Solid Thinking: 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.
Solid Thinking
Largest movements
- Current investments -€2.2m
down €2.2m (-66.4%), from €3.4m to €1.1m
- Tangible fixed assets +€1.1m
up €1.1m (+913.9%), from €122,843 to €1.2m
of which Land and buildings: +€1.2m
- Cash +€761,722
up €761,722 (+161.4%), from €472,001 to €1.2m
mainly Current investments (+€2.2m) and Other debts (+€1.3m)
- Reserves -€1.5m
down €1.5m (-30.7%), from €5.0m to €3.5m
- Other debts +€1.3m
up €1.3m (+1935.7%), from €65,561 to €1.3m
- Gross operating margin -€856,846
down €856,846 (-90.4%), from €947,524 to €90,678
- Taxes -€275,513
down €275,513 (-88.2%), from €312,349 to €36,837
- Financial income +€37,822
up €37,822 (+33.6%), from €112,587 to €150,408
- Financial charges +€35,301
up €35,301, from -€22,492 to €12,809
- Depreciation +€33,327
up €33,327 (+137.1%), from €24,315 to €57,642
From the 30-11-2024 result to the 30-11-2025 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 30-11-2024 and 30-11-2025 balance sheets and the 30-11-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 30-11-2024 | 30-11-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,122,156 | €4,841,073 | -€281,083 | -5.5% |
| Fixed assets | 21/28 | €122,843 | €1,245,511 | +€1.1m | +913.9% |
| Tangible fixed assets | 22/27 | €122,843 | €1,245,511 | +€1.1m | +913.9% |
| Land and buildings | 22 | - | €1,157,120 | +€1.2m | |
| Plant, machinery and equipment | 23 | €965 | €544 | -€421 | -43.6% |
| Furniture and vehicles | 24 | €121,878 | €87,847 | -€34,031 | -27.9% |
| Current assets | 29/58 | €4,999,313 | €3,595,563 | -€1.4m | -28.1% |
| Amounts receivable after more than one year | 29 | €959,581 | €959,581 | = | 0.0% |
| Other amounts receivable | 291 | €959,581 | €959,581 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €146,040 | €188,779 | +€42,739 | +29.3% |
| Trade receivables | 40 | €73,274 | €54,186 | -€19,088 | -26.0% |
| Other amounts receivable | 41 | €72,767 | €134,594 | +€61,827 | +85.0% |
| Current investments | 50/53 | €3,375,151 | €1,133,672 | -€2.2m | -66.4% |
| Cash at bank and in hand | 54/58 | €472,001 | €1,233,723 | +€761,722 | +161.4% |
| Deferred charges and accrued income | 490/1 | €46,540 | €79,807 | +€33,268 | +71.5% |
| Total equity and liabilities | 10/49 | €5,122,156 | €4,841,073 | -€281,083 | -5.5% |
| Equity | 10/15 | €5,011,283 | €3,481,773 | -€1.5m | -30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,989,748 | €3,460,239 | -€1.5m | -30.7% |
| Distributable reserves | 133 | €4,989,748 | €3,460,239 | -€1.5m | -30.7% |
| Profit (loss) carried forward | 14 | €2,935 | €2,935 | = | 0.0% |
| Amounts payable | 17/49 | €110,873 | €1,359,300 | +€1.2m | +1126.0% |
| Amounts payable within one year | 42/48 | €109,653 | €1,351,555 | +€1.2m | +1132.6% |
| Trade debts | 44 | €30,641 | €3,801 | -€26,840 | -87.6% |
| Suppliers | 440/4 | €30,641 | €3,801 | -€26,840 | -87.6% |
| Taxes, remuneration and social security | 45 | €13,452 | €13,161 | -€291 | -2.2% |
| Taxes | 450/3 | €488 | €500 | +€12 | +2.4% |
| Remuneration and social security | 454/9 | €12,963 | €12,661 | -€302 | -2.3% |
| Other amounts payable | 47/48 | €65,561 | €1,334,593 | +€1.3m | +1935.7% |
| Accrued charges and deferred income | 492/3 | €1,220 | €7,745 | +€6,525 | +534.8% |
| Non-recurring operating income | 76A | €11,336 | €0 | -€11,336 | -100.0% |
| Remuneration, social security and pensions | 62 | €57,748 | €63,732 | +€5,983 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,315 | €57,642 | +€33,327 | +137.1% |
| Other operating charges | 640/8 | €2,496 | €2,658 | +€163 | +6.5% |
| Gross operating margin | 9900 | €947,524 | €90,678 | -€856,846 | -90.4% |
| Operating profit (loss) | 9901 | €862,966 | -€33,354 | -€896,319 | |
| Financial income | 75/76B | €112,587 | €150,408 | +€37,822 | +33.6% |
| Recurring financial income | 75 | €112,587 | €150,408 | +€37,822 | +33.6% |
| Financial charges | 65/66B | -€22,492 | €12,809 | +€35,301 | |
| Recurring financial charges | 65 | -€22,492 | €12,809 | +€35,301 | |
| Profit (loss) for the period before taxes | 9903 | €998,044 | €104,245 | -€893,799 | -89.6% |
| Income taxes | 67/77 | €312,349 | €36,837 | -€275,513 | -88.2% |
| Profit (loss) for the period | 9904 | €685,695 | €67,409 | -€618,286 | -90.2% |
| Profit (loss) for the period to be appropriated | 9905 | €685,695 | €67,409 | -€618,286 | -90.2% |
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.