the business development group: 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 business development group
Largest movements
- Tangible fixed assets -€208,284
down €208,284 (-36.3%), from €574,307 to €366,023
of which Land and buildings: -€195,776
- Current investments +€200,000
up €200,000 (+69.9%), from €286,226 to €486,226
- Cash -€29,512
down €29,512 (-10.4%), from €283,502 to €253,989
mainly Current investments (-€200,000) and Other debts (-€190,769)
- Other debts -€190,769
down €190,769 (-66.9%), from €285,000 to €94,231
- Reserves +€186,000
up €186,000 (+17.5%), from €1.1m to €1.2m
- Current portion of long-term debt +€62,028
up €62,028 (+135%), from €45,950 to €107,978
- Short-term financial debts -€50,000
down €50,000 (-11.1%), from €449,000 to €399,000
- Tax, wage and social debts -€47,592
down €47,592 (-48.4%), from €98,323 to €50,730
of which Taxes: -€45,773
- Gross operating margin -€115,640
down €115,640 (-24.6%), from €469,998 to €354,358
- Taxes +€64,135
up €64,135 (+226%), from €28,398 to €92,533
- Depreciation -€22,916
down €22,916 (-45.8%), from €49,982 to €27,066
- Other operating charges -€8,826
down €8,826 (-18.4%), from €48,077 to €39,252
- Financial income +€6,377
up €6,377 (+122%), from €5,241 to €11,619
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 | €2,257,754 | €2,194,523 | -€63,231 | -2.8% |
| Fixed assets | 21/28 | €615,427 | €396,237 | -€219,191 | -35.6% |
| Tangible fixed assets | 22/27 | €574,307 | €366,023 | -€208,284 | -36.3% |
| Land and buildings | 22 | €486,514 | €290,738 | -€195,776 | -40.2% |
| Plant, machinery and equipment | 23 | €1,050 | €131 | -€920 | -87.6% |
| Furniture and vehicles | 24 | €11,672 | €10,805 | -€868 | -7.4% |
| Other tangible fixed assets | 26 | €75,070 | €64,350 | -€10,720 | -14.3% |
| Financial fixed assets | 28 | €41,121 | €30,214 | -€10,907 | -26.5% |
| Current assets | 29/58 | €1,642,326 | €1,798,286 | +€155,960 | +9.5% |
| Amounts receivable within one year | 40/41 | €1,069,203 | €1,048,477 | -€20,727 | -1.9% |
| Trade receivables | 40 | €199,649 | €208,626 | +€8,976 | +4.5% |
| Other amounts receivable | 41 | €869,554 | €839,851 | -€29,703 | -3.4% |
| Current investments | 50/53 | €286,226 | €486,226 | +€200,000 | +69.9% |
| Cash at bank and in hand | 54/58 | €283,502 | €253,989 | -€29,512 | -10.4% |
| Deferred charges and accrued income | 490/1 | €3,395 | €9,593 | +€6,199 | +183% |
| Total equity and liabilities | 10/49 | €2,257,754 | €2,194,523 | -€63,231 | -2.8% |
| Equity | 10/15 | €1,099,005 | €1,285,921 | +€186,916 | +17.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,062,860 | €1,248,860 | +€186,000 | +17.5% |
| Distributable reserves | 133 | €1,062,860 | €1,248,860 | +€186,000 | +17.5% |
| Profit (loss) carried forward | 14 | €23,745 | €24,661 | +€916 | +3.9% |
| Amounts payable | 17/49 | €1,158,749 | €908,602 | -€250,147 | -21.6% |
| Amounts payable after more than one year | 17 | €257,773 | €239,795 | -€17,978 | -7.0% |
| Financial debts | 170/4 | €257,773 | €239,795 | -€17,978 | -7.0% |
| Amounts payable within one year | 42/48 | €900,976 | €658,884 | -€242,092 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €45,950 | €107,978 | +€62,028 | +135% |
| Financial debts | 43 | €449,000 | €399,000 | -€50,000 | -11.1% |
| Credit institutions | 430/8 | €449,000 | €399,000 | -€50,000 | -11.1% |
| Trade debts | 44 | €22,703 | €6,945 | -€15,757 | -69.4% |
| Suppliers | 440/4 | €22,703 | €6,945 | -€15,757 | -69.4% |
| Taxes, remuneration and social security | 45 | €98,323 | €50,730 | -€47,592 | -48.4% |
| Taxes | 450/3 | €96,504 | €50,730 | -€45,773 | -47.4% |
| Remuneration and social security | 454/9 | €1,819 | - | -€1,819 | |
| Other amounts payable | 47/48 | €285,000 | €94,231 | -€190,769 | -66.9% |
| Accrued charges and deferred income | 492/3 | - | €9,922 | +€9,922 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,982 | €27,066 | -€22,916 | -45.8% |
| Other operating charges | 640/8 | €48,077 | €39,252 | -€8,826 | -18.4% |
| Non-recurring operating charges | 66A | €263,993 | - | -€263,993 | |
| Gross operating margin | 9900 | €469,998 | €354,358 | -€115,640 | -24.6% |
| Operating profit (loss) | 9901 | €107,945 | €288,040 | +€180,095 | +167% |
| Financial income | 75/76B | €5,241 | €11,619 | +€6,377 | +122% |
| Recurring financial income | 75 | €5,241 | €11,619 | +€6,377 | +122% |
| Financial charges | 65/66B | €22,853 | €20,209 | -€2,644 | -11.6% |
| Recurring financial charges | 65 | €22,853 | €20,209 | -€2,644 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €90,334 | €279,449 | +€189,115 | +209% |
| Income taxes | 67/77 | €28,398 | €92,533 | +€64,135 | +226% |
| Profit (loss) for the period | 9904 | €61,935 | €186,916 | +€124,981 | +202% |
| Profit (loss) for the period to be appropriated | 9905 | €61,935 | €186,916 | +€124,981 | +202% |
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 23 October 2026 via checked.be.