New Begin: 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.
New Begin
Largest movements
- Tangible fixed assets +€169,933
up €169,933 (+15.1%), from €1.1m to €1.3m
of which Land and buildings: +€175,803
- Receivables after one year -€169,535
no longer reported in 2025 (was €169,535)
- Deferred charges and accrued income -€24,660
down €24,660 (-47.5%), from €51,904 to €27,245
- Profit (loss) carried forward -€54,757
new in 2025: -€54,757
- Debts after one year -€52,435
down €52,435 (-7.9%), from €667,765 to €615,330
of which Financial debts: -€52,435
- Other debts +€42,592
up €42,592 (+27.6%), from €154,553 to €197,145
- Advances received +€26,161
new in 2025: €26,161
- Gross operating margin -€67,765
down €67,765 (-63.7%), from €106,417 to €38,652
- Depreciation +€9,863
up €9,863 (+17.7%), from €55,806 to €65,668
- Taxes -€2,698
down €2,698 (-88.5%), from €3,048 to €350
- Financial charges +€2,196
up €2,196 (+14.7%), from €14,919 to €17,116
- Write-downs -€1,789
no longer reported in 2025 (was €1,789)
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 | €1,401,733 | €1,375,369 | -€26,364 | -1.9% |
| Fixed assets | 21/28 | €1,149,243 | €1,319,176 | +€169,933 | +14.8% |
| Tangible fixed assets | 22/27 | €1,124,243 | €1,294,176 | +€169,933 | +15.1% |
| Land and buildings | 22 | €1,099,989 | €1,275,792 | +€175,803 | +16.0% |
| Plant, machinery and equipment | 23 | €1,240 | €345 | -€895 | -72.2% |
| Furniture and vehicles | 24 | €3,739 | €6,828 | +€3,089 | +82.6% |
| Other tangible fixed assets | 26 | €19,274 | €11,211 | -€8,063 | -41.8% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €252,490 | €56,193 | -€196,298 | -77.7% |
| Amounts receivable after more than one year | 29 | €169,535 | - | -€169,535 | |
| Other amounts receivable | 291 | €169,535 | - | -€169,535 | |
| Amounts receivable within one year | 40/41 | €30,036 | €28,464 | -€1,572 | -5.2% |
| Trade receivables | 40 | €28,079 | €16,344 | -€11,734 | -41.8% |
| Other amounts receivable | 41 | €1,958 | €12,120 | +€10,162 | +519.1% |
| Cash at bank and in hand | 54/58 | €1,015 | €484 | -€531 | -52.3% |
| Deferred charges and accrued income | 490/1 | €51,904 | €27,245 | -€24,660 | -47.5% |
| Total equity and liabilities | 10/49 | €1,401,733 | €1,375,369 | -€26,364 | -1.9% |
| Equity | 10/15 | €498,245 | €443,488 | -€54,757 | -11.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €485,745 | €485,745 | = | 0.0% |
| Distributable reserves | 133 | €485,745 | €485,745 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€54,757 | -€54,757 | |
| Amounts payable | 17/49 | €903,489 | €931,881 | +€28,392 | +3.1% |
| Amounts payable after more than one year | 17 | €667,765 | €615,330 | -€52,435 | -7.9% |
| Financial debts | 170/4 | €589,765 | €537,330 | -€52,435 | -8.9% |
| Other amounts payable | 178/9 | €78,000 | €78,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €229,086 | €310,607 | +€81,522 | +35.6% |
| Current portion of amounts payable after more than one year | 42 | €54,189 | €55,374 | +€1,184 | +2.2% |
| Financial debts | 43 | €2,602 | €15,258 | +€12,656 | +486.5% |
| Credit institutions | 430/8 | €2,602 | €15,258 | +€12,656 | +486.5% |
| Trade debts | 44 | €14,375 | €16,156 | +€1,780 | +12.4% |
| Suppliers | 440/4 | €14,375 | €16,156 | +€1,780 | +12.4% |
| Advances received on contracts in progress | 46 | - | €26,161 | +€26,161 | |
| Taxes, remuneration and social security | 45 | €3,366 | €514 | -€2,852 | -84.7% |
| Taxes | 450/3 | €3,366 | €514 | -€2,852 | -84.7% |
| Other amounts payable | 47/48 | €154,553 | €197,145 | +€42,592 | +27.6% |
| Accrued charges and deferred income | 492/3 | €6,638 | €5,944 | -€694 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,806 | €65,668 | +€9,863 | +17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,789 | - | -€1,789 | |
| Other operating charges | 640/8 | €9,328 | €10,287 | +€959 | +10.3% |
| Gross operating margin | 9900 | €106,417 | €38,652 | -€67,765 | -63.7% |
| Operating profit (loss) | 9901 | €39,494 | -€37,304 | -€76,798 | |
| Financial income | 75/76B | €1,246 | €13 | -€1,233 | -99.0% |
| Recurring financial income | 75 | €1,246 | €13 | -€1,233 | -99.0% |
| Financial charges | 65/66B | €14,919 | €17,116 | +€2,196 | +14.7% |
| Recurring financial charges | 65 | €14,919 | €17,116 | +€2,196 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €25,821 | -€54,407 | -€80,228 | |
| Income taxes | 67/77 | €3,048 | €350 | -€2,698 | -88.5% |
| Profit (loss) for the period | 9904 | €22,773 | -€54,757 | -€77,529 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,773 | -€54,757 | -€77,529 |
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 10 October 2026 via checked.be.