QUALITY SET: 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.
QUALITY SET
Largest movements
- Receivables within one year -€2.6m
down €2.6m (-92.0%), from €2.8m to €224,915
of which Other amounts receivable: -€2.6m
- Tangible fixed assets +€792,656
up €792,656 (+7.7%), from €10.3m to €11.1m
of which Plant, machinery and equipment: +€827,987
- Stocks and contracts -€781,754
down €781,754 (-15.4%), from €5.1m to €4.3m
- Current portion of long-term debt -€3.3m
down €3.3m (-32.0%), from €10.4m to €7.1m
- Other debts +€862,728
up €862,728 (+13.3%), from €6.5m to €7.4m
- Trade debts -€685,788
down €685,788 (-56.0%), from €1.2m to €538,312
- Profit (loss) carried forward +€273,495
up €273,495 (+3.5%), from -€7.7m to -€7.4m
- Investment grants +€200,439
up €200,439 (+7.3%), from €2.7m to €3.0m
- Gross operating margin +€3.3m
up €3.3m, from -€72,660 to €3.2m
- Depreciation -€1.3m
down €1.3m (-41.3%), from €3.1m to €1.8m
- Financial income -€786,738
down €786,738 (-100.0%), from €786,786 to €49
- Financial charges +€203,536
up €203,536 (+38.4%), from €529,388 to €732,924
of which Non-recurring financial charges: +€200,439
- Staff costs +€100,178
up €100,178 (+33.8%), from €296,213 to €396,391
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 | €18,218,138 | €15,622,419 | -€2.6m | -14.2% |
| Fixed assets | 21/28 | €10,296,765 | €11,088,973 | +€792,208 | +7.7% |
| Intangible fixed assets | 21 | €1,119 | €671 | -€448 | -40.0% |
| Tangible fixed assets | 22/27 | €10,295,283 | €11,087,940 | +€792,656 | +7.7% |
| Land and buildings | 22 | €46,841 | €31,935 | -€14,905 | -31.8% |
| Plant, machinery and equipment | 23 | €10,092,099 | €10,920,086 | +€827,987 | +8.2% |
| Furniture and vehicles | 24 | €144,574 | €125,776 | -€18,798 | -13.0% |
| Other tangible fixed assets | 26 | €11,770 | €10,142 | -€1,628 | -13.8% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €7,921,373 | €4,533,445 | -€3.4m | -42.8% |
| Stocks and contracts in progress | 3 | €5,065,189 | €4,283,435 | -€781,754 | -15.4% |
| Stocks | 30/36 | €5,065,189 | €4,283,435 | -€781,754 | -15.4% |
| Amounts receivable within one year | 40/41 | €2,814,801 | €224,915 | -€2.6m | -92.0% |
| Trade receivables | 40 | €160,396 | €170,084 | +€9,688 | +6.0% |
| Other amounts receivable | 41 | €2,654,405 | €54,831 | -€2.6m | -97.9% |
| Cash at bank and in hand | 54/58 | €41,383 | €33 | -€41,350 | -99.9% |
| Deferred charges and accrued income | 490/1 | - | €25,062 | +€25,062 | |
| Total equity and liabilities | 10/49 | €18,218,138 | €15,622,419 | -€2.6m | -14.2% |
| Equity | 10/15 | €40,536 | €514,470 | +€473,933 | +1169.2% |
| Contributions | 10/11 | €5,000,000 | €5,000,000 | = | 0.0% |
| Capital | 10 | €5,000,000 | €5,000,000 | = | 0.0% |
| Issued capital | 100 | €5,000,000 | €5,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,709,405 | -€7,435,911 | +€273,495 | +3.5% |
| Investment grants | 15 | €2,749,941 | €2,950,380 | +€200,439 | +7.3% |
| Amounts payable | 17/49 | €18,177,602 | €15,107,949 | -€3.1m | -16.9% |
| Amounts payable within one year | 42/48 | €18,177,602 | €15,047,949 | -€3.1m | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €10,383,075 | €7,064,525 | -€3.3m | -32.0% |
| Financial debts | 43 | - | €10,719 | +€10,719 | |
| Credit institutions | 430/8 | - | €10,719 | +€10,719 | |
| Trade debts | 44 | €1,224,101 | €538,312 | -€685,788 | -56.0% |
| Suppliers | 440/4 | €1,224,101 | €538,312 | -€685,788 | -56.0% |
| Taxes, remuneration and social security | 45 | €71,740 | €72,979 | +€1,239 | +1.7% |
| Taxes | 450/3 | €3,528 | €2,283 | -€1,245 | -35.3% |
| Remuneration and social security | 454/9 | €68,212 | €70,696 | +€2,485 | +3.6% |
| Other amounts payable | 47/48 | €6,498,686 | €7,361,414 | +€862,728 | +13.3% |
| Accrued charges and deferred income | 492/3 | - | €60,000 | +€60,000 | |
| Non-recurring operating income | 76A | - | €2,355,698 | +€2.4m | |
| Remuneration, social security and pensions | 62 | €296,213 | €396,391 | +€100,178 | +33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,128,845 | €1,835,192 | -€1.3m | -41.3% |
| Other operating charges | 640/8 | €39,250 | €2,469 | -€36,781 | -93.7% |
| Gross operating margin | 9900 | -€72,660 | €3,240,422 | +€3.3m | |
| Operating profit (loss) | 9901 | -€3,536,968 | €1,006,370 | +€4.5m | |
| Financial income | 75/76B | €786,786 | €49 | -€786,738 | -100.0% |
| Recurring financial income | 75 | €786,786 | €49 | -€786,738 | -100.0% |
| Financial charges | 65/66B | €529,388 | €732,924 | +€203,536 | +38.4% |
| Recurring financial charges | 65 | €529,388 | €532,485 | +€3,097 | +0.6% |
| Non-recurring financial charges | 66B | - | €200,439 | +€200,439 | |
| Profit (loss) for the period before taxes | 9903 | -€3,279,570 | €273,495 | +€3.6m | |
| Profit (loss) for the period | 9904 | -€3,279,570 | €273,495 | +€3.6m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,279,570 | €273,495 | +€3.6m |
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 29 September 2026 via checked.be.