TABLE MOUNTAIN: 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.
What changed
TABLE MOUNTAIN
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€20,492
2024 · -€43,047+€22,555
Equity
€372,640
2024 · €393,132-€20,492
Cash
€7,968
2024 · €17,932-€9,964
Balance sheet total
€2.8m
2024 · €2.8m-€82,755
Largest movements
Assets
- Tangible fixed assets -€56,940
down €56,940 (-2.4%), from €2.4m to €2.3m
of which Land and buildings: -€70,432
Equity and liabilities
- Debts after one year -€100,397
down €100,397 (-4.7%), from €2.1m to €2.0m
of which Financial debts: -€102,297
- Other debts +€40,000
up €40,000 (+40000.0%), from €100 to €40,100
Income statement
- Gross operating margin +€13,692
up €13,692 (+12.2%), from €112,254 to €125,946
- Other operating charges -€8,387
down €8,387 (-31.5%), from €26,668 to €18,280
- Financial charges -€2,233
down €2,233 (-3.7%), from €60,888 to €58,655
- Financial income -€1,609
down €1,609 (-26.7%), from €6,029 to €4,420
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.
Result 2024
-€43,047
Gross operating margin
+€13,692
Depreciation
-€148
Other operating charges
+€8,387
Financial income
-€1,609
Financial charges
+€2,233
Result 2025
-€20,492
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.
From operations
+€113,966
Investment
-€25,742
Financing
-€98,188
Cash 2024
€17,932
From operations (derived)
+€113,966
Net result for the year
-€20,492
Depreciation
+€80,268
Receivables after one year
+€26,000
Receivables within one year
-€5,026
Deferred charges and accrued income
-€2,709
Provisions
-€6,345
Trade debts
+€2,289
Other debts
+€40,000
Accrued charges and deferred income
-€19
Investment (derived)
-€25,742
Investment in fixed assets (net)
-€23,328
Current investments
-€2,414
Financing
-€98,188
Debts after one year
-€100,397
Current portion of long-term debt
+€2,526
Short-term financial debts
-€317
Cash 2025
€7,968
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,849,570 | €2,766,815 | -€82,755 | -2.9% |
| Fixed assets | 21/28 | €2,372,925 | €2,315,985 | -€56,940 | -2.4% |
| Tangible fixed assets | 22/27 | €2,372,925 | €2,315,985 | -€56,940 | -2.4% |
| Land and buildings | 22 | €2,179,172 | €2,108,740 | -€70,432 | -3.2% |
| Plant, machinery and equipment | 23 | €193,753 | €173,457 | -€20,296 | -10.5% |
| Assets under construction and advance payments | 27 | - | €33,788 | +€33,788 | |
| Current assets | 29/58 | €476,645 | €450,830 | -€25,815 | -5.4% |
| Amounts receivable after more than one year | 29 | €209,000 | €183,000 | -€26,000 | -12.4% |
| Other amounts receivable | 291 | €209,000 | €183,000 | -€26,000 | -12.4% |
| Amounts receivable within one year | 40/41 | €555 | €5,581 | +€5,026 | +906.3% |
| Trade receivables | 40 | - | €4,546 | +€4,546 | |
| Other amounts receivable | 41 | €555 | €1,035 | +€480 | +86.6% |
| Current investments | 50/53 | €239,307 | €241,721 | +€2,414 | +1.0% |
| Cash at bank and in hand | 54/58 | €17,932 | €7,968 | -€9,964 | -55.6% |
| Deferred charges and accrued income | 490/1 | €9,852 | €12,561 | +€2,709 | +27.5% |
| Total equity and liabilities | 10/49 | €2,849,570 | €2,766,815 | -€82,755 | -2.9% |
| Equity | 10/15 | €393,132 | €372,640 | -€20,492 | -5.2% |
| Contributions | 10/11 | €47,500 | €47,500 | = | 0.0% |
| Outside capital | 11 | €47,500 | €47,500 | = | 0.0% |
| Other | 1109/19 | €47,500 | €47,500 | = | 0.0% |
| Reserves | 13 | €571,033 | €551,998 | -€19,036 | -3.3% |
| Tax-exempt reserves | 132 | €571,033 | €551,998 | -€19,036 | -3.3% |
| Profit (loss) carried forward | 14 | -€225,401 | -€226,857 | -€1,456 | -0.6% |
| Provisions and deferred taxes | 16 | €190,344 | €183,999 | -€6,345 | -3.3% |
| Deferred taxes | 168 | €190,344 | €183,999 | -€6,345 | -3.3% |
| Amounts payable | 17/49 | €2,266,093 | €2,210,175 | -€55,918 | -2.5% |
| Amounts payable after more than one year | 17 | €2,146,584 | €2,046,187 | -€100,397 | -4.7% |
| Financial debts | 170/4 | €2,132,734 | €2,030,437 | -€102,297 | -4.8% |
| Other amounts payable | 178/9 | €13,850 | €15,750 | +€1,900 | +13.7% |
| Amounts payable within one year | 42/48 | €117,733 | €162,230 | +€44,497 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €99,768 | €102,293 | +€2,526 | +2.5% |
| Financial debts | 43 | €317 | - | -€317 | |
| Credit institutions | 430/8 | €317 | - | -€317 | |
| Trade debts | 44 | €17,548 | €19,837 | +€2,289 | +13.0% |
| Suppliers | 440/4 | €17,548 | €19,837 | +€2,289 | +13.0% |
| Other amounts payable | 47/48 | €100 | €40,100 | +€40,000 | +40000.0% |
| Accrued charges and deferred income | 492/3 | €1,776 | €1,758 | -€19 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,120 | €80,268 | +€148 | +0.2% |
| Other operating charges | 640/8 | €26,668 | €18,280 | -€8,387 | -31.5% |
| Gross operating margin | 9900 | €112,254 | €125,946 | +€13,692 | +12.2% |
| Operating profit (loss) | 9901 | €5,466 | €27,398 | +€21,931 | +401.2% |
| Financial income | 75/76B | €6,029 | €4,420 | -€1,609 | -26.7% |
| Recurring financial income | 75 | €6,029 | €4,420 | -€1,609 | -26.7% |
| Financial charges | 65/66B | €60,888 | €58,655 | -€2,233 | -3.7% |
| Recurring financial charges | 65 | €60,888 | €58,655 | -€2,233 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,392 | -€26,837 | +€22,555 | +45.7% |
| Transfer from deferred taxes | 780 | €6,345 | €6,345 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€43,047 | -€20,492 | +€22,555 | +52.4% |
| Transfer from tax-exempt reserves | 789 | €19,036 | €19,036 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,012 | -€1,456 | +€22,555 | +93.9% |
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 5 October 2026 via checked.be.