Q²: 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.
Q²
Largest movements
- Current investments -€41,266
down €41,266 (-56.1%), from €73,542 to €32,276
- Cash +€24,665
up €24,665 (+124.6%), from €19,790 to €44,454
mainly Net result for the year (+€72,053) and Current investments (+€41,266)
- Receivables within one year -€13,878
down €13,878 (-36.4%), from €38,081 to €24,203
of which Trade receivables: -€15,490
- Tangible fixed assets +€3,098
up €3,098 (+13.2%), from €23,450 to €26,548
of which Plant, machinery and equipment: +€3,641
- Reserves -€25,383
down €25,383 (-10.0%), from €254,890 to €229,506
of which Distributable reserves: -€25,383
- Financial income +€36,402
up €36,402 (+1130.5%), from €3,220 to €39,622
- Taxes +€9,836
up €9,836 (+54.6%), from €18,028 to €27,864
- Depreciation +€1,211
up €1,211 (+19.2%), from €6,308 to €7,519
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 | €283,292 | €253,871 | -€29,421 | -10.4% |
| Fixed assets | 21/28 | €23,450 | €26,548 | +€3,098 | +13.2% |
| Tangible fixed assets | 22/27 | €23,450 | €26,548 | +€3,098 | +13.2% |
| Plant, machinery and equipment | 23 | €21,553 | €25,193 | +€3,641 | +16.9% |
| Furniture and vehicles | 24 | €1,898 | €1,355 | -€543 | -28.6% |
| Current assets | 29/58 | €259,841 | €227,323 | -€32,519 | -12.5% |
| Amounts receivable after more than one year | 29 | €125,000 | €125,000 | = | 0.0% |
| Other amounts receivable | 291 | €125,000 | €125,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €38,081 | €24,203 | -€13,878 | -36.4% |
| Trade receivables | 40 | €35,455 | €19,965 | -€15,490 | -43.7% |
| Other amounts receivable | 41 | €2,625 | €4,238 | +€1,612 | +61.4% |
| Current investments | 50/53 | €73,542 | €32,276 | -€41,266 | -56.1% |
| Cash at bank and in hand | 54/58 | €19,790 | €44,454 | +€24,665 | +124.6% |
| Deferred charges and accrued income | 490/1 | €3,428 | €1,390 | -€2,038 | -59.5% |
| Total equity and liabilities | 10/49 | €283,292 | €253,871 | -€29,421 | -10.4% |
| Equity | 10/15 | €258,890 | €233,506 | -€25,383 | -9.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €254,890 | €229,506 | -€25,383 | -10.0% |
| Tax-exempt reserves | 132 | €4,589 | €4,589 | = | 0.0% |
| Distributable reserves | 133 | €250,301 | €224,918 | -€25,383 | -10.1% |
| Amounts payable | 17/49 | €24,402 | €20,365 | -€4,037 | -16.5% |
| Amounts payable within one year | 42/48 | €24,402 | €20,365 | -€4,037 | -16.5% |
| Current portion of amounts payable after more than one year | 42 | €929 | - | -€929 | |
| Trade debts | 44 | €6,952 | €4,726 | -€2,226 | -32.0% |
| Suppliers | 440/4 | €6,952 | €4,726 | -€2,226 | -32.0% |
| Taxes, remuneration and social security | 45 | €16,521 | €15,638 | -€882 | -5.3% |
| Taxes | 450/3 | €16,521 | €15,638 | -€882 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,308 | €7,519 | +€1,211 | +19.2% |
| Other operating charges | 640/8 | €776 | €757 | -€19 | -2.5% |
| Gross operating margin | 9900 | €72,837 | €73,084 | +€247 | +0.3% |
| Operating profit (loss) | 9901 | €65,753 | €64,808 | -€946 | -1.4% |
| Financial income | 75/76B | €3,220 | €39,622 | +€36,402 | +1130.5% |
| Recurring financial income | 75 | €3,220 | €39,622 | +€36,402 | +1130.5% |
| Financial charges | 65/66B | €4,928 | €4,512 | -€415 | -8.4% |
| Recurring financial charges | 65 | €4,928 | €4,512 | -€415 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €64,045 | €99,917 | +€35,872 | +56.0% |
| Income taxes | 67/77 | €18,028 | €27,864 | +€9,836 | +54.6% |
| Profit (loss) for the period | 9904 | €46,017 | €72,053 | +€26,036 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €46,017 | €72,053 | +€26,036 | +56.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.