R & C: what changed
Two financial 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.
R & C
Largest movements
- Stocks and contracts +€139,807
up €139,807 (+65.0%), from €214,959 to €354,766
- Receivables within one year +€27,272
up €27,272 (+69.3%), from €39,339 to €66,611
of which Trade receivables: +€26,884
- Tangible fixed assets +€18,263
up €18,263 (+41.4%), from €44,156 to €62,420
of which Furniture and vehicles: +€17,358
- Cash +€6,392
up €6,392 (+4.6%), from €138,166 to €144,557
mainly Trade debts (+€88,642) and Net result for the year (+€69,093)
- Trade debts +€88,642
up €88,642 (+270%), from €32,781 to €121,422
- Reserves +€47,365
up €47,365 (+17.7%), from €267,934 to €315,299
- Other debts +€20,664
up €20,664 (+28.9%), from €71,394 to €92,057
- Tax, wage and social debts +€15,719
up €15,719 (+80.4%), from €19,540 to €35,258
of which Taxes: +€13,528
- Debts after one year +€12,152
up €12,152 (+115%), from €10,592 to €22,743
- Gross operating margin +€36,127
up €36,127 (+24.8%), from €145,869 to €181,995
- Taxes +€9,013
up €9,013 (+50.7%), from €17,783 to €26,796
- Depreciation +€2,345
up €2,345 (+21.3%), from €11,031 to €13,377
- Staff costs +€2,252
up €2,252 (+3.7%), from €61,161 to €63,413
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.
Derived cash bridge
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 | €438,452 | €629,447 | +€190,995 | +43.6% |
| Fixed assets | 21/28 | €44,906 | €62,420 | +€17,513 | +39.0% |
| Tangible fixed assets | 22/27 | €44,156 | €62,420 | +€18,263 | +41.4% |
| Plant, machinery and equipment | 23 | €16,621 | €17,526 | +€906 | +5.4% |
| Furniture and vehicles | 24 | €27,536 | €44,893 | +€17,358 | +63.0% |
| Financial fixed assets | 28 | €750 | - | -€750 | |
| Current assets | 29/58 | €393,546 | €567,027 | +€173,481 | +44.1% |
| Stocks and contracts in progress | 3 | €214,959 | €354,766 | +€139,807 | +65.0% |
| Stocks | 30/36 | €214,959 | €354,766 | +€139,807 | +65.0% |
| Amounts receivable within one year | 40/41 | €39,339 | €66,611 | +€27,272 | +69.3% |
| Trade receivables | 40 | €39,316 | €66,200 | +€26,884 | +68.4% |
| Other amounts receivable | 41 | €23 | €411 | +€388 | +1,710% |
| Cash at bank and in hand | 54/58 | €138,166 | €144,557 | +€6,392 | +4.6% |
| Deferred charges and accrued income | 490/1 | €1,083 | €1,092 | +€10 | +0.9% |
| Total equity and liabilities | 10/49 | €438,452 | €629,447 | +€190,995 | +43.6% |
| Equity | 10/15 | €286,526 | €333,891 | +€47,365 | +16.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €267,934 | €315,299 | +€47,365 | +17.7% |
| Distributable reserves | 133 | €267,934 | €315,299 | +€47,365 | +17.7% |
| Amounts payable | 17/49 | €151,926 | €295,555 | +€143,629 | +94.5% |
| Amounts payable after more than one year | 17 | €10,592 | €22,743 | +€12,152 | +115% |
| Financial debts | 170/4 | €10,592 | €22,743 | +€12,152 | +115% |
| Amounts payable within one year | 42/48 | €141,335 | €272,812 | +€131,477 | +93.0% |
| Current portion of amounts payable after more than one year | 42 | €6,370 | €12,824 | +€6,454 | +101% |
| Financial debts | 43 | €11,250 | €11,250 | = | 0.0% |
| Other loans | 439 | €11,250 | €11,250 | = | 0.0% |
| Trade debts | 44 | €32,781 | €121,422 | +€88,642 | +270% |
| Suppliers | 440/4 | €32,781 | €121,422 | +€88,642 | +270% |
| Taxes, remuneration and social security | 45 | €19,540 | €35,258 | +€15,719 | +80.4% |
| Taxes | 450/3 | €11,133 | €24,661 | +€13,528 | +122% |
| Remuneration and social security | 454/9 | €8,406 | €10,597 | +€2,191 | +26.1% |
| Other amounts payable | 47/48 | €71,394 | €92,057 | +€20,664 | +28.9% |
| Remuneration, social security and pensions | 62 | €61,161 | €63,413 | +€2,252 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,031 | €13,377 | +€2,345 | +21.3% |
| Other operating charges | 640/8 | €2,953 | €2,391 | -€562 | -19.0% |
| Gross operating margin | 9900 | €145,869 | €181,995 | +€36,127 | +24.8% |
| Operating profit (loss) | 9901 | €70,723 | €102,815 | +€32,092 | +45.4% |
| Financial income | 75/76B | €36 | €496 | +€459 | +1,261% |
| Recurring financial income | 75 | €36 | €496 | +€459 | +1,261% |
| Financial charges | 65/66B | €6,138 | €7,422 | +€1,283 | +20.9% |
| Recurring financial charges | 65 | €6,138 | €7,422 | +€1,283 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €64,622 | €95,889 | +€31,268 | +48.4% |
| Income taxes | 67/77 | €17,783 | €26,796 | +€9,013 | +50.7% |
| Profit (loss) for the period | 9904 | €46,839 | €69,093 | +€22,254 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,839 | €69,093 | +€22,254 | +47.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.