True Colors: 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.
True Colors
Largest movements
- Tangible fixed assets -€35,319
down €35,319 (-18.5%), from €191,413 to €156,093
of which Land and buildings: -€29,587
- Receivables after one year -€17,938
down €17,938 (-50.0%), from €35,875 to €17,938
- Receivables within one year +€14,245
up €14,245 (+18.1%), from €78,902 to €93,147
of which Other amounts receivable: +€10,480
- Stocks and contracts -€7,614
down €7,614 (-18.4%), from €41,480 to €33,867
- Deferred charges and accrued income -€5,926
down €5,926 (-70.9%), from €8,362 to €2,436
- Debts after one year -€56,232
down €56,232 (-81.5%), from €68,983 to €12,751
- Current portion of long-term debt +€15,647
up €15,647 (+27.6%), from €56,608 to €72,255
- Short-term financial debts -€12,785
down €12,785 (-51.1%), from €25,032 to €12,247
of which Other loans: -€15,000
- Reserves -€4,745
down €4,745 (-5.7%), from €83,749 to €79,004
of which Distributable reserves: -€4,745
- Tax, wage and social debts +€4,503
up €4,503 (+15.5%), from €29,114 to €33,617
of which Taxes: +€3,784
- Gross operating margin -€68,813
down €68,813 (-15.2%), from €452,397 to €383,583
- Staff costs -€40,663
down €40,663 (-10.8%), from €375,481 to €334,818
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 | €402,234 | €348,680 | -€53,554 | -13.3% |
| Fixed assets | 21/28 | €191,545 | €156,093 | -€35,451 | -18.5% |
| Intangible fixed assets | 21 | €132 | €0 | -€132 | -100% |
| Tangible fixed assets | 22/27 | €191,413 | €156,093 | -€35,319 | -18.5% |
| Land and buildings | 22 | €156,244 | €126,658 | -€29,587 | -18.9% |
| Plant, machinery and equipment | 23 | €20,422 | €14,589 | -€5,833 | -28.6% |
| Furniture and vehicles | 24 | €14,747 | €14,847 | +€100 | +0.7% |
| Current assets | 29/58 | €210,689 | €192,586 | -€18,103 | -8.6% |
| Amounts receivable after more than one year | 29 | €35,875 | €17,938 | -€17,938 | -50.0% |
| Other amounts receivable | 291 | €35,875 | €17,938 | -€17,938 | -50.0% |
| Stocks and contracts in progress | 3 | €41,480 | €33,867 | -€7,614 | -18.4% |
| Stocks | 30/36 | €41,480 | €33,867 | -€7,614 | -18.4% |
| Amounts receivable within one year | 40/41 | €78,902 | €93,147 | +€14,245 | +18.1% |
| Trade receivables | 40 | €3,660 | €7,425 | +€3,766 | +103% |
| Other amounts receivable | 41 | €75,242 | €85,722 | +€10,480 | +13.9% |
| Cash at bank and in hand | 54/58 | €46,070 | €45,199 | -€870 | -1.9% |
| Deferred charges and accrued income | 490/1 | €8,362 | €2,436 | -€5,926 | -70.9% |
| Total equity and liabilities | 10/49 | €402,234 | €348,680 | -€53,554 | -13.3% |
| Equity | 10/15 | €108,749 | €104,004 | -€4,745 | -4.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €83,749 | €79,004 | -€4,745 | -5.7% |
| Tax-exempt reserves | 132 | €13,026 | €13,026 | = | 0.0% |
| Distributable reserves | 133 | €70,723 | €65,978 | -€4,745 | -6.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €293,485 | €244,676 | -€48,809 | -16.6% |
| Amounts payable after more than one year | 17 | €68,983 | €12,751 | -€56,232 | -81.5% |
| Financial debts | 170/4 | €68,983 | €12,751 | -€56,232 | -81.5% |
| Amounts payable within one year | 42/48 | €223,875 | €230,764 | +€6,889 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €56,608 | €72,255 | +€15,647 | +27.6% |
| Financial debts | 43 | €25,032 | €12,247 | -€12,785 | -51.1% |
| Credit institutions | 430/8 | €10,032 | €12,247 | +€2,215 | +22.1% |
| Other loans | 439 | €15,000 | €0 | -€15,000 | -100% |
| Trade debts | 44 | €85,665 | €89,268 | +€3,603 | +4.2% |
| Suppliers | 440/4 | €85,665 | €89,268 | +€3,603 | +4.2% |
| Advances received on contracts in progress | 46 | €24,822 | €21,636 | -€3,187 | -12.8% |
| Taxes, remuneration and social security | 45 | €29,114 | €33,617 | +€4,503 | +15.5% |
| Taxes | 450/3 | €5,036 | €8,820 | +€3,784 | +75.1% |
| Remuneration and social security | 454/9 | €24,078 | €24,797 | +€719 | +3.0% |
| Other amounts payable | 47/48 | €2,633 | €1,741 | -€892 | -33.9% |
| Accrued charges and deferred income | 492/3 | €626 | €1,161 | +€534 | +85.3% |
| Remuneration, social security and pensions | 62 | €375,481 | €334,818 | -€40,663 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,679 | €41,713 | +€34 | +0.1% |
| Other operating charges | 640/8 | €5,017 | €6,210 | +€1,193 | +23.8% |
| Non-recurring operating charges | 66A | - | €2,207 | +€2,207 | |
| Gross operating margin | 9900 | €452,397 | €383,583 | -€68,813 | -15.2% |
| Operating profit (loss) | 9901 | €30,220 | -€1,365 | -€31,585 | |
| Financial income | 75/76B | €5,947 | €7,827 | +€1,880 | +31.6% |
| Recurring financial income | 75 | €5,947 | €7,827 | +€1,880 | +31.6% |
| Financial charges | 65/66B | €13,286 | €10,647 | -€2,639 | -19.9% |
| Recurring financial charges | 65 | €13,286 | €10,647 | -€2,639 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €22,881 | -€4,185 | -€27,065 | |
| Income taxes | 67/77 | €326 | €560 | +€234 | +71.9% |
| Profit (loss) for the period | 9904 | €22,555 | -€4,745 | -€27,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,555 | -€4,745 | -€27,300 |
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 27 October 2026 via checked.be.