MINUS: 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.
MINUS
Largest movements
- Tangible fixed assets +€308,176
up €308,176 (+50.4%), from €610,891 to €919,067
of which Land and buildings: +€294,976
- Current investments -€202,692
no longer reported in 2025 (was €202,692)
- Cash -€159,618
down €159,618 (-90.1%), from €177,114 to €17,497
mainly Investment in fixed assets (net) (-€405,129) and Debts after one year (-€61,649)
- Receivables within one year +€22,766
up €22,766 (+122%), from €18,648 to €41,414
of which Trade receivables: +€14,775
- Debts after one year -€61,649
down €61,649 (-18.4%), from €334,858 to €273,209
- Reserves +€52,907
up €52,907 (+11.1%), from €475,254 to €528,161
- Tax, wage and social debts -€15,634
down €15,634 (-19.5%), from €80,082 to €64,448
of which Taxes: -€24,693
- Turnover -€1.1m
no longer reported in 2025 (was €1.1m)
- Purchases and services -€571,088
no longer reported in 2025 (was €571,088)
- Gross operating margin -€29,115
down €29,115 (-5.5%), from €532,746 to €503,631
- Taxes -€23,810
down €23,810 (-47.3%), from €50,311 to €26,502
- Depreciation +€19,518
up €19,518 (+25.2%), from €77,435 to €96,953
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 | €1,033,893 | €1,000,183 | -€33,710 | -3.3% |
| Fixed assets | 21/28 | €611,169 | €919,345 | +€308,176 | +50.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €610,891 | €919,067 | +€308,176 | +50.4% |
| Land and buildings | 22 | €482,087 | €777,063 | +€294,976 | +61.2% |
| Plant, machinery and equipment | 23 | €47,549 | €49,414 | +€1,865 | +3.9% |
| Furniture and vehicles | 24 | €81,256 | €86,846 | +€5,590 | +6.9% |
| Other tangible fixed assets | 26 | €0 | €5,744 | +€5,744 | |
| Financial fixed assets | 28 | €278 | €278 | = | 0.0% |
| Current assets | 29/58 | €422,723 | €80,838 | -€341,886 | -80.9% |
| Stocks and contracts in progress | 3 | €15,171 | €12,298 | -€2,872 | -18.9% |
| Stocks | 30/36 | €15,171 | €12,298 | -€2,872 | -18.9% |
| Amounts receivable within one year | 40/41 | €18,648 | €41,414 | +€22,766 | +122% |
| Trade receivables | 40 | €13,436 | €28,211 | +€14,775 | +110% |
| Other amounts receivable | 41 | €5,212 | €13,203 | +€7,991 | +153% |
| Current investments | 50/53 | €202,692 | - | -€202,692 | |
| Cash at bank and in hand | 54/58 | €177,114 | €17,497 | -€159,618 | -90.1% |
| Deferred charges and accrued income | 490/1 | €9,099 | €9,629 | +€530 | +5.8% |
| Total equity and liabilities | 10/49 | €1,033,893 | €1,000,183 | -€33,710 | -3.3% |
| Equity | 10/15 | €495,254 | €548,161 | +€52,907 | +10.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €475,254 | €528,161 | +€52,907 | +11.1% |
| Distributable reserves | 133 | €475,254 | €528,161 | +€52,907 | +11.1% |
| Amounts payable | 17/49 | €538,639 | €452,022 | -€86,617 | -16.1% |
| Amounts payable after more than one year | 17 | €334,858 | €273,209 | -€61,649 | -18.4% |
| Financial debts | 170/4 | €334,858 | €273,209 | -€61,649 | -18.4% |
| Amounts payable within one year | 42/48 | €203,781 | €178,813 | -€24,968 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €64,303 | €61,649 | -€2,654 | -4.1% |
| Trade debts | 44 | €58,431 | €48,789 | -€9,642 | -16.5% |
| Suppliers | 440/4 | €58,431 | €48,789 | -€9,642 | -16.5% |
| Taxes, remuneration and social security | 45 | €80,082 | €64,448 | -€15,634 | -19.5% |
| Taxes | 450/3 | €49,602 | €24,910 | -€24,693 | -49.8% |
| Remuneration and social security | 454/9 | €30,480 | €39,538 | +€9,059 | +29.7% |
| Other amounts payable | 47/48 | €965 | €3,927 | +€2,962 | +307% |
| Turnover | 70 | €1,071,131 | - | -€1.1m | |
| Goods, raw materials, services and sundry goods | 60/61 | €571,088 | - | -€571,088 | |
| Remuneration, social security and pensions | 62 | €287,880 | €280,800 | -€7,081 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,435 | €96,953 | +€19,518 | +25.2% |
| Other operating charges | 640/8 | €2,308 | €4,904 | +€2,596 | +112% |
| Gross operating margin | 9900 | €532,746 | €503,631 | -€29,115 | -5.5% |
| Operating profit (loss) | 9901 | €165,122 | €120,974 | -€44,149 | -26.7% |
| Financial income | 75/76B | €4,402 | €5,053 | +€651 | +14.8% |
| Recurring financial income | 75 | €4,402 | €5,053 | +€651 | +14.8% |
| Financial charges | 65/66B | €15,763 | €14,938 | -€825 | -5.2% |
| Recurring financial charges | 65 | €15,763 | €14,938 | -€825 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €153,761 | €111,089 | -€42,672 | -27.8% |
| Income taxes | 67/77 | €50,311 | €26,502 | -€23,810 | -47.3% |
| Profit (loss) for the period | 9904 | €103,450 | €84,587 | -€18,862 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €103,450 | €84,587 | -€18,862 | -18.2% |
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 15 October 2026 via checked.be.