RECURRENT: what changed
Two fiscal 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.
What changed
RECURRENT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€250,593
2024 · -€162,837-€87,757
Equity
€9.6m
2024 · €9.8m-€250,593
Cash
€184,843
2024 · €335,613-€150,769
Balance sheet total
€62.0m
2024 · €53.5m+€8.5m
Largest movements
Assets
- Financial fixed assets +€11.0m
up €11.0m (+64.8%), from €17.0m to €28.0m
- Receivables within one year -€4.4m
down €4.4m (-87.0%), from €5.1m to €657,054
of which Other amounts receivable: -€4.4m
- Tangible fixed assets +€2.1m
up €2.1m (+6.6%), from €31.0m to €33.0m
of which Land and buildings: +€2.1m
Equity and liabilities
- Debts after one year +€9.9m
up €9.9m (+25.6%), from €38.5m to €48.4m
of which Financial debts: +€9.8m
- Trade debts -€1.4m
down €1.4m (-52.1%), from €2.8m to €1.3m
Income statement
- Gross operating margin -€1.3m
down €1.3m (-39.7%), from €3.2m to €2.0m
- Depreciation -€861,269
down €861,269 (-35.3%), from €2.4m to €1.6m
- Financial charges -€464,369
down €464,369 (-23.6%), from €2.0m to €1.5m
- Financial income -€137,139
down €137,139 (-12.7%), from €1.1m to €942,734
- Other operating charges -€33,508
down €33,508 (-25.6%), from €130,958 to €97,450
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.
Result 2024
-€162,837
Gross operating margin
-€1.3m
Depreciation
+€861,269
Other operating charges
+€33,508
Financial income
-€137,139
Financial charges
+€464,369
Taxes
+€1,570
Deferred taxes and other
-€23,329
Result 2025
-€250,593
Cash bridge derived
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.
From operations
+€4.6m
Investment
-€14.7m
Financing
+€9.9m
Cash 2024
€335,613
From operations (derived)
+€4.6m
Net result for the year
-€250,593
Depreciation
+€1.6m
Receivables within one year
+€4.4m
Smaller working-capital items
+€4,156
Trade debts
-€1.4m
Other debts
+€286,730
Accrued charges and deferred income
+€50,524
Investment (derived)
-€14.7m
Investment in fixed assets (net)
-€14.7m
Financing
+€9.9m
Debts after one year
+€9.9m
Current portion of long-term debt
+€7,566
Cash 2025
€184,843
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,521,828 | €62,000,535 | +€8.5m | +15.8% |
| Fixed assets | 21/28 | €47,983,077 | €61,057,451 | +€13.1m | +27.2% |
| Tangible fixed assets | 22/27 | €30,983,077 | €33,037,451 | +€2.1m | +6.6% |
| Land and buildings | 22 | €30,975,601 | €33,030,895 | +€2.1m | +6.6% |
| Plant, machinery and equipment | 23 | €7,477 | €6,556 | -€921 | -12.3% |
| Financial fixed assets | 28 | €17,000,000 | €28,020,000 | +€11.0m | +64.8% |
| Current assets | 29/58 | €5,538,751 | €943,084 | -€4.6m | -83.0% |
| Amounts receivable within one year | 40/41 | €5,066,690 | €657,054 | -€4.4m | -87.0% |
| Trade receivables | 40 | €1,829 | €5,465 | +€3,636 | +198.9% |
| Other amounts receivable | 41 | €5,064,862 | €651,590 | -€4.4m | -87.1% |
| Cash at bank and in hand | 54/58 | €335,613 | €184,843 | -€150,769 | -44.9% |
| Deferred charges and accrued income | 490/1 | €136,448 | €101,187 | -€35,261 | -25.8% |
| Total equity and liabilities | 10/49 | €53,521,828 | €62,000,535 | +€8.5m | +15.8% |
| Equity | 10/15 | €9,835,493 | €9,584,900 | -€250,593 | -2.5% |
| Contributions | 10/11 | €97,800 | €97,800 | = | 0.0% |
| Capital | 10 | €97,800 | €97,800 | = | 0.0% |
| Issued capital | 100 | €97,800 | €97,800 | = | 0.0% |
| Outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €9,737,693 | €9,487,100 | -€250,593 | -2.6% |
| Non-distributable reserves | 130/1 | €5,940 | €5,940 | = | 0.0% |
| Legal reserve | 130 | €5,940 | €5,940 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,545,226 | €1,451,911 | -€93,315 | -6.0% |
| Distributable reserves | 133 | €8,186,527 | €8,029,249 | -€157,278 | -1.9% |
| Provisions and deferred taxes | 16 | €515,075 | €483,970 | -€31,105 | -6.0% |
| Deferred taxes | 168 | €515,075 | €483,970 | -€31,105 | -6.0% |
| Amounts payable | 17/49 | €43,171,260 | €51,931,666 | +€8.8m | +20.3% |
| Amounts payable after more than one year | 17 | €38,505,544 | €48,370,564 | +€9.9m | +25.6% |
| Financial debts | 170/4 | €38,505,544 | €48,311,415 | +€9.8m | +25.5% |
| Other amounts payable | 178/9 | - | €59,150 | +€59,150 | |
| Amounts payable within one year | 42/48 | €4,561,464 | €3,406,326 | -€1.2m | -25.3% |
| Current portion of amounts payable after more than one year | 42 | €1,307,047 | €1,314,613 | +€7,566 | +0.6% |
| Trade debts | 44 | €2,781,161 | €1,331,727 | -€1.4m | -52.1% |
| Suppliers | 440/4 | €2,781,161 | €1,331,727 | -€1.4m | -52.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €473,257 | €759,986 | +€286,730 | +60.6% |
| Accrued charges and deferred income | 492/3 | €104,252 | €154,776 | +€50,524 | +48.5% |
| Non-recurring operating income | 76A | €665,694 | €0 | -€665,694 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,440,618 | €1,579,349 | -€861,269 | -35.3% |
| Other operating charges | 640/8 | €130,958 | €97,450 | -€33,508 | -25.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,247,113 | €1,959,108 | -€1.3m | -39.7% |
| Operating profit (loss) | 9901 | €675,537 | €282,309 | -€393,228 | -58.2% |
| Financial income | 75/76B | €1,079,873 | €942,734 | -€137,139 | -12.7% |
| Recurring financial income | 75 | €1,079,873 | €942,734 | -€137,139 | -12.7% |
| Financial charges | 65/66B | €1,971,093 | €1,506,724 | -€464,369 | -23.6% |
| Recurring financial charges | 65 | €1,971,093 | €1,506,724 | -€464,369 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | -€215,683 | -€281,681 | -€65,998 | -30.6% |
| Transfer from deferred taxes | 780 | €54,434 | €31,105 | -€23,329 | -42.9% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €1,587 | €18 | -€1,570 | -98.9% |
| Profit (loss) for the period | 9904 | -€162,837 | -€250,593 | -€87,757 | -53.9% |
| Transfer from tax-exempt reserves | 789 | €163,302 | €93,315 | -€69,986 | -42.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €465 | -€157,278 | -€157,743 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.