TOP: 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.
TOP
Largest movements
- Tangible fixed assets +€454,355
up €454,355 (+14.6%), from €3.1m to €3.6m
of which Land and buildings: +€458,450
- Receivables within one year +€162,173
up €162,173 (+31.0%), from €523,686 to €685,859
of which Other amounts receivable: +€222,139
- Cash -€64,900
down €64,900 (-65.3%), from €99,391 to €34,491
mainly Investment in fixed assets (net) (-€560,976) and Receivables within one year (-€162,173)
- Reserves +€369,988
up €369,988 (+16.7%), from €2.2m to €2.6m
of which Distributable reserves: +€369,988
- Trade debts +€257,773
up €257,773 (+304.5%), from €84,666 to €342,439
- Tax, wage and social debts +€88,383
up €88,383 (+140.2%), from €63,026 to €151,409
of which Taxes: +€89,076
- Debts after one year -€63,650
down €63,650 (-8.0%), from €798,263 to €734,613
- Other debts -€57,479
down €57,479 (-12.8%), from €448,486 to €391,007
- Gross operating margin +€114,929
up €114,929 (+22.0%), from €521,990 to €636,919
- Taxes +€43,447
up €43,447 (+40.7%), from €106,774 to €150,221
- Financial charges -€29,691
down €29,691 (-77.3%), from €38,424 to €8,733
- Depreciation +€26,715
up €26,715 (+33.4%), from €79,906 to €106,621
- Financial income -€9,120
down €9,120 (-100.0%), from €9,120 to €0
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 | €3,740,442 | €4,286,947 | +€546,504 | +14.6% |
| Fixed assets | 21/28 | €3,108,201 | €3,562,556 | +€454,355 | +14.6% |
| Tangible fixed assets | 22/27 | €3,108,201 | €3,562,556 | +€454,355 | +14.6% |
| Land and buildings | 22 | €3,093,404 | €3,551,854 | +€458,450 | +14.8% |
| Furniture and vehicles | 24 | €14,796 | €10,702 | -€4,095 | -27.7% |
| Current assets | 29/58 | €632,242 | €724,391 | +€92,149 | +14.6% |
| Amounts receivable within one year | 40/41 | €523,686 | €685,859 | +€162,173 | +31.0% |
| Trade receivables | 40 | €132,137 | €72,171 | -€59,966 | -45.4% |
| Other amounts receivable | 41 | €391,549 | €613,688 | +€222,139 | +56.7% |
| Cash at bank and in hand | 54/58 | €99,391 | €34,491 | -€64,900 | -65.3% |
| Deferred charges and accrued income | 490/1 | €9,164 | €4,041 | -€5,124 | -55.9% |
| Total equity and liabilities | 10/49 | €3,740,442 | €4,286,947 | +€546,504 | +14.6% |
| Equity | 10/15 | €2,227,767 | €2,597,755 | +€369,988 | +16.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,209,167 | €2,579,155 | +€369,988 | +16.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,706 | €5,706 | = | 0.0% |
| Distributable reserves | 133 | €2,201,601 | €2,571,589 | +€369,988 | +16.8% |
| Amounts payable | 17/49 | €1,512,675 | €1,689,191 | +€176,516 | +11.7% |
| Amounts payable after more than one year | 17 | €798,263 | €734,613 | -€63,650 | -8.0% |
| Financial debts | 170/4 | €798,263 | €734,613 | -€63,650 | -8.0% |
| Amounts payable within one year | 42/48 | €713,546 | €953,775 | +€240,229 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €68,098 | €68,920 | +€822 | +1.2% |
| Financial debts | 43 | €49,269 | €0 | -€49,269 | -100.0% |
| Other loans | 439 | €49,269 | €0 | -€49,269 | -100.0% |
| Trade debts | 44 | €84,666 | €342,439 | +€257,773 | +304.5% |
| Suppliers | 440/4 | €84,666 | €342,439 | +€257,773 | +304.5% |
| Taxes, remuneration and social security | 45 | €63,026 | €151,409 | +€88,383 | +140.2% |
| Taxes | 450/3 | €62,333 | €151,409 | +€89,076 | +142.9% |
| Remuneration and social security | 454/9 | €693 | €0 | -€693 | -100.0% |
| Other amounts payable | 47/48 | €448,486 | €391,007 | -€57,479 | -12.8% |
| Accrued charges and deferred income | 492/3 | €866 | €804 | -€63 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,906 | €106,621 | +€26,715 | +33.4% |
| Other operating charges | 640/8 | €1,598 | €1,355 | -€242 | -15.2% |
| Non-recurring operating charges | 66A | €132 | €0 | -€132 | -100.0% |
| Gross operating margin | 9900 | €521,990 | €636,919 | +€114,929 | +22.0% |
| Operating profit (loss) | 9901 | €440,354 | €528,942 | +€88,589 | +20.1% |
| Financial income | 75/76B | €9,120 | €0 | -€9,120 | -100.0% |
| Recurring financial income | 75 | €9,120 | €0 | -€9,120 | -100.0% |
| Financial charges | 65/66B | €38,424 | €8,733 | -€29,691 | -77.3% |
| Recurring financial charges | 65 | €38,424 | €8,733 | -€29,691 | -77.3% |
| Profit (loss) for the period before taxes | 9903 | €411,049 | €520,209 | +€109,160 | +26.6% |
| Income taxes | 67/77 | €106,774 | €150,221 | +€43,447 | +40.7% |
| Profit (loss) for the period | 9904 | €304,275 | €369,988 | +€65,713 | +21.6% |
| Profit (loss) for the period to be appropriated | 9905 | €304,275 | €369,988 | +€65,713 | +21.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.