SOLUTION: 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.
SOLUTION
Largest movements
- Receivables within one year -€24,983
down €24,983 (-45.6%), from €54,771 to €29,787
of which Other amounts receivable: -€25,504
- Tangible fixed assets -€11,873
down €11,873 (-2.3%), from €511,804 to €499,931
- Debts after one year -€36,321
down €36,321 (-9.7%), from €372,768 to €336,447
- Reserves +€21,376
up €21,376 (+19.9%), from €107,636 to €129,011
of which Distributable reserves: +€21,376
- Tax, wage and social debts -€7,393
down €7,393 (-37.3%), from €19,834 to €12,441
- Trade debts -€7,083
down €7,083 (-89.4%), from €7,920 to €837
- Gross operating margin -€14,586
down €14,586 (-19.8%), from €73,618 to €59,031
- Financial charges -€4,470
down €4,470 (-23.2%), from €19,260 to €14,790
- Taxes -€2,897
down €2,897 (-27.1%), from €10,678 to €7,781
- Other operating charges -€946
down €946 (-17.1%), from €5,537 to €4,591
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €566,869 | €533,649 | -€33,220 | -5.9% |
| Fixed assets | 21/28 | €511,804 | €499,931 | -€11,873 | -2.3% |
| Tangible fixed assets | 22/27 | €511,804 | €499,931 | -€11,873 | -2.3% |
| Land and buildings | 22 | €511,804 | €499,931 | -€11,873 | -2.3% |
| Current assets | 29/58 | €55,065 | €33,718 | -€21,347 | -38.8% |
| Stocks and contracts in progress | 3 | - | €3,010 | +€3,010 | |
| Stocks | 30/36 | - | €3,010 | +€3,010 | |
| Amounts receivable within one year | 40/41 | €54,771 | €29,787 | -€24,983 | -45.6% |
| Trade receivables | 40 | €0 | €521 | +€521 | |
| Other amounts receivable | 41 | €54,771 | €29,267 | -€25,504 | -46.6% |
| Cash at bank and in hand | 54/58 | - | €619 | +€619 | |
| Deferred charges and accrued income | 490/1 | €294 | €301 | +€8 | +2.6% |
| Total equity and liabilities | 10/49 | €566,869 | €533,649 | -€33,220 | -5.9% |
| Equity | 10/15 | €126,228 | €147,603 | +€21,376 | +16.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €107,636 | €129,011 | +€21,376 | +19.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €105,776 | €127,152 | +€21,376 | +20.2% |
| Amounts payable | 17/49 | €440,641 | €386,046 | -€54,595 | -12.4% |
| Amounts payable after more than one year | 17 | €372,768 | €336,447 | -€36,321 | -9.7% |
| Financial debts | 170/4 | €372,768 | €336,447 | -€36,321 | -9.7% |
| Amounts payable within one year | 42/48 | €67,873 | €49,599 | -€18,274 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €35,119 | €36,321 | +€1,202 | +3.4% |
| Financial debts | 43 | €5,000 | €0 | -€5,000 | -100.0% |
| Credit institutions | 430/8 | €5,000 | €0 | -€5,000 | -100.0% |
| Trade debts | 44 | €7,920 | €837 | -€7,083 | -89.4% |
| Suppliers | 440/4 | €7,920 | €837 | -€7,083 | -89.4% |
| Taxes, remuneration and social security | 45 | €19,834 | €12,441 | -€7,393 | -37.3% |
| Taxes | 450/3 | €19,834 | €12,441 | -€7,393 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,873 | €11,873 | -€0 | 0.0% |
| Other operating charges | 640/8 | €5,537 | €4,591 | -€946 | -17.1% |
| Gross operating margin | 9900 | €73,618 | €59,031 | -€14,586 | -19.8% |
| Operating profit (loss) | 9901 | €56,207 | €42,567 | -€13,640 | -24.3% |
| Financial income | 75/76B | €1,134 | €1,380 | +€246 | +21.7% |
| Recurring financial income | 75 | €1,134 | €1,380 | +€246 | +21.7% |
| Financial charges | 65/66B | €19,260 | €14,790 | -€4,470 | -23.2% |
| Recurring financial charges | 65 | €19,260 | €14,790 | -€4,470 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €38,081 | €29,157 | -€8,924 | -23.4% |
| Income taxes | 67/77 | €10,678 | €7,781 | -€2,897 | -27.1% |
| Profit (loss) for the period | 9904 | €27,403 | €21,376 | -€6,028 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,403 | €21,376 | -€6,028 | -22.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.