Q3: 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.
Q3
Largest movements
- Tangible fixed assets +€49,153
up €49,153 (+32.3%), from €152,203 to €201,356
of which Furniture and vehicles: +€39,049
- Cash +€37,488
up €37,488 (+22.6%), from €166,097 to €203,584
mainly Other debts (+€63,376) and Net result for the year (+€59,229)
- Financial fixed assets +€32,636
up €32,636 (+12.4%), from €263,783 to €296,419
- Receivables within one year -€7,697
down €7,697 (-25.2%), from €30,492 to €22,795
of which Trade receivables: -€9,831
- Other debts +€63,376
up €63,376 (+31.1%), from €203,636 to €267,012
- Profit (loss) carried forward +€60,952
up €60,952 (+28.2%), from €216,094 to €277,046
- Tax, wage and social debts -€24,046
down €24,046 (-78.7%), from €30,555 to €6,509
- Trade debts +€8,538
up €8,538 (+152.9%), from €5,583 to €14,122
- Gross operating margin -€31,174
down €31,174 (-33.4%), from €93,261 to €62,087
- Taxes -€25,200
down €25,200 (-79.6%), from €31,673 to €6,473
- Depreciation +€12,098
up €12,098 (+61.7%), from €19,620 to €31,718
- Financial income -€5,159
down €5,159 (-8.1%), from €63,678 to €58,520
- Financial charges +€1,675
up €1,675 (+12.4%), from €13,509 to €15,185
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 | €613,913 | €726,780 | +€112,867 | +18.4% |
| Fixed assets | 21/28 | €415,986 | €497,775 | +€81,789 | +19.7% |
| Tangible fixed assets | 22/27 | €152,203 | €201,356 | +€49,153 | +32.3% |
| Land and buildings | 22 | €36,864 | €45,865 | +€9,001 | +24.4% |
| Plant, machinery and equipment | 23 | €31,817 | €32,920 | +€1,103 | +3.5% |
| Furniture and vehicles | 24 | €83,522 | €122,571 | +€39,049 | +46.8% |
| Financial fixed assets | 28 | €263,783 | €296,419 | +€32,636 | +12.4% |
| Current assets | 29/58 | €197,927 | €229,005 | +€31,078 | +15.7% |
| Amounts receivable within one year | 40/41 | €30,492 | €22,795 | -€7,697 | -25.2% |
| Trade receivables | 40 | €30,492 | €20,661 | -€9,831 | -32.2% |
| Other amounts receivable | 41 | - | €2,134 | +€2,134 | |
| Cash at bank and in hand | 54/58 | €166,097 | €203,584 | +€37,488 | +22.6% |
| Deferred charges and accrued income | 490/1 | €1,338 | €2,626 | +€1,288 | +96.2% |
| Total equity and liabilities | 10/49 | €613,913 | €726,780 | +€112,867 | +18.4% |
| Equity | 10/15 | €362,797 | €422,026 | +€59,229 | +16.3% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €71,703 | €69,980 | -€1,724 | -2.4% |
| Non-distributable reserves | 130/1 | €18,250 | €18,250 | = | 0.0% |
| Legal reserve | 130 | €18,250 | €18,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,953 | €9,230 | -€1,724 | -15.7% |
| Distributable reserves | 133 | €42,500 | €42,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,094 | €277,046 | +€60,952 | +28.2% |
| Provisions and deferred taxes | 16 | €2,186 | €1,785 | -€401 | -18.3% |
| Deferred taxes | 168 | €2,186 | €1,785 | -€401 | -18.3% |
| Amounts payable | 17/49 | €248,929 | €302,969 | +€54,040 | +21.7% |
| Amounts payable within one year | 42/48 | €239,774 | €287,643 | +€47,869 | +20.0% |
| Trade debts | 44 | €5,583 | €14,122 | +€8,538 | +152.9% |
| Suppliers | 440/4 | €5,583 | €14,122 | +€8,538 | +152.9% |
| Taxes, remuneration and social security | 45 | €30,555 | €6,509 | -€24,046 | -78.7% |
| Taxes | 450/3 | €30,555 | €6,509 | -€24,046 | -78.7% |
| Other amounts payable | 47/48 | €203,636 | €267,012 | +€63,376 | +31.1% |
| Accrued charges and deferred income | 492/3 | €9,155 | €15,326 | +€6,171 | +67.4% |
| Non-recurring operating income | 76A | €26,075 | - | -€26,075 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,620 | €31,718 | +€12,098 | +61.7% |
| Other operating charges | 640/8 | €3,105 | €2,624 | -€481 | -15.5% |
| Non-recurring operating charges | 66A | - | €5,780 | +€5,780 | |
| Gross operating margin | 9900 | €93,261 | €62,087 | -€31,174 | -33.4% |
| Operating profit (loss) | 9901 | €70,536 | €21,966 | -€48,570 | -68.9% |
| Financial income | 75/76B | €63,678 | €58,520 | -€5,159 | -8.1% |
| Recurring financial income | 75 | €63,678 | €58,520 | -€5,159 | -8.1% |
| Financial charges | 65/66B | €13,509 | €15,185 | +€1,675 | +12.4% |
| Recurring financial charges | 65 | €13,509 | €15,185 | +€1,675 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €120,705 | €65,301 | -€55,404 | -45.9% |
| Transfer from deferred taxes | 780 | €8,938 | €401 | -€8,537 | -95.5% |
| Income taxes | 67/77 | €31,673 | €6,473 | -€25,200 | -79.6% |
| Profit (loss) for the period | 9904 | €97,970 | €59,229 | -€38,741 | -39.5% |
| Transfer from tax-exempt reserves | 789 | €41,869 | €1,724 | -€40,146 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €139,839 | €60,952 | -€78,887 | -56.4% |
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 2 October 2026 via checked.be.