TACTICS: 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.
TACTICS
Largest movements
- Intangible fixed assets +€84,000
up €84,000 (+44.4%), from €189,000 to €273,000
- Receivables within one year -€64,995
down €64,995 (-13.8%), from €471,511 to €406,516
of which Trade receivables: -€68,714
- Cash -€60,135
down €60,135 (-80.0%), from €75,159 to €15,025
mainly Net result for the year (-€369,474) and Investment in fixed assets (net) (-€106,000)
- Tangible fixed assets -€33,487
down €33,487 (-29.4%), from €113,828 to €80,341
of which Other tangible fixed assets: -€30,405
- Profit (loss) carried forward -€369,474
down €369,474 (-908.0%), from -€40,691 to -€410,165
- Debts after one year +€366,716
up €366,716 (+157.2%), from €233,284 to €600,000
- Tax, wage and social debts -€59,441
down €59,441 (-49.8%), from €119,322 to €59,881
of which Taxes: -€39,949
- Current portion of long-term debt -€9,598
down €9,598 (-27.9%), from €34,394 to €24,796
- Gross operating margin -€394,785
down €394,785 (-57.8%), from €683,189 to €288,403
- Staff costs -€12,776
down €12,776 (-2.1%), from €603,823 to €591,047
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 | €856,999 | €783,382 | -€73,617 | -8.6% |
| Fixed assets | 21/28 | €310,328 | €361,841 | +€51,513 | +16.6% |
| Intangible fixed assets | 21 | €189,000 | €273,000 | +€84,000 | +44.4% |
| Tangible fixed assets | 22/27 | €113,828 | €80,341 | -€33,487 | -29.4% |
| Furniture and vehicles | 24 | €3,845 | €763 | -€3,082 | -80.2% |
| Other tangible fixed assets | 26 | €109,983 | €79,578 | -€30,405 | -27.6% |
| Financial fixed assets | 28 | €7,500 | €8,500 | +€1,000 | +13.3% |
| Current assets | 29/58 | €546,671 | €421,541 | -€125,130 | -22.9% |
| Amounts receivable within one year | 40/41 | €471,511 | €406,516 | -€64,995 | -13.8% |
| Trade receivables | 40 | €470,084 | €401,370 | -€68,714 | -14.6% |
| Other amounts receivable | 41 | €1,427 | €5,146 | +€3,719 | +260.5% |
| Cash at bank and in hand | 54/58 | €75,159 | €15,025 | -€60,135 | -80.0% |
| Total equity and liabilities | 10/49 | €856,999 | €783,382 | -€73,617 | -8.6% |
| Equity | 10/15 | €159,905 | -€209,569 | -€369,474 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €181,997 | €181,997 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €179,137 | €179,137 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,691 | -€410,165 | -€369,474 | -908.0% |
| Amounts payable | 17/49 | €697,094 | €992,951 | +€295,857 | +42.4% |
| Amounts payable after more than one year | 17 | €233,284 | €600,000 | +€366,716 | +157.2% |
| Financial debts | 170/4 | €233,284 | €600,000 | +€366,716 | +157.2% |
| Amounts payable within one year | 42/48 | €463,810 | €392,951 | -€70,859 | -15.3% |
| Current portion of amounts payable after more than one year | 42 | €34,394 | €24,796 | -€9,598 | -27.9% |
| Financial debts | 43 | €90,000 | €90,000 | = | 0.0% |
| Credit institutions | 430/8 | €90,000 | €90,000 | = | 0.0% |
| Trade debts | 44 | €220,094 | €218,274 | -€1,820 | -0.8% |
| Suppliers | 440/4 | €220,094 | €218,274 | -€1,820 | -0.8% |
| Taxes, remuneration and social security | 45 | €119,322 | €59,881 | -€59,441 | -49.8% |
| Taxes | 450/3 | €41,076 | €1,127 | -€39,949 | -97.3% |
| Remuneration and social security | 454/9 | €78,246 | €58,754 | -€19,492 | -24.9% |
| Remuneration, social security and pensions | 62 | €603,823 | €591,047 | -€12,776 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,588 | €54,487 | -€3,101 | -5.4% |
| Other operating charges | 640/8 | €506 | €693 | +€187 | +37.1% |
| Gross operating margin | 9900 | €683,189 | €288,403 | -€394,785 | -57.8% |
| Operating profit (loss) | 9901 | €21,271 | -€357,825 | -€379,096 | |
| Financial charges | 65/66B | €7,793 | €10,957 | +€3,164 | +40.6% |
| Recurring financial charges | 65 | €7,793 | €10,957 | +€3,164 | +40.6% |
| Profit (loss) for the period before taxes | 9903 | €13,479 | -€368,781 | -€382,260 | |
| Income taxes | 67/77 | €800 | €693 | -€107 | -13.4% |
| Profit (loss) for the period | 9904 | €12,679 | -€369,474 | -€382,153 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,679 | -€369,474 | -€382,153 |
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 6 October 2026 via checked.be.