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
- Cash -€368,417
down €368,417 (-62.9%), from €585,821 to €217,404
mainly Contributions, distributions and other (-€418,000) and Receivables within one year (-€172,473)
- Receivables within one year +€172,473
up €172,473 (+178%), from €96,920 to €269,392
of which Trade receivables: +€124,263
- Intangible fixed assets +€8,747
up €8,747 (+988%), from €886 to €9,633
- Other debts -€172,000
down €172,000 (-29.1%), from €590,644 to €418,644
- Trade debts -€18,140
down €18,140 (-100%), from €18,140 to €0
- Reserves +€10,901
up €10,901 (+21.0%), from €51,879 to €62,780
- Tax, wage and social debts -€8,749
down €8,749 (-100%), from €8,749 to €0
- Gross operating margin -€174,514
down €174,514 (-28.7%), from €607,369 to €432,855
- Financial income -€6,577
down €6,577 (-78.5%), from €8,380 to €1,803
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 | €689,018 | €501,123 | -€187,894 | -27.3% |
| Fixed assets | 21/28 | €886 | €9,633 | +€8,747 | +988% |
| Intangible fixed assets | 21 | €886 | €9,633 | +€8,747 | +988% |
| Current assets | 29/58 | €688,132 | €491,491 | -€196,641 | -28.6% |
| Amounts receivable within one year | 40/41 | €96,920 | €269,392 | +€172,473 | +178% |
| Trade receivables | 40 | €94,923 | €219,186 | +€124,263 | +131% |
| Other amounts receivable | 41 | €1,997 | €50,207 | +€48,210 | +2,414% |
| Cash at bank and in hand | 54/58 | €585,821 | €217,404 | -€368,417 | -62.9% |
| Deferred charges and accrued income | 490/1 | €5,391 | €4,695 | -€696 | -12.9% |
| Total equity and liabilities | 10/49 | €689,018 | €501,123 | -€187,894 | -27.3% |
| Equity | 10/15 | €70,479 | €81,380 | +€10,901 | +15.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,879 | €62,780 | +€10,901 | +21.0% |
| Distributable reserves | 133 | €51,879 | €62,780 | +€10,901 | +21.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €618,539 | €419,744 | -€198,795 | -32.1% |
| Amounts payable within one year | 42/48 | €617,533 | €418,644 | -€198,889 | -32.2% |
| Trade debts | 44 | €18,140 | €0 | -€18,140 | -100% |
| Suppliers | 440/4 | €18,140 | €0 | -€18,140 | -100% |
| Taxes, remuneration and social security | 45 | €8,749 | €0 | -€8,749 | -100% |
| Taxes | 450/3 | €8,749 | €0 | -€8,749 | -100% |
| Other amounts payable | 47/48 | €590,644 | €418,644 | -€172,000 | -29.1% |
| Accrued charges and deferred income | 492/3 | €1,006 | €1,100 | +€94 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €600 | €1,124 | +€524 | +87.4% |
| Other operating charges | 640/8 | €592 | €773 | +€181 | +30.6% |
| Gross operating margin | 9900 | €607,369 | €432,855 | -€174,514 | -28.7% |
| Operating profit (loss) | 9901 | €606,177 | €430,958 | -€175,220 | -28.9% |
| Financial income | 75/76B | €8,380 | €1,803 | -€6,577 | -78.5% |
| Recurring financial income | 75 | €8,380 | €1,803 | -€6,577 | -78.5% |
| Financial charges | 65/66B | €50 | €92 | +€42 | +85.7% |
| Recurring financial charges | 65 | €50 | €92 | +€42 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | €614,508 | €432,669 | -€181,839 | -29.6% |
| Income taxes | 67/77 | €6,517 | €3,768 | -€2,749 | -42.2% |
| Profit (loss) for the period | 9904 | €607,991 | €428,901 | -€179,090 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €607,991 | €428,901 | -€179,090 | -29.5% |
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 13 October 2026 via checked.be.