OPENING: 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.
OPENING
Largest movements
- Tangible fixed assets +€60,248
up €60,248 (+4.8%), from €1.3m to €1.3m
of which Land and buildings: +€60,455
- Revaluation surpluses +€89,943
up €89,943 (+38.1%), from €235,889 to €325,832
- Debts after one year -€31,129
down €31,129 (-2.4%), from €1.3m to €1.2m
- Other debts +€17,020
up €17,020 (+31.6%), from €53,877 to €70,897
- Profit (loss) carried forward -€15,262
down €15,262 (-6.8%), from -€223,724 to -€238,986
- Financial charges +€2,524
up €2,524 (+9.6%), from €26,311 to €28,835
- Gross operating margin +€2,458
up €2,458 (+4.3%), from €57,324 to €59,782
- Financial income -€871
down €871 (-34.2%), from €2,548 to €1,677
- Depreciation +€682
up €682 (+1.8%), from €37,111 to €37,793
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 | €1,449,181 | €1,512,896 | +€63,715 | +4.4% |
| Fixed assets | 21/28 | €1,387,787 | €1,441,535 | +€53,748 | +3.9% |
| Tangible fixed assets | 22/27 | €1,253,108 | €1,313,356 | +€60,248 | +4.8% |
| Land and buildings | 22 | €1,252,380 | €1,312,835 | +€60,455 | +4.8% |
| Plant, machinery and equipment | 23 | €728 | €521 | -€207 | -28.4% |
| Financial fixed assets | 28 | €134,679 | €128,179 | -€6,500 | -4.8% |
| Current assets | 29/58 | €61,394 | €71,361 | +€9,967 | +16.2% |
| Amounts receivable after more than one year | 29 | €16,109 | €19,022 | +€2,913 | +18.1% |
| Trade receivables | 290 | €16,109 | €19,022 | +€2,913 | +18.1% |
| Amounts receivable within one year | 40/41 | €23,702 | €31,132 | +€7,430 | +31.3% |
| Trade receivables | 40 | €387 | €387 | -€0 | -0.1% |
| Other amounts receivable | 41 | €23,315 | €30,746 | +€7,431 | +31.9% |
| Current investments | 50/53 | €25 | €25 | -€0 | -1.0% |
| Cash at bank and in hand | 54/58 | €20,222 | €20,170 | -€52 | -0.3% |
| Deferred charges and accrued income | 490/1 | €1,336 | €1,012 | -€324 | -24.3% |
| Total equity and liabilities | 10/49 | €1,449,181 | €1,512,896 | +€63,715 | +4.4% |
| Equity | 10/15 | €74,138 | €148,819 | +€74,681 | +100.7% |
| Contributions | 10/11 | €61,973 | €61,973 | +€0 | 0.0% |
| Capital | 10 | €61,973 | €61,973 | +€0 | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | +€0 | 0.0% |
| Revaluation surpluses | 12 | €235,889 | €325,832 | +€89,943 | +38.1% |
| Profit (loss) carried forward | 14 | -€223,724 | -€238,986 | -€15,262 | -6.8% |
| Amounts payable | 17/49 | €1,375,043 | €1,364,077 | -€10,966 | -0.8% |
| Amounts payable after more than one year | 17 | €1,272,580 | €1,241,451 | -€31,129 | -2.4% |
| Financial debts | 170/4 | €1,272,580 | €1,241,451 | -€31,129 | -2.4% |
| Amounts payable within one year | 42/48 | €85,235 | €103,889 | +€18,654 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €30,764 | €31,130 | +€366 | +1.2% |
| Trade debts | 44 | €594 | €1,862 | +€1,268 | +213.5% |
| Suppliers | 440/4 | €594 | €1,862 | +€1,268 | +213.5% |
| Other amounts payable | 47/48 | €53,877 | €70,897 | +€17,020 | +31.6% |
| Accrued charges and deferred income | 492/3 | €17,228 | €18,737 | +€1,509 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,111 | €37,793 | +€682 | +1.8% |
| Other operating charges | 640/8 | €9,565 | €10,093 | +€528 | +5.5% |
| Gross operating margin | 9900 | €57,324 | €59,782 | +€2,458 | +4.3% |
| Operating profit (loss) | 9901 | €10,648 | €11,896 | +€1,248 | +11.7% |
| Financial income | 75/76B | €2,548 | €1,677 | -€871 | -34.2% |
| Recurring financial income | 75 | €2,548 | €1,677 | -€871 | -34.2% |
| Financial charges | 65/66B | €26,311 | €28,835 | +€2,524 | +9.6% |
| Recurring financial charges | 65 | €26,311 | €28,835 | +€2,524 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,115 | -€15,262 | -€2,147 | -16.4% |
| Profit (loss) for the period | 9904 | -€13,115 | -€15,262 | -€2,147 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,115 | -€15,262 | -€2,147 | -16.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.