PARTICIPANT: 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.
PARTICIPANT
Largest movements
- Receivables within one year -€33,665
down €33,665 (-52.2%), from €64,511 to €30,846
of which Trade receivables: -€38,087
- Cash +€26,858
up €26,858 (+37.3%), from €71,985 to €98,842
mainly Depreciation (+€84,757) and Other debts (+€81,741)
- Tangible fixed assets -€20,739
down €20,739 (-2.6%), from €787,809 to €767,070
of which Land and buildings: -€55,501
- Other debts +€81,741
up €81,741 (+182%), from €44,920 to €126,661
- Reserves -€75,340
down €75,340 (-20.8%), from €362,507 to €287,166
- Debts after one year -€42,425
down €42,425 (-9.5%), from €447,784 to €405,359
- Accrued charges and deferred income +€9,741
up €9,741 (+279%), from €3,485 to €13,226
- Gross operating margin -€49,334
down €49,334 (-24.5%), from €201,013 to €151,678
- Taxes -€22,891
down €22,891 (-62.2%), from €36,780 to €13,889
- Depreciation +€13,825
up €13,825 (+19.5%), from €70,931 to €84,757
- Other operating charges +€10,451
up €10,451 (+306%), from €3,421 to €13,872
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 | €932,088 | €905,726 | -€26,362 | -2.8% |
| Fixed assets | 21/28 | €794,097 | €773,358 | -€20,739 | -2.6% |
| Tangible fixed assets | 22/27 | €787,809 | €767,070 | -€20,739 | -2.6% |
| Land and buildings | 22 | €726,793 | €671,292 | -€55,501 | -7.6% |
| Plant, machinery and equipment | 23 | €14,677 | €13,614 | -€1,063 | -7.2% |
| Furniture and vehicles | 24 | €25,014 | €62,758 | +€37,744 | +151% |
| Other tangible fixed assets | 26 | €21,326 | €19,407 | -€1,919 | -9.0% |
| Financial fixed assets | 28 | €6,288 | €6,288 | = | 0.0% |
| Current assets | 29/58 | €137,991 | €132,368 | -€5,623 | -4.1% |
| Amounts receivable within one year | 40/41 | €64,511 | €30,846 | -€33,665 | -52.2% |
| Trade receivables | 40 | €64,511 | €26,424 | -€38,087 | -59.0% |
| Other amounts receivable | 41 | - | €4,422 | +€4,422 | |
| Cash at bank and in hand | 54/58 | €71,985 | €98,842 | +€26,858 | +37.3% |
| Deferred charges and accrued income | 490/1 | €1,496 | €2,680 | +€1,184 | +79.2% |
| Total equity and liabilities | 10/49 | €932,088 | €905,726 | -€26,362 | -2.8% |
| Equity | 10/15 | €362,508 | €287,167 | -€75,340 | -20.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €362,507 | €287,166 | -€75,340 | -20.8% |
| Distributable reserves | 133 | €362,507 | €287,166 | -€75,340 | -20.8% |
| Amounts payable | 17/49 | €569,581 | €618,559 | +€48,978 | +8.6% |
| Amounts payable after more than one year | 17 | €447,784 | €405,359 | -€42,425 | -9.5% |
| Financial debts | 170/4 | €447,784 | €405,359 | -€42,425 | -9.5% |
| Amounts payable within one year | 42/48 | €118,312 | €199,974 | +€81,663 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €40,046 | €42,605 | +€2,559 | +6.4% |
| Financial debts | 43 | €6,438 | €4,999 | -€1,439 | -22.4% |
| Credit institutions | 430/8 | €6,438 | €4,999 | -€1,439 | -22.4% |
| Trade debts | 44 | €12,181 | €7,967 | -€4,214 | -34.6% |
| Suppliers | 440/4 | €12,181 | €7,967 | -€4,214 | -34.6% |
| Taxes, remuneration and social security | 45 | €14,727 | €17,743 | +€3,016 | +20.5% |
| Taxes | 450/3 | €14,727 | €17,743 | +€3,016 | +20.5% |
| Other amounts payable | 47/48 | €44,920 | €126,661 | +€81,741 | +182% |
| Accrued charges and deferred income | 492/3 | €3,485 | €13,226 | +€9,741 | +279% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,931 | €84,757 | +€13,825 | +19.5% |
| Other operating charges | 640/8 | €3,421 | €13,872 | +€10,451 | +306% |
| Gross operating margin | 9900 | €201,013 | €151,678 | -€49,334 | -24.5% |
| Operating profit (loss) | 9901 | €126,661 | €53,050 | -€73,611 | -58.1% |
| Financial income | 75/76B | €237 | €135 | -€102 | -43.0% |
| Recurring financial income | 75 | €237 | €135 | -€102 | -43.0% |
| Financial charges | 65/66B | €11,573 | €12,513 | +€940 | +8.1% |
| Recurring financial charges | 65 | €11,573 | €12,513 | +€940 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €115,325 | €40,672 | -€74,653 | -64.7% |
| Income taxes | 67/77 | €36,780 | €13,889 | -€22,891 | -62.2% |
| Profit (loss) for the period | 9904 | €78,545 | €26,783 | -€51,761 | -65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,545 | €26,783 | -€51,761 | -65.9% |
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 13 October 2026 via checked.be.