Steve Nysten: 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.
Steve Nysten
Largest movements
- Receivables after one year -€46,590
down €46,590 (-17.7%), from €262,938 to €216,348
- Cash +€27,877
up €27,877 (+18.9%), from €147,783 to €175,659
mainly Current portion of long-term debt (+€123,000) and Net result for the year (+€80,762)
- Tangible fixed assets +€22,963
up €22,963 (+12.2%), from €187,958 to €210,921
of which Land and buildings: +€33,832
- Deferred charges and accrued income -€9,822
down €9,822 (-88.6%), from €11,083 to €1,261
- Debts after one year -€123,000
no longer reported in 2025 (was €123,000)
- Current portion of long-term debt +€123,000
new in 2025: €123,000
- Gross operating margin +€8,489
up €8,489 (+7.0%), from €121,088 to €129,577
- Financial charges +€3,119
up €3,119 (+309.6%), from €1,007 to €4,127
- Depreciation +€3,077
up €3,077 (+25.2%), from €12,206 to €15,284
- Other operating charges -€1,836
down €1,836 (-42.1%), from €4,364 to €2,529
- Taxes +€1,392
up €1,392 (+4.6%), from €30,581 to €31,973
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 | €632,803 | €625,344 | -€7,459 | -1.2% |
| Fixed assets | 21/28 | €187,958 | €210,921 | +€22,963 | +12.2% |
| Tangible fixed assets | 22/27 | €187,958 | €210,921 | +€22,963 | +12.2% |
| Land and buildings | 22 | €137,636 | €171,468 | +€33,832 | +24.6% |
| Plant, machinery and equipment | 23 | - | €437 | +€437 | |
| Furniture and vehicles | 24 | €28,521 | €18,577 | -€9,944 | -34.9% |
| Leasing and similar rights | 25 | €21,801 | €20,439 | -€1,363 | -6.3% |
| Current assets | 29/58 | €444,845 | €414,423 | -€30,422 | -6.8% |
| Amounts receivable after more than one year | 29 | €262,938 | €216,348 | -€46,590 | -17.7% |
| Other amounts receivable | 291 | €262,938 | €216,348 | -€46,590 | -17.7% |
| Amounts receivable within one year | 40/41 | €23,041 | €21,155 | -€1,887 | -8.2% |
| Trade receivables | 40 | €15,431 | €15,125 | -€306 | -2.0% |
| Other amounts receivable | 41 | €7,610 | €6,030 | -€1,581 | -20.8% |
| Cash at bank and in hand | 54/58 | €147,783 | €175,659 | +€27,877 | +18.9% |
| Deferred charges and accrued income | 490/1 | €11,083 | €1,261 | -€9,822 | -88.6% |
| Total equity and liabilities | 10/49 | €632,803 | €625,344 | -€7,459 | -1.2% |
| Equity | 10/15 | €408,462 | €405,884 | -€2,578 | -0.6% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €408,461 | €405,883 | -€2,578 | -0.6% |
| Distributable reserves | 133 | €408,461 | €405,883 | -€2,578 | -0.6% |
| Amounts payable | 17/49 | €224,341 | €219,460 | -€4,881 | -2.2% |
| Amounts payable after more than one year | 17 | €123,000 | - | -€123,000 | |
| Financial debts | 170/4 | €123,000 | - | -€123,000 | |
| Amounts payable within one year | 42/48 | €100,844 | €219,460 | +€118,616 | +117.6% |
| Current portion of amounts payable after more than one year | 42 | - | €123,000 | +€123,000 | |
| Trade debts | 44 | €5,195 | €7,413 | +€2,219 | +42.7% |
| Suppliers | 440/4 | €5,195 | €7,413 | +€2,219 | +42.7% |
| Taxes, remuneration and social security | 45 | €7,871 | €7,331 | -€540 | -6.9% |
| Taxes | 450/3 | €7,871 | €7,331 | -€540 | -6.9% |
| Other amounts payable | 47/48 | €87,779 | €81,716 | -€6,063 | -6.9% |
| Accrued charges and deferred income | 492/3 | €497 | - | -€497 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,206 | €15,284 | +€3,077 | +25.2% |
| Other operating charges | 640/8 | €4,364 | €2,529 | -€1,836 | -42.1% |
| Non-recurring operating charges | 66A | €909 | - | -€909 | |
| Gross operating margin | 9900 | €121,088 | €129,577 | +€8,489 | +7.0% |
| Operating profit (loss) | 9901 | €103,609 | €111,765 | +€8,156 | +7.9% |
| Financial income | 75/76B | €5,105 | €5,096 | -€8 | -0.2% |
| Recurring financial income | 75 | €5,105 | €5,096 | -€8 | -0.2% |
| Financial charges | 65/66B | €1,007 | €4,127 | +€3,119 | +309.6% |
| Recurring financial charges | 65 | €1,007 | €4,127 | +€3,119 | +309.6% |
| Profit (loss) for the period before taxes | 9903 | €107,706 | €112,734 | +€5,028 | +4.7% |
| Income taxes | 67/77 | €30,581 | €31,973 | +€1,392 | +4.6% |
| Profit (loss) for the period | 9904 | €77,125 | €80,762 | +€3,636 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,125 | €80,762 | +€3,636 | +4.7% |
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 10 October 2026 via checked.be.