STONE BY STONE: 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.
STONE BY STONE
Largest movements
- Receivables within one year -€63,243
down €63,243 (-44.2%), from €143,109 to €79,866
of which Trade receivables: -€52,750
- Tangible fixed assets -€45,402
down €45,402 (-16.5%), from €274,377 to €228,975
of which Land and buildings: -€37,015
- Cash -€28,358
down €28,358 (-76.4%), from €37,121 to €8,763
mainly Net result for the year (-€223,059) and Other debts (-€16,210)
- Profit (loss) carried forward -€142,439
new in 2025: -€142,439
- Reserves -€80,620
down €80,620 (-10.1%), from €798,163 to €717,543
of which Distributable reserves: -€80,620
- Debts after one year +€78,500
up €78,500 (+16.7%), from €471,426 to €549,925
of which Other amounts payable: +€105,000
- Trade debts +€20,884
up €20,884 (+196%), from €10,655 to €31,538
- Other debts -€16,210
down €16,210 (-92.4%), from €17,548 to €1,338
- Gross operating margin -€84,635
down €84,635 (-107%), from -€79,458 to -€164,093
- Other operating charges -€3,373
down €3,373 (-64.2%), from €5,251 to €1,878
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 | €1,344,674 | €1,218,024 | -€126,649 | -9.4% |
| Fixed assets | 21/28 | €276,527 | €231,125 | -€45,402 | -16.4% |
| Tangible fixed assets | 22/27 | €274,377 | €228,975 | -€45,402 | -16.5% |
| Land and buildings | 22 | €202,344 | €165,329 | -€37,015 | -18.3% |
| Furniture and vehicles | 24 | €2,320 | €2,451 | +€131 | +5.6% |
| Other tangible fixed assets | 26 | €69,713 | €61,194 | -€8,519 | -12.2% |
| Financial fixed assets | 28 | €2,150 | €2,150 | = | 0.0% |
| Current assets | 29/58 | €1,068,146 | €986,900 | -€81,247 | -7.6% |
| Amounts receivable after more than one year | 29 | €706,761 | €706,761 | = | 0.0% |
| Trade receivables | 290 | €706,761 | €706,761 | = | 0.0% |
| Stocks and contracts in progress | 3 | €28,413 | €28,413 | = | 0.0% |
| Stocks | 30/36 | €28,413 | €28,413 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €143,109 | €79,866 | -€63,243 | -44.2% |
| Trade receivables | 40 | €112,099 | €59,349 | -€52,750 | -47.1% |
| Other amounts receivable | 41 | €31,010 | €20,517 | -€10,493 | -33.8% |
| Current investments | 50/53 | €152,742 | €162,733 | +€9,991 | +6.5% |
| Cash at bank and in hand | 54/58 | €37,121 | €8,763 | -€28,358 | -76.4% |
| Deferred charges and accrued income | 490/1 | - | €364 | +€364 | |
| Total equity and liabilities | 10/49 | €1,344,674 | €1,218,024 | -€126,649 | -9.4% |
| Equity | 10/15 | €816,763 | €593,704 | -€223,059 | -27.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €798,163 | €717,543 | -€80,620 | -10.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €55,500 | €55,500 | = | 0.0% |
| Distributable reserves | 133 | €740,803 | €660,183 | -€80,620 | -10.9% |
| Profit (loss) carried forward | 14 | - | -€142,439 | -€142,439 | |
| Amounts payable | 17/49 | €527,911 | €624,320 | +€96,410 | +18.3% |
| Amounts payable after more than one year | 17 | €471,426 | €549,925 | +€78,500 | +16.7% |
| Financial debts | 170/4 | €106,141 | €79,640 | -€26,500 | -25.0% |
| Other amounts payable | 178/9 | €365,285 | €470,285 | +€105,000 | +28.7% |
| Amounts payable within one year | 42/48 | €56,485 | €74,395 | +€17,910 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €25,282 | €26,500 | +€1,218 | +4.8% |
| Trade debts | 44 | €10,655 | €31,538 | +€20,884 | +196% |
| Suppliers | 440/4 | €10,655 | €31,538 | +€20,884 | +196% |
| Taxes, remuneration and social security | 45 | €3,000 | €15,018 | +€12,018 | +401% |
| Taxes | 450/3 | €500 | €5,514 | +€5,014 | +1,002% |
| Remuneration and social security | 454/9 | €2,500 | €9,504 | +€7,004 | +280% |
| Other amounts payable | 47/48 | €17,548 | €1,338 | -€16,210 | -92.4% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Non-recurring operating income | 76A | - | €726 | +€726 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,671 | €50,684 | +€14 | 0.0% |
| Other operating charges | 640/8 | €5,251 | €1,878 | -€3,373 | -64.2% |
| Gross operating margin | 9900 | -€79,458 | -€164,093 | -€84,635 | -107% |
| Operating profit (loss) | 9901 | -€135,380 | -€216,656 | -€81,276 | -60.0% |
| Financial income | 75/76B | €177 | €122 | -€56 | -31.3% |
| Recurring financial income | 75 | €177 | €122 | -€56 | -31.3% |
| Financial charges | 65/66B | €7,569 | €6,524 | -€1,045 | -13.8% |
| Recurring financial charges | 65 | €7,569 | €6,524 | -€1,045 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | -€142,772 | -€223,059 | -€80,287 | -56.2% |
| Profit (loss) for the period | 9904 | -€142,772 | -€223,059 | -€80,287 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€142,772 | -€223,059 | -€80,287 | -56.2% |
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 18 October 2026 via checked.be.