TOP WATCH: 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.
TOP WATCH
Largest movements
- Stocks and contracts -€31,925
down €31,925 (-26.9%), from €118,750 to €86,826
- Tangible fixed assets -€23,576
down €23,576 (-6.2%), from €379,565 to €355,989
of which Land and buildings: -€13,931
- Debts after one year -€37,983
down €37,983 (-20.5%), from €184,993 to €147,010
- Trade debts -€20,165
down €20,165 (-45.5%), from €44,270 to €24,106
- Other debts -€11,485
down €11,485 (-5.1%), from €227,166 to €215,681
- Profit (loss) carried forward +€8,913
up €8,913 (+5.9%), from -€150,573 to -€141,660
- Advances received -€7,500
no longer reported in 2025 (was €7,500)
- Financial income +€2,922
up €2,922 (+10,946%), from €27 to €2,948
- Depreciation -€1,512
down €1,512 (-6.0%), from €25,088 to €23,576
- Gross operating margin -€1,338
down €1,338 (-2.6%), from €51,629 to €50,291
- Financial charges -€1,173
down €1,173 (-7.0%), from €16,758 to €15,585
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 | €512,056 | €452,173 | -€59,883 | -11.7% |
| Fixed assets | 21/28 | €379,565 | €355,989 | -€23,576 | -6.2% |
| Tangible fixed assets | 22/27 | €379,565 | €355,989 | -€23,576 | -6.2% |
| Land and buildings | 22 | €350,196 | €336,264 | -€13,931 | -4.0% |
| Furniture and vehicles | 24 | €29,369 | €19,725 | -€9,645 | -32.8% |
| Current assets | 29/58 | €132,491 | €96,184 | -€36,307 | -27.4% |
| Stocks and contracts in progress | 3 | €118,750 | €86,826 | -€31,925 | -26.9% |
| Stocks | 30/36 | €118,750 | €86,826 | -€31,925 | -26.9% |
| Amounts receivable within one year | 40/41 | €7,726 | €8,046 | +€320 | +4.1% |
| Trade receivables | 40 | €2,426 | €2,753 | +€328 | +13.5% |
| Other amounts receivable | 41 | €5,300 | €5,293 | -€8 | -0.1% |
| Cash at bank and in hand | 54/58 | €4,962 | €220 | -€4,741 | -95.6% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,092 | +€39 | +3.7% |
| Total equity and liabilities | 10/49 | €512,056 | €452,173 | -€59,883 | -11.7% |
| Equity | 10/15 | -€11,583 | -€2,201 | +€9,382 | +81.0% |
| Contributions | 10/11 | €137,000 | €137,000 | = | 0.0% |
| Capital | 10 | €137,000 | €137,000 | = | 0.0% |
| Issued capital | 100 | €137,000 | €137,000 | = | 0.0% |
| Reserves | 13 | €1,990 | €2,459 | +€469 | +23.6% |
| Non-distributable reserves | 130/1 | €1,990 | €2,459 | +€469 | +23.6% |
| Legal reserve | 130 | €1,990 | €2,459 | +€469 | +23.6% |
| Profit (loss) carried forward | 14 | -€150,573 | -€141,660 | +€8,913 | +5.9% |
| Amounts payable | 17/49 | €523,639 | €454,374 | -€69,265 | -13.2% |
| Amounts payable after more than one year | 17 | €184,993 | €147,010 | -€37,983 | -20.5% |
| Financial debts | 170/4 | €184,993 | €147,010 | -€37,983 | -20.5% |
| Amounts payable within one year | 42/48 | €337,957 | €306,702 | -€31,254 | -9.2% |
| Current portion of amounts payable after more than one year | 42 | €36,155 | €37,983 | +€1,828 | +5.1% |
| Financial debts | 43 | €14,209 | €15,073 | +€864 | +6.1% |
| Credit institutions | 430/8 | €14,209 | €15,073 | +€864 | +6.1% |
| Trade debts | 44 | €44,270 | €24,106 | -€20,165 | -45.5% |
| Suppliers | 440/4 | €44,270 | €24,106 | -€20,165 | -45.5% |
| Advances received on contracts in progress | 46 | €7,500 | - | -€7,500 | |
| Taxes, remuneration and social security | 45 | €8,658 | €13,860 | +€5,202 | +60.1% |
| Taxes | 450/3 | €8,658 | €13,860 | +€5,202 | +60.1% |
| Other amounts payable | 47/48 | €227,166 | €215,681 | -€11,485 | -5.1% |
| Accrued charges and deferred income | 492/3 | €690 | €662 | -€27 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,088 | €23,576 | -€1,512 | -6.0% |
| Other operating charges | 640/8 | €4,280 | €4,567 | +€287 | +6.7% |
| Non-recurring operating charges | 66A | €820 | €129 | -€691 | -84.3% |
| Gross operating margin | 9900 | €51,629 | €50,291 | -€1,338 | -2.6% |
| Operating profit (loss) | 9901 | €21,441 | €22,019 | +€578 | +2.7% |
| Financial income | 75/76B | €27 | €2,948 | +€2,922 | +10,946% |
| Recurring financial income | 75 | €27 | €2,948 | +€2,922 | +10,946% |
| Financial charges | 65/66B | €16,758 | €15,585 | -€1,173 | -7.0% |
| Recurring financial charges | 65 | €16,758 | €15,585 | -€1,173 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €4,710 | €9,382 | +€4,672 | +99.2% |
| Profit (loss) for the period | 9904 | €4,710 | €9,382 | +€4,672 | +99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,710 | €9,382 | +€4,672 | +99.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.