Raman Pieter: 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.
Raman Pieter
Largest movements
- Current investments +€2.1m
up €2.1m (+121%), from €1.8m to €3.9m
- Receivables within one year -€1.2m
down €1.2m (-66.0%), from €1.9m to €635,572
of which Other amounts receivable: -€1.2m
- Cash -€720,567
down €720,567 (-85.1%), from €846,552 to €125,985
mainly Current investments (-€2.1m) and Investment in fixed assets (net) (-€720,504)
- Stocks and contracts -€478,859
down €478,859 (-100%), from €478,859 to €0
- Tangible fixed assets +€452,310
up €452,310 (+69.2%), from €653,997 to €1.1m
of which Land and buildings: +€467,751
- Profit (loss) carried forward -€5.4m
down €5.4m (-100%), from €5.4m to €0
- Reserves +€5.3m
up €5.3m (+691%), from €769,165 to €6.1m
of which Distributable reserves: +€5.3m
- Debts after one year +€382,917
up €382,917 (+110%), from €347,083 to €730,000
- Gross operating margin -€1.6m
down €1.6m (-98.8%), from €1.6m to €18,744
- Financial income -€178,298
down €178,298 (-67.0%), from €266,247 to €87,949
- Taxes -€49,865
down €49,865 (-100%), from €49,865 to €0
- Staff costs +€26,295
new in 2025: €26,295
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 | €6,623,065 | €6,943,910 | +€320,845 | +4.8% |
| Fixed assets | 21/28 | €1,425,247 | €2,045,056 | +€619,810 | +43.5% |
| Tangible fixed assets | 22/27 | €653,997 | €1,106,306 | +€452,310 | +69.2% |
| Land and buildings | 22 | €556,555 | €1,024,305 | +€467,751 | +84.0% |
| Plant, machinery and equipment | 23 | €7,346 | €3,872 | -€3,474 | -47.3% |
| Furniture and vehicles | 24 | €90,096 | €78,129 | -€11,966 | -13.3% |
| Financial fixed assets | 28 | €771,250 | €938,750 | +€167,500 | +21.7% |
| Current assets | 29/58 | €5,197,818 | €4,898,853 | -€298,965 | -5.8% |
| Amounts receivable after more than one year | 29 | €225,000 | €225,000 | = | 0.0% |
| Other amounts receivable | 291 | €225,000 | €225,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €478,859 | €0 | -€478,859 | -100% |
| Stocks | 30/36 | €478,859 | €0 | -€478,859 | -100% |
| Amounts receivable within one year | 40/41 | €1,870,819 | €635,572 | -€1.2m | -66.0% |
| Trade receivables | 40 | €17,059 | €19,144 | +€2,085 | +12.2% |
| Other amounts receivable | 41 | €1,853,761 | €616,428 | -€1.2m | -66.7% |
| Current investments | 50/53 | €1,766,026 | €3,909,556 | +€2.1m | +121% |
| Cash at bank and in hand | 54/58 | €846,552 | €125,985 | -€720,567 | -85.1% |
| Deferred charges and accrued income | 490/1 | €10,562 | €2,740 | -€7,821 | -74.1% |
| Total equity and liabilities | 10/49 | €6,623,065 | €6,943,910 | +€320,845 | +4.8% |
| Equity | 10/15 | €6,155,291 | €6,104,388 | -€50,903 | -0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €769,165 | €6,085,788 | +€5.3m | +691% |
| Tax-exempt reserves | 132 | €364,165 | €364,165 | = | 0.0% |
| Distributable reserves | 133 | €405,000 | €5,721,623 | +€5.3m | +1,313% |
| Profit (loss) carried forward | 14 | €5,367,526 | €0 | -€5.4m | -100% |
| Amounts payable | 17/49 | €467,774 | €839,522 | +€371,748 | +79.5% |
| Amounts payable after more than one year | 17 | €347,083 | €730,000 | +€382,917 | +110% |
| Financial debts | 170/4 | €347,083 | €730,000 | +€382,917 | +110% |
| Amounts payable within one year | 42/48 | €117,054 | €93,255 | -€23,799 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €78,451 | €75,333 | -€3,118 | -4.0% |
| Trade debts | 44 | €3,282 | €3,861 | +€580 | +17.7% |
| Suppliers | 440/4 | €3,282 | €3,861 | +€580 | +17.7% |
| Taxes, remuneration and social security | 45 | €14,569 | €9,091 | -€5,478 | -37.6% |
| Taxes | 450/3 | €14,569 | €3,487 | -€11,082 | -76.1% |
| Remuneration and social security | 454/9 | - | €5,604 | +€5,604 | |
| Other amounts payable | 47/48 | €20,752 | €4,969 | -€15,783 | -76.1% |
| Accrued charges and deferred income | 492/3 | €3,636 | €16,267 | +€12,630 | +347% |
| Remuneration, social security and pensions | 62 | - | €26,295 | +€26,295 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,629 | €100,694 | +€12,065 | +13.6% |
| Other operating charges | 640/8 | €7,887 | €3,422 | -€4,465 | -56.6% |
| Gross operating margin | 9900 | €1,601,399 | €18,744 | -€1.6m | -98.8% |
| Operating profit (loss) | 9901 | €1,504,883 | -€111,667 | -€1.6m | |
| Financial income | 75/76B | €266,247 | €87,949 | -€178,298 | -67.0% |
| Recurring financial income | 75 | €266,247 | €87,949 | -€178,298 | -67.0% |
| Financial charges | 65/66B | €36,716 | €27,185 | -€9,532 | -26.0% |
| Recurring financial charges | 65 | €36,716 | €27,185 | -€9,532 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | €1,734,413 | -€50,903 | -€1.8m | |
| Income taxes | 67/77 | €49,865 | €0 | -€49,865 | -100% |
| Profit (loss) for the period | 9904 | €1,684,548 | -€50,903 | -€1.7m | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,684,548 | -€50,903 | -€1.7m |
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 25 October 2026 via checked.be.