Scenario: 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.
Scenario
Largest movements
- Receivables within one year -€108,841
down €108,841 (-9.3%), from €1.2m to €1.1m
of which Trade receivables: -€135,820
- Stocks and contracts -€45,061
down €45,061 (-7.4%), from €606,737 to €561,676
- Cash -€42,750
down €42,750 (-54.5%), from €78,461 to €35,711
mainly Debts after one year (-€94,412) and Investment in fixed assets (net) (-€74,169)
- Tangible fixed assets +€37,412
up €37,412 (+36.9%), from €101,415 to €138,828
- Debts after one year -€94,412
down €94,412 (-19.9%), from €475,421 to €381,009
of which Other amounts payable: -€110,483
- Tax, wage and social debts -€42,448
down €42,448 (-19.7%), from €215,126 to €172,678
of which Remuneration and social security: -€40,924
- Current portion of long-term debt -€32,855
no longer reported in 2025 (was €32,855)
- Profit (loss) carried forward +€20,220
up €20,220 (+4.8%), from €420,585 to €440,805
No income-statement line moved by more than 1% of the activity.
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 | €1,963,496 | €1,802,407 | -€161,088 | -8.2% |
| Formation expenses | 20 | €2,822 | €973 | -€1,849 | -65.5% |
| Fixed assets | 21/28 | €102,915 | €140,327 | +€37,412 | +36.4% |
| Tangible fixed assets | 22/27 | €101,415 | €138,828 | +€37,412 | +36.9% |
| Furniture and vehicles | 24 | €101,415 | €138,828 | +€37,412 | +36.9% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €1,857,758 | €1,661,107 | -€196,652 | -10.6% |
| Stocks and contracts in progress | 3 | €606,737 | €561,676 | -€45,061 | -7.4% |
| Stocks | 30/36 | €606,737 | €561,676 | -€45,061 | -7.4% |
| Amounts receivable within one year | 40/41 | €1,172,560 | €1,063,720 | -€108,841 | -9.3% |
| Trade receivables | 40 | €1,113,885 | €978,065 | -€135,820 | -12.2% |
| Other amounts receivable | 41 | €58,676 | €85,655 | +€26,979 | +46.0% |
| Cash at bank and in hand | 54/58 | €78,461 | €35,711 | -€42,750 | -54.5% |
| Total equity and liabilities | 10/49 | €1,963,496 | €1,802,407 | -€161,088 | -8.2% |
| Equity | 10/15 | €455,843 | €476,063 | +€20,220 | +4.4% |
| Contributions | 10/11 | €24,351 | €24,351 | = | 0.0% |
| Reserves | 13 | €10,907 | €10,907 | = | 0.0% |
| Tax-exempt reserves | 132 | €341 | €341 | = | 0.0% |
| Distributable reserves | 133 | €10,565 | €10,565 | = | 0.0% |
| Profit (loss) carried forward | 14 | €420,585 | €440,805 | +€20,220 | +4.8% |
| Amounts payable | 17/49 | €1,507,653 | €1,326,345 | -€181,308 | -12.0% |
| Amounts payable after more than one year | 17 | €475,421 | €381,009 | -€94,412 | -19.9% |
| Financial debts | 170/4 | €64,937 | €81,009 | +€16,072 | +24.7% |
| Other amounts payable | 178/9 | €410,483 | €300,000 | -€110,483 | -26.9% |
| Amounts payable within one year | 42/48 | €1,032,232 | €945,336 | -€86,896 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €32,855 | - | -€32,855 | |
| Financial debts | 43 | €30,000 | €36,840 | +€6,840 | +22.8% |
| Credit institutions | 430/8 | €30,000 | €36,840 | +€6,840 | +22.8% |
| Trade debts | 44 | €606,333 | €587,901 | -€18,432 | -3.0% |
| Suppliers | 440/4 | €606,333 | €587,901 | -€18,432 | -3.0% |
| Taxes, remuneration and social security | 45 | €215,126 | €172,678 | -€42,448 | -19.7% |
| Taxes | 450/3 | €27,896 | €26,372 | -€1,525 | -5.5% |
| Remuneration and social security | 454/9 | €187,230 | €146,306 | -€40,924 | -21.9% |
| Other amounts payable | 47/48 | €147,918 | €147,918 | = | 0.0% |
| Non-recurring operating income | 76A | €59,542 | - | -€59,542 | |
| Remuneration, social security and pensions | 62 | €1,545,607 | €1,559,104 | +€13,497 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,843 | €38,606 | +€3,762 | +10.8% |
| Other operating charges | 640/8 | €1,101 | €2,580 | +€1,479 | +134.4% |
| Gross operating margin | 9900 | €1,619,015 | €1,633,941 | +€14,926 | +0.9% |
| Operating profit (loss) | 9901 | €37,464 | €33,651 | -€3,813 | -10.2% |
| Financial income | 75/76B | €178 | €10,177 | +€9,999 | +5612.3% |
| Recurring financial income | 75 | €178 | €10,177 | +€9,999 | +5612.3% |
| Financial charges | 65/66B | €12,630 | €9,265 | -€3,365 | -26.6% |
| Recurring financial charges | 65 | €12,630 | €9,265 | -€3,365 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €25,012 | €34,563 | +€9,551 | +38.2% |
| Income taxes | 67/77 | €14,895 | €14,343 | -€552 | -3.7% |
| Profit (loss) for the period | 9904 | €10,117 | €20,220 | +€10,103 | +99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,117 | €20,220 | +€10,103 | +99.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.