SYSTèME D: 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.
SYSTèME D
Largest movements
- Receivables within one year -€44,715
down €44,715 (-50.9%), from €87,801 to €43,086
of which Trade receivables: -€39,656
- Tangible fixed assets +€24,648
up €24,648 (+5.4%), from €455,727 to €480,375
of which Furniture and vehicles: +€26,330
- Cash -€18,620
down €18,620 (-14.9%), from €125,265 to €106,646
mainly Investment in fixed assets (net) (-€53,173) and Trade debts (-€31,648)
- Reserves +€48,909
up €48,909 (+16.5%), from €296,598 to €345,507
of which Distributable reserves: +€48,909
- Trade debts -€31,648
down €31,648 (-57.6%), from €54,912 to €23,264
- Other debts -€31,182
down €31,182 (-82.2%), from €37,912 to €6,730
- Debts after one year -€20,303
down €20,303 (-11.2%), from €181,108 to €160,805
- Current portion of long-term debt -€8,935
down €8,935 (-30.6%), from €29,239 to €20,303
- Gross operating margin -€7,169
down €7,169 (-6.1%), from €117,293 to €110,124
- Depreciation +€3,928
up €3,928 (+15.8%), from €24,918 to €28,846
- Taxes -€2,624
down €2,624 (-10.9%), from €24,106 to €21,482
- Other operating charges +€1,985
up €1,985 (+68.6%), from €2,895 to €4,880
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 | €672,936 | €634,643 | -€38,292 | -5.7% |
| Fixed assets | 21/28 | €456,049 | €480,375 | +€24,326 | +5.3% |
| Tangible fixed assets | 22/27 | €455,727 | €480,375 | +€24,648 | +5.4% |
| Land and buildings | 22 | €445,447 | €444,274 | -€1,173 | -0.3% |
| Plant, machinery and equipment | 23 | €2,845 | €2,335 | -€509 | -17.9% |
| Furniture and vehicles | 24 | €2,665 | €28,995 | +€26,330 | +988.0% |
| Other tangible fixed assets | 26 | €4,770 | €4,770 | = | 0.0% |
| Financial fixed assets | 28 | €322 | €0 | -€322 | -100.0% |
| Current assets | 29/58 | €216,887 | €154,268 | -€62,619 | -28.9% |
| Amounts receivable within one year | 40/41 | €87,801 | €43,086 | -€44,715 | -50.9% |
| Trade receivables | 40 | €82,713 | €43,058 | -€39,656 | -47.9% |
| Other amounts receivable | 41 | €5,088 | €28 | -€5,060 | -99.4% |
| Cash at bank and in hand | 54/58 | €125,265 | €106,646 | -€18,620 | -14.9% |
| Deferred charges and accrued income | 490/1 | €3,820 | €4,536 | +€716 | +18.7% |
| Total equity and liabilities | 10/49 | €672,936 | €634,643 | -€38,292 | -5.7% |
| Equity | 10/15 | €350,598 | €399,507 | +€48,909 | +14.0% |
| Contributions | 10/11 | €54,000 | €54,000 | = | 0.0% |
| Reserves | 13 | €296,598 | €345,507 | +€48,909 | +16.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €5,733 | €5,733 | = | 0.0% |
| Distributable reserves | 133 | €290,865 | €339,774 | +€48,909 | +16.8% |
| Amounts payable | 17/49 | €322,337 | €235,136 | -€87,201 | -27.1% |
| Amounts payable after more than one year | 17 | €181,108 | €160,805 | -€20,303 | -11.2% |
| Financial debts | 170/4 | €181,108 | €160,805 | -€20,303 | -11.2% |
| Amounts payable within one year | 42/48 | €139,583 | €70,700 | -€68,883 | -49.3% |
| Current portion of amounts payable after more than one year | 42 | €29,239 | €20,303 | -€8,935 | -30.6% |
| Trade debts | 44 | €54,912 | €23,264 | -€31,648 | -57.6% |
| Suppliers | 440/4 | €54,912 | €23,264 | -€31,648 | -57.6% |
| Taxes, remuneration and social security | 45 | €17,520 | €20,403 | +€2,883 | +16.5% |
| Taxes | 450/3 | €13,304 | €16,903 | +€3,599 | +27.1% |
| Remuneration and social security | 454/9 | €4,216 | €3,500 | -€716 | -17.0% |
| Other amounts payable | 47/48 | €37,912 | €6,730 | -€31,182 | -82.2% |
| Accrued charges and deferred income | 492/3 | €1,647 | €3,631 | +€1,985 | +120.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,918 | €28,846 | +€3,928 | +15.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €598 | +€598 | |
| Other operating charges | 640/8 | €2,895 | €4,880 | +€1,985 | +68.6% |
| Non-recurring operating charges | 66A | - | €322 | +€322 | |
| Gross operating margin | 9900 | €117,293 | €110,124 | -€7,169 | -6.1% |
| Operating profit (loss) | 9901 | €89,479 | €75,479 | -€14,000 | -15.6% |
| Financial income | 75/76B | €41 | €25 | -€16 | -39.0% |
| Recurring financial income | 75 | €41 | €25 | -€16 | -39.0% |
| Financial charges | 65/66B | €5,490 | €5,114 | -€376 | -6.9% |
| Recurring financial charges | 65 | €5,490 | €5,114 | -€376 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €84,031 | €70,390 | -€13,640 | -16.2% |
| Income taxes | 67/77 | €24,106 | €21,482 | -€2,624 | -10.9% |
| Profit (loss) for the period | 9904 | €59,925 | €48,909 | -€11,016 | -18.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,925 | €48,909 | -€11,016 | -18.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.