NEW START: 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 START
Largest movements
- Cash -€63,863
down €63,863 (-66.4%), from €96,229 to €32,366
mainly Current portion of long-term debt (-€53,812) and Debts after one year (-€36,409)
- Tangible fixed assets -€56,434
down €56,434 (-13.3%), from €424,391 to €367,957
of which Other tangible fixed assets: -€41,830
- Receivables within one year +€28,722
up €28,722 (+55.5%), from €51,748 to €80,470
of which Other amounts receivable: +€17,019
- Current portion of long-term debt -€53,812
down €53,812 (-59.6%), from €90,220 to €36,409
- Debts after one year -€36,409
down €36,409 (-26.9%), from €135,231 to €98,822
- Trade debts +€20,787
up €20,787 (+6.9%), from €300,656 to €321,443
- Profit (loss) carried forward -€9,287
down €9,287 (-5.0%), from -€185,667 to -€194,954
- Gross operating margin -€46,251
down €46,251 (-10.1%), from €460,088 to €413,837
- Staff costs +€25,186
up €25,186 (+7.6%), from €333,020 to €358,206
- Taxes -€10,731
down €10,731, from €0 to -€10,731
- Depreciation +€5,962
up €5,962 (+10.1%), from €59,270 to €65,232
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 | €748,641 | €661,716 | -€86,925 | -11.6% |
| Fixed assets | 21/28 | €427,214 | €369,957 | -€57,257 | -13.4% |
| Intangible fixed assets | 21 | €823 | €0 | -€823 | -100% |
| Tangible fixed assets | 22/27 | €424,391 | €367,957 | -€56,434 | -13.3% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €34,847 | €20,490 | -€14,357 | -41.2% |
| Furniture and vehicles | 24 | €1,187 | €940 | -€247 | -20.8% |
| Other tangible fixed assets | 26 | €388,357 | €346,527 | -€41,830 | -10.8% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €321,427 | €291,759 | -€29,668 | -9.2% |
| Stocks and contracts in progress | 3 | €141,048 | €147,182 | +€6,134 | +4.3% |
| Stocks | 30/36 | €141,048 | €147,182 | +€6,134 | +4.3% |
| Amounts receivable within one year | 40/41 | €51,748 | €80,470 | +€28,722 | +55.5% |
| Trade receivables | 40 | €4,129 | €15,832 | +€11,703 | +283% |
| Other amounts receivable | 41 | €47,619 | €64,638 | +€17,019 | +35.7% |
| Cash at bank and in hand | 54/58 | €96,229 | €32,366 | -€63,863 | -66.4% |
| Deferred charges and accrued income | 490/1 | €32,403 | €31,741 | -€662 | -2.0% |
| Total equity and liabilities | 10/49 | €748,641 | €661,716 | -€86,925 | -11.6% |
| Equity | 10/15 | €118,760 | €107,225 | -€11,536 | -9.7% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €4,427 | €2,178 | -€2,249 | -50.8% |
| Tax-exempt reserves | 132 | €2,178 | €2,178 | = | 0.0% |
| Distributable reserves | 133 | €2,249 | €0 | -€2,249 | -100% |
| Profit (loss) carried forward | 14 | -€185,667 | -€194,954 | -€9,287 | -5.0% |
| Amounts payable | 17/49 | €629,880 | €554,491 | -€75,389 | -12.0% |
| Amounts payable after more than one year | 17 | €135,231 | €98,822 | -€36,409 | -26.9% |
| Financial debts | 170/4 | €135,231 | €98,822 | -€36,409 | -26.9% |
| Amounts payable within one year | 42/48 | €492,100 | €453,720 | -€38,380 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €90,220 | €36,409 | -€53,812 | -59.6% |
| Financial debts | 43 | €25,039 | €19,147 | -€5,892 | -23.5% |
| Credit institutions | 430/8 | €25,039 | €19,147 | -€5,892 | -23.5% |
| Trade debts | 44 | €300,656 | €321,443 | +€20,787 | +6.9% |
| Suppliers | 440/4 | €300,656 | €321,443 | +€20,787 | +6.9% |
| Taxes, remuneration and social security | 45 | €76,185 | €76,721 | +€537 | +0.7% |
| Taxes | 450/3 | €18,728 | €8,289 | -€10,439 | -55.7% |
| Remuneration and social security | 454/9 | €57,457 | €68,432 | +€10,975 | +19.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €2,550 | €1,949 | -€601 | -23.6% |
| Remuneration, social security and pensions | 62 | €333,020 | €358,206 | +€25,186 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,270 | €65,232 | +€5,962 | +10.1% |
| Other operating charges | 640/8 | €1,221 | €2,381 | +€1,160 | +95.0% |
| Gross operating margin | 9900 | €460,088 | €413,837 | -€46,251 | -10.1% |
| Operating profit (loss) | 9901 | €66,577 | -€11,982 | -€78,559 | |
| Financial income | 75/76B | €189 | €3,331 | +€3,142 | +1,661% |
| Recurring financial income | 75 | €189 | €3,331 | +€3,142 | +1,661% |
| Financial charges | 65/66B | €11,509 | €13,616 | +€2,106 | +18.3% |
| Recurring financial charges | 65 | €11,509 | €13,616 | +€2,106 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €55,257 | -€22,267 | -€77,524 | |
| Income taxes | 67/77 | €0 | -€10,731 | -€10,731 | |
| Profit (loss) for the period | 9904 | €55,257 | -€11,536 | -€66,793 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,257 | -€11,536 | -€66,793 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.