THE MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€2.1m
up €2.1m (+813%), from €253,770 to €2.3m
of which Other amounts receivable: +€1.6m
- Cash +€34,388
up €34,388 (+151%), from €22,719 to €57,107
mainly Other debts (+€1.8m) and Net result for the year (+€160,256)
- Other debts +€1.8m
up €1.8m (+18,717%), from €9,515 to €1.8m
- Reserves +€160,256
up €160,256 (+80.6%), from €198,908 to €359,164
- Accrued charges and deferred income +€114,104
up €114,104 (+28,562%), from €400 to €114,504
- Tax, wage and social debts +€34,207
up €34,207 (+61.2%), from €55,924 to €90,131
- Gross operating margin +€117,985
up €117,985 (+86.4%), from €136,623 to €254,609
- Taxes +€39,680
up €39,680 (+115%), from €34,654 to €74,334
- Financial charges +€15,143
up €15,143 (+3,054%), from €496 to €15,639
- Financial income -€5,117
no longer reported in 2025 (was €5,117)
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 | €288,189 | €2,382,613 | +€2.1m | +727% |
| Fixed assets | 21/28 | €5,277 | €5,377 | +€100 | +1.9% |
| Tangible fixed assets | 22/27 | €5,277 | €5,377 | +€100 | +1.9% |
| Plant, machinery and equipment | 23 | - | €952 | +€952 | |
| Furniture and vehicles | 24 | €5,277 | €4,425 | -€852 | -16.1% |
| Current assets | 29/58 | €282,912 | €2,377,235 | +€2.1m | +740% |
| Amounts receivable within one year | 40/41 | €253,770 | €2,315,870 | +€2.1m | +813% |
| Trade receivables | 40 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 41 | €253,770 | €1,815,870 | +€1.6m | +616% |
| Cash at bank and in hand | 54/58 | €22,719 | €57,107 | +€34,388 | +151% |
| Deferred charges and accrued income | 490/1 | €6,423 | €4,258 | -€2,165 | -33.7% |
| Total equity and liabilities | 10/49 | €288,189 | €2,382,613 | +€2.1m | +727% |
| Equity | 10/15 | €203,908 | €364,164 | +€160,256 | +78.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €198,908 | €359,164 | +€160,256 | +80.6% |
| Distributable reserves | 133 | €198,908 | €359,164 | +€160,256 | +80.6% |
| Amounts payable | 17/49 | €84,281 | €2,018,449 | +€1.9m | +2,295% |
| Amounts payable within one year | 42/48 | €83,882 | €1,903,946 | +€1.8m | +2,170% |
| Trade debts | 44 | €18,442 | €23,335 | +€4,893 | +26.5% |
| Suppliers | 440/4 | €18,442 | €23,335 | +€4,893 | +26.5% |
| Taxes, remuneration and social security | 45 | €55,924 | €90,131 | +€34,207 | +61.2% |
| Taxes | 450/3 | €55,924 | €90,131 | +€34,207 | +61.2% |
| Other amounts payable | 47/48 | €9,515 | €1,790,479 | +€1.8m | +18,717% |
| Accrued charges and deferred income | 492/3 | €400 | €114,504 | +€114,104 | +28,562% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251 | €959 | +€709 | +283% |
| Other operating charges | 640/8 | €3,339 | €3,421 | +€82 | +2.4% |
| Non-recurring operating charges | 66A | €3 | - | -€3 | |
| Gross operating margin | 9900 | €136,623 | €254,609 | +€117,985 | +86.4% |
| Operating profit (loss) | 9901 | €133,030 | €250,229 | +€117,198 | +88.1% |
| Financial income | 75/76B | €5,117 | - | -€5,117 | |
| Recurring financial income | 75 | €5,117 | - | -€5,117 | |
| Financial charges | 65/66B | €496 | €15,639 | +€15,143 | +3,054% |
| Recurring financial charges | 65 | €496 | €15,639 | +€15,143 | +3,054% |
| Profit (loss) for the period before taxes | 9903 | €137,652 | €234,590 | +€96,938 | +70.4% |
| Income taxes | 67/77 | €34,654 | €74,334 | +€39,680 | +115% |
| Profit (loss) for the period | 9904 | €102,998 | €160,256 | +€57,258 | +55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €102,998 | €160,256 | +€57,258 | +55.6% |
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 17 October 2026 via checked.be.