V: 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.
V
Largest movements
- Receivables within one year -€17,008
down €17,008 (-27.3%), from €62,362 to €45,354
of which Trade receivables: -€15,082
- Tangible fixed assets -€12,710
down €12,710 (-2.4%), from €522,819 to €510,109
of which Furniture and vehicles: -€8,614
- Accrued charges and deferred income -€23,884
down €23,884 (-83.9%), from €28,475 to €4,591
- Gross operating margin +€45,343
up €45,343 (+227%), from €19,933 to €65,276
- Depreciation -€17,349
down €17,349 (-33.9%), from €51,184 to €33,835
- Write-downs -€4,254
no longer reported in 2025 (was €4,254)
- Financial charges +€3,456
up €3,456 (+13.7%), from €25,248 to €28,704
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 | €746,866 | €722,440 | -€24,426 | -3.3% |
| Fixed assets | 21/28 | €522,894 | €510,184 | -€12,710 | -2.4% |
| Tangible fixed assets | 22/27 | €522,819 | €510,109 | -€12,710 | -2.4% |
| Land and buildings | 22 | €476,764 | €469,952 | -€6,812 | -1.4% |
| Plant, machinery and equipment | 23 | €1,518 | €4,235 | +€2,717 | +179% |
| Furniture and vehicles | 24 | €44,536 | €35,921 | -€8,614 | -19.3% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €223,972 | €212,257 | -€11,716 | -5.2% |
| Amounts receivable within one year | 40/41 | €62,362 | €45,354 | -€17,008 | -27.3% |
| Trade receivables | 40 | €60,314 | €45,233 | -€15,082 | -25.0% |
| Other amounts receivable | 41 | €2,048 | €122 | -€1,926 | -94.1% |
| Cash at bank and in hand | 54/58 | €156,783 | €155,221 | -€1,561 | -1.0% |
| Deferred charges and accrued income | 490/1 | €4,827 | €11,681 | +€6,853 | +142% |
| Total equity and liabilities | 10/49 | €746,866 | €722,440 | -€24,426 | -3.3% |
| Equity | 10/15 | €239,133 | €240,130 | +€997 | +0.4% |
| Contributions | 10/11 | €355,000 | €355,000 | = | 0.0% |
| Contributions outside capital | 11 | €355,000 | €355,000 | = | 0.0% |
| Other | 1109/19 | €355,000 | €355,000 | = | 0.0% |
| Reserves | 13 | €172 | €172 | = | 0.0% |
| Distributable reserves | 133 | €172 | €172 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€116,039 | -€115,042 | +€997 | +0.9% |
| Amounts payable | 17/49 | €507,733 | €482,311 | -€25,422 | -5.0% |
| Amounts payable within one year | 42/48 | €479,259 | €477,720 | -€1,538 | -0.3% |
| Trade debts | 44 | €641 | €1,264 | +€623 | +97.1% |
| Suppliers | 440/4 | €641 | €1,264 | +€623 | +97.1% |
| Taxes, remuneration and social security | 45 | €6,838 | €11,511 | +€4,673 | +68.3% |
| Taxes | 450/3 | €6,838 | €11,511 | +€4,673 | +68.3% |
| Other amounts payable | 47/48 | €471,779 | €464,945 | -€6,834 | -1.4% |
| Accrued charges and deferred income | 492/3 | €28,475 | €4,591 | -€23,884 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,184 | €33,835 | -€17,349 | -33.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,254 | - | -€4,254 | |
| Other operating charges | 640/8 | €1,278 | €1,538 | +€260 | +20.3% |
| Gross operating margin | 9900 | €19,933 | €65,276 | +€45,343 | +227% |
| Operating profit (loss) | 9901 | -€36,784 | €29,903 | +€66,687 | |
| Financial income | 75/76B | €145 | €406 | +€261 | +180% |
| Recurring financial income | 75 | €145 | €406 | +€261 | +180% |
| Financial charges | 65/66B | €25,248 | €28,704 | +€3,456 | +13.7% |
| Recurring financial charges | 65 | €25,248 | €28,704 | +€3,456 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€61,887 | €1,605 | +€63,492 | |
| Income taxes | 67/77 | €765 | €608 | -€157 | -20.5% |
| Profit (loss) for the period | 9904 | -€62,652 | €997 | +€63,648 | |
| Profit (loss) for the period to be appropriated | 9905 | -€62,652 | €997 | +€63,648 |
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 29 October 2026 via checked.be.