P - Con: 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.
P - Con
Largest movements
- Tangible fixed assets +€46,531
up €46,531 (+5.9%), from €789,172 to €835,703
of which Furniture and vehicles: +€54,440
- Cash +€24,522
up €24,522 (+16.9%), from €145,452 to €169,974
mainly Net result for the year (+€147,455) and Depreciation (+€29,539)
- Reserves +€97,455
up €97,455 (+7.6%), from €1.3m to €1.4m
of which Distributable reserves: +€142,055
- Debts after one year -€29,390
down €29,390 (-5.0%), from €593,174 to €563,784
- Gross operating margin +€104,688
up €104,688 (+83.0%), from €126,072 to €230,760
- Taxes +€25,206
up €25,206 (+219%), from €11,525 to €36,730
- Depreciation +€6,495
up €6,495 (+28.2%), from €23,044 to €29,539
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 | €2,108,843 | €2,184,587 | +€75,744 | +3.6% |
| Fixed assets | 21/28 | €1,944,172 | €1,990,703 | +€46,531 | +2.4% |
| Tangible fixed assets | 22/27 | €789,172 | €835,703 | +€46,531 | +5.9% |
| Land and buildings | 22 | €784,179 | €777,738 | -€6,441 | -0.8% |
| Plant, machinery and equipment | 23 | €4,403 | €2,936 | -€1,468 | -33.3% |
| Furniture and vehicles | 24 | €589 | €55,029 | +€54,440 | +9,238% |
| Financial fixed assets | 28 | €1,155,000 | €1,155,000 | = | 0.0% |
| Current assets | 29/58 | €164,671 | €193,884 | +€29,212 | +17.7% |
| Amounts receivable within one year | 40/41 | €19,219 | €23,909 | +€4,690 | +24.4% |
| Trade receivables | 40 | €18,150 | €18,150 | = | 0.0% |
| Other amounts receivable | 41 | €1,069 | €5,759 | +€4,690 | +439% |
| Cash at bank and in hand | 54/58 | €145,452 | €169,974 | +€24,522 | +16.9% |
| Total equity and liabilities | 10/49 | €2,108,843 | €2,184,587 | +€75,744 | +3.6% |
| Equity | 10/15 | €1,308,058 | €1,405,513 | +€97,455 | +7.5% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,283,058 | €1,380,513 | +€97,455 | +7.6% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Other | 1319 | €2,500 | - | -€2,500 | |
| Tax-exempt reserves | 132 | €42,100 | - | -€42,100 | |
| Distributable reserves | 133 | €1,238,458 | €1,380,513 | +€142,055 | +11.5% |
| Amounts payable | 17/49 | €800,785 | €779,074 | -€21,711 | -2.7% |
| Amounts payable after more than one year | 17 | €593,174 | €563,784 | -€29,390 | -5.0% |
| Financial debts | 170/4 | €593,174 | €563,784 | -€29,390 | -5.0% |
| Amounts payable within one year | 42/48 | €207,611 | €215,289 | +€7,679 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €48,598 | €49,390 | +€792 | +1.6% |
| Trade debts | 44 | €12,033 | €9,715 | -€2,317 | -19.3% |
| Suppliers | 440/4 | €12,033 | €9,715 | -€2,317 | -19.3% |
| Taxes, remuneration and social security | 45 | €12,707 | €11,375 | -€1,332 | -10.5% |
| Taxes | 450/3 | €12,707 | €11,375 | -€1,332 | -10.5% |
| Other amounts payable | 47/48 | €134,273 | €144,809 | +€10,536 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,044 | €29,539 | +€6,495 | +28.2% |
| Other operating charges | 640/8 | €3,444 | €3,820 | +€377 | +10.9% |
| Gross operating margin | 9900 | €126,072 | €230,760 | +€104,688 | +83.0% |
| Operating profit (loss) | 9901 | €99,584 | €197,400 | +€97,816 | +98.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €13,373 | €13,216 | -€157 | -1.2% |
| Recurring financial charges | 65 | €13,373 | €13,216 | -€157 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €86,211 | €184,185 | +€97,974 | +114% |
| Income taxes | 67/77 | €11,525 | €36,730 | +€25,206 | +219% |
| Profit (loss) for the period | 9904 | €74,687 | €147,455 | +€72,768 | +97.4% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €74,687 | €189,555 | +€114,868 | +154% |
Source: filed annual accounts (NBB), financial 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 November 2026 via checked.be.