PROXY RANCE: 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.
PROXY RANCE
Largest movements
- Stocks and contracts -€93,784
down €93,784 (-48.4%), from €193,838 to €100,054
- Intangible fixed assets -€51,001
down €51,001 (-16.0%), from €318,161 to €267,161
- Tangible fixed assets -€33,769
down €33,769 (-23.1%), from €146,397 to €112,628
- Cash +€18,398
up €18,398 (+60.7%), from €30,287 to €48,685
mainly Stocks and contracts (+€93,784) and Depreciation (+€84,770)
- Profit (loss) carried forward -€148,654
down €148,654 (-74.8%), from -€198,737 to -€347,391
- Debts after one year -€81,859
down €81,859 (-30.4%), from €269,251 to €187,392
- Other debts +€60,996
up €60,996 (+122.0%), from €50,000 to €110,996
- Trade debts +€29,422
up €29,422 (+8.3%), from €352,542 to €381,963
- Current portion of long-term debt -€27,088
down €27,088 (-24.9%), from €108,946 to €81,859
- Gross operating margin -€139,500
down €139,500 (-44.1%), from €316,242 to €176,741
- Staff costs -€8,160
down €8,160 (-3.5%), from €232,254 to €224,094
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.
Cash bridge derived
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 | €709,577 | €553,345 | -€156,232 | -22.0% |
| Fixed assets | 21/28 | €469,015 | €383,996 | -€85,019 | -18.1% |
| Intangible fixed assets | 21 | €318,161 | €267,161 | -€51,001 | -16.0% |
| Tangible fixed assets | 22/27 | €146,397 | €112,628 | -€33,769 | -23.1% |
| Plant, machinery and equipment | 23 | €26,935 | €21,989 | -€4,947 | -18.4% |
| Furniture and vehicles | 24 | €35,902 | €20,355 | -€15,547 | -43.3% |
| Other tangible fixed assets | 26 | €83,560 | €70,285 | -€13,275 | -15.9% |
| Financial fixed assets | 28 | €4,456 | €4,207 | -€249 | -5.6% |
| Current assets | 29/58 | €240,562 | €169,350 | -€71,212 | -29.6% |
| Stocks and contracts in progress | 3 | €193,838 | €100,054 | -€93,784 | -48.4% |
| Stocks | 30/36 | €193,838 | €100,054 | -€93,784 | -48.4% |
| Amounts receivable within one year | 40/41 | €14,410 | €15,616 | +€1,206 | +8.4% |
| Trade receivables | 40 | €8,365 | €7,465 | -€899 | -10.8% |
| Other amounts receivable | 41 | €6,046 | €8,150 | +€2,105 | +34.8% |
| Cash at bank and in hand | 54/58 | €30,287 | €48,685 | +€18,398 | +60.7% |
| Deferred charges and accrued income | 490/1 | €2,027 | €4,995 | +€2,968 | +146.4% |
| Total equity and liabilities | 10/49 | €709,577 | €553,345 | -€156,232 | -22.0% |
| Equity | 10/15 | -€98,737 | -€247,391 | -€148,654 | -150.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€198,737 | -€347,391 | -€148,654 | -74.8% |
| Amounts payable | 17/49 | €808,314 | €800,736 | -€7,578 | -0.9% |
| Amounts payable after more than one year | 17 | €269,251 | €187,392 | -€81,859 | -30.4% |
| Financial debts | 170/4 | €269,251 | €187,392 | -€81,859 | -30.4% |
| Amounts payable within one year | 42/48 | €538,844 | €613,345 | +€74,501 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €108,946 | €81,859 | -€27,088 | -24.9% |
| Trade debts | 44 | €352,542 | €381,963 | +€29,422 | +8.3% |
| Suppliers | 440/4 | €352,542 | €381,963 | +€29,422 | +8.3% |
| Taxes, remuneration and social security | 45 | €27,356 | €38,527 | +€11,171 | +40.8% |
| Remuneration and social security | 454/9 | €27,356 | €38,527 | +€11,171 | +40.8% |
| Other amounts payable | 47/48 | €50,000 | €110,996 | +€60,996 | +122.0% |
| Accrued charges and deferred income | 492/3 | €220 | - | -€220 | |
| Remuneration, social security and pensions | 62 | €232,254 | €224,094 | -€8,160 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,973 | €84,770 | +€797 | +0.9% |
| Other operating charges | 640/8 | €1,472 | €2,428 | +€956 | +65.0% |
| Non-recurring operating charges | 66A | - | €2,734 | +€2,734 | |
| Gross operating margin | 9900 | €316,242 | €176,741 | -€139,500 | -44.1% |
| Operating profit (loss) | 9901 | -€1,457 | -€137,285 | -€135,828 | -9325.2% |
| Financial income | 75/76B | €1,523 | €559 | -€964 | -63.3% |
| Recurring financial income | 75 | €70 | €60 | -€10 | -14.7% |
| Non-recurring financial income | 76B | €1,453 | €499 | -€953 | -65.6% |
| Financial charges | 65/66B | €14,756 | €11,928 | -€2,828 | -19.2% |
| Recurring financial charges | 65 | €14,756 | €11,928 | -€2,828 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,689 | -€148,654 | -€133,964 | -912.0% |
| Profit (loss) for the period | 9904 | -€14,689 | -€148,654 | -€133,964 | -912.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,689 | -€148,654 | -€133,964 | -912.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.