T3: 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.
T3
Largest movements
- Stocks and contracts +€24,521
up €24,521 (+35.6%), from €68,856 to €93,376
of which Contracts in progress: +€28,880
- Trade debts +€13,825
up €13,825 (+192%), from €7,197 to €21,022
- Other debts +€8,250
up €8,250 (+17.6%), from €46,820 to €55,071
- Reserves +€2,280
up €2,280 (+12.1%), from €18,764 to €21,044
- Staff costs -€1,481
down €1,481 (-2.9%), from €50,265 to €48,784
- Gross operating margin +€1,349
up €1,349 (+2.4%), from €57,210 to €58,559
- Depreciation +€761
up €761 (+167%), from €456 to €1,217
- Taxes +€601
up €601 (+138%), from €435 to €1,036
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,272 | €225,673 | +€26,401 | +13.2% |
| Fixed assets | 21/28 | €3,579 | €5,564 | +€1,985 | +55.5% |
| Tangible fixed assets | 22/27 | €1,546 | €3,283 | +€1,737 | +112% |
| Plant, machinery and equipment | 23 | €1,546 | €3,283 | +€1,737 | +112% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,033 | €2,281 | +€248 | +12.2% |
| Current assets | 29/58 | €195,693 | €220,108 | +€24,416 | +12.5% |
| Stocks and contracts in progress | 3 | €68,856 | €93,376 | +€24,521 | +35.6% |
| Stocks | 30/36 | €10,268 | €5,908 | -€4,359 | -42.5% |
| Contracts in progress | 37 | €58,588 | €87,468 | +€28,880 | +49.3% |
| Amounts receivable within one year | 40/41 | €121,451 | €121,167 | -€284 | -0.2% |
| Trade receivables | 40 | €119,061 | €120,657 | +€1,596 | +1.3% |
| Other amounts receivable | 41 | €2,390 | €511 | -€1,880 | -78.6% |
| Cash at bank and in hand | 54/58 | €2,867 | €3,051 | +€185 | +6.4% |
| Deferred charges and accrued income | 490/1 | €2,519 | €2,513 | -€6 | -0.2% |
| Total equity and liabilities | 10/49 | €199,272 | €225,673 | +€26,401 | +13.2% |
| Equity | 10/15 | €38,764 | €41,044 | +€2,280 | +5.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €18,764 | €21,044 | +€2,280 | +12.1% |
| Distributable reserves | 133 | €18,764 | €21,044 | +€2,280 | +12.1% |
| Amounts payable | 17/49 | €160,508 | €184,629 | +€24,121 | +15.0% |
| Amounts payable after more than one year | 17 | €65,000 | €65,000 | = | 0.0% |
| Other amounts payable | 178/9 | €65,000 | €65,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,508 | €119,629 | +€24,121 | +25.3% |
| Financial debts | 43 | €39,963 | €40,288 | +€326 | +0.8% |
| Credit institutions | 430/8 | €39,963 | €40,288 | +€326 | +0.8% |
| Trade debts | 44 | €7,197 | €21,022 | +€13,825 | +192% |
| Suppliers | 440/4 | €7,197 | €21,022 | +€13,825 | +192% |
| Taxes, remuneration and social security | 45 | €1,528 | €3,247 | +€1,720 | +113% |
| Taxes | 450/3 | - | €36 | +€36 | |
| Remuneration and social security | 454/9 | €1,528 | €3,211 | +€1,684 | +110% |
| Other amounts payable | 47/48 | €46,820 | €55,071 | +€8,250 | +17.6% |
| Remuneration, social security and pensions | 62 | €50,265 | €48,784 | -€1,481 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456 | €1,217 | +€761 | +167% |
| Other operating charges | 640/8 | €737 | €814 | +€77 | +10.5% |
| Gross operating margin | 9900 | €57,210 | €58,559 | +€1,349 | +2.4% |
| Operating profit (loss) | 9901 | €5,752 | €7,743 | +€1,991 | +34.6% |
| Financial income | 75/76B | €82 | €136 | +€54 | +65.9% |
| Recurring financial income | 75 | €32 | €136 | +€104 | +325% |
| Non-recurring financial income | 76B | €50 | - | -€50 | |
| Financial charges | 65/66B | €4,194 | €4,564 | +€370 | +8.8% |
| Recurring financial charges | 65 | €4,194 | €4,564 | +€370 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | €1,641 | €3,316 | +€1,676 | +102% |
| Income taxes | 67/77 | €435 | €1,036 | +€601 | +138% |
| Profit (loss) for the period | 9904 | €1,205 | €2,280 | +€1,075 | +89.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,205 | €2,280 | +€1,075 | +89.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.