OBJECTIFIED: 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.
OBJECTIFIED
Largest movements
- Receivables within one year +€77,110
up €77,110 (+368.2%), from €20,941 to €98,051
- Cash +€23,136
up €23,136 (+14.2%), from €163,148 to €186,285
mainly Net result for the year (+€107,255) and Other debts (+€64,334)
- Tangible fixed assets -€6,547
down €6,547 (-17.7%), from €37,009 to €30,462
of which Other tangible fixed assets: -€4,764
- Other debts +€64,334
up €64,334 (+49.3%), from €130,449 to €194,783
- Tax, wage and social debts +€23,515
up €23,515 (+193.7%), from €12,140 to €35,656
- Current portion of long-term debt +€17,605
new in 2025: €17,605
- Short-term financial debts -€14,696
no longer reported in 2025 (was €14,696)
- Taxes +€11,951
up €11,951 (+49.7%), from €24,030 to €35,982
- Gross operating margin +€5,951
up €5,951 (+4.1%), from €146,736 to €152,687
- Depreciation -€3,565
down €3,565 (-35.3%), from €10,112 to €6,547
- Financial charges +€1,687
up €1,687 (+349.8%), from €482 to €2,169
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 | €221,461 | €315,161 | +€93,700 | +42.3% |
| Fixed assets | 21/28 | €37,372 | €30,825 | -€6,547 | -17.5% |
| Tangible fixed assets | 22/27 | €37,009 | €30,462 | -€6,547 | -17.7% |
| Plant, machinery and equipment | 23 | €60 | - | -€60 | |
| Furniture and vehicles | 24 | €2,415 | €693 | -€1,722 | -71.3% |
| Other tangible fixed assets | 26 | €34,534 | €29,770 | -€4,764 | -13.8% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €184,089 | €284,335 | +€100,246 | +54.5% |
| Amounts receivable within one year | 40/41 | €20,941 | €98,051 | +€77,110 | +368.2% |
| Trade receivables | 40 | €20,941 | €98,051 | +€77,110 | +368.2% |
| Cash at bank and in hand | 54/58 | €163,148 | €186,285 | +€23,136 | +14.2% |
| Total equity and liabilities | 10/49 | €221,461 | €315,161 | +€93,700 | +42.3% |
| Equity | 10/15 | €18,612 | €18,612 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12 | €12 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12 | €12 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12 | €12 | = | 0.0% |
| Amounts payable | 17/49 | €202,849 | €296,549 | +€93,700 | +46.2% |
| Amounts payable within one year | 42/48 | €202,849 | €296,549 | +€93,700 | +46.2% |
| Current portion of amounts payable after more than one year | 42 | - | €17,605 | +€17,605 | |
| Financial debts | 43 | €14,696 | - | -€14,696 | |
| Credit institutions | 430/8 | €14,696 | - | -€14,696 | |
| Trade debts | 44 | €45,564 | €48,506 | +€2,942 | +6.5% |
| Suppliers | 440/4 | €45,564 | €48,506 | +€2,942 | +6.5% |
| Taxes, remuneration and social security | 45 | €12,140 | €35,656 | +€23,515 | +193.7% |
| Taxes | 450/3 | €12,140 | €35,656 | +€23,515 | +193.7% |
| Other amounts payable | 47/48 | €130,449 | €194,783 | +€64,334 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,112 | €6,547 | -€3,565 | -35.3% |
| Other operating charges | 640/8 | €1,983 | €1,203 | -€780 | -39.3% |
| Gross operating margin | 9900 | €146,736 | €152,687 | +€5,951 | +4.1% |
| Operating profit (loss) | 9901 | €134,641 | €144,937 | +€10,296 | +7.6% |
| Financial income | 75/76B | €11 | €469 | +€458 | +4032.8% |
| Recurring financial income | 75 | €11 | €469 | +€458 | +4032.8% |
| Financial charges | 65/66B | €482 | €2,169 | +€1,687 | +349.8% |
| Recurring financial charges | 65 | €482 | €2,169 | +€1,687 | +349.8% |
| Profit (loss) for the period before taxes | 9903 | €134,170 | €143,237 | +€9,067 | +6.8% |
| Income taxes | 67/77 | €24,030 | €35,982 | +€11,951 | +49.7% |
| Profit (loss) for the period | 9904 | €110,139 | €107,255 | -€2,884 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €110,139 | €107,255 | -€2,884 | -2.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.