Substantia Development: what changed
Two fiscal 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.
Substantia Development
Largest movements
- Cash +€26,923
up €26,923 (+1279.3%), from €2,105 to €29,028
mainly Debts after one year (+€105,758) and Receivables within one year (+€16,142)
- Receivables within one year -€16,142
down €16,142 (-49.4%), from €32,696 to €16,554
of which Trade receivables: -€11,795
- Debts after one year +€105,758
up €105,758 (+17.2%), from €615,622 to €721,381
- Profit (loss) carried forward -€53,718
down €53,718 (-115.1%), from -€46,655 to -€100,373
- Accrued charges and deferred income -€42,246
down €42,246 (-99.1%), from €42,631 to €385
- Trade debts -€11,902
down €11,902 (-40.6%), from €29,303 to €17,401
- Gross operating margin +€18,839
up €18,839, from -€1,905 to €16,934
- Financial charges +€10,207
up €10,207 (+17.1%), from €59,708 to €69,915
of which Financial charges: +€11,153
- Financial income -€511
down €511 (-100.0%), from €511 to €0
of which Financial income: -€316
- Other operating charges +€326
up €326 (+64.6%), from €505 to €832
- Taxes -€189
down €189, from €95 to -€95
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 | €785,087 | €795,407 | +€10,320 | +1.3% |
| Fixed assets | 21/28 | €748,411 | €748,411 | = | 0.0% |
| Financial fixed assets | 28 | €748,411 | €748,411 | = | 0.0% |
| Current assets | 29/58 | €36,676 | €46,996 | +€10,320 | +28.1% |
| Amounts receivable after more than one year | 29 | - | €700 | +€700 | |
| Other amounts receivable | 291 | - | €700 | +€700 | |
| Amounts receivable within one year | 40/41 | €32,696 | €16,554 | -€16,142 | -49.4% |
| Trade receivables | 40 | €28,127 | €16,333 | -€11,795 | -41.9% |
| Other amounts receivable | 41 | €4,568 | €221 | -€4,348 | -95.2% |
| Cash at bank and in hand | 54/58 | €2,105 | €29,028 | +€26,923 | +1279.3% |
| Deferred charges and accrued income | 490/1 | €1,876 | €714 | -€1,161 | -61.9% |
| Total equity and liabilities | 10/49 | €785,087 | €795,407 | +€10,320 | +1.3% |
| Equity | 10/15 | -€28,055 | -€81,773 | -€53,718 | -191.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€46,655 | -€100,373 | -€53,718 | -115.1% |
| Amounts payable | 17/49 | €813,142 | €877,179 | +€64,037 | +7.9% |
| Amounts payable after more than one year | 17 | €615,622 | €721,381 | +€105,758 | +17.2% |
| Financial debts | 170/4 | €615,622 | €721,381 | +€105,758 | +17.2% |
| Amounts payable within one year | 42/48 | €154,889 | €155,414 | +€525 | +0.3% |
| Trade debts | 44 | €29,303 | €17,401 | -€11,902 | -40.6% |
| Suppliers | 440/4 | €29,303 | €17,401 | -€11,902 | -40.6% |
| Taxes, remuneration and social security | 45 | - | €7,030 | +€7,030 | |
| Taxes | 450/3 | - | €7,030 | +€7,030 | |
| Other amounts payable | 47/48 | €125,586 | €130,983 | +€5,397 | +4.3% |
| Accrued charges and deferred income | 492/3 | €42,631 | €385 | -€42,246 | -99.1% |
| Other operating charges | 640/8 | €505 | €832 | +€326 | +64.6% |
| Gross operating margin | 9900 | -€1,905 | €16,934 | +€18,839 | |
| Operating profit (loss) | 9901 | -€2,411 | €16,103 | +€18,513 | |
| Financial income | 75/76B | €511 | €0 | -€511 | -100.0% |
| Recurring financial income | 75 | €316 | €0 | -€316 | -100.0% |
| Non-recurring financial income | 76B | €196 | €0 | -€196 | -100.0% |
| Financial charges | 65/66B | €59,708 | €69,915 | +€10,207 | +17.1% |
| Recurring financial charges | 65 | €58,762 | €69,915 | +€11,153 | +19.0% |
| Non-recurring financial charges | 66B | €946 | €0 | -€946 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€61,607 | -€53,812 | +€7,795 | +12.7% |
| Income taxes | 67/77 | €95 | -€95 | -€189 | |
| Profit (loss) for the period | 9904 | -€61,702 | -€53,718 | +€7,984 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,702 | -€53,718 | +€7,984 | +12.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.