The X-Files: 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 X-Files
Largest movements
- Tangible fixed assets +€2.4m
up €2.4m (+47.0%), from €5.1m to €7.5m
of which Land and buildings: +€2.4m
- Financial fixed assets -€1.2m
down €1.2m (-98.2%), from €1.2m to €22,112
- Receivables within one year +€183,501
up €183,501 (+119%), from €154,202 to €337,703
of which Other amounts receivable: +€120,256
- Cash -€104,287
down €104,287 (-72.4%), from €144,100 to €39,813
mainly Investment in fixed assets (net) (-€1.6m) and Short-term financial debts (-€950,000)
- Debts after one year +€1.4m
up €1.4m (+26.9%), from €5.2m to €6.6m
- Short-term financial debts -€950,000
down €950,000 (-100%), from €950,000 to €0
- Revaluation surpluses +€450,631
new in 2025: €450,631
- Current portion of long-term debt +€162,416
up €162,416 (+117%), from €139,134 to €301,549
- Trade debts +€92,367
up €92,367 (+367%), from €25,182 to €117,549
- Gross operating margin +€620,013
up €620,013 (+122%), from €507,638 to €1.1m
- Depreciation +€185,408
up €185,408 (+117%), from €158,210 to €343,618
- Financial charges +€29,780
up €29,780 (+15.2%), from €195,935 to €225,715
of which Financial charges: +€21,065
- Other operating charges +€13,827
up €13,827 (+1,586%), from €872 to €14,699
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 | €6,639,528 | €7,957,025 | +€1.3m | +19.8% |
| Fixed assets | 21/28 | €6,341,226 | €7,570,328 | +€1.2m | +19.4% |
| Tangible fixed assets | 22/27 | €5,136,226 | €7,548,216 | +€2.4m | +47.0% |
| Land and buildings | 22 | €4,679,338 | €7,103,868 | +€2.4m | +51.8% |
| Plant, machinery and equipment | 23 | €456,888 | €444,348 | -€12,540 | -2.7% |
| Financial fixed assets | 28 | €1,205,000 | €22,112 | -€1.2m | -98.2% |
| Current assets | 29/58 | €298,302 | €386,696 | +€88,394 | +29.6% |
| Amounts receivable within one year | 40/41 | €154,202 | €337,703 | +€183,501 | +119% |
| Trade receivables | 40 | €133,202 | €196,447 | +€63,245 | +47.5% |
| Other amounts receivable | 41 | €21,000 | €141,256 | +€120,256 | +573% |
| Cash at bank and in hand | 54/58 | €144,100 | €39,813 | -€104,287 | -72.4% |
| Deferred charges and accrued income | 490/1 | - | €9,180 | +€9,180 | |
| Total equity and liabilities | 10/49 | €6,639,528 | €7,957,025 | +€1.3m | +19.8% |
| Equity | 10/15 | €262,516 | €883,432 | +€620,916 | +237% |
| Contributions | 10/11 | €50,000 | €137,537 | +€87,537 | +175% |
| Revaluation surpluses | 12 | - | €450,631 | +€450,631 | |
| Reserves | 13 | €156,610 | €243,347 | +€86,736 | +55.4% |
| Distributable reserves | 133 | €156,610 | €243,347 | +€86,736 | +55.4% |
| Investment grants | 15 | €55,905 | €51,916 | -€3,989 | -7.1% |
| Amounts payable | 17/49 | €6,377,012 | €7,073,593 | +€696,581 | +10.9% |
| Amounts payable after more than one year | 17 | €5,229,585 | €6,636,461 | +€1.4m | +26.9% |
| Financial debts | 170/4 | €5,229,585 | €6,636,461 | +€1.4m | +26.9% |
| Amounts payable within one year | 42/48 | €1,130,687 | €432,856 | -€697,831 | -61.7% |
| Current portion of amounts payable after more than one year | 42 | €139,134 | €301,549 | +€162,416 | +117% |
| Financial debts | 43 | €950,000 | €0 | -€950,000 | -100% |
| Credit institutions | 430/8 | €950,000 | €0 | -€950,000 | -100% |
| Trade debts | 44 | €25,182 | €117,549 | +€92,367 | +367% |
| Suppliers | 440/4 | €25,182 | €117,549 | +€92,367 | +367% |
| Taxes, remuneration and social security | 45 | €16,371 | €13,758 | -€2,613 | -16.0% |
| Taxes | 450/3 | €16,371 | €13,758 | -€2,613 | -16.0% |
| Accrued charges and deferred income | 492/3 | €16,740 | €4,275 | -€12,465 | -74.5% |
| Non-recurring operating income | 76A | - | €621,418 | +€621,418 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,210 | €343,618 | +€185,408 | +117% |
| Other operating charges | 640/8 | €872 | €14,699 | +€13,827 | +1,586% |
| Gross operating margin | 9900 | €507,638 | €1,127,651 | +€620,013 | +122% |
| Operating profit (loss) | 9901 | €348,556 | €769,334 | +€420,778 | +121% |
| Financial income | 75/76B | €3,989 | €3,989 | -€0 | 0.0% |
| Recurring financial income | 75 | €3,989 | €3,989 | -€0 | 0.0% |
| Financial charges | 65/66B | €195,935 | €225,715 | +€29,780 | +15.2% |
| Recurring financial charges | 65 | €195,935 | €217,000 | +€21,065 | +10.8% |
| Non-recurring financial charges | 66B | - | €8,715 | +€8,715 | |
| Profit (loss) for the period before taxes | 9903 | €156,610 | €547,608 | +€390,998 | +250% |
| Profit (loss) for the period | 9904 | €156,610 | €547,608 | +€390,998 | +250% |
| Transfer to tax-exempt reserves | 689 | - | €450,631 | +€450,631 | |
| Profit (loss) for the period to be appropriated | 9905 | €156,610 | €96,977 | -€59,633 | -38.1% |
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 19 October 2026 via checked.be.