S et T: 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.
S et T
Largest movements
- Current investments -€49,749
down €49,749 (-6.4%), from €776,287 to €726,538
- Cash -€19,601
down €19,601 (-39.8%), from €49,197 to €29,596
mainly Tax, wage and social debts (-€68,831) and Receivables within one year (-€3,213)
- Tax, wage and social debts -€68,831
down €68,831 (-100.0%), from €68,861 to €30
- Gross operating margin -€266,469
down €266,469, from €260,068 to -€6,401
- Taxes -€71,007
down €71,007 (-99.4%), from €71,433 to €426
- Turnover -€51,460
no longer reported in 2025 (was €51,460)
- Purchases and services -€10,213
no longer reported in 2025 (was €10,213)
- Financial income +€5,842
up €5,842 (+66.6%), from €8,777 to €14,620
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 | €945,893 | €876,553 | -€69,340 | -7.3% |
| Fixed assets | 21/28 | €111,043 | €107,856 | -€3,187 | -2.9% |
| Tangible fixed assets | 22/27 | €111,043 | €107,856 | -€3,187 | -2.9% |
| Land and buildings | 22 | €104,657 | €100,043 | -€4,614 | -4.4% |
| Plant, machinery and equipment | 23 | €1,729 | €1,241 | -€487 | -28.2% |
| Furniture and vehicles | 24 | €4,657 | €6,572 | +€1,915 | +41.1% |
| Current assets | 29/58 | €834,850 | €768,696 | -€66,154 | -7.9% |
| Stocks and contracts in progress | 3 | €6,506 | €6,506 | = | 0.0% |
| Stocks | 30/36 | €6,506 | €6,506 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €884 | €4,097 | +€3,213 | +364% |
| Trade receivables | 40 | - | €134 | +€134 | |
| Other amounts receivable | 41 | €884 | €3,964 | +€3,080 | +348% |
| Current investments | 50/53 | €776,287 | €726,538 | -€49,749 | -6.4% |
| Cash at bank and in hand | 54/58 | €49,197 | €29,596 | -€19,601 | -39.8% |
| Deferred charges and accrued income | 490/1 | €1,977 | €1,960 | -€17 | -0.9% |
| Total equity and liabilities | 10/49 | €945,893 | €876,553 | -€69,340 | -7.3% |
| Equity | 10/15 | €312,409 | €313,144 | +€735 | +0.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €240,860 | €240,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €239,000 | €239,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,949 | €53,684 | +€735 | +1.4% |
| Amounts payable | 17/49 | €633,484 | €563,409 | -€70,075 | -11.1% |
| Amounts payable within one year | 42/48 | €578,783 | €508,708 | -€70,075 | -12.1% |
| Trade debts | 44 | €11,500 | €12,546 | +€1,046 | +9.1% |
| Suppliers | 440/4 | €11,500 | €12,546 | +€1,046 | +9.1% |
| Taxes, remuneration and social security | 45 | €68,861 | €30 | -€68,831 | -100.0% |
| Taxes | 450/3 | €68,861 | €30 | -€68,831 | -100.0% |
| Other amounts payable | 47/48 | €498,421 | €496,131 | -€2,290 | -0.5% |
| Accrued charges and deferred income | 492/3 | €54,701 | €54,701 | = | 0.0% |
| Turnover | 70 | €51,460 | - | -€51,460 | |
| Goods, raw materials, services and sundry goods | 60/61 | €10,213 | - | -€10,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,080 | €6,384 | +€1,304 | +25.7% |
| Other operating charges | 640/8 | €384 | €401 | +€17 | +4.3% |
| Gross operating margin | 9900 | €260,068 | -€6,401 | -€266,469 | |
| Operating profit (loss) | 9901 | €254,604 | -€13,186 | -€267,790 | |
| Financial income | 75/76B | €8,777 | €14,620 | +€5,842 | +66.6% |
| Recurring financial income | 75 | €8,777 | €14,620 | +€5,842 | +66.6% |
| Financial charges | 65/66B | €41 | €272 | +€231 | +563% |
| Recurring financial charges | 65 | €41 | €272 | +€231 | +563% |
| Profit (loss) for the period before taxes | 9903 | €263,340 | €1,161 | -€262,179 | -99.6% |
| Income taxes | 67/77 | €71,433 | €426 | -€71,007 | -99.4% |
| Profit (loss) for the period | 9904 | €191,907 | €735 | -€191,172 | -99.6% |
| Profit (loss) for the period to be appropriated | 9905 | €191,907 | €735 | -€191,172 | -99.6% |
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 23 October 2026 via checked.be.