STYLE & SENSE: 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.
STYLE & SENSE
Largest movements
- Receivables within one year +€491,481
up €491,481 (+1,105%), from €44,498 to €535,978
of which Other amounts receivable: +€483,596
- Stocks and contracts -€381,606
down €381,606 (-48.6%), from €785,610 to €404,004
- Cash +€86,733
up €86,733 (+184%), from €47,078 to €133,811
- Tangible fixed assets +€18,288
up €18,288 (+16.6%), from €109,915 to €128,203
of which Furniture and vehicles: +€39,152
- Tax, wage and social debts +€110,544
up €110,544 (+161%), from €68,761 to €179,305
of which Taxes: +€75,523
- Reserves +€46,964
up €46,964 (+21.5%), from €218,545 to €265,509
- Debts after one year +€26,949
up €26,949 (+242%), from €11,118 to €38,067
- Advances received +€17,059
up €17,059 (+1,198%), from €1,424 to €18,483
- Gross operating margin +€244,350
up €244,350 (+87.0%), from €280,761 to €525,112
- Staff costs +€153,443
up €153,443 (+61.9%), from €247,833 to €401,276
- Financial charges +€31,195
up €31,195 (+176%), from €17,764 to €48,959
- Depreciation +€20,742
up €20,742 (+58.3%), from €35,584 to €56,326
- Write-downs +€13,659
up €13,659 (+91.4%), from -€14,951 to -€1,292
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,077,100 | €1,280,497 | +€203,396 | +18.9% |
| Fixed assets | 21/28 | €199,915 | €206,703 | +€6,788 | +3.4% |
| Intangible fixed assets | 21 | €69,000 | €57,500 | -€11,500 | -16.7% |
| Tangible fixed assets | 22/27 | €109,915 | €128,203 | +€18,288 | +16.6% |
| Land and buildings | 22 | €56,707 | €30,819 | -€25,888 | -45.7% |
| Plant, machinery and equipment | 23 | €2,362 | €11,834 | +€9,472 | +401% |
| Furniture and vehicles | 24 | €43,508 | €82,660 | +€39,152 | +90.0% |
| Other tangible fixed assets | 26 | €7,338 | €2,891 | -€4,447 | -60.6% |
| Financial fixed assets | 28 | €21,000 | €21,000 | = | 0.0% |
| Current assets | 29/58 | €877,186 | €1,073,794 | +€196,608 | +22.4% |
| Stocks and contracts in progress | 3 | €785,610 | €404,004 | -€381,606 | -48.6% |
| Stocks | 30/36 | €785,610 | €404,004 | -€381,606 | -48.6% |
| Amounts receivable within one year | 40/41 | €44,498 | €535,978 | +€491,481 | +1,105% |
| Trade receivables | 40 | €43,775 | €51,660 | +€7,885 | +18.0% |
| Other amounts receivable | 41 | €723 | €484,318 | +€483,596 | +66,910% |
| Cash at bank and in hand | 54/58 | €47,078 | €133,811 | +€86,733 | +184% |
| Deferred charges and accrued income | 490/1 | - | €0 | = | |
| Total equity and liabilities | 10/49 | €1,077,100 | €1,280,497 | +€203,396 | +18.9% |
| Equity | 10/15 | €257,400 | €304,364 | +€46,964 | +18.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €218,545 | €265,509 | +€46,964 | +21.5% |
| Distributable reserves | 133 | €218,545 | €265,509 | +€46,964 | +21.5% |
| Profit (loss) carried forward | 14 | €33,855 | €33,855 | = | 0.0% |
| Provisions and deferred taxes | 16 | €20,971 | €20,971 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €20,971 | €20,971 | = | 0.0% |
| Pensions and similar obligations | 160 | €20,971 | €20,971 | = | 0.0% |
| Amounts payable | 17/49 | €798,730 | €955,162 | +€156,432 | +19.6% |
| Amounts payable after more than one year | 17 | €11,118 | €38,067 | +€26,949 | +242% |
| Financial debts | 170/4 | €11,118 | €38,067 | +€26,949 | +242% |
| Amounts payable within one year | 42/48 | €787,612 | €917,095 | +€129,483 | +16.4% |
| Current portion of amounts payable after more than one year | 42 | €22,806 | €17,497 | -€5,308 | -23.3% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €118,903 | €117,333 | -€1,571 | -1.3% |
| Suppliers | 440/4 | €118,903 | €117,333 | -€1,571 | -1.3% |
| Advances received on contracts in progress | 46 | €1,424 | €18,483 | +€17,059 | +1,198% |
| Taxes, remuneration and social security | 45 | €68,761 | €179,305 | +€110,544 | +161% |
| Taxes | 450/3 | €27,650 | €103,173 | +€75,523 | +273% |
| Remuneration and social security | 454/9 | €41,111 | €76,132 | +€35,021 | +85.2% |
| Other amounts payable | 47/48 | €75,718 | €84,477 | +€8,759 | +11.6% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €247,833 | €401,276 | +€153,443 | +61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,584 | €56,326 | +€20,742 | +58.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€14,951 | -€1,292 | +€13,659 | +91.4% |
| Other operating charges | 640/8 | €2,904 | €3,876 | +€971 | +33.4% |
| Non-recurring operating charges | 66A | - | €768 | +€768 | |
| Gross operating margin | 9900 | €280,761 | €525,112 | +€244,350 | +87.0% |
| Operating profit (loss) | 9901 | €9,392 | €64,159 | +€54,767 | +583% |
| Financial income | 75/76B | €28,359 | €19,218 | -€9,142 | -32.2% |
| Recurring financial income | 75 | €28,359 | €19,218 | -€9,142 | -32.2% |
| Financial charges | 65/66B | €17,764 | €48,959 | +€31,195 | +176% |
| Recurring financial charges | 65 | €17,764 | €48,959 | +€31,195 | +176% |
| Profit (loss) for the period before taxes | 9903 | €19,987 | €34,418 | +€14,431 | +72.2% |
| Income taxes | 67/77 | €2,052 | €12,832 | +€10,780 | +525% |
| Profit (loss) for the period | 9904 | €17,935 | €21,586 | +€3,651 | +20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,935 | €21,586 | +€3,651 | +20.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.