STRATEGIE: 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.
STRATEGIE
Largest movements
- Stocks and contracts -€660,396
no longer reported in 2025 (was €660,396)
- Receivables within one year -€192,811
down €192,811 (-19.5%), from €987,408 to €794,597
of which Trade receivables: -€225,373
- Cash +€91,198
up €91,198 (+24.1%), from €378,573 to €469,771
mainly Stocks and contracts (+€660,396) and Receivables within one year (+€192,811)
- Tangible fixed assets -€45,159
down €45,159 (-39.8%), from €113,331 to €68,172
- Advances received -€600,331
no longer reported in 2025 (was €600,331)
- Trade debts -€302,132
down €302,132 (-61.1%), from €494,164 to €192,032
- Accrued charges and deferred income +€33,907
up €33,907 (+37.8%), from €89,690 to €123,598
- Tax, wage and social debts +€24,171
up €24,171 (+19.9%), from €121,724 to €145,895
of which Taxes: +€31,577
- Gross operating margin -€413,974
down €413,974 (-32.7%), from €1.3m to €851,665
- Staff costs -€78,250
down €78,250 (-9.1%), from €857,216 to €778,966
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 | €2,151,389 | €1,332,589 | -€818,800 | -38.1% |
| Fixed assets | 21/28 | €113,380 | €68,222 | -€45,159 | -39.8% |
| Tangible fixed assets | 22/27 | €113,331 | €68,172 | -€45,159 | -39.8% |
| Furniture and vehicles | 24 | €113,331 | €68,172 | -€45,159 | -39.8% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €2,038,009 | €1,264,367 | -€773,641 | -38.0% |
| Stocks and contracts in progress | 3 | €660,396 | - | -€660,396 | |
| Contracts in progress | 37 | €660,396 | - | -€660,396 | |
| Amounts receivable within one year | 40/41 | €987,408 | €794,597 | -€192,811 | -19.5% |
| Trade receivables | 40 | €875,423 | €650,050 | -€225,373 | -25.7% |
| Other amounts receivable | 41 | €111,985 | €144,547 | +€32,562 | +29.1% |
| Cash at bank and in hand | 54/58 | €378,573 | €469,771 | +€91,198 | +24.1% |
| Deferred charges and accrued income | 490/1 | €11,632 | - | -€11,632 | |
| Total equity and liabilities | 10/49 | €2,151,389 | €1,332,589 | -€818,800 | -38.1% |
| Equity | 10/15 | €845,079 | €858,338 | +€13,259 | +1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €776,879 | €790,138 | +€13,259 | +1.7% |
| Amounts payable | 17/49 | €1,306,310 | €474,251 | -€832,059 | -63.7% |
| Amounts payable within one year | 42/48 | €1,216,620 | €350,653 | -€865,966 | -71.2% |
| Trade debts | 44 | €494,164 | €192,032 | -€302,132 | -61.1% |
| Suppliers | 440/4 | €494,164 | €192,032 | -€302,132 | -61.1% |
| Advances received on contracts in progress | 46 | €600,331 | - | -€600,331 | |
| Taxes, remuneration and social security | 45 | €121,724 | €145,895 | +€24,171 | +19.9% |
| Taxes | 450/3 | €40,888 | €72,465 | +€31,577 | +77.2% |
| Remuneration and social security | 454/9 | €80,836 | €73,429 | -€7,406 | -9.2% |
| Other amounts payable | 47/48 | €400 | €12,727 | +€12,327 | +3,082% |
| Accrued charges and deferred income | 492/3 | €89,690 | €123,598 | +€33,907 | +37.8% |
| Non-recurring operating income | 76A | €3,264 | - | -€3,264 | |
| Remuneration, social security and pensions | 62 | €857,216 | €778,966 | -€78,250 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,260 | €32,184 | -€2,076 | -6.1% |
| Other operating charges | 640/8 | €4,229 | €1,569 | -€2,660 | -62.9% |
| Non-recurring operating charges | 66A | - | €12,106 | +€12,106 | |
| Gross operating margin | 9900 | €1,265,639 | €851,665 | -€413,974 | -32.7% |
| Operating profit (loss) | 9901 | €369,934 | €26,840 | -€343,094 | -92.7% |
| Financial income | 75/76B | €1,623 | €6,474 | +€4,851 | +299% |
| Recurring financial income | 75 | €1,623 | €6,474 | +€4,851 | +299% |
| Financial charges | 65/66B | €3,380 | €13,089 | +€9,708 | +287% |
| Recurring financial charges | 65 | €3,380 | €13,089 | +€9,708 | +287% |
| Profit (loss) for the period before taxes | 9903 | €368,177 | €20,225 | -€347,951 | -94.5% |
| Income taxes | 67/77 | €1,304 | €6,966 | +€5,662 | +434% |
| Profit (loss) for the period | 9904 | €366,873 | €13,259 | -€353,614 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €366,873 | €13,259 | -€353,614 | -96.4% |
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 1 November 2026 via checked.be.