THE HUB: 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.
THE HUB
Largest movements
- Financial fixed assets -€117,261
down €117,261 (-7.9%), from €1.5m to €1.4m
- Cash -€28,252
down €28,252 (-21.2%), from €133,170 to €104,918
mainly Accrued charges and deferred income (-€41,773) and Trade debts (-€31,123)
- Accrued charges and deferred income -€41,773
down €41,773 (-70.2%), from €59,510 to €17,737
- Trade debts -€31,123
down €31,123 (-18.4%), from €169,484 to €138,361
- Debts after one year -€30,862
no longer reported in 2025 (was €30,862)
- Other debts -€27,463
down €27,463 (-8.2%), from €335,110 to €307,647
- Write-downs +€180,947
new in 2025: €180,947
- Gross operating margin +€177,956
up €177,956 (+6052.8%), from €2,940 to €180,896
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 | €1,834,052 | €1,700,847 | -€133,205 | -7.3% |
| Fixed assets | 21/28 | €1,493,643 | €1,376,382 | -€117,261 | -7.9% |
| Financial fixed assets | 28 | €1,493,643 | €1,376,382 | -€117,261 | -7.9% |
| Current assets | 29/58 | €340,409 | €324,465 | -€15,944 | -4.7% |
| Amounts receivable within one year | 40/41 | €136,995 | €136,444 | -€551 | -0.4% |
| Trade receivables | 40 | €17,500 | €58,629 | +€41,129 | +235.0% |
| Other amounts receivable | 41 | €119,495 | €77,815 | -€41,680 | -34.9% |
| Cash at bank and in hand | 54/58 | €133,170 | €104,918 | -€28,252 | -21.2% |
| Deferred charges and accrued income | 490/1 | €70,245 | €83,103 | +€12,858 | +18.3% |
| Total equity and liabilities | 10/49 | €1,834,052 | €1,700,847 | -€133,205 | -7.3% |
| Equity | 10/15 | €1,198,476 | €1,203,690 | +€5,214 | +0.4% |
| Contributions | 10/11 | €1,114,000 | €1,114,000 | = | 0.0% |
| Capital | 10 | €1,114,000 | €1,114,000 | = | 0.0% |
| Issued capital | 100 | €1,114,000 | €1,114,000 | = | 0.0% |
| Reserves | 13 | €51,701 | €51,962 | +€261 | +0.5% |
| Non-distributable reserves | 130/1 | €49,936 | €50,197 | +€261 | +0.5% |
| Legal reserve | 130 | €49,936 | €50,197 | +€261 | +0.5% |
| Distributable reserves | 133 | €1,765 | €1,765 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | €32,775 | €37,728 | +€4,953 | +15.1% |
| Amounts payable | 17/49 | €635,577 | €497,157 | -€138,420 | -21.8% |
| Amounts payable after more than one year | 17 | €30,862 | - | -€30,862 | |
| Financial debts | 170/4 | €30,862 | - | -€30,862 | |
| Amounts payable within one year | 42/48 | €545,205 | €479,420 | -€65,785 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €36,633 | €30,862 | -€5,771 | -15.8% |
| Trade debts | 44 | €169,484 | €138,361 | -€31,123 | -18.4% |
| Suppliers | 440/4 | €169,484 | €138,361 | -€31,123 | -18.4% |
| Advances received on contracts in progress | 46 | €1,000 | - | -€1,000 | |
| Taxes, remuneration and social security | 45 | €2,978 | €2,550 | -€428 | -14.4% |
| Taxes | 450/3 | €2,978 | €2,550 | -€428 | -14.4% |
| Other amounts payable | 47/48 | €335,110 | €307,647 | -€27,463 | -8.2% |
| Accrued charges and deferred income | 492/3 | €59,510 | €17,737 | -€41,773 | -70.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €180,947 | +€180,947 | |
| Other operating charges | 640/8 | €1,090 | €886 | -€204 | -18.7% |
| Gross operating margin | 9900 | €2,940 | €180,896 | +€177,956 | +6052.8% |
| Operating profit (loss) | 9901 | €1,850 | -€937 | -€2,787 | |
| Financial income | 75/76B | €13,796 | €12,858 | -€938 | -6.8% |
| Recurring financial income | 75 | €13,796 | €12,858 | -€938 | -6.8% |
| Financial charges | 65/66B | €4,727 | €4,220 | -€507 | -10.7% |
| Recurring financial charges | 65 | €4,727 | €4,220 | -€507 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €10,920 | €7,701 | -€3,219 | -29.5% |
| Income taxes | 67/77 | €2,883 | €2,487 | -€396 | -13.7% |
| Profit (loss) for the period | 9904 | €8,036 | €5,214 | -€2,822 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,036 | €5,214 | -€2,822 | -35.1% |
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 7 October 2026 via checked.be.