REACTIVE: 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.
REACTIVE
Largest movements
- Receivables within one year +€130,085
up €130,085 (+41.6%), from €312,424 to €442,508
of which Other amounts receivable: +€125,554
- Cash +€50,098
up €50,098 (+701%), from €7,143 to €57,241
mainly Other debts (+€261,176) and Depreciation (+€96,016)
- Intangible fixed assets -€47,795
down €47,795 (-25.0%), from €191,179 to €143,385
- Other debts +€261,176
up €261,176 (+83.7%), from €312,114 to €573,290
- Current portion of long-term debt -€118,097
down €118,097 (-67.8%), from €174,186 to €56,089
- Debts after one year +€43,787
up €43,787 (+4.9%), from €886,316 to €930,103
- Profit (loss) carried forward -€43,504
down €43,504 (-43.3%), from €100,468 to €56,964
- Trade debts -€21,884
down €21,884 (-73.2%), from €29,884 to €8,000
- Gross operating margin +€31,649
up €31,649 (+51.8%), from €61,084 to €92,733
- Depreciation +€10,600
up €10,600 (+12.4%), from €85,415 to €96,016
- Financial charges +€6,418
up €6,418 (+26.9%), from €23,884 to €30,302
- Other operating charges +€2,362
up €2,362 (+31.3%), from €7,556 to €9,919
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 | €1,511,195 | €1,634,288 | +€123,093 | +8.1% |
| Formation expenses | 20 | €4,640 | €3,712 | -€928 | -20.0% |
| Fixed assets | 21/28 | €1,186,988 | €1,129,001 | -€57,987 | -4.9% |
| Intangible fixed assets | 21 | €191,179 | €143,385 | -€47,795 | -25.0% |
| Tangible fixed assets | 22/27 | €957,809 | €948,117 | -€9,692 | -1.0% |
| Land and buildings | 22 | €957,809 | €946,781 | -€11,028 | -1.2% |
| Furniture and vehicles | 24 | - | €1,336 | +€1,336 | |
| Financial fixed assets | 28 | €38,000 | €37,500 | -€500 | -1.3% |
| Current assets | 29/58 | €319,567 | €501,575 | +€182,008 | +57.0% |
| Amounts receivable within one year | 40/41 | €312,424 | €442,508 | +€130,085 | +41.6% |
| Trade receivables | 40 | €24,754 | €29,285 | +€4,531 | +18.3% |
| Other amounts receivable | 41 | €287,670 | €413,223 | +€125,554 | +43.6% |
| Cash at bank and in hand | 54/58 | €7,143 | €57,241 | +€50,098 | +701% |
| Deferred charges and accrued income | 490/1 | - | €1,825 | +€1,825 | |
| Total equity and liabilities | 10/49 | €1,511,195 | €1,634,288 | +€123,093 | +8.1% |
| Equity | 10/15 | €106,668 | €63,164 | -€43,504 | -40.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,468 | €56,964 | -€43,504 | -43.3% |
| Amounts payable | 17/49 | €1,404,527 | €1,571,124 | +€166,597 | +11.9% |
| Amounts payable after more than one year | 17 | €886,316 | €930,103 | +€43,787 | +4.9% |
| Financial debts | 170/4 | €886,316 | €930,103 | +€43,787 | +4.9% |
| Amounts payable within one year | 42/48 | €518,212 | €641,021 | +€122,810 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €174,186 | €56,089 | -€118,097 | -67.8% |
| Trade debts | 44 | €29,884 | €8,000 | -€21,884 | -73.2% |
| Suppliers | 440/4 | €29,884 | €8,000 | -€21,884 | -73.2% |
| Taxes, remuneration and social security | 45 | €2,027 | €3,642 | +€1,615 | +79.6% |
| Taxes | 450/3 | €2,027 | €3,642 | +€1,615 | +79.6% |
| Other amounts payable | 47/48 | €312,114 | €573,290 | +€261,176 | +83.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,415 | €96,016 | +€10,600 | +12.4% |
| Other operating charges | 640/8 | €7,556 | €9,919 | +€2,362 | +31.3% |
| Gross operating margin | 9900 | €61,084 | €92,733 | +€31,649 | +51.8% |
| Operating profit (loss) | 9901 | -€31,888 | -€13,202 | +€18,686 | +58.6% |
| Financial charges | 65/66B | €23,884 | €30,302 | +€6,418 | +26.9% |
| Recurring financial charges | 65 | €23,884 | €30,302 | +€6,418 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | -€55,772 | -€43,504 | +€12,268 | +22.0% |
| Profit (loss) for the period | 9904 | -€55,772 | -€43,504 | +€12,268 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,772 | -€43,504 | +€12,268 | +22.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.