ORIENTATIONS: 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.
ORIENTATIONS
Largest movements
- Financial fixed assets +€736,750
up €736,750 (+71878.0%), from €1,025 to €737,775
- Tangible fixed assets -€94,706
down €94,706 (-4.5%), from €2.1m to €2.0m
of which Land and buildings: -€95,765
- Cash -€67,336
down €67,336 (-4.9%), from €1.4m to €1.3m
mainly Investment in fixed assets (net) (-€748,635) and Contributions, distributions and other (-€391,543)
- Other debts +€400,168
up €400,168 (+81.2%), from €492,849 to €893,017
- Debts after one year +€218,021
up €218,021 (+14.7%), from €1.5m to €1.7m
of which Financial debts: +€218,021
- Reserves -€120,996
down €120,996 (-4.9%), from €2.5m to €2.3m
of which Distributable reserves: -€97,086
- Taxes +€24,895
up €24,895 (+21.7%), from €114,583 to €139,478
- Financial charges +€20,948
up €20,948 (+30.8%), from €68,055 to €89,003
- Gross operating margin +€19,214
up €19,214 (+3.1%), from €627,500 to €646,714
- Depreciation -€13,155
down €13,155 (-11.0%), from €119,746 to €106,591
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 | €4,684,809 | €5,273,653 | +€588,844 | +12.6% |
| Fixed assets | 21/28 | €2,109,595 | €2,751,639 | +€642,044 | +30.4% |
| Tangible fixed assets | 22/27 | €2,108,570 | €2,013,864 | -€94,706 | -4.5% |
| Land and buildings | 22 | €2,106,789 | €2,011,024 | -€95,765 | -4.5% |
| Plant, machinery and equipment | 23 | €32 | - | -€32 | |
| Furniture and vehicles | 24 | €1,749 | €2,840 | +€1,091 | +62.4% |
| Financial fixed assets | 28 | €1,025 | €737,775 | +€736,750 | +71878.0% |
| Current assets | 29/58 | €2,575,214 | €2,522,014 | -€53,200 | -2.1% |
| Amounts receivable after more than one year | 29 | €1,151,471 | €1,150,669 | -€802 | -0.1% |
| Other amounts receivable | 291 | €1,151,471 | €1,150,669 | -€802 | -0.1% |
| Amounts receivable within one year | 40/41 | €47,390 | €24,321 | -€23,069 | -48.7% |
| Trade receivables | 40 | €157 | €23,746 | +€23,589 | +15024.8% |
| Other amounts receivable | 41 | €47,233 | €575 | -€46,658 | -98.8% |
| Cash at bank and in hand | 54/58 | €1,371,639 | €1,304,303 | -€67,336 | -4.9% |
| Deferred charges and accrued income | 490/1 | €4,714 | €42,721 | +€38,007 | +806.3% |
| Total equity and liabilities | 10/49 | €4,684,809 | €5,273,653 | +€588,844 | +12.6% |
| Equity | 10/15 | €2,486,630 | €2,388,905 | -€97,725 | -3.9% |
| Contributions | 10/11 | €12,400 | €36,310 | +€23,910 | +192.8% |
| Reserves | 13 | €2,468,476 | €2,347,480 | -€120,996 | -4.9% |
| Non-distributable reserves | 130/1 | €23,910 | - | -€23,910 | |
| Reserves not available under the articles | 1311 | €23,910 | - | -€23,910 | |
| Distributable reserves | 133 | €2,444,566 | €2,347,480 | -€97,086 | -4.0% |
| Investment grants | 15 | €5,754 | €5,115 | -€639 | -11.1% |
| Provisions and deferred taxes | 16 | €1,439 | €1,279 | -€160 | -11.1% |
| Deferred taxes | 168 | €1,439 | €1,279 | -€160 | -11.1% |
| Amounts payable | 17/49 | €2,196,740 | €2,883,469 | +€686,729 | +31.3% |
| Amounts payable after more than one year | 17 | €1,480,987 | €1,699,008 | +€218,021 | +14.7% |
| Financial debts | 170/4 | €1,479,007 | €1,697,028 | +€218,021 | +14.7% |
| Other amounts payable | 178/9 | €1,980 | €1,980 | = | 0.0% |
| Amounts payable within one year | 42/48 | €715,753 | €1,183,787 | +€468,034 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €189,737 | €218,822 | +€29,085 | +15.3% |
| Trade debts | 44 | €2,346 | €11,570 | +€9,224 | +393.2% |
| Suppliers | 440/4 | €2,346 | €11,570 | +€9,224 | +393.2% |
| Taxes, remuneration and social security | 45 | €30,821 | €60,378 | +€29,557 | +95.9% |
| Taxes | 450/3 | €30,821 | €60,378 | +€29,557 | +95.9% |
| Other amounts payable | 47/48 | €492,849 | €893,017 | +€400,168 | +81.2% |
| Accrued charges and deferred income | 492/3 | - | €674 | +€674 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,746 | €106,591 | -€13,155 | -11.0% |
| Other operating charges | 640/8 | €29,259 | €22,853 | -€6,406 | -21.9% |
| Non-recurring operating charges | 66A | - | €28,311 | +€28,311 | |
| Gross operating margin | 9900 | €627,500 | €646,714 | +€19,214 | +3.1% |
| Operating profit (loss) | 9901 | €478,495 | €488,959 | +€10,464 | +2.2% |
| Financial income | 75/76B | €27,598 | €33,180 | +€5,582 | +20.2% |
| Recurring financial income | 75 | €27,598 | €31,070 | +€3,472 | +12.6% |
| Non-recurring financial income | 76B | - | €2,110 | +€2,110 | |
| Financial charges | 65/66B | €68,055 | €89,003 | +€20,948 | +30.8% |
| Recurring financial charges | 65 | €68,055 | €89,003 | +€20,948 | +30.8% |
| Profit (loss) for the period before taxes | 9903 | €438,038 | €433,136 | -€4,902 | -1.1% |
| Transfer from deferred taxes | 780 | €160 | €160 | = | 0.0% |
| Income taxes | 67/77 | €114,583 | €139,478 | +€24,895 | +21.7% |
| Profit (loss) for the period | 9904 | €323,615 | €293,818 | -€29,797 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €323,615 | €293,818 | -€29,797 | -9.2% |
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 29 September 2026 via checked.be.