N 18: 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.
N 18
Largest movements
- Tangible fixed assets +€229,722
up €229,722 (+354.1%), from €64,874 to €294,596
of which Land and buildings: +€241,822
- Receivables within one year -€7,839
down €7,839 (-44.5%), from €17,604 to €9,765
of which Other amounts receivable: -€17,004
- Cash -€3,864
down €3,864 (-56.7%), from €6,814 to €2,950
mainly Investment in fixed assets (net) (-€246,685) and Contributions, distributions and other (-€24,000)
- Debts after one year +€222,812
new in 2025: €222,812
- Profit (loss) carried forward -€46,544
down €46,544 (-38.5%), from -€120,910 to -€167,454
- Other debts +€33,960
up €33,960 (+73.8%), from €46,041 to €80,001
- Current portion of long-term debt +€10,311
new in 2025: €10,311
- Trade debts -€9,086
down €9,086 (-65.0%), from €13,982 to €4,896
- Gross operating margin -€47,957
down €47,957 (-88.3%), from €54,282 to €6,324
- Staff costs -€44,852
down €44,852 (-99.0%), from €45,295 to €444
- Depreciation +€3,866
up €3,866 (+28.8%), from €13,417 to €17,283
- Financial charges +€3,794
up €3,794 (+59.0%), from €6,429 to €10,223
- Other operating charges -€983
down €983 (-54.6%), from €1,801 to €818
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 | €93,463 | €308,560 | +€215,097 | +230.1% |
| Fixed assets | 21/28 | €66,365 | €295,767 | +€229,402 | +345.7% |
| Intangible fixed assets | 21 | €1,491 | €1,171 | -€320 | -21.4% |
| Tangible fixed assets | 22/27 | €64,874 | €294,596 | +€229,722 | +354.1% |
| Land and buildings | 22 | €23,548 | €265,370 | +€241,822 | +1027.0% |
| Plant, machinery and equipment | 23 | €28,412 | €17,695 | -€10,717 | -37.7% |
| Other tangible fixed assets | 26 | €12,914 | €11,531 | -€1,384 | -10.7% |
| Current assets | 29/58 | €27,098 | €12,793 | -€14,305 | -52.8% |
| Stocks and contracts in progress | 3 | €1,500 | - | -€1,500 | |
| Stocks | 30/36 | €1,500 | - | -€1,500 | |
| Amounts receivable within one year | 40/41 | €17,604 | €9,765 | -€7,839 | -44.5% |
| Trade receivables | 40 | - | €9,165 | +€9,165 | |
| Other amounts receivable | 41 | €17,604 | €600 | -€17,004 | -96.6% |
| Cash at bank and in hand | 54/58 | €6,814 | €2,950 | -€3,864 | -56.7% |
| Deferred charges and accrued income | 490/1 | €1,179 | €78 | -€1,102 | -93.4% |
| Total equity and liabilities | 10/49 | €93,463 | €308,560 | +€215,097 | +230.1% |
| Equity | 10/15 | €32,850 | -€13,694 | -€46,544 | |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €152,760 | €152,760 | = | 0.0% |
| Distributable reserves | 133 | €152,760 | €152,760 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€120,910 | -€167,454 | -€46,544 | -38.5% |
| Amounts payable | 17/49 | €60,613 | €322,254 | +€261,641 | +431.7% |
| Amounts payable after more than one year | 17 | - | €222,812 | +€222,812 | |
| Financial debts | 170/4 | - | €222,812 | +€222,812 | |
| Amounts payable within one year | 42/48 | €60,613 | €98,647 | +€38,034 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | - | €10,311 | +€10,311 | |
| Trade debts | 44 | €13,982 | €4,896 | -€9,086 | -65.0% |
| Suppliers | 440/4 | €13,982 | €4,896 | -€9,086 | -65.0% |
| Taxes, remuneration and social security | 45 | €590 | €3,439 | +€2,849 | +482.5% |
| Taxes | 450/3 | €260 | €3,439 | +€3,179 | +1221.3% |
| Remuneration and social security | 454/9 | €330 | - | -€330 | |
| Other amounts payable | 47/48 | €46,041 | €80,001 | +€33,960 | +73.8% |
| Accrued charges and deferred income | 492/3 | - | €795 | +€795 | |
| Non-recurring operating income | 76A | €22,633 | - | -€22,633 | |
| Remuneration, social security and pensions | 62 | €45,295 | €444 | -€44,852 | -99.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,417 | €17,283 | +€3,866 | +28.8% |
| Other operating charges | 640/8 | €1,801 | €818 | -€983 | -54.6% |
| Non-recurring operating charges | 66A | €2,374 | - | -€2,374 | |
| Gross operating margin | 9900 | €54,282 | €6,324 | -€47,957 | -88.3% |
| Operating profit (loss) | 9901 | -€8,606 | -€12,220 | -€3,614 | -42.0% |
| Financial income | 75/76B | €70 | €101 | +€31 | +45.0% |
| Recurring financial income | 75 | €70 | €101 | +€31 | +45.0% |
| Financial charges | 65/66B | €6,429 | €10,223 | +€3,794 | +59.0% |
| Recurring financial charges | 65 | €6,429 | €10,223 | +€3,794 | +59.0% |
| Profit (loss) for the period before taxes | 9903 | -€14,965 | -€22,342 | -€7,377 | -49.3% |
| Income taxes | 67/77 | €260 | €202 | -€58 | -22.3% |
| Profit (loss) for the period | 9904 | -€15,225 | -€22,544 | -€7,319 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,225 | -€22,544 | -€7,319 | -48.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.