OUTBOUND: 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.
OUTBOUND
Largest movements
- Receivables within one year -€119,232
down €119,232 (-78.1%), from €152,626 to €33,394
of which Trade receivables: -€116,112
- Cash -€87,540
down €87,540 (-22.7%), from €386,020 to €298,480
mainly Net result for the year (-€156,323) and Trade debts (-€59,619)
- Tangible fixed assets -€13,365
down €13,365 (-27.7%), from €48,330 to €34,965
of which Furniture and vehicles: -€13,365
- Reserves -€156,323
down €156,323 (-30.3%), from €515,887 to €359,565
of which Distributable reserves: -€156,323
- Trade debts -€59,619
down €59,619 (-86.5%), from €68,890 to €9,271
- Debts after one year -€11,881
down €11,881 (-20.6%), from €57,722 to €45,841
of which Financial debts: -€11,881
- Gross operating margin -€99,063
down €99,063, from €22,366 to -€76,697
- Other operating charges +€2,303
up €2,303 (+294.0%), from €783 to €3,086
- Financial charges -€829
down €829 (-21.6%), from €3,840 to €3,012
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 | €718,123 | €498,080 | -€220,043 | -30.6% |
| Fixed assets | 21/28 | €48,330 | €34,965 | -€13,365 | -27.7% |
| Tangible fixed assets | 22/27 | €48,330 | €34,965 | -€13,365 | -27.7% |
| Furniture and vehicles | 24 | €48,330 | €34,965 | -€13,365 | -27.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €669,793 | €463,115 | -€206,678 | -30.9% |
| Amounts receivable after more than one year | 29 | €125,190 | €127,140 | +€1,950 | +1.6% |
| Other amounts receivable | 291 | €125,190 | €127,140 | +€1,950 | +1.6% |
| Amounts receivable within one year | 40/41 | €152,626 | €33,394 | -€119,232 | -78.1% |
| Trade receivables | 40 | €143,547 | €27,434 | -€116,112 | -80.9% |
| Other amounts receivable | 41 | €9,079 | €5,960 | -€3,119 | -34.4% |
| Current investments | 50/53 | €5,198 | €2,036 | -€3,162 | -60.8% |
| Cash at bank and in hand | 54/58 | €386,020 | €298,480 | -€87,540 | -22.7% |
| Deferred charges and accrued income | 490/1 | €759 | €2,064 | +€1,305 | +172.0% |
| Total equity and liabilities | 10/49 | €718,123 | €498,080 | -€220,043 | -30.6% |
| Equity | 10/15 | €577,387 | €421,065 | -€156,323 | -27.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €515,887 | €359,565 | -€156,323 | -30.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €509,687 | €353,365 | -€156,323 | -30.7% |
| Amounts payable | 17/49 | €140,736 | €77,015 | -€63,720 | -45.3% |
| Amounts payable after more than one year | 17 | €57,722 | €45,841 | -€11,881 | -20.6% |
| Financial debts | 170/4 | €32,722 | €20,841 | -€11,881 | -36.3% |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €83,014 | €27,439 | -€55,575 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €11,435 | €11,881 | +€446 | +3.9% |
| Trade debts | 44 | €68,890 | €9,271 | -€59,619 | -86.5% |
| Suppliers | 440/4 | €68,890 | €9,271 | -€59,619 | -86.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,689 | €6,287 | +€3,598 | +133.8% |
| Taxes | 450/3 | €2,689 | €6,287 | +€3,598 | +133.8% |
| Accrued charges and deferred income | 492/3 | - | €3,735 | +€3,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,365 | €13,365 | -€0 | 0.0% |
| Other operating charges | 640/8 | €783 | €3,086 | +€2,303 | +294.0% |
| Non-recurring operating charges | 66A | - | €62,476 | +€62,476 | |
| Gross operating margin | 9900 | €22,366 | -€76,697 | -€99,063 | |
| Operating profit (loss) | 9901 | €8,218 | -€155,624 | -€163,841 | |
| Financial income | 75/76B | €2,757 | €2,603 | -€155 | -5.6% |
| Recurring financial income | 75 | €2,757 | €2,603 | -€155 | -5.6% |
| Financial charges | 65/66B | €3,840 | €3,012 | -€829 | -21.6% |
| Recurring financial charges | 65 | €3,840 | €3,012 | -€829 | -21.6% |
| Profit (loss) for the period before taxes | 9903 | €7,135 | -€156,033 | -€163,167 | |
| Income taxes | 67/77 | €248 | €290 | +€42 | +17.1% |
| Profit (loss) for the period | 9904 | €6,887 | -€156,323 | -€163,210 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,887 | -€156,323 | -€163,210 |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.