THE WALL: 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 WALL
Largest movements
- Tangible fixed assets +€893,319
up €893,319 (+212.5%), from €420,351 to €1.3m
of which Land and buildings: +€563,842
- Receivables within one year +€23,861
up €23,861 (+97.7%), from €24,418 to €48,278
of which Trade receivables: +€23,109
- Debts after one year +€809,930
up €809,930 (+268.2%), from €302,012 to €1.1m
of which Financial debts: +€747,491
- Other debts +€99,585
up €99,585 (+561.7%), from €17,731 to €117,316
- Current portion of long-term debt +€27,070
up €27,070 (+76.4%), from €35,439 to €62,509
- Reserves +€18,995
up €18,995 (+50.0%), from €38,000 to €56,995
- Profit (loss) carried forward -€14,379
down €14,379 (-97.4%), from €14,769 to €390
- Depreciation +€8,695
up €8,695 (+32.5%), from €26,758 to €35,453
- Financial charges +€5,825
up €5,825 (+65.6%), from €8,875 to €14,700
- Taxes -€4,355
down €4,355 (-89.9%), from €4,845 to €489
- Gross operating margin +€2,009
up €2,009 (+3.4%), from €59,478 to €61,487
- Other operating charges +€889
up €889 (+19.3%), from €4,605 to €5,494
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 | €452,506 | €1,387,071 | +€934,565 | +206.5% |
| Fixed assets | 21/28 | €421,851 | €1,323,848 | +€901,996 | +213.8% |
| Intangible fixed assets | 21 | - | €10,177 | +€10,177 | |
| Tangible fixed assets | 22/27 | €420,351 | €1,313,670 | +€893,319 | +212.5% |
| Land and buildings | 22 | €330,584 | €894,427 | +€563,842 | +170.6% |
| Plant, machinery and equipment | 23 | €86,677 | €417,422 | +€330,745 | +381.6% |
| Furniture and vehicles | 24 | €3,090 | €1,822 | -€1,268 | -41.0% |
| Financial fixed assets | 28 | €1,500 | - | -€1,500 | |
| Current assets | 29/58 | €30,655 | €63,223 | +€32,569 | +106.2% |
| Stocks and contracts in progress | 3 | €1,657 | €752 | -€905 | -54.6% |
| Stocks | 30/36 | €1,657 | €752 | -€905 | -54.6% |
| Amounts receivable within one year | 40/41 | €24,418 | €48,278 | +€23,861 | +97.7% |
| Trade receivables | 40 | €17,379 | €40,488 | +€23,109 | +133.0% |
| Other amounts receivable | 41 | €7,038 | €7,790 | +€752 | +10.7% |
| Cash at bank and in hand | 54/58 | €2,070 | €13,105 | +€11,034 | +533.0% |
| Deferred charges and accrued income | 490/1 | €2,510 | €1,089 | -€1,421 | -56.6% |
| Total equity and liabilities | 10/49 | €452,506 | €1,387,071 | +€934,565 | +206.5% |
| Equity | 10/15 | €72,769 | €77,385 | +€4,616 | +6.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €38,000 | €56,995 | +€18,995 | +50.0% |
| Distributable reserves | 133 | €38,000 | €56,995 | +€18,995 | +50.0% |
| Profit (loss) carried forward | 14 | €14,769 | €390 | -€14,379 | -97.4% |
| Amounts payable | 17/49 | €379,737 | €1,309,686 | +€929,949 | +244.9% |
| Amounts payable after more than one year | 17 | €302,012 | €1,111,942 | +€809,930 | +268.2% |
| Financial debts | 170/4 | €296,951 | €1,044,442 | +€747,491 | +251.7% |
| Other amounts payable | 178/9 | €5,061 | €67,500 | +€62,439 | +1233.7% |
| Amounts payable within one year | 42/48 | €77,716 | €196,574 | +€118,858 | +152.9% |
| Current portion of amounts payable after more than one year | 42 | €35,439 | €62,509 | +€27,070 | +76.4% |
| Trade debts | 44 | €17,218 | €14,949 | -€2,268 | -13.2% |
| Suppliers | 440/4 | €17,218 | €14,949 | -€2,268 | -13.2% |
| Advances received on contracts in progress | 46 | €408 | €1,034 | +€626 | +153.5% |
| Taxes, remuneration and social security | 45 | €6,921 | €766 | -€6,155 | -88.9% |
| Taxes | 450/3 | €6,921 | €766 | -€6,155 | -88.9% |
| Other amounts payable | 47/48 | €17,731 | €117,316 | +€99,585 | +561.7% |
| Accrued charges and deferred income | 492/3 | €8 | €1,170 | +€1,161 | +13941.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,758 | €35,453 | +€8,695 | +32.5% |
| Other operating charges | 640/8 | €4,605 | €5,494 | +€889 | +19.3% |
| Non-recurring operating charges | 66A | - | €735 | +€735 | |
| Gross operating margin | 9900 | €59,478 | €61,487 | +€2,009 | +3.4% |
| Operating profit (loss) | 9901 | €28,115 | €19,806 | -€8,309 | -29.6% |
| Financial charges | 65/66B | €8,875 | €14,700 | +€5,825 | +65.6% |
| Recurring financial charges | 65 | €8,875 | €14,700 | +€5,825 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €19,239 | €5,105 | -€14,134 | -73.5% |
| Income taxes | 67/77 | €4,845 | €489 | -€4,355 | -89.9% |
| Profit (loss) for the period | 9904 | €14,395 | €4,616 | -€9,779 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €14,395 | €4,616 | -€9,779 | -67.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.