PRO MONTAGE: 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.
PRO MONTAGE
Largest movements
- Tangible fixed assets +€243,491
up €243,491 (+81.9%), from €297,151 to €540,642
of which Land and buildings: +€266,073
- Receivables within one year +€123,931
up €123,931 (+92.7%), from €133,737 to €257,667
of which Trade receivables: +€125,284
- Cash -€32,599
down €32,599 (-25.0%), from €130,496 to €97,897
mainly Investment in fixed assets (net) (-€281,852) and Receivables within one year (-€123,931)
- Debts after one year +€121,568
up €121,568 (+73.7%), from €164,941 to €286,509
- Current portion of long-term debt +€94,676
new in 2026: €94,676
- Other debts +€86,394
new in 2026: €86,394
- Profit (loss) carried forward +€68,720
up €68,720 (+34.1%), from €201,334 to €270,054
- Short-term financial debts -€37,287
no longer reported in 2026 (was €37,287)
- Gross operating margin +€65,682
up €65,682 (+45.5%), from €144,490 to €210,172
- Financial charges +€65,147
up €65,147 (+690%), from €9,437 to €74,584
- Other operating charges +€2,358
up €2,358 (+76.4%), from €3,088 to €5,446
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €570,668 | €905,742 | +€335,074 | +58.7% |
| Fixed assets | 21/28 | €299,551 | €543,042 | +€243,491 | +81.3% |
| Tangible fixed assets | 22/27 | €297,151 | €540,642 | +€243,491 | +81.9% |
| Land and buildings | 22 | €261,658 | €527,731 | +€266,073 | +102% |
| Plant, machinery and equipment | 23 | €2,316 | €3,242 | +€926 | +40.0% |
| Furniture and vehicles | 24 | €33,177 | €9,670 | -€23,507 | -70.9% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €271,117 | €362,700 | +€91,583 | +33.8% |
| Amounts receivable within one year | 40/41 | €133,737 | €257,667 | +€123,931 | +92.7% |
| Trade receivables | 40 | €118,771 | €244,055 | +€125,284 | +105% |
| Other amounts receivable | 41 | €14,966 | €13,612 | -€1,354 | -9.0% |
| Cash at bank and in hand | 54/58 | €130,496 | €97,897 | -€32,599 | -25.0% |
| Deferred charges and accrued income | 490/1 | €6,884 | €7,135 | +€252 | +3.7% |
| Total equity and liabilities | 10/49 | €570,668 | €905,742 | +€335,074 | +58.7% |
| Equity | 10/15 | €209,334 | €278,054 | +€68,720 | +32.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €201,334 | €270,054 | +€68,720 | +34.1% |
| Amounts payable | 17/49 | €361,334 | €627,688 | +€266,354 | +73.7% |
| Amounts payable after more than one year | 17 | €164,941 | €286,509 | +€121,568 | +73.7% |
| Financial debts | 170/4 | €164,941 | €286,509 | +€121,568 | +73.7% |
| Amounts payable within one year | 42/48 | €196,393 | €341,179 | +€144,787 | +73.7% |
| Current portion of amounts payable after more than one year | 42 | - | €94,676 | +€94,676 | |
| Financial debts | 43 | €37,287 | - | -€37,287 | |
| Credit institutions | 430/8 | €37,287 | - | -€37,287 | |
| Trade debts | 44 | €106,012 | €140,833 | +€34,821 | +32.8% |
| Suppliers | 440/4 | €106,012 | €140,833 | +€34,821 | +32.8% |
| Taxes, remuneration and social security | 45 | €53,094 | €19,276 | -€33,818 | -63.7% |
| Taxes | 450/3 | €24,068 | €3,062 | -€21,006 | -87.3% |
| Remuneration and social security | 454/9 | €29,026 | €16,214 | -€12,811 | -44.1% |
| Other amounts payable | 47/48 | - | €86,394 | +€86,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,065 | €38,360 | -€1,705 | -4.3% |
| Other operating charges | 640/8 | €3,088 | €5,446 | +€2,358 | +76.4% |
| Gross operating margin | 9900 | €144,490 | €210,172 | +€65,682 | +45.5% |
| Operating profit (loss) | 9901 | €101,337 | €166,366 | +€65,028 | +64.2% |
| Financial income | 75/76B | €1 | €1 | -€0 | -15.6% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -15.6% |
| Financial charges | 65/66B | €9,437 | €74,584 | +€65,147 | +690% |
| Recurring financial charges | 65 | €9,437 | €74,584 | +€65,147 | +690% |
| Profit (loss) for the period before taxes | 9903 | €91,901 | €91,782 | -€118 | -0.1% |
| Income taxes | 67/77 | €24,068 | €23,062 | -€1,006 | -4.2% |
| Profit (loss) for the period | 9904 | €67,832 | €68,720 | +€888 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €67,832 | €68,720 | +€888 | +1.3% |
Source: filed annual accounts (NBB), financial years ended 30 April 2025 and 30 April 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.