The Reunion: 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 Reunion
Largest movements
- Intangible fixed assets +€5.3m
up €5.3m (+256%), from €2.1m to €7.4m
- Cash -€231,361
down €231,361 (-47.8%), from €484,042 to €252,681
mainly Investment in fixed assets (net) (-€7.9m) and Receivables within one year (-€101,527)
- Receivables within one year +€101,527
up €101,527 (+99.1%), from €102,479 to €204,006
of which Trade receivables: +€109,488
- Short-term financial debts +€2.3m
up €2.3m (+575%), from €400,000 to €2.7m
of which Credit institutions: +€2.6m
- Debts after one year +€1.7m
up €1.7m (+179%), from €942,688 to €2.6m
of which Financial debts: +€928,140
- Investment grants +€979,322
up €979,322 (+132%), from €744,500 to €1.7m
- Provisions +€326,441
up €326,441 (+132%), from €248,167 to €574,607
- Depreciation +€2.2m
up €2.2m (+449%), from €482,512 to €2.6m
- Gross operating margin +€1.2m
up €1.2m (+378%), from €304,702 to €1.5m
- Financial income +€724,292
up €724,292 (+426%), from €170,219 to €894,511
- Staff costs -€25,708
down €25,708 (-56.7%), from €45,372 to €19,664
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 | €2,657,038 | €7,824,857 | +€5.2m | +194% |
| Fixed assets | 21/28 | €2,069,461 | €7,354,601 | +€5.3m | +255% |
| Intangible fixed assets | 21 | €2,065,255 | €7,351,707 | +€5.3m | +256% |
| Tangible fixed assets | 22/27 | €1,751 | €789 | -€962 | -54.9% |
| Furniture and vehicles | 24 | €1,751 | €789 | -€962 | -54.9% |
| Financial fixed assets | 28 | €2,456 | €2,106 | -€350 | -14.3% |
| Current assets | 29/58 | €587,577 | €470,255 | -€117,321 | -20.0% |
| Amounts receivable within one year | 40/41 | €102,479 | €204,006 | +€101,527 | +99.1% |
| Trade receivables | 40 | €60,085 | €169,573 | +€109,488 | +182% |
| Other amounts receivable | 41 | €42,394 | €34,433 | -€7,961 | -18.8% |
| Cash at bank and in hand | 54/58 | €484,042 | €252,681 | -€231,361 | -47.8% |
| Deferred charges and accrued income | 490/1 | €1,055 | €13,569 | +€12,513 | +1,186% |
| Total equity and liabilities | 10/49 | €2,657,038 | €7,824,857 | +€5.2m | +194% |
| Equity | 10/15 | €839,182 | €1,815,079 | +€975,896 | +116% |
| Contributions | 10/11 | €30,000 | €50,000 | +€20,000 | +66.7% |
| Profit (loss) carried forward | 14 | €64,683 | €41,257 | -€23,426 | -36.2% |
| Investment grants | 15 | €744,500 | €1,723,822 | +€979,322 | +132% |
| Provisions and deferred taxes | 16 | €248,167 | €574,607 | +€326,441 | +132% |
| Deferred taxes | 168 | €248,167 | €574,607 | +€326,441 | +132% |
| Amounts payable | 17/49 | €1,569,689 | €5,435,171 | +€3.9m | +246% |
| Amounts payable after more than one year | 17 | €942,688 | €2,632,712 | +€1.7m | +179% |
| Financial debts | 170/4 | €211,773 | €1,139,912 | +€928,140 | +438% |
| Other amounts payable | 178/9 | €730,915 | €1,492,799 | +€761,884 | +104% |
| Amounts payable within one year | 42/48 | €573,001 | €2,801,647 | +€2.2m | +389% |
| Financial debts | 43 | €400,000 | €2,700,347 | +€2.3m | +575% |
| Credit institutions | 430/8 | - | €2,600,347 | +€2.6m | |
| Other loans | 439 | €400,000 | €100,000 | -€300,000 | -75.0% |
| Trade debts | 44 | €171,235 | €101,300 | -€69,935 | -40.8% |
| Suppliers | 440/4 | €171,235 | €101,300 | -€69,935 | -40.8% |
| Taxes, remuneration and social security | 45 | €1,766 | - | -€1,766 | |
| Remuneration and social security | 454/9 | €1,766 | - | -€1,766 | |
| Accrued charges and deferred income | 492/3 | €54,000 | €812 | -€53,188 | -98.5% |
| Remuneration, social security and pensions | 62 | €45,372 | €19,664 | -€25,708 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €482,512 | €2,646,695 | +€2.2m | +449% |
| Other operating charges | 640/8 | €828 | €1,846 | +€1,018 | +123% |
| Gross operating margin | 9900 | €304,702 | €1,456,669 | +€1.2m | +378% |
| Operating profit (loss) | 9901 | -€224,010 | -€1,211,537 | -€987,526 | -441% |
| Financial income | 75/76B | €170,219 | €894,511 | +€724,292 | +426% |
| Recurring financial income | 75 | €170,219 | €894,511 | +€724,292 | +426% |
| Financial charges | 65/66B | €329 | €4,570 | +€4,241 | +1,289% |
| Recurring financial charges | 65 | €329 | €4,570 | +€4,241 | +1,289% |
| Profit (loss) for the period before taxes | 9903 | -€54,120 | -€321,595 | -€267,475 | -494% |
| Transfer from deferred taxes | 780 | €56,740 | €298,169 | +€241,429 | +426% |
| Profit (loss) for the period | 9904 | €2,619 | -€23,426 | -€26,045 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,619 | -€23,426 | -€26,045 |
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 30 October 2026 via checked.be.