P-CONCEPTS: what changed
P-CONCEPTS
Largest movements
- Tangible fixed assets +€314,106
up €314,106 (+24.0%), from €1.3m to €1.6m
of which Land and buildings: +€328,053
- Cash +€284,447
up €284,447 (+340%), from €83,560 to €368,007
mainly Net result for the year (+€300,885) and Short-term financial debts (+€247,979)
- Deferred charges and accrued income +€110,665
up €110,665 (+3,729%), from €2,968 to €113,633
- Receivables within one year -€90,883
down €90,883 (-78.1%), from €116,397 to €25,514
of which Trade receivables: -€91,450
- Reserves +€293,430
up €293,430 (+31.4%), from €935,287 to €1.2m
of which Tax-exempt reserves: +€172,126
- Short-term financial debts +€247,979
up €247,979 (+200%), from €124,119 to €372,098
of which Other loans: +€284,125
- Debts after one year +€225,361
up €225,361 (+15.9%), from €1.4m to €1.6m
- Trade debts -€217,214
down €217,214 (-96.3%), from €225,503 to €8,289
- Current portion of long-term debt +€59,413
up €59,413 (+32.6%), from €182,087 to €241,500
- Gross operating margin -€672,233
down €672,233 (-51.9%), from €1.3m to €622,002
- Financial income -€390,667
down €390,667 (-98.3%), from €397,545 to €6,878
- Taxes -€140,981
down €140,981 (-57.2%), from €246,555 to €105,574
- Other operating charges -€112,774
down €112,774 (-72.1%), from €156,324 to €43,550
- Depreciation +€25,945
up €25,945 (+36.1%), from €71,893 to €97,838
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,169,918 | €4,788,991 | +€619,073 | +14.8% |
| Fixed assets | 21/28 | €3,963,827 | €4,277,933 | +€314,106 | +7.9% |
| Tangible fixed assets | 22/27 | €1,310,132 | €1,624,238 | +€314,106 | +24.0% |
| Land and buildings | 22 | €1,233,826 | €1,561,879 | +€328,053 | +26.6% |
| Plant, machinery and equipment | 23 | - | €11,096 | +€11,096 | |
| Furniture and vehicles | 24 | €69,533 | €46,148 | -€23,385 | -33.6% |
| Other tangible fixed assets | 26 | €6,773 | €5,115 | -€1,658 | -24.5% |
| Financial fixed assets | 28 | €2,653,695 | €2,653,695 | = | 0.0% |
| Current assets | 29/58 | €206,091 | €511,058 | +€304,967 | +148% |
| Stocks and contracts in progress | 3 | €3,166 | €3,904 | +€738 | +23.3% |
| Stocks | 30/36 | €3,166 | €3,904 | +€738 | +23.3% |
| Amounts receivable within one year | 40/41 | €116,397 | €25,514 | -€90,883 | -78.1% |
| Trade receivables | 40 | €116,301 | €24,851 | -€91,450 | -78.6% |
| Other amounts receivable | 41 | €96 | €663 | +€567 | +591% |
| Cash at bank and in hand | 54/58 | €83,560 | €368,007 | +€284,447 | +340% |
| Deferred charges and accrued income | 490/1 | €2,968 | €113,633 | +€110,665 | +3,729% |
| Total equity and liabilities | 10/49 | €4,169,918 | €4,788,991 | +€619,073 | +14.8% |
| Equity | 10/15 | €2,181,498 | €2,481,550 | +€300,052 | +13.8% |
| Contributions | 10/11 | €673,125 | €673,125 | = | 0.0% |
| Reserves | 13 | €935,287 | €1,228,717 | +€293,430 | +31.4% |
| Tax-exempt reserves | 132 | €547,391 | €719,517 | +€172,126 | +31.4% |
| Distributable reserves | 133 | €387,896 | €509,200 | +€121,304 | +31.3% |
| Profit (loss) carried forward | 14 | €573,086 | €579,708 | +€6,622 | +1.2% |
| Amounts payable | 17/49 | €1,988,420 | €2,307,441 | +€319,021 | +16.0% |
| Amounts payable after more than one year | 17 | €1,415,018 | €1,640,379 | +€225,361 | +15.9% |
| Financial debts | 170/4 | €1,415,018 | €1,640,379 | +€225,361 | +15.9% |
| Amounts payable within one year | 42/48 | €548,455 | €645,998 | +€97,543 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €182,087 | €241,500 | +€59,413 | +32.6% |
| Financial debts | 43 | €124,119 | €372,098 | +€247,979 | +200% |
| Credit institutions | 430/8 | €124,119 | €87,973 | -€36,146 | -29.1% |
| Other loans | 439 | - | €284,125 | +€284,125 | |
| Trade debts | 44 | €225,503 | €8,289 | -€217,214 | -96.3% |
| Suppliers | 440/4 | €225,503 | €8,289 | -€217,214 | -96.3% |
| Advances received on contracts in progress | 46 | - | €6,000 | +€6,000 | |
| Taxes, remuneration and social security | 45 | €16,163 | €17,528 | +€1,365 | +8.4% |
| Taxes | 450/3 | €16,163 | €17,528 | +€1,365 | +8.4% |
| Other amounts payable | 47/48 | €583 | €583 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €24,947 | €21,064 | -€3,883 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,893 | €97,838 | +€25,945 | +36.1% |
| Other operating charges | 640/8 | €156,324 | €43,550 | -€112,774 | -72.1% |
| Gross operating margin | 9900 | €1,294,235 | €622,002 | -€672,233 | -51.9% |
| Operating profit (loss) | 9901 | €1,066,018 | €480,614 | -€585,404 | -54.9% |
| Financial income | 75/76B | €397,545 | €6,878 | -€390,667 | -98.3% |
| Recurring financial income | 75 | €397,545 | €6,878 | -€390,667 | -98.3% |
| Financial charges | 65/66B | €78,409 | €81,033 | +€2,624 | +3.3% |
| Recurring financial charges | 65 | €78,409 | €81,033 | +€2,624 | +3.3% |
| Profit (loss) for the period before taxes | 9903 | €1,385,154 | €406,459 | -€978,695 | -70.7% |
| Income taxes | 67/77 | €246,555 | €105,574 | -€140,981 | -57.2% |
| Profit (loss) for the period | 9904 | €1,138,599 | €300,885 | -€837,714 | -73.6% |
| Transfer to tax-exempt reserves | 689 | €547,300 | €172,126 | -€375,174 | -68.5% |
| Profit (loss) for the period to be appropriated | 9905 | €591,299 | €128,759 | -€462,540 | -78.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.