STOCK PROJECTS: 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.
STOCK PROJECTS
Largest movements
- Tangible fixed assets +€5.4m
up €5.4m (+130%), from €4.1m to €9.5m
of which Land and buildings: +€5.4m
- Cash +€1.6m
up €1.6m (+124%), from €1.3m to €3.0m
mainly Net result for the year (+€2.2m) and Other debts (+€2.0m)
- Deferred charges and accrued income -€1.2m
down €1.2m (-97.1%), from €1.2m to €34,642
- Financial fixed assets +€1.0m
up €1.0m (+21.3%), from €4.7m to €5.7m
- Current investments -€1.0m
down €1.0m (-77.5%), from €1.3m to €291,024
- Reserves +€2.2m
up €2.2m (+19.6%), from €11.1m to €13.3m
of which Distributable reserves: +€2.2m
- Other debts +€2.0m
up €2.0m (+249,719%), from €801 to €2.0m
- Debts after one year +€1.5m
up €1.5m (+61,309%), from €2,433 to €1.5m
of which Financial debts: +€1.5m
- Trade debts +€999,861
up €999,861 (+2,974%), from €33,619 to €1.0m
- Short-term financial debts +€400,085
up €400,085 (+70.5%), from €567,830 to €967,915
- Financial income +€232,790
up €232,790 (+11.3%), from €2.1m to €2.3m
- Depreciation +€170,409
up €170,409 (+293%), from €58,192 to €228,601
- Gross operating margin +€138,236
up €138,236 (+58.9%), from €234,744 to €372,980
- Staff costs -€99,578
down €99,578 (-37.3%), from €266,934 to €167,356
- Financial charges +€38,340
up €38,340 (+306%), from €12,549 to €50,889
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 | €14,001,183 | €21,266,862 | +€7.3m | +51.9% |
| Fixed assets | 21/28 | €8,835,479 | €15,209,473 | +€6.4m | +72.1% |
| Tangible fixed assets | 22/27 | €4,134,052 | €9,507,907 | +€5.4m | +130% |
| Land and buildings | 22 | €579,141 | €5,999,767 | +€5.4m | +936% |
| Furniture and vehicles | 24 | €77,883 | €22,479 | -€55,405 | -71.1% |
| Other tangible fixed assets | 26 | €3,477,028 | €3,485,661 | +€8,633 | +0.2% |
| Financial fixed assets | 28 | €4,701,427 | €5,701,567 | +€1.0m | +21.3% |
| Current assets | 29/58 | €5,165,704 | €6,057,389 | +€891,685 | +17.3% |
| Stocks and contracts in progress | 3 | €606,389 | €1,591,042 | +€984,653 | +162% |
| Stocks | 30/36 | €606,389 | €1,591,042 | +€984,653 | +162% |
| Amounts receivable within one year | 40/41 | €758,810 | €1,187,628 | +€428,817 | +56.5% |
| Trade receivables | 40 | €111,693 | €312,262 | +€200,569 | +180% |
| Other amounts receivable | 41 | €647,117 | €875,366 | +€228,248 | +35.3% |
| Current investments | 50/53 | €1,291,024 | €291,024 | -€1.0m | -77.5% |
| Cash at bank and in hand | 54/58 | €1,320,936 | €2,953,053 | +€1.6m | +124% |
| Deferred charges and accrued income | 490/1 | €1,188,545 | €34,642 | -€1.2m | -97.1% |
| Total equity and liabilities | 10/49 | €14,001,183 | €21,266,862 | +€7.3m | +51.9% |
| Equity | 10/15 | €13,346,974 | €15,524,311 | +€2.2m | +16.3% |
| Contributions | 10/11 | €2,183,628 | €2,183,628 | = | 0.0% |
| Capital | 10 | €1,591,306 | €1,591,306 | = | 0.0% |
| Issued capital | 100 | €1,591,306 | €1,591,306 | = | 0.0% |
| Contributions outside capital | 11 | €592,322 | €592,322 | = | 0.0% |
| Share premium | 1100/10 | €592,322 | €592,322 | = | 0.0% |
| Revaluation surpluses | 12 | €49,327 | €49,327 | = | 0.0% |
| Reserves | 13 | €11,114,019 | €13,291,356 | +€2.2m | +19.6% |
| Non-distributable reserves | 130/1 | €159,131 | €159,131 | = | 0.0% |
| Legal reserve | 130 | €159,131 | €159,131 | = | 0.0% |
| Distributable reserves | 133 | €10,954,889 | €13,132,225 | +€2.2m | +19.9% |
| Amounts payable | 17/49 | €654,209 | €5,742,551 | +€5.1m | +778% |
| Amounts payable after more than one year | 17 | €2,433 | €1,494,089 | +€1.5m | +61,309% |
| Financial debts | 170/4 | - | €1,491,656 | +€1.5m | |
| Other amounts payable | 178/9 | €2,433 | €2,433 | = | 0.0% |
| Amounts payable within one year | 42/48 | €642,805 | €4,238,794 | +€3.6m | +559% |
| Current portion of amounts payable after more than one year | 42 | - | €43,344 | +€43,344 | |
| Financial debts | 43 | €567,830 | €967,915 | +€400,085 | +70.5% |
| Credit institutions | 430/8 | €567,830 | €967,915 | +€400,085 | +70.5% |
| Trade debts | 44 | €33,619 | €1,033,480 | +€999,861 | +2,974% |
| Suppliers | 440/4 | €33,619 | €1,033,480 | +€999,861 | +2,974% |
| Advances received on contracts in progress | 46 | - | €163,675 | +€163,675 | |
| Taxes, remuneration and social security | 45 | €40,555 | €29,328 | -€11,227 | -27.7% |
| Taxes | 450/3 | €16,618 | €15,140 | -€1,478 | -8.9% |
| Remuneration and social security | 454/9 | €23,937 | €14,188 | -€9,749 | -40.7% |
| Other amounts payable | 47/48 | €801 | €2,001,051 | +€2.0m | +249,719% |
| Accrued charges and deferred income | 492/3 | €8,970 | €9,669 | +€698 | +7.8% |
| Non-recurring operating income | 76A | €1,653 | €20,082 | +€18,429 | +1,115% |
| Remuneration, social security and pensions | 62 | €266,934 | €167,356 | -€99,578 | -37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,192 | €228,601 | +€170,409 | +293% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €56,368 | €47,353 | -€9,014 | -16.0% |
| Gross operating margin | 9900 | €234,744 | €372,980 | +€138,236 | +58.9% |
| Operating profit (loss) | 9901 | -€146,749 | -€70,330 | +€76,419 | +52.1% |
| Financial income | 75/76B | €2,065,766 | €2,298,556 | +€232,790 | +11.3% |
| Recurring financial income | 75 | €2,065,766 | €2,298,556 | +€232,790 | +11.3% |
| Financial charges | 65/66B | €12,549 | €50,889 | +€38,340 | +306% |
| Recurring financial charges | 65 | €12,549 | €50,889 | +€38,340 | +306% |
| Profit (loss) for the period before taxes | 9903 | €1,906,467 | €2,177,337 | +€270,869 | +14.2% |
| Income taxes | 67/77 | €106 | €0 | -€106 | -100% |
| Profit (loss) for the period | 9904 | €1,906,361 | €2,177,337 | +€270,975 | +14.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,906,361 | €2,177,337 | +€270,975 | +14.2% |
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 20 October 2026 via checked.be.