TOP: what changed
TOP
Largest movements
- Cash +€712,570
up €712,570 (+48.7%), from €1.5m to €2.2m
mainly Advances received (+€821,925) and Net result for the year (+€306,354)
- Stocks and contracts +€408,271
new in 2025: €408,271
- Receivables within one year +€232,563
up €232,563 (+176%), from €132,460 to €365,023
of which Other amounts receivable: +€276,115
- Deferred charges and accrued income -€97,831
down €97,831 (-86.6%), from €112,995 to €15,163
- Tangible fixed assets -€37,614
down €37,614 (-14.4%), from €260,765 to €223,151
of which Furniture and vehicles: -€25,290
- Advances received +€821,925
new in 2025: €821,925
- Reserves +€306,354
up €306,354 (+15.7%), from €2.0m to €2.3m
- Trade debts +€64,664
up €64,664 (+3,078%), from €2,101 to €66,765
- Tax, wage and social debts +€34,086
up €34,086 (+3,463%), from €984 to €35,071
- Gross operating margin -€120,536
down €120,536 (-35.0%), from €344,199 to €223,663
- Financial income +€97,911
up €97,911 (+83.5%), from €117,286 to €215,197
- Taxes -€27,791
down €27,791 (-25.5%), from €109,078 to €81,287
- Financial charges +€5,045
up €5,045 (+3,197%), from €158 to €5,202
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,978,534 | €3,196,492 | +€1.2m | +61.6% |
| Fixed assets | 21/28 | €270,165 | €232,551 | -€37,614 | -13.9% |
| Tangible fixed assets | 22/27 | €260,765 | €223,151 | -€37,614 | -14.4% |
| Land and buildings | 22 | €147,982 | €135,658 | -€12,323 | -8.3% |
| Furniture and vehicles | 24 | €112,783 | €87,493 | -€25,290 | -22.4% |
| Financial fixed assets | 28 | €9,400 | €9,400 | = | 0.0% |
| Current assets | 29/58 | €1,708,369 | €2,963,941 | +€1.3m | +73.5% |
| Stocks and contracts in progress | 3 | - | €408,271 | +€408,271 | |
| Stocks | 30/36 | - | €408,271 | +€408,271 | |
| Amounts receivable within one year | 40/41 | €132,460 | €365,023 | +€232,563 | +176% |
| Trade receivables | 40 | €45,766 | €2,213 | -€43,552 | -95.2% |
| Other amounts receivable | 41 | €86,695 | €362,810 | +€276,115 | +318% |
| Cash at bank and in hand | 54/58 | €1,462,914 | €2,175,484 | +€712,570 | +48.7% |
| Deferred charges and accrued income | 490/1 | €112,995 | €15,163 | -€97,831 | -86.6% |
| Total equity and liabilities | 10/49 | €1,978,534 | €3,196,492 | +€1.2m | +61.6% |
| Equity | 10/15 | €1,958,272 | €2,264,626 | +€306,354 | +15.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,952,072 | €2,258,426 | +€306,354 | +15.7% |
| Distributable reserves | 133 | €1,952,072 | €2,258,426 | +€306,354 | +15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €20,262 | €931,867 | +€911,605 | +4,499% |
| Amounts payable within one year | 42/48 | €20,262 | €931,867 | +€911,605 | +4,499% |
| Trade debts | 44 | €2,101 | €66,765 | +€64,664 | +3,078% |
| Suppliers | 440/4 | €2,101 | €66,765 | +€64,664 | +3,078% |
| Advances received on contracts in progress | 46 | - | €821,925 | +€821,925 | |
| Taxes, remuneration and social security | 45 | €984 | €35,071 | +€34,086 | +3,463% |
| Taxes | 450/3 | €984 | €35,071 | +€34,086 | +3,463% |
| Other amounts payable | 47/48 | €17,177 | €8,106 | -€9,071 | -52.8% |
| Non-recurring operating income | 76A | €2,503 | €0 | -€2,503 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,115 | €44,094 | +€979 | +2.3% |
| Other operating charges | 640/8 | €1,958 | €1,923 | -€35 | -1.8% |
| Gross operating margin | 9900 | €344,199 | €223,663 | -€120,536 | -35.0% |
| Operating profit (loss) | 9901 | €299,126 | €177,646 | -€121,480 | -40.6% |
| Financial income | 75/76B | €117,286 | €215,197 | +€97,911 | +83.5% |
| Recurring financial income | 75 | €117,286 | €215,197 | +€97,911 | +83.5% |
| Financial charges | 65/66B | €158 | €5,202 | +€5,045 | +3,197% |
| Recurring financial charges | 65 | €158 | €5,202 | +€5,045 | +3,197% |
| Profit (loss) for the period before taxes | 9903 | €416,254 | €387,641 | -€28,613 | -6.9% |
| Income taxes | 67/77 | €109,078 | €81,287 | -€27,791 | -25.5% |
| Profit (loss) for the period | 9904 | €307,176 | €306,354 | -€822 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €307,176 | €306,354 | -€822 | -0.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.