PHASE 4: what changed
Two fiscal 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.
PHASE 4
Largest movements
- Cash +€4,712
up €4,712 (+25.7%), from €18,311 to €23,023
mainly Net result for the year (+€5,337) and Other debts (+€485)
- Reserves +€5,337
up €5,337 (+6.2%), from €85,717 to €91,054
of which Distributable reserves: +€5,337
- Gross operating margin +€1,126
up €1,126 (+15.7%), from €7,173 to €8,299
- Taxes +€464
up €464 (+19.9%), from €2,334 to €2,797
- Other operating charges -€265
down €265 (-69.0%), from €384 to €119
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 | €108,270 | €114,114 | +€5,844 | +5.4% |
| Current assets | 29/58 | €108,270 | €114,114 | +€5,844 | +5.4% |
| Amounts receivable within one year | 40/41 | €86,576 | €87,708 | +€1,132 | +1.3% |
| Trade receivables | 40 | €6,576 | €7,708 | +€1,132 | +17.2% |
| Other amounts receivable | 41 | €80,000 | €80,000 | = | 0.0% |
| Current investments | 50/53 | €3,383 | €3,383 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €18,311 | €23,023 | +€4,712 | +25.7% |
| Total equity and liabilities | 10/49 | €108,270 | €114,114 | +€5,844 | +5.4% |
| Equity | 10/15 | €104,317 | €109,654 | +€5,337 | +5.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €85,717 | €91,054 | +€5,337 | +6.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €83,857 | €89,194 | +€5,337 | +6.4% |
| Amounts payable | 17/49 | €3,953 | €4,460 | +€507 | +12.8% |
| Amounts payable within one year | 42/48 | €3,953 | €4,460 | +€507 | +12.8% |
| Trade debts | 44 | €508 | €66 | -€442 | -87.1% |
| Suppliers | 440/4 | €508 | €66 | -€442 | -87.1% |
| Taxes, remuneration and social security | 45 | €2,334 | €2,797 | +€464 | +19.9% |
| Taxes | 450/3 | €2,334 | €2,797 | +€464 | +19.9% |
| Other amounts payable | 47/48 | €1,112 | €1,597 | +€485 | +43.6% |
| Other operating charges | 640/8 | €384 | €119 | -€265 | -69.0% |
| Gross operating margin | 9900 | €7,173 | €8,299 | +€1,126 | +15.7% |
| Operating profit (loss) | 9901 | €6,788 | €8,179 | +€1,391 | +20.5% |
| Financial charges | 65/66B | €48 | €45 | -€3 | -6.3% |
| Recurring financial charges | 65 | €48 | €45 | -€3 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €6,740 | €8,134 | +€1,394 | +20.7% |
| Income taxes | 67/77 | €2,334 | €2,797 | +€464 | +19.9% |
| Profit (loss) for the period | 9904 | €4,407 | €5,337 | +€930 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €4,407 | €5,337 | +€930 | +21.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.