Q1: 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.
Q1
Largest movements
- Receivables within one year -€258,719
down €258,719 (-56.8%), from €455,114 to €196,395
of which Trade receivables: -€254,607
- Tangible fixed assets -€159,388
down €159,388 (-16.1%), from €989,264 to €829,876
of which Furniture and vehicles: -€145,543
- Stocks and contracts +€88,445
new in 2025: €88,445
- Cash +€35,178
up €35,178 (+62.7%), from €56,110 to €91,289
mainly Receivables within one year (+€258,719) and Depreciation (+€120,765)
- Deferred charges and accrued income +€21,604
new in 2025: €21,604
- Trade debts -€397,068
down €397,068 (-63.8%), from €621,967 to €224,899
- Accrued charges and deferred income +€92,680
new in 2025: €92,680
- Reserves +€66,974
up €66,974 (+28.6%), from €234,318 to €301,292
- Debts after one year -€52,086
down €52,086 (-12.4%), from €418,665 to €366,579
- Advances received +€23,633
up €23,633 (+75.3%), from €31,367 to €55,000
- Staff costs +€87,039
up €87,039 (+86.2%), from €100,946 to €187,985
- Depreciation -€67,431
down €67,431 (-35.8%), from €188,196 to €120,765
- Gross operating margin -€55,802
down €55,802 (-11.6%), from €481,178 to €425,376
- Taxes -€30,179
down €30,179 (-81.0%), from €37,279 to €7,100
- Other operating charges +€7,451
up €7,451 (+100.6%), from €7,406 to €14,857
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 | €1,500,488 | €1,227,608 | -€272,879 | -18.2% |
| Fixed assets | 21/28 | €989,264 | €829,876 | -€159,388 | -16.1% |
| Tangible fixed assets | 22/27 | €989,264 | €829,876 | -€159,388 | -16.1% |
| Plant, machinery and equipment | 23 | €86,289 | €87,514 | +€1,225 | +1.4% |
| Furniture and vehicles | 24 | €623,066 | €477,523 | -€145,543 | -23.4% |
| Other tangible fixed assets | 26 | €279,908 | €264,838 | -€15,070 | -5.4% |
| Current assets | 29/58 | €511,224 | €397,733 | -€113,491 | -22.2% |
| Stocks and contracts in progress | 3 | - | €88,445 | +€88,445 | |
| Stocks | 30/36 | - | €88,445 | +€88,445 | |
| Amounts receivable within one year | 40/41 | €455,114 | €196,395 | -€258,719 | -56.8% |
| Trade receivables | 40 | €428,266 | €173,658 | -€254,607 | -59.5% |
| Other amounts receivable | 41 | €26,848 | €22,737 | -€4,112 | -15.3% |
| Cash at bank and in hand | 54/58 | €56,110 | €91,289 | +€35,178 | +62.7% |
| Deferred charges and accrued income | 490/1 | - | €21,604 | +€21,604 | |
| Total equity and liabilities | 10/49 | €1,500,488 | €1,227,608 | -€272,879 | -18.2% |
| Equity | 10/15 | €236,818 | €303,792 | +€66,974 | +28.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | - | -€2,500 | |
| Other | 1109/19 | €2,500 | - | -€2,500 | |
| Reserves | 13 | €234,318 | €301,292 | +€66,974 | +28.6% |
| Distributable reserves | 133 | €234,318 | €301,292 | +€66,974 | +28.6% |
| Amounts payable | 17/49 | €1,263,670 | €923,816 | -€339,853 | -26.9% |
| Amounts payable after more than one year | 17 | €418,665 | €366,579 | -€52,086 | -12.4% |
| Financial debts | 170/4 | €418,665 | €366,579 | -€52,086 | -12.4% |
| Amounts payable within one year | 42/48 | €845,005 | €464,558 | -€380,447 | -45.0% |
| Current portion of amounts payable after more than one year | 42 | €112,065 | €99,684 | -€12,382 | -11.0% |
| Trade debts | 44 | €621,967 | €224,899 | -€397,068 | -63.8% |
| Suppliers | 440/4 | €621,967 | €224,899 | -€397,068 | -63.8% |
| Advances received on contracts in progress | 46 | €31,367 | €55,000 | +€23,633 | +75.3% |
| Taxes, remuneration and social security | 45 | €72,995 | €73,805 | +€811 | +1.1% |
| Taxes | 450/3 | €52,722 | €20,314 | -€32,408 | -61.5% |
| Remuneration and social security | 454/9 | €20,273 | €53,492 | +€33,219 | +163.9% |
| Other amounts payable | 47/48 | €6,611 | €11,169 | +€4,558 | +69.0% |
| Accrued charges and deferred income | 492/3 | - | €92,680 | +€92,680 | |
| Non-recurring operating income | 76A | - | €285,540 | +€285,540 | |
| Remuneration, social security and pensions | 62 | €100,946 | €187,985 | +€87,039 | +86.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,196 | €120,765 | -€67,431 | -35.8% |
| Other operating charges | 640/8 | €7,406 | €14,857 | +€7,451 | +100.6% |
| Gross operating margin | 9900 | €481,178 | €425,376 | -€55,802 | -11.6% |
| Operating profit (loss) | 9901 | €184,630 | €101,768 | -€82,862 | -44.9% |
| Financial income | 75/76B | €809 | €0 | -€809 | -100.0% |
| Recurring financial income | 75 | €809 | €0 | -€809 | -100.0% |
| Financial charges | 65/66B | €20,445 | €27,694 | +€7,249 | +35.5% |
| Recurring financial charges | 65 | €20,445 | €27,694 | +€7,249 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | €164,994 | €74,074 | -€90,920 | -55.1% |
| Income taxes | 67/77 | €37,279 | €7,100 | -€30,179 | -81.0% |
| Profit (loss) for the period | 9904 | €127,714 | €66,974 | -€60,741 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €127,714 | €66,974 | -€60,741 | -47.6% |
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.