NEW BUILD: 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 BUILD
Largest movements
- Stocks and contracts -€1.7m
down €1.7m (-36.6%), from €4.7m to €3.0m
- Cash +€1.3m
up €1.3m (+368%), from €351,843 to €1.6m
mainly Stocks and contracts (+€1.7m) and Debts after one year (+€946,748)
- Receivables after one year +€307,681
up €307,681 (+53.8%), from €572,319 to €880,000
- Receivables within one year -€203,644
down €203,644 (-56.0%), from €363,593 to €159,950
of which Trade receivables: -€204,609
- Deferred charges and accrued income +€115,114
up €115,114 (+6,479%), from €1,777 to €116,890
- Short-term financial debts -€1.8m
no longer reported in 2025 (was €1.8m)
- Debts after one year +€946,748
up €946,748 (+28.6%), from €3.3m to €4.3m
- Advances received +€895,499
up €895,499 (+386%), from €232,023 to €1.1m
- Profit (loss) carried forward -€367,754
down €367,754 (-82.1%), from -€447,856 to -€815,611
- Trade debts +€166,762
up €166,762 (+86.0%), from €193,835 to €360,597
- Gross operating margin -€243,587
down €243,587, from €176,269 to -€67,318
- Financial income +€14,848
up €14,848 (+34.4%), from €43,201 to €58,050
- Staff costs +€8,858
up €8,858 (+14.1%), from €63,004 to €71,862
- Financial charges +€5,051
up €5,051 (+1.9%), from €268,239 to €273,290
- Other operating charges -€2,071
down €2,071 (-65.6%), from €3,158 to €1,088
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 | €6,146,893 | €6,011,071 | -€135,822 | -2.2% |
| Formation expenses | 20 | €234 | - | -€234 | |
| Fixed assets | 21/28 | €130,166 | €207,982 | +€77,817 | +59.8% |
| Tangible fixed assets | 22/27 | €91,492 | €79,659 | -€11,833 | -12.9% |
| Plant, machinery and equipment | 23 | €3,324 | €1,591 | -€1,733 | -52.1% |
| Other tangible fixed assets | 26 | €88,168 | €78,068 | -€10,100 | -11.5% |
| Financial fixed assets | 28 | €38,673 | €128,323 | +€89,650 | +232% |
| Current assets | 29/58 | €6,016,493 | €5,803,089 | -€213,405 | -3.5% |
| Amounts receivable after more than one year | 29 | €572,319 | €880,000 | +€307,681 | +53.8% |
| Other amounts receivable | 291 | €572,319 | €880,000 | +€307,681 | +53.8% |
| Stocks and contracts in progress | 3 | €4,726,962 | €2,998,751 | -€1.7m | -36.6% |
| Stocks | 30/36 | €4,726,962 | €2,998,751 | -€1.7m | -36.6% |
| Amounts receivable within one year | 40/41 | €363,593 | €159,950 | -€203,644 | -56.0% |
| Trade receivables | 40 | €261,452 | €56,843 | -€204,609 | -78.3% |
| Other amounts receivable | 41 | €102,141 | €103,106 | +€965 | +0.9% |
| Cash at bank and in hand | 54/58 | €351,843 | €1,647,498 | +€1.3m | +368% |
| Deferred charges and accrued income | 490/1 | €1,777 | €116,890 | +€115,114 | +6,479% |
| Total equity and liabilities | 10/49 | €6,146,893 | €6,011,071 | -€135,822 | -2.2% |
| Equity | 10/15 | €552,144 | €184,389 | -€367,754 | -66.6% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€447,856 | -€815,611 | -€367,754 | -82.1% |
| Amounts payable | 17/49 | €5,594,750 | €5,826,682 | +€231,932 | +4.1% |
| Amounts payable after more than one year | 17 | €3,315,777 | €4,262,525 | +€946,748 | +28.6% |
| Financial debts | 170/4 | €3,315,777 | €4,262,525 | +€946,748 | +28.6% |
| Amounts payable within one year | 42/48 | €2,276,073 | €1,562,137 | -€713,936 | -31.4% |
| Financial debts | 43 | €1,781,838 | - | -€1.8m | |
| Credit institutions | 430/8 | €1,781,838 | - | -€1.8m | |
| Trade debts | 44 | €193,835 | €360,597 | +€166,762 | +86.0% |
| Suppliers | 440/4 | €193,835 | €360,597 | +€166,762 | +86.0% |
| Advances received on contracts in progress | 46 | €232,023 | €1,127,523 | +€895,499 | +386% |
| Taxes, remuneration and social security | 45 | €68,119 | €73,759 | +€5,640 | +8.3% |
| Taxes | 450/3 | €58,054 | €66,416 | +€8,363 | +14.4% |
| Remuneration and social security | 454/9 | €10,065 | €7,343 | -€2,722 | -27.0% |
| Other amounts payable | 47/48 | €258 | €258 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,900 | €2,020 | -€880 | -30.4% |
| Remuneration, social security and pensions | 62 | €63,004 | €71,862 | +€8,858 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,065 | €12,068 | +€3 | 0.0% |
| Other operating charges | 640/8 | €3,158 | €1,088 | -€2,071 | -65.6% |
| Gross operating margin | 9900 | €176,269 | -€67,318 | -€243,587 | |
| Operating profit (loss) | 9901 | €98,041 | -€152,336 | -€250,377 | |
| Financial income | 75/76B | €43,201 | €58,050 | +€14,848 | +34.4% |
| Recurring financial income | 75 | €43,201 | €58,050 | +€14,848 | +34.4% |
| Financial charges | 65/66B | €268,239 | €273,290 | +€5,051 | +1.9% |
| Recurring financial charges | 65 | €268,239 | €273,290 | +€5,051 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | -€126,996 | -€367,576 | -€240,580 | -189% |
| Income taxes | 67/77 | €29 | €178 | +€149 | +512% |
| Profit (loss) for the period | 9904 | -€127,025 | -€367,754 | -€240,729 | -190% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,025 | -€367,754 | -€240,729 | -190% |
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 22 October 2026 via checked.be.