REAL: 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.
REAL
Largest movements
- Receivables within one year -€144,464
down €144,464 (-23.9%), from €604,959 to €460,495
of which Other amounts receivable: -€107,924
- Cash -€64,630
down €64,630 (-99.5%), from €64,950 to €320
mainly Tax, wage and social debts (-€132,670) and Debts after one year (-€100,000)
- Tax, wage and social debts -€132,670
down €132,670 (-94.8%), from €139,906 to €7,236
- Debts after one year -€100,000
no longer reported in 2025 (was €100,000)
- Other debts +€48,853
up €48,853 (+521%), from €9,377 to €58,230
- Trade debts -€40,231
down €40,231 (-92.7%), from €43,401 to €3,170
- Advances received +€9,948
new in 2025: €9,948
- Gross operating margin +€42,262
up €42,262, from -€36,517 to €5,745
- Financial charges -€12,586
down €12,586 (-79.1%), from €15,912 to €3,326
of which Non-recurring financial charges: -€14,550
- Depreciation -€6,367
down €6,367 (-42.7%), from €14,898 to €8,531
- Other operating charges -€4,204
down €4,204 (-80.3%), from €5,235 to €1,031
- Financial income -€384
down €384 (-9.8%), from €3,931 to €3,547
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 | €987,866 | €770,278 | -€217,588 | -22.0% |
| Fixed assets | 21/28 | €241,073 | €232,542 | -€8,531 | -3.5% |
| Tangible fixed assets | 22/27 | €241,073 | €232,542 | -€8,531 | -3.5% |
| Land and buildings | 22 | €222,216 | €218,768 | -€3,448 | -1.6% |
| Plant, machinery and equipment | 23 | €18,367 | €13,404 | -€4,963 | -27.0% |
| Furniture and vehicles | 24 | €490 | €370 | -€120 | -24.5% |
| Current assets | 29/58 | €746,793 | €537,736 | -€209,057 | -28.0% |
| Stocks and contracts in progress | 3 | €76,822 | €76,822 | = | 0.0% |
| Stocks | 30/36 | €76,822 | €76,822 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €604,959 | €460,495 | -€144,464 | -23.9% |
| Trade receivables | 40 | €196,815 | €160,275 | -€36,540 | -18.6% |
| Other amounts receivable | 41 | €408,144 | €300,220 | -€107,924 | -26.4% |
| Cash at bank and in hand | 54/58 | €64,950 | €320 | -€64,630 | -99.5% |
| Deferred charges and accrued income | 490/1 | €62 | €99 | +€37 | +59.7% |
| Total equity and liabilities | 10/49 | €987,866 | €770,278 | -€217,588 | -22.0% |
| Equity | 10/15 | €695,182 | €691,694 | -€3,488 | -0.5% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €540,924 | €540,924 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22,310 | €22,310 | = | 0.0% |
| Legal reserve | 130 | €22,310 | €22,310 | = | 0.0% |
| Distributable reserves | 133 | €518,614 | €518,614 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,846 | -€72,334 | -€3,488 | -5.1% |
| Amounts payable | 17/49 | €292,684 | €78,584 | -€214,100 | -73.2% |
| Amounts payable after more than one year | 17 | €100,000 | - | -€100,000 | |
| Financial debts | 170/4 | €100,000 | - | -€100,000 | |
| Amounts payable within one year | 42/48 | €192,684 | €78,584 | -€114,100 | -59.2% |
| Trade debts | 44 | €43,401 | €3,170 | -€40,231 | -92.7% |
| Suppliers | 440/4 | €43,401 | €3,170 | -€40,231 | -92.7% |
| Advances received on contracts in progress | 46 | - | €9,948 | +€9,948 | |
| Taxes, remuneration and social security | 45 | €139,906 | €7,236 | -€132,670 | -94.8% |
| Taxes | 450/3 | €139,906 | €7,236 | -€132,670 | -94.8% |
| Other amounts payable | 47/48 | €9,377 | €58,230 | +€48,853 | +521% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,898 | €8,531 | -€6,367 | -42.7% |
| Other operating charges | 640/8 | €5,235 | €1,031 | -€4,204 | -80.3% |
| Gross operating margin | 9900 | -€36,517 | €5,745 | +€42,262 | |
| Operating profit (loss) | 9901 | -€56,650 | -€3,817 | +€52,833 | +93.3% |
| Financial income | 75/76B | €3,931 | €3,547 | -€384 | -9.8% |
| Recurring financial income | 75 | €3,931 | €3,547 | -€384 | -9.8% |
| Financial charges | 65/66B | €15,912 | €3,326 | -€12,586 | -79.1% |
| Recurring financial charges | 65 | €1,362 | €3,326 | +€1,964 | +144% |
| Non-recurring financial charges | 66B | €14,550 | - | -€14,550 | |
| Profit (loss) for the period before taxes | 9903 | -€68,631 | -€3,596 | +€65,035 | +94.8% |
| Income taxes | 67/77 | €215 | -€108 | -€323 | |
| Profit (loss) for the period | 9904 | -€68,846 | -€3,488 | +€65,358 | +94.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,846 | -€3,488 | +€65,358 | +94.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.