S & S: 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 & S
Largest movements
- Tangible fixed assets +€230,613
up €230,613 (+18.8%), from €1.2m to €1.5m
of which Land and buildings: +€230,442
- Receivables within one year +€40,011
up €40,011 (+188%), from €21,257 to €61,267
of which Trade receivables: +€45,011
- Reserves +€158,903
up €158,903 (+52.2%), from €304,514 to €463,417
of which Distributable reserves: +€166,650
- Debts after one year +€157,277
up €157,277 (+22.7%), from €693,057 to €850,334
- Other debts -€39,325
down €39,325 (-34.0%), from €115,608 to €76,283
- Financial income +€106,913
up €106,913 (+108%), from €99,000 to €205,913
- Depreciation +€10,932
up €10,932 (+14.4%), from €76,025 to €86,958
- Taxes +€9,365
up €9,365 (+128%), from €7,300 to €16,665
- Gross operating margin +€8,615
up €8,615 (+9.8%), from €88,069 to €96,684
- Financial charges +€4,818
up €4,818 (+18.0%), from €26,736 to €31,554
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 | €1,259,224 | €1,544,193 | +€284,969 | +22.6% |
| Fixed assets | 21/28 | €1,228,320 | €1,458,933 | +€230,613 | +18.8% |
| Tangible fixed assets | 22/27 | €1,228,221 | €1,458,834 | +€230,613 | +18.8% |
| Land and buildings | 22 | €1,227,756 | €1,458,199 | +€230,442 | +18.8% |
| Plant, machinery and equipment | 23 | - | €286 | +€286 | |
| Furniture and vehicles | 24 | €464 | €349 | -€116 | -24.9% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €30,904 | €85,260 | +€54,356 | +176% |
| Amounts receivable within one year | 40/41 | €21,257 | €61,267 | +€40,011 | +188% |
| Trade receivables | 40 | €16,257 | €61,267 | +€45,011 | +277% |
| Other amounts receivable | 41 | €5,000 | - | -€5,000 | |
| Cash at bank and in hand | 54/58 | €8,684 | €23,069 | +€14,386 | +166% |
| Deferred charges and accrued income | 490/1 | €964 | €923 | -€40 | -4.2% |
| Total equity and liabilities | 10/49 | €1,259,224 | €1,544,193 | +€284,969 | +22.6% |
| Equity | 10/15 | €325,017 | €483,971 | +€158,954 | +48.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €304,514 | €463,417 | +€158,903 | +52.2% |
| Tax-exempt reserves | 132 | €139,452 | €131,704 | -€7,747 | -5.6% |
| Distributable reserves | 133 | €165,063 | €331,713 | +€166,650 | +101% |
| Profit (loss) carried forward | 14 | €42 | €94 | +€52 | +122% |
| Provisions and deferred taxes | 16 | €46,484 | €43,901 | -€2,582 | -5.6% |
| Deferred taxes | 168 | €46,484 | €43,901 | -€2,582 | -5.6% |
| Amounts payable | 17/49 | €887,723 | €1,016,320 | +€128,597 | +14.5% |
| Amounts payable after more than one year | 17 | €693,057 | €850,334 | +€157,277 | +22.7% |
| Financial debts | 170/4 | €693,057 | €850,334 | +€157,277 | +22.7% |
| Amounts payable within one year | 42/48 | €192,417 | €164,308 | -€28,109 | -14.6% |
| Current portion of amounts payable after more than one year | 42 | €38,038 | €49,411 | +€11,373 | +29.9% |
| Trade debts | 44 | €20,900 | €26,198 | +€5,299 | +25.4% |
| Suppliers | 440/4 | €20,900 | €26,198 | +€5,299 | +25.4% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €17,871 | €10,915 | -€6,956 | -38.9% |
| Taxes | 450/3 | €17,871 | €10,915 | -€6,956 | -38.9% |
| Other amounts payable | 47/48 | €115,608 | €76,283 | -€39,325 | -34.0% |
| Accrued charges and deferred income | 492/3 | €2,249 | €1,678 | -€571 | -25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,025 | €86,958 | +€10,932 | +14.4% |
| Other operating charges | 640/8 | €494 | €5,068 | +€4,574 | +927% |
| Non-recurring operating charges | 66A | €6,960 | €5,980 | -€980 | -14.1% |
| Gross operating margin | 9900 | €88,069 | €96,684 | +€8,615 | +9.8% |
| Operating profit (loss) | 9901 | €4,590 | -€1,322 | -€5,912 | |
| Financial income | 75/76B | €99,000 | €205,913 | +€106,913 | +108% |
| Recurring financial income | 75 | €99,000 | €205,913 | +€106,913 | +108% |
| Financial charges | 65/66B | €26,736 | €31,554 | +€4,818 | +18.0% |
| Recurring financial charges | 65 | €26,736 | €31,554 | +€4,818 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €76,854 | €173,037 | +€96,183 | +125% |
| Transfer from deferred taxes | 780 | €2,582 | €2,582 | = | 0.0% |
| Income taxes | 67/77 | €7,300 | €16,665 | +€9,365 | +128% |
| Profit (loss) for the period | 9904 | €72,137 | €158,954 | +€86,818 | +120% |
| Transfer from tax-exempt reserves | 789 | €7,747 | €7,747 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,884 | €166,702 | +€86,818 | +109% |
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 28 October 2026 via checked.be.