THE RED LINE: 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 RED LINE
Largest movements
- Receivables within one year +€1.4m
up €1.4m (+201%), from €689,579 to €2.1m
of which Trade receivables: +€1.4m
- Cash -€448,683
down €448,683 (-31.3%), from €1.4m to €986,448
mainly Contributions, distributions and other (-€2.2m) and Receivables within one year (-€1.4m)
- Other debts +€659,333
up €659,333 (+42.5%), from €1.6m to €2.2m
- Trade debts +€302,369
up €302,369 (+110%), from €275,317 to €577,686
- Profit (loss) carried forward +€46,609
up €46,609 (+23.5%), from €198,408 to €245,017
- Reserves -€40,000
down €40,000 (-69.1%), from €57,860 to €17,860
of which Distributable reserves: -€40,000
- Gross operating margin +€616,533
up €616,533 (+34.2%), from €1.8m to €2.4m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,154,846 | €3,096,726 | +€941,879 | +43.7% |
| Fixed assets | 21/28 | €23,504 | €14,338 | -€9,166 | -39.0% |
| Tangible fixed assets | 22/27 | €18,406 | €9,240 | -€9,166 | -49.8% |
| Furniture and vehicles | 24 | €18,406 | €9,240 | -€9,166 | -49.8% |
| Financial fixed assets | 28 | €5,098 | €5,098 | = | 0.0% |
| Current assets | 29/58 | €2,131,342 | €3,082,388 | +€951,045 | +44.6% |
| Amounts receivable within one year | 40/41 | €689,579 | €2,078,456 | +€1.4m | +201% |
| Trade receivables | 40 | €565,723 | €1,983,349 | +€1.4m | +251% |
| Other amounts receivable | 41 | €123,856 | €95,107 | -€28,750 | -23.2% |
| Cash at bank and in hand | 54/58 | €1,435,132 | €986,448 | -€448,683 | -31.3% |
| Deferred charges and accrued income | 490/1 | €6,631 | €17,483 | +€10,852 | +164% |
| Total equity and liabilities | 10/49 | €2,154,846 | €3,096,726 | +€941,879 | +43.7% |
| Equity | 10/15 | €274,868 | €281,477 | +€6,609 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,860 | €17,860 | -€40,000 | -69.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €56,000 | €16,000 | -€40,000 | -71.4% |
| Profit (loss) carried forward | 14 | €198,408 | €245,017 | +€46,609 | +23.5% |
| Amounts payable | 17/49 | €1,879,979 | €2,815,249 | +€935,271 | +49.7% |
| Amounts payable after more than one year | 17 | €7,723 | €1,687 | -€6,037 | -78.2% |
| Financial debts | 170/4 | €7,723 | €1,687 | -€6,037 | -78.2% |
| Amounts payable within one year | 42/48 | €1,864,700 | €2,813,563 | +€948,863 | +50.9% |
| Current portion of amounts payable after more than one year | 42 | €6,330 | €6,037 | -€293 | -4.6% |
| Trade debts | 44 | €275,317 | €577,686 | +€302,369 | +110% |
| Suppliers | 440/4 | €275,317 | €577,686 | +€302,369 | +110% |
| Taxes, remuneration and social security | 45 | €33,054 | €20,507 | -€12,547 | -38.0% |
| Taxes | 450/3 | €1,407 | €2,164 | +€757 | +53.8% |
| Remuneration and social security | 454/9 | €31,646 | €18,343 | -€13,304 | -42.0% |
| Other amounts payable | 47/48 | €1,550,000 | €2,209,333 | +€659,333 | +42.5% |
| Accrued charges and deferred income | 492/3 | €7,555 | - | -€7,555 | |
| Remuneration, social security and pensions | 62 | €174,379 | €183,379 | +€9,000 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,929 | €9,166 | -€11,763 | -56.2% |
| Other operating charges | 640/8 | €1,078 | €1,030 | -€49 | -4.5% |
| Gross operating margin | 9900 | €1,802,927 | €2,419,460 | +€616,533 | +34.2% |
| Operating profit (loss) | 9901 | €1,606,540 | €2,225,885 | +€619,345 | +38.6% |
| Financial income | 75/76B | €31,416 | €14,182 | -€17,234 | -54.9% |
| Recurring financial income | 75 | €31,416 | €14,182 | -€17,234 | -54.9% |
| Financial charges | 65/66B | €2,251 | €5,046 | +€2,795 | +124% |
| Recurring financial charges | 65 | €2,251 | €5,046 | +€2,795 | +124% |
| Profit (loss) for the period before taxes | 9903 | €1,635,705 | €2,235,021 | +€599,316 | +36.6% |
| Income taxes | 67/77 | €25,470 | €18,412 | -€7,058 | -27.7% |
| Profit (loss) for the period | 9904 | €1,610,235 | €2,216,609 | +€606,374 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,610,235 | €2,216,609 | +€606,374 | +37.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.