SEMANTICS: 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.
SEMANTICS
Largest movements
- Tangible fixed assets +€567,464
up €567,464 (+1,189%), from €47,743 to €615,206
of which Land and buildings: +€581,421
- Cash -€88,132
down €88,132 (-66.9%), from €131,806 to €43,674
mainly Investment in fixed assets (net) (-€674,156) and Receivables within one year (-€60,389)
- Receivables within one year +€60,389
up €60,389 (+45.3%), from €133,332 to €193,721
of which Trade receivables: +€60,967
- Debts after one year +€502,347
up €502,347 (+883%), from €56,861 to €559,208
- Trade debts -€43,699
down €43,699 (-49.3%), from €88,728 to €45,029
- Current portion of long-term debt +€31,822
up €31,822 (+175%), from €18,185 to €50,007
- Advances received +€30,852
new in 2025: €30,852
- Reserves +€22,400
up €22,400 (+23.9%), from €93,860 to €116,260
- Depreciation +€90,358
up €90,358 (+553%), from €16,335 to €106,692
- Gross operating margin +€84,903
up €84,903 (+124%), from €68,384 to €153,287
- Financial income -€13,618
down €13,618 (-72.9%), from €18,670 to €5,052
- Financial charges +€10,132
up €10,132 (+149%), from €6,811 to €16,943
- Taxes -€9,758
down €9,758 (-49.8%), from €19,579 to €9,821
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 | €312,955 | €852,676 | +€539,721 | +172% |
| Fixed assets | 21/28 | €47,818 | €615,281 | +€567,464 | +1,187% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €47,743 | €615,206 | +€567,464 | +1,189% |
| Land and buildings | 22 | - | €581,421 | +€581,421 | |
| Furniture and vehicles | 24 | €47,743 | €33,786 | -€13,957 | -29.2% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €265,138 | €237,395 | -€27,743 | -10.5% |
| Amounts receivable within one year | 40/41 | €133,332 | €193,721 | +€60,389 | +45.3% |
| Trade receivables | 40 | €132,754 | €193,721 | +€60,967 | +45.9% |
| Other amounts receivable | 41 | €578 | €0 | -€578 | -100% |
| Cash at bank and in hand | 54/58 | €131,806 | €43,674 | -€88,132 | -66.9% |
| Total equity and liabilities | 10/49 | €312,955 | €852,676 | +€539,721 | +172% |
| Equity | 10/15 | €112,648 | €135,070 | +€22,422 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,860 | €116,260 | +€22,400 | +23.9% |
| Distributable reserves | 133 | €93,860 | €116,260 | +€22,400 | +23.9% |
| Profit (loss) carried forward | 14 | €188 | €210 | +€22 | +11.7% |
| Amounts payable | 17/49 | €200,307 | €717,606 | +€517,299 | +258% |
| Amounts payable after more than one year | 17 | €56,861 | €559,208 | +€502,347 | +883% |
| Financial debts | 170/4 | €56,861 | €559,208 | +€502,347 | +883% |
| Amounts payable within one year | 42/48 | €143,446 | €158,398 | +€14,952 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €18,185 | €50,007 | +€31,822 | +175% |
| Trade debts | 44 | €88,728 | €45,029 | -€43,699 | -49.3% |
| Suppliers | 440/4 | €88,728 | €45,029 | -€43,699 | -49.3% |
| Advances received on contracts in progress | 46 | - | €30,852 | +€30,852 | |
| Taxes, remuneration and social security | 45 | €25,893 | €32,510 | +€6,617 | +25.6% |
| Taxes | 450/3 | €25,893 | €32,510 | +€6,617 | +25.6% |
| Other amounts payable | 47/48 | €10,641 | €0 | -€10,641 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,335 | €106,692 | +€90,358 | +553% |
| Other operating charges | 640/8 | €580 | €2,460 | +€1,880 | +324% |
| Gross operating margin | 9900 | €68,384 | €153,287 | +€84,903 | +124% |
| Operating profit (loss) | 9901 | €51,469 | €44,135 | -€7,334 | -14.3% |
| Financial income | 75/76B | €18,670 | €5,052 | -€13,618 | -72.9% |
| Recurring financial income | 75 | €18,670 | €5,052 | -€13,618 | -72.9% |
| Financial charges | 65/66B | €6,811 | €16,943 | +€10,132 | +149% |
| Recurring financial charges | 65 | €6,811 | €16,943 | +€10,132 | +149% |
| Profit (loss) for the period before taxes | 9903 | €63,328 | €32,243 | -€31,084 | -49.1% |
| Income taxes | 67/77 | €19,579 | €9,821 | -€9,758 | -49.8% |
| Profit (loss) for the period | 9904 | €43,749 | €22,422 | -€21,327 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €43,749 | €22,422 | -€21,327 | -48.7% |
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 14 October 2026 via checked.be.