Think together: 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.
Think together
Largest movements
- Tangible fixed assets +€281,483
up €281,483 (+69.0%), from €407,768 to €689,251
of which Land and buildings: +€297,077
- Current investments -€192,114
down €192,114 (-23.5%), from €818,887 to €626,774
- Receivables within one year +€130,797
up €130,797 (+335%), from €39,001 to €169,799
of which Trade receivables: +€128,143
- Cash -€28,764
down €28,764 (-89.9%), from €31,978 to €3,214
mainly Investment in fixed assets (net) (-€321,071) and Contributions, distributions and other (-€134,582)
- Other debts +€128,315
up €128,315 (+257%), from €49,986 to €178,301
- Reserves +€81,007
up €81,007 (+8.5%), from €951,103 to €1.0m
- Debts after one year -€21,448
down €21,448 (-10.7%), from €200,580 to €179,132
- Gross operating margin -€68,950
down €68,950 (-19.0%), from €363,297 to €294,347
- Taxes -€55,569
down €55,569 (-50.8%), from €109,316 to €53,747
- Depreciation +€5,940
up €5,940 (+17.7%), from €33,647 to €39,587
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 | €1,297,635 | €1,489,038 | +€191,403 | +14.8% |
| Fixed assets | 21/28 | €407,768 | €689,251 | +€281,483 | +69.0% |
| Tangible fixed assets | 22/27 | €407,768 | €689,251 | +€281,483 | +69.0% |
| Land and buildings | 22 | €355,349 | €652,425 | +€297,077 | +83.6% |
| Plant, machinery and equipment | 23 | €1,117 | €1,517 | +€399 | +35.8% |
| Furniture and vehicles | 24 | €51,302 | €35,309 | -€15,993 | -31.2% |
| Current assets | 29/58 | €889,867 | €799,787 | -€90,080 | -10.1% |
| Amounts receivable within one year | 40/41 | €39,001 | €169,799 | +€130,797 | +335% |
| Trade receivables | 40 | €33,256 | €161,399 | +€128,143 | +385% |
| Other amounts receivable | 41 | €5,746 | €8,400 | +€2,654 | +46.2% |
| Current investments | 50/53 | €818,887 | €626,774 | -€192,114 | -23.5% |
| Cash at bank and in hand | 54/58 | €31,978 | €3,214 | -€28,764 | -89.9% |
| Total equity and liabilities | 10/49 | €1,297,635 | €1,489,038 | +€191,403 | +14.8% |
| Equity | 10/15 | €980,881 | €1,050,660 | +€69,779 | +7.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €951,103 | €1,032,110 | +€81,007 | +8.5% |
| Distributable reserves | 133 | €951,103 | €1,032,110 | +€81,007 | +8.5% |
| Profit (loss) carried forward | 14 | €11,228 | €0 | -€11,228 | -100% |
| Amounts payable | 17/49 | €316,754 | €438,378 | +€121,624 | +38.4% |
| Amounts payable after more than one year | 17 | €200,580 | €179,132 | -€21,448 | -10.7% |
| Financial debts | 170/4 | €200,580 | €179,132 | -€21,448 | -10.7% |
| Amounts payable within one year | 42/48 | €116,174 | €259,246 | +€143,071 | +123% |
| Current portion of amounts payable after more than one year | 42 | €21,141 | €21,448 | +€307 | +1.5% |
| Financial debts | 43 | €109 | €217 | +€108 | +99.2% |
| Credit institutions | 430/8 | €109 | €217 | +€108 | +99.2% |
| Trade debts | 44 | €11,438 | €20,814 | +€9,376 | +82.0% |
| Suppliers | 440/4 | €11,438 | €20,814 | +€9,376 | +82.0% |
| Taxes, remuneration and social security | 45 | €33,500 | €38,466 | +€4,966 | +14.8% |
| Taxes | 450/3 | €33,500 | €38,466 | +€4,966 | +14.8% |
| Other amounts payable | 47/48 | €49,986 | €178,301 | +€128,315 | +257% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,647 | €39,587 | +€5,940 | +17.7% |
| Other operating charges | 640/8 | €1,717 | €3,148 | +€1,431 | +83.4% |
| Gross operating margin | 9900 | €363,297 | €294,347 | -€68,950 | -19.0% |
| Operating profit (loss) | 9901 | €327,933 | €251,611 | -€76,322 | -23.3% |
| Financial income | 75/76B | €11,225 | €14,124 | +€2,899 | +25.8% |
| Recurring financial income | 75 | €11,225 | €14,124 | +€2,899 | +25.8% |
| Financial charges | 65/66B | €4,903 | €7,627 | +€2,724 | +55.6% |
| Recurring financial charges | 65 | €4,903 | €7,627 | +€2,724 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | €334,255 | €258,108 | -€76,147 | -22.8% |
| Income taxes | 67/77 | €109,316 | €53,747 | -€55,569 | -50.8% |
| Profit (loss) for the period | 9904 | €224,939 | €204,361 | -€20,578 | -9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €224,939 | €204,361 | -€20,578 | -9.1% |
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 26 October 2026 via checked.be.