PERSPECTIVES et MANAGEMENT: 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.
PERSPECTIVES et MANAGEMENT
Largest movements
- Cash -€380,727
down €380,727 (-95.6%), from €398,291 to €17,564
mainly Other debts (-€308,000) and Investment in fixed assets (net) (-€73,188)
- Tangible fixed assets +€68,342
up €68,342 (+338%), from €20,221 to €88,563
of which Plant, machinery and equipment: +€70,057
- Other debts -€308,000
down €308,000 (-99.4%), from €309,882 to €1,882
- Gross operating margin +€32,183
up €32,183, from -€31,334 to €849
- Financial income -€15,098
down €15,098 (-65.5%), from €23,064 to €7,966
- Depreciation +€2,936
up €2,936 (+154%), from €1,910 to €4,846
- Other operating charges +€1,860
up €1,860 (+115%), from €1,618 to €3,478
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 | €1,445,693 | €1,137,214 | -€308,479 | -21.3% |
| Fixed assets | 21/28 | €20,246 | €88,588 | +€68,342 | +338% |
| Tangible fixed assets | 22/27 | €20,221 | €88,563 | +€68,342 | +338% |
| Land and buildings | 22 | €20,175 | €18,506 | -€1,669 | -8.3% |
| Plant, machinery and equipment | 23 | - | €70,057 | +€70,057 | |
| Furniture and vehicles | 24 | €46 | €0 | -€46 | -100% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €1,425,448 | €1,048,626 | -€376,821 | -26.4% |
| Amounts receivable within one year | 40/41 | €13,907 | €11,897 | -€2,010 | -14.5% |
| Other amounts receivable | 41 | €13,907 | €11,897 | -€2,010 | -14.5% |
| Current investments | 50/53 | €1,013,137 | €1,018,714 | +€5,576 | +0.6% |
| Cash at bank and in hand | 54/58 | €398,291 | €17,564 | -€380,727 | -95.6% |
| Deferred charges and accrued income | 490/1 | €113 | €451 | +€339 | +301% |
| Total equity and liabilities | 10/49 | €1,445,693 | €1,137,214 | -€308,479 | -21.3% |
| Equity | 10/15 | €1,134,694 | €1,134,248 | -€445 | 0.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €6,197 | €6,197 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | - | -€6,197 | |
| Reserves not available under the articles | 1311 | - | €6,197 | +€6,197 | |
| Profit (loss) carried forward | 14 | €1,066,523 | €1,066,078 | -€445 | 0.0% |
| Amounts payable | 17/49 | €311,000 | €2,966 | -€308,034 | -99.0% |
| Amounts payable within one year | 42/48 | €311,000 | €2,966 | -€308,034 | -99.0% |
| Trade debts | 44 | €1,118 | €1,084 | -€34 | -3.1% |
| Suppliers | 440/4 | €1,118 | €1,084 | -€34 | -3.1% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €309,882 | €1,882 | -€308,000 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,910 | €4,846 | +€2,936 | +154% |
| Other operating charges | 640/8 | €1,618 | €3,478 | +€1,860 | +115% |
| Gross operating margin | 9900 | -€31,334 | €849 | +€32,183 | |
| Operating profit (loss) | 9901 | -€34,862 | -€7,475 | +€27,387 | +78.6% |
| Financial income | 75/76B | €23,064 | €7,966 | -€15,098 | -65.5% |
| Recurring financial income | 75 | €23,064 | €7,966 | -€15,098 | -65.5% |
| Financial charges | 65/66B | €758 | €775 | +€17 | +2.2% |
| Recurring financial charges | 65 | €758 | €775 | +€17 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | -€12,556 | -€283 | +€12,273 | +97.7% |
| Income taxes | 67/77 | €0 | €162 | +€162 | |
| Profit (loss) for the period | 9904 | -€12,556 | -€445 | +€12,111 | +96.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,556 | -€445 | +€12,111 | +96.5% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.