PAGE-37: 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.
PAGE-37
Largest movements
- Receivables within one year +€56,688
up €56,688 (+109.7%), from €51,662 to €108,349
of which Trade receivables: +€65,332
- Cash +€16,999
up €16,999 (+38.3%), from €44,364 to €61,362
mainly Trade debts (+€86,216) and Net result for the year (+€26,172)
- Tangible fixed assets +€2,236
up €2,236 (+15.5%), from €14,432 to €16,668
- Trade debts +€86,216
up €86,216 (+229.8%), from €37,517 to €123,733
- Other debts -€11,576
down €11,576 (-95.0%), from €12,187 to €611
- Tax, wage and social debts +€1,950
new in 2025: €1,950
- Staff costs -€76,488
no longer reported in 2025 (was €76,488)
- Gross operating margin -€71,971
down €71,971 (-63.4%), from €113,502 to €41,530
- Depreciation -€16,804
down €16,804 (-74.5%), from €22,568 to €5,764
- Taxes +€6,245
up €6,245 (+222.3%), from €2,809 to €9,055
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 | €110,458 | €187,220 | +€76,762 | +69.5% |
| Fixed assets | 21/28 | €14,432 | €16,668 | +€2,236 | +15.5% |
| Tangible fixed assets | 22/27 | €14,432 | €16,668 | +€2,236 | +15.5% |
| Furniture and vehicles | 24 | €14,432 | €16,668 | +€2,236 | +15.5% |
| Current assets | 29/58 | €96,025 | €170,552 | +€74,526 | +77.6% |
| Amounts receivable within one year | 40/41 | €51,662 | €108,349 | +€56,688 | +109.7% |
| Trade receivables | 40 | €31,314 | €96,646 | +€65,332 | +208.6% |
| Other amounts receivable | 41 | €20,347 | €11,703 | -€8,644 | -42.5% |
| Cash at bank and in hand | 54/58 | €44,364 | €61,362 | +€16,999 | +38.3% |
| Deferred charges and accrued income | 490/1 | - | €840 | +€840 | |
| Total equity and liabilities | 10/49 | €110,458 | €187,220 | +€76,762 | +69.5% |
| Equity | 10/15 | €60,754 | €60,926 | +€172 | +0.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,754 | €55,926 | +€172 | +0.3% |
| Distributable reserves | 133 | €55,754 | €55,926 | +€172 | +0.3% |
| Amounts payable | 17/49 | €49,704 | €126,294 | +€76,590 | +154.1% |
| Amounts payable within one year | 42/48 | €49,704 | €126,294 | +€76,590 | +154.1% |
| Trade debts | 44 | €37,517 | €123,733 | +€86,216 | +229.8% |
| Suppliers | 440/4 | €37,517 | €123,733 | +€86,216 | +229.8% |
| Taxes, remuneration and social security | 45 | - | €1,950 | +€1,950 | |
| Taxes | 450/3 | - | €1,950 | +€1,950 | |
| Other amounts payable | 47/48 | €12,187 | €611 | -€11,576 | -95.0% |
| Remuneration, social security and pensions | 62 | €76,488 | - | -€76,488 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,568 | €5,764 | -€16,804 | -74.5% |
| Other operating charges | 640/8 | €589 | €422 | -€166 | -28.3% |
| Gross operating margin | 9900 | €113,502 | €41,530 | -€71,971 | -63.4% |
| Operating profit (loss) | 9901 | €13,857 | €35,344 | +€21,487 | +155.1% |
| Financial income | 75/76B | €29 | €1 | -€28 | -95.6% |
| Recurring financial income | 75 | €29 | €1 | -€28 | -95.6% |
| Financial charges | 65/66B | €793 | €118 | -€675 | -85.1% |
| Recurring financial charges | 65 | €793 | €118 | -€675 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | €13,093 | €35,227 | +€22,134 | +169.0% |
| Income taxes | 67/77 | €2,809 | €9,055 | +€6,245 | +222.3% |
| Profit (loss) for the period | 9904 | €10,284 | €26,172 | +€15,889 | +154.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,284 | €26,172 | +€15,889 | +154.5% |
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 9 October 2026 via checked.be.