POST FACTUM: 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.
POST FACTUM
Largest movements
- Receivables within one year +€402,914
up €402,914 (+87.0%), from €463,180 to €866,094
of which Trade receivables: +€553,838
- Current investments +€146,165
up €146,165 (+20.7%), from €707,353 to €853,519
- Cash +€126,762
up €126,762 (+140%), from €90,585 to €217,347
mainly Net result for the year (+€417,107) and Advances received (+€208,083)
- Financial fixed assets +€107,730
up €107,730 (+526%), from €20,481 to €128,211
- Reserves +€417,000
up €417,000 (+33.4%), from €1.3m to €1.7m
- Advances received +€208,083
new in 2025: €208,083
- Accrued charges and deferred income +€91,755
up €91,755, from €0 to €91,755
- Tax, wage and social debts -€73,875
down €73,875 (-44.0%), from €167,752 to €93,877
of which Taxes: -€73,875
- Current portion of long-term debt +€58,638
new in 2025: €58,638
- Gross operating margin +€207,187
up €207,187 (+39.9%), from €519,681 to €726,868
- Other operating charges +€97,774
up €97,774 (+1,059%), from €9,234 to €107,008
- Taxes +€26,601
up €26,601 (+16.2%), from €164,654 to €191,254
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 | €1,463,631 | €2,208,295 | +€744,664 | +50.9% |
| Fixed assets | 21/28 | €182,603 | €271,336 | +€88,733 | +48.6% |
| Intangible fixed assets | 21 | €16,602 | €9,746 | -€6,857 | -41.3% |
| Tangible fixed assets | 22/27 | €145,520 | €133,379 | -€12,141 | -8.3% |
| Land and buildings | 22 | €145,520 | €133,379 | -€12,141 | -8.3% |
| Financial fixed assets | 28 | €20,481 | €128,211 | +€107,730 | +526% |
| Current assets | 29/58 | €1,281,028 | €1,936,959 | +€655,931 | +51.2% |
| Amounts receivable within one year | 40/41 | €463,180 | €866,094 | +€402,914 | +87.0% |
| Trade receivables | 40 | €207,403 | €761,241 | +€553,838 | +267% |
| Other amounts receivable | 41 | €255,777 | €104,853 | -€150,925 | -59.0% |
| Current investments | 50/53 | €707,353 | €853,519 | +€146,165 | +20.7% |
| Cash at bank and in hand | 54/58 | €90,585 | €217,347 | +€126,762 | +140% |
| Deferred charges and accrued income | 490/1 | €19,910 | €0 | -€19,910 | -100% |
| Total equity and liabilities | 10/49 | €1,463,631 | €2,208,295 | +€744,664 | +50.9% |
| Equity | 10/15 | €1,256,285 | €1,673,391 | +€417,107 | +33.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,250,000 | €1,667,000 | +€417,000 | +33.4% |
| Distributable reserves | 133 | €1,250,000 | €1,667,000 | +€417,000 | +33.4% |
| Profit (loss) carried forward | 14 | €85 | €191 | +€107 | +126% |
| Amounts payable | 17/49 | €207,347 | €534,904 | +€327,557 | +158% |
| Amounts payable within one year | 42/48 | €207,347 | €443,149 | +€235,802 | +114% |
| Current portion of amounts payable after more than one year | 42 | - | €58,638 | +€58,638 | |
| Trade debts | 44 | €32,874 | €62,078 | +€29,204 | +88.8% |
| Suppliers | 440/4 | €32,874 | €62,078 | +€29,204 | +88.8% |
| Advances received on contracts in progress | 46 | - | €208,083 | +€208,083 | |
| Taxes, remuneration and social security | 45 | €167,752 | €93,877 | -€73,875 | -44.0% |
| Taxes | 450/3 | €162,760 | €88,886 | -€73,875 | -45.4% |
| Remuneration and social security | 454/9 | €4,991 | €4,991 | = | 0.0% |
| Other amounts payable | 47/48 | €6,721 | €20,472 | +€13,752 | +205% |
| Accrued charges and deferred income | 492/3 | €0 | €91,755 | +€91,755 | |
| Remuneration, social security and pensions | 62 | €82 | €0 | -€82 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,964 | €18,997 | -€966 | -4.8% |
| Other operating charges | 640/8 | €9,234 | €107,008 | +€97,774 | +1,059% |
| Gross operating margin | 9900 | €519,681 | €726,868 | +€207,187 | +39.9% |
| Operating profit (loss) | 9901 | €490,401 | €600,862 | +€110,461 | +22.5% |
| Financial income | 75/76B | €16,455 | €17,160 | +€705 | +4.3% |
| Recurring financial income | 75 | €16,455 | €17,160 | +€705 | +4.3% |
| Financial charges | 65/66B | €2,866 | €9,661 | +€6,796 | +237% |
| Recurring financial charges | 65 | €2,866 | €9,661 | +€6,796 | +237% |
| Profit (loss) for the period before taxes | 9903 | €503,991 | €608,361 | +€104,370 | +20.7% |
| Income taxes | 67/77 | €164,654 | €191,254 | +€26,601 | +16.2% |
| Profit (loss) for the period | 9904 | €339,337 | €417,107 | +€77,769 | +22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €339,337 | €417,107 | +€77,769 | +22.9% |
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 26 October 2026 via checked.be.