&RG: 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.
&RG
Largest movements
- Cash +€20,696
up €20,696 (+28.4%), from €72,867 to €93,563
mainly Net result for the year (+€45,042) and Depreciation (+€2,720)
- Tangible fixed assets +€9,363
up €9,363 (+135.2%), from €6,924 to €16,286
of which Other tangible fixed assets: +€11,636
- Receivables within one year +€7,193
up €7,193 (+400.4%), from €1,797 to €8,989
of which Other amounts receivable: +€6,132
- Reserves +€45,042
up €45,042 (+71.7%), from €62,793 to €107,836
- Tax, wage and social debts -€7,244
down €7,244 (-98.9%), from €7,322 to €78
of which Taxes: -€4,686
- Gross operating margin -€24,369
down €24,369 (-26.1%), from €93,526 to €69,157
- Taxes -€7,069
down €7,069 (-28.6%), from €24,757 to €17,688
- Depreciation +€1,905
up €1,905 (+233.6%), from €816 to €2,720
- Financial charges -€1,156
down €1,156 (-24.3%), from €4,751 to €3,595
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,660 | €118,911 | +€37,251 | +45.6% |
| Fixed assets | 21/28 | €6,997 | €16,360 | +€9,363 | +133.8% |
| Tangible fixed assets | 22/27 | €6,924 | €16,286 | +€9,363 | +135.2% |
| Plant, machinery and equipment | 23 | €1,728 | €1,268 | -€460 | -26.6% |
| Furniture and vehicles | 24 | €5,196 | €3,383 | -€1,813 | -34.9% |
| Other tangible fixed assets | 26 | - | €11,636 | +€11,636 | |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €74,663 | €102,552 | +€27,889 | +37.4% |
| Amounts receivable within one year | 40/41 | €1,797 | €8,989 | +€7,193 | +400.4% |
| Trade receivables | 40 | - | €1,061 | +€1,061 | |
| Other amounts receivable | 41 | €1,797 | €7,928 | +€6,132 | +341.3% |
| Cash at bank and in hand | 54/58 | €72,867 | €93,563 | +€20,696 | +28.4% |
| Total equity and liabilities | 10/49 | €81,660 | €118,911 | +€37,251 | +45.6% |
| Equity | 10/15 | €72,793 | €117,836 | +€45,042 | +61.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €62,793 | €107,836 | +€45,042 | +71.7% |
| Distributable reserves | 133 | €62,793 | €107,836 | +€45,042 | +71.7% |
| Amounts payable | 17/49 | €8,867 | €1,076 | -€7,791 | -87.9% |
| Amounts payable within one year | 42/48 | €8,867 | €1,076 | -€7,791 | -87.9% |
| Trade debts | 44 | €1,154 | €763 | -€391 | -33.9% |
| Suppliers | 440/4 | €1,154 | €763 | -€391 | -33.9% |
| Taxes, remuneration and social security | 45 | €7,322 | €78 | -€7,244 | -98.9% |
| Taxes | 450/3 | €4,763 | €78 | -€4,686 | -98.4% |
| Remuneration and social security | 454/9 | €2,559 | €0 | -€2,559 | -100.0% |
| Other amounts payable | 47/48 | €391 | €235 | -€156 | -39.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €816 | €2,720 | +€1,905 | +233.6% |
| Other operating charges | 640/8 | €410 | €112 | -€298 | -72.7% |
| Gross operating margin | 9900 | €93,526 | €69,157 | -€24,369 | -26.1% |
| Operating profit (loss) | 9901 | €92,301 | €66,325 | -€25,976 | -28.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €4,751 | €3,595 | -€1,156 | -24.3% |
| Recurring financial charges | 65 | €4,751 | €3,595 | -€1,156 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | €87,550 | €62,730 | -€24,820 | -28.3% |
| Income taxes | 67/77 | €24,757 | €17,688 | -€7,069 | -28.6% |
| Profit (loss) for the period | 9904 | €62,793 | €45,042 | -€17,751 | -28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,793 | €45,042 | -€17,751 | -28.3% |
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 9 October 2026 via checked.be.