THE BIG BLUE: 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.
THE BIG BLUE
Largest movements
- Cash +€37,630
up €37,630 (+61.7%), from €60,988 to €98,618
mainly Trade debts (+€26,331) and Receivables within one year (+€21,762)
- Receivables within one year -€21,762
down €21,762 (-11.2%), from €194,161 to €172,399
of which Trade receivables: -€21,862
- Stocks and contracts +€7,005
up €7,005 (+15.5%), from €45,306 to €52,312
- Trade debts +€26,331
up €26,331 (+207%), from €12,741 to €39,072
- Reserves +€19,681
up €19,681 (+17.1%), from €115,419 to €135,100
of which Distributable reserves: +€19,681
- Debts after one year -€15,475
no longer reported in 2025 (was €15,475)
- Tax, wage and social debts -€4,744
down €4,744 (-14.6%), from €32,453 to €27,709
- Other debts -€3,777
down €3,777 (-3.1%), from €121,819 to €118,042
- Staff costs +€33,559
new in 2025: €33,559
- Gross operating margin +€26,941
up €26,941 (+62.4%), from €43,190 to €70,132
- Taxes -€1,904
down €1,904 (-26.8%), from €7,110 to €5,207
- Other operating charges +€741
up €741 (+20.2%), from €3,665 to €4,406
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 | €325,540 | €347,797 | +€22,257 | +6.8% |
| Fixed assets | 21/28 | €25,085 | €24,469 | -€616 | -2.5% |
| Tangible fixed assets | 22/27 | €19,805 | €18,892 | -€913 | -4.6% |
| Land and buildings | 22 | €5,822 | €4,410 | -€1,412 | -24.3% |
| Plant, machinery and equipment | 23 | €11,177 | €12,294 | +€1,116 | +10.0% |
| Furniture and vehicles | 24 | €2,805 | €2,188 | -€617 | -22.0% |
| Financial fixed assets | 28 | €5,280 | €5,577 | +€297 | +5.6% |
| Current assets | 29/58 | €300,455 | €323,329 | +€22,874 | +7.6% |
| Stocks and contracts in progress | 3 | €45,306 | €52,312 | +€7,005 | +15.5% |
| Stocks | 30/36 | €45,306 | €52,312 | +€7,005 | +15.5% |
| Amounts receivable within one year | 40/41 | €194,161 | €172,399 | -€21,762 | -11.2% |
| Trade receivables | 40 | €34,161 | €12,299 | -€21,862 | -64.0% |
| Other amounts receivable | 41 | €160,000 | €160,100 | +€100 | +0.1% |
| Cash at bank and in hand | 54/58 | €60,988 | €98,618 | +€37,630 | +61.7% |
| Total equity and liabilities | 10/49 | €325,540 | €347,797 | +€22,257 | +6.8% |
| Equity | 10/15 | €127,819 | €147,500 | +€19,681 | +15.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €115,419 | €135,100 | +€19,681 | +17.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €113,559 | €133,240 | +€19,681 | +17.3% |
| Amounts payable | 17/49 | €197,721 | €200,297 | +€2,576 | +1.3% |
| Amounts payable after more than one year | 17 | €15,475 | - | -€15,475 | |
| Financial debts | 170/4 | €15,475 | - | -€15,475 | |
| Amounts payable within one year | 42/48 | €182,247 | €200,297 | +€18,051 | +9.9% |
| Current portion of amounts payable after more than one year | 42 | €15,234 | €15,475 | +€241 | +1.6% |
| Trade debts | 44 | €12,741 | €39,072 | +€26,331 | +207% |
| Suppliers | 440/4 | €12,741 | €39,072 | +€26,331 | +207% |
| Taxes, remuneration and social security | 45 | €32,453 | €27,709 | -€4,744 | -14.6% |
| Taxes | 450/3 | €32,453 | €27,709 | -€4,744 | -14.6% |
| Other amounts payable | 47/48 | €121,819 | €118,042 | -€3,777 | -3.1% |
| Remuneration, social security and pensions | 62 | - | €33,559 | +€33,559 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,527 | €4,135 | +€608 | +17.2% |
| Other operating charges | 640/8 | €3,665 | €4,406 | +€741 | +20.2% |
| Gross operating margin | 9900 | €43,190 | €70,132 | +€26,941 | +62.4% |
| Operating profit (loss) | 9901 | €35,999 | €28,032 | -€7,967 | -22.1% |
| Financial income | 75/76B | €1,049 | €1,200 | +€151 | +14.4% |
| Recurring financial income | 75 | €1,049 | €1,200 | +€151 | +14.4% |
| Financial charges | 65/66B | €4,548 | €4,345 | -€204 | -4.5% |
| Recurring financial charges | 65 | €4,548 | €4,345 | -€204 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €32,500 | €24,888 | -€7,612 | -23.4% |
| Income taxes | 67/77 | €7,110 | €5,207 | -€1,904 | -26.8% |
| Profit (loss) for the period | 9904 | €25,390 | €19,681 | -€5,708 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,390 | €19,681 | -€5,708 | -22.5% |
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 30 October 2026 via checked.be.