THE SOURCE: 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 SOURCE
Largest movements
- Cash -€167,371
down €167,371 (-48.2%), from €347,088 to €179,717
mainly Receivables within one year (-€104,021) and Contributions, distributions and other (-€90,000)
- Receivables within one year +€104,021
up €104,021 (+308.9%), from €33,674 to €137,695
of which Other amounts receivable: +€95,908
- Tangible fixed assets +€52,363
up €52,363 (+64.7%), from €80,968 to €133,331
of which Furniture and vehicles: +€47,887
- Stocks and contracts +€45,170
up €45,170 (+8.9%), from €506,104 to €551,274
- Deferred charges and accrued income +€15,825
new in 2025: €15,825
- Debts after one year +€46,327
up €46,327 (+233.6%), from €19,833 to €66,160
- Tax, wage and social debts -€42,387
down €42,387 (-76.2%), from €55,617 to €13,230
of which Taxes: -€40,990
- Trade debts +€30,425
up €30,425 (+37.0%), from €82,184 to €112,609
- Gross operating margin -€155,323
down €155,323 (-35.2%), from €441,785 to €286,462
- Turnover -€95,152
down €95,152 (-5.1%), from €1.9m to €1.8m
- Purchases and services +€60,171
up €60,171 (+4.2%), from €1.4m to €1.5m
- Taxes -€37,122
down €37,122 (-46.1%), from €80,468 to €43,346
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 | €968,043 | €1,017,842 | +€49,799 | +5.1% |
| Fixed assets | 21/28 | €81,177 | €133,331 | +€52,154 | +64.2% |
| Tangible fixed assets | 22/27 | €80,968 | €133,331 | +€52,363 | +64.7% |
| Plant, machinery and equipment | 23 | €16,198 | €20,674 | +€4,476 | +27.6% |
| Furniture and vehicles | 24 | €64,770 | €112,657 | +€47,887 | +73.9% |
| Financial fixed assets | 28 | €209 | - | -€209 | |
| Current assets | 29/58 | €886,866 | €884,511 | -€2,355 | -0.3% |
| Stocks and contracts in progress | 3 | €506,104 | €551,274 | +€45,170 | +8.9% |
| Stocks | 30/36 | €506,104 | €551,274 | +€45,170 | +8.9% |
| Amounts receivable within one year | 40/41 | €33,674 | €137,695 | +€104,021 | +308.9% |
| Trade receivables | 40 | €4,428 | €12,541 | +€8,113 | +183.2% |
| Other amounts receivable | 41 | €29,246 | €125,154 | +€95,908 | +327.9% |
| Cash at bank and in hand | 54/58 | €347,088 | €179,717 | -€167,371 | -48.2% |
| Deferred charges and accrued income | 490/1 | - | €15,825 | +€15,825 | |
| Total equity and liabilities | 10/49 | €968,043 | €1,017,842 | +€49,799 | +5.1% |
| Equity | 10/15 | €679,602 | €689,165 | +€9,563 | +1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €659,142 | €668,705 | +€9,563 | +1.5% |
| Amounts payable | 17/49 | €288,441 | €328,677 | +€40,236 | +13.9% |
| Amounts payable after more than one year | 17 | €19,833 | €66,160 | +€46,327 | +233.6% |
| Financial debts | 170/4 | €19,833 | €66,160 | +€46,327 | +233.6% |
| Amounts payable within one year | 42/48 | €155,795 | €149,704 | -€6,091 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €16,074 | €21,945 | +€5,871 | +36.5% |
| Trade debts | 44 | €82,184 | €112,609 | +€30,425 | +37.0% |
| Suppliers | 440/4 | €82,184 | €112,609 | +€30,425 | +37.0% |
| Taxes, remuneration and social security | 45 | €55,617 | €13,230 | -€42,387 | -76.2% |
| Taxes | 450/3 | €49,599 | €8,609 | -€40,990 | -82.6% |
| Remuneration and social security | 454/9 | €6,018 | €4,621 | -€1,397 | -23.2% |
| Other amounts payable | 47/48 | €1,920 | €1,920 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €112,813 | €112,813 | = | 0.0% |
| Turnover | 70 | €1,868,355 | €1,773,203 | -€95,152 | -5.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,426,570 | €1,486,741 | +€60,171 | +4.2% |
| Remuneration, social security and pensions | 62 | €75,234 | €93,001 | +€17,767 | +23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,841 | €26,996 | +€2,155 | +8.7% |
| Other operating charges | 640/8 | €2,746 | €8,290 | +€5,544 | +201.9% |
| Gross operating margin | 9900 | €441,785 | €286,462 | -€155,323 | -35.2% |
| Operating profit (loss) | 9901 | €338,964 | €158,175 | -€180,789 | -53.3% |
| Financial income | 75/76B | €282 | €353 | +€71 | +25.2% |
| Recurring financial income | 75 | €282 | €353 | +€71 | +25.2% |
| Financial charges | 65/66B | €11,444 | €15,619 | +€4,175 | +36.5% |
| Recurring financial charges | 65 | €11,444 | €15,619 | +€4,175 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €327,802 | €142,909 | -€184,893 | -56.4% |
| Income taxes | 67/77 | €80,468 | €43,346 | -€37,122 | -46.1% |
| Profit (loss) for the period | 9904 | €247,334 | €99,563 | -€147,771 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €247,334 | €99,563 | -€147,771 | -59.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.