | €6,298 | +€4,304 | +216% |
| Total equity and liabilities | 10/49 | €322,687 | €380,594 | +€57,907 | +17.9% |
| Equity | 10/15 | €199,428 | €271,702 | +€72,274 | +36.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €187,028 | €259,302 | +€72,274 | +38.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €42,100 | +€42,100 | |
| Distributable reserves | 133 | €187,028 | €217,202 | +€30,174 | +16.1% |
| Amounts payable | 17/49 | €123,259 | €108,892 | -€14,367 | -11.7% |
| Amounts payable after more than one year | 17 | €55,198 | €39,802 | -€15,397 | -27.9% |
| Financial debts | 170/4 | €55,198 | €39,802 | -€15,397 | -27.9% |
| Amounts payable within one year | 42/48 | €68,061 | €69,090 | +€1,030 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €16,967 | €15,397 | -€1,570 | -9.3% |
| Financial debts | 43 | €25,000 | €0 | -€25,000 | -100% |
| Credit institutions | 430/8 | €25,000 | €0 | -€25,000 | -100% |
| Trade debts | 44 | €6,489 | €22,049 | +€15,560 | +240% |
| Suppliers | 440/4 | €6,489 | €22,049 | +€15,560 | +240% |
| Taxes, remuneration and social security | 45 | €6,712 | €8,752 | +€2,040 | +30.4% |
| Taxes | 450/3 | €6,712 | €8,752 | +€2,040 | +30.4% |
| Other amounts payable | 47/48 | €12,892 | €22,892 | +€10,000 | +77.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,721 | €37,382 | +€25,661 | +219% |
| Other operating charges | 640/8 | €2,647 | €2,747 | +€100 | +3.8% |
| Gross operating margin | 9900 | €96,363 | €149,158 | +€52,794 | +54.8% |
| Operating profit (loss) | 9901 | €81,994 | €109,028 | +€27,034 | +33.0% |
| Financial income | 75/76B | €33 | €111 | +€79 | +241% |
| Recurring financial income | 75 | €33 | €111 | +€79 | +241% |
| Financial charges | 65/66B | €1,589 | €4,614 | +€3,025 | +190% |
| Recurring financial charges | 65 | €1,589 | €4,614 | +€3,025 | +190% |
| Profit (loss) for the period before taxes | 9903 | €80,438 | €104,525 | +€24,087 | +29.9% |
| Income taxes | 67/77 | €28,874 | €32,251 | +€3,377 | +11.7% |
| Profit (loss) for the period | 9904 | €51,564 | €72,274 | +€20,710 | +40.2% |
| Transfer to tax-exempt reserves | 689 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,564 | €30,174 | -€21,390 | -41.5% |
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 23 October 2026 via checked.be.