T-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.
T-STONE
Largest movements
- Cash -€12,432
down €12,432 (-27.8%), from €44,732 to €32,300
mainly Contributions, distributions and other (-€13,283) and Trade debts (-€9,173)
- Tangible fixed assets -€7,652
down €7,652 (-30.2%), from €25,341 to €17,689
of which Furniture and vehicles: -€6,266
- Receivables within one year -€4,169
down €4,169 (-21.5%), from €19,354 to €15,184
of which Other amounts receivable: -€2,129
- Stocks and contracts +€4,122
up €4,122 (+10.4%), from €39,808 to €43,931
of which Contracts in progress: +€3,610
- Receivables after one year -€1,518
down €1,518 (-21.7%), from €6,979 to €5,462
- Reserves -€12,180
down €12,180 (-19.8%), from €61,513 to €49,333
- Other debts +€9,558
up €9,558 (+42.2%), from €22,667 to €32,225
- Trade debts -€9,173
down €9,173 (-62.7%), from €14,633 to €5,460
- Debts after one year -€6,294
down €6,294 (-35.1%), from €17,957 to €11,663
- Tax, wage and social debts -€3,716
down €3,716 (-66.6%), from €5,580 to €1,864
of which Taxes: -€3,716
- Gross operating margin -€3,681
down €3,681 (-22.3%), from €16,485 to €12,805
- Financial charges -€1,734
down €1,734 (-60.3%), from €2,877 to €1,142
- Depreciation -€688
down €688 (-8.2%), from €8,339 to €7,652
- Other operating charges +€232
up €232 (+33.0%), from €704 to €937
- Taxes -€191
down €191 (-8.2%), from €2,325 to €2,134
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 | €136,213 | €114,665 | -€21,548 | -15.8% |
| Fixed assets | 21/28 | €25,341 | €17,789 | -€7,552 | -29.8% |
| Tangible fixed assets | 22/27 | €25,341 | €17,689 | -€7,652 | -30.2% |
| Plant, machinery and equipment | 23 | €2,473 | €1,087 | -€1,385 | -56.0% |
| Furniture and vehicles | 24 | €22,868 | €16,602 | -€6,266 | -27.4% |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €110,873 | €96,876 | -€13,996 | -12.6% |
| Amounts receivable after more than one year | 29 | €6,979 | €5,462 | -€1,518 | -21.7% |
| Other amounts receivable | 291 | €6,979 | €5,462 | -€1,518 | -21.7% |
| Stocks and contracts in progress | 3 | €39,808 | €43,931 | +€4,122 | +10.4% |
| Stocks | 30/36 | €2,498 | €3,011 | +€512 | +20.5% |
| Contracts in progress | 37 | €37,310 | €40,920 | +€3,610 | +9.7% |
| Amounts receivable within one year | 40/41 | €19,354 | €15,184 | -€4,169 | -21.5% |
| Trade receivables | 40 | €13,468 | €11,428 | -€2,040 | -15.1% |
| Other amounts receivable | 41 | €5,886 | €3,757 | -€2,129 | -36.2% |
| Cash at bank and in hand | 54/58 | €44,732 | €32,300 | -€12,432 | -27.8% |
| Total equity and liabilities | 10/49 | €136,213 | €114,665 | -€21,548 | -15.8% |
| Equity | 10/15 | €68,849 | €56,669 | -€12,180 | -17.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €61,513 | €49,333 | -€12,180 | -19.8% |
| Distributable reserves | 133 | €61,513 | €49,333 | -€12,180 | -19.8% |
| Profit (loss) carried forward | 14 | €1,136 | €1,136 | = | 0.0% |
| Amounts payable | 17/49 | €67,365 | €57,996 | -€9,368 | -13.9% |
| Amounts payable after more than one year | 17 | €17,957 | €11,663 | -€6,294 | -35.1% |
| Financial debts | 170/4 | €17,957 | €11,663 | -€6,294 | -35.1% |
| Amounts payable within one year | 42/48 | €48,918 | €45,844 | -€3,074 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €6,038 | €6,294 | +€256 | +4.2% |
| Trade debts | 44 | €14,633 | €5,460 | -€9,173 | -62.7% |
| Suppliers | 440/4 | €14,633 | €5,460 | -€9,173 | -62.7% |
| Taxes, remuneration and social security | 45 | €5,580 | €1,864 | -€3,716 | -66.6% |
| Taxes | 450/3 | €4,380 | €664 | -€3,716 | -84.8% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 47/48 | €22,667 | €32,225 | +€9,558 | +42.2% |
| Accrued charges and deferred income | 492/3 | €490 | €490 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,339 | €7,652 | -€688 | -8.2% |
| Other operating charges | 640/8 | €704 | €937 | +€232 | +33.0% |
| Gross operating margin | 9900 | €16,485 | €12,805 | -€3,681 | -22.3% |
| Operating profit (loss) | 9901 | €7,441 | €4,217 | -€3,225 | -43.3% |
| Financial income | 75/76B | €155 | €163 | +€9 | +5.6% |
| Recurring financial income | 75 | €155 | €163 | +€9 | +5.6% |
| Financial charges | 65/66B | €2,877 | €1,142 | -€1,734 | -60.3% |
| Recurring financial charges | 65 | €2,877 | €1,142 | -€1,734 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €4,719 | €3,237 | -€1,482 | -31.4% |
| Income taxes | 67/77 | €2,325 | €2,134 | -€191 | -8.2% |
| Profit (loss) for the period | 9904 | €2,394 | €1,104 | -€1,290 | -53.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,394 | €1,104 | -€1,290 | -53.9% |
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 15 October 2026 via checked.be.