V1: 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.
V1
Largest movements
- Stocks and contracts -€2.9m
down €2.9m (-93.5%), from €3.1m to €203,840
- Financial fixed assets +€600,000
new in 2025: €600,000
- Receivables after one year -€533,983
no longer reported in 2025 (was €533,983)
- Tangible fixed assets -€193,666
down €193,666 (-16.7%), from €1.2m to €963,421
of which Land and buildings: -€186,499
- Current portion of long-term debt -€1.3m
down €1.3m (-97.4%), from €1.3m to €35,044
- Debts after one year -€1.0m
down €1.0m (-47.7%), from €2.2m to €1.1m
of which Financial debts: -€1.0m
- Trade debts -€520,439
down €520,439 (-87.5%), from €594,553 to €74,114
- Tax, wage and social debts -€103,045
down €103,045 (-75.2%), from €136,945 to €33,900
- Revaluation surpluses -€82,748
no longer reported in 2025 (was €82,748)
- Depreciation +€531,199
up €531,199 (+1573.9%), from €33,750 to €564,949
- Gross operating margin +€179,153
up €179,153 (+29.5%), from €606,669 to €785,823
- Taxes -€108,658
down €108,658 (-79.3%), from €136,945 to €28,287
- Financial charges -€17,848
down €17,848 (-11.0%), from €162,513 to €144,665
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 | €4,958,586 | €1,961,277 | -€3.0m | -60.4% |
| Fixed assets | 21/28 | €1,157,087 | €1,563,421 | +€406,334 | +35.1% |
| Tangible fixed assets | 22/27 | €1,157,087 | €963,421 | -€193,666 | -16.7% |
| Land and buildings | 22 | €1,130,766 | €944,267 | -€186,499 | -16.5% |
| Furniture and vehicles | 24 | €26,321 | €19,154 | -€7,167 | -27.2% |
| Financial fixed assets | 28 | - | €600,000 | +€600,000 | |
| Current assets | 29/58 | €3,801,499 | €397,856 | -€3.4m | -89.5% |
| Amounts receivable after more than one year | 29 | €533,983 | - | -€533,983 | |
| Other amounts receivable | 291 | €533,983 | - | -€533,983 | |
| Stocks and contracts in progress | 3 | €3,112,294 | €203,840 | -€2.9m | -93.5% |
| Stocks | 30/36 | €3,112,294 | €203,840 | -€2.9m | -93.5% |
| Amounts receivable within one year | 40/41 | €121,865 | €138,375 | +€16,511 | +13.5% |
| Trade receivables | 40 | €1,210 | - | -€1,210 | |
| Other amounts receivable | 41 | €120,655 | €138,375 | +€17,721 | +14.7% |
| Cash at bank and in hand | 54/58 | €2,404 | €29,145 | +€26,741 | +1112.2% |
| Deferred charges and accrued income | 490/1 | €30,954 | €26,495 | -€4,459 | -14.4% |
| Total equity and liabilities | 10/49 | €4,958,586 | €1,961,277 | -€3.0m | -60.4% |
| Equity | 10/15 | €726,982 | €692,714 | -€34,269 | -4.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €82,748 | - | -€82,748 | |
| Reserves | 13 | €308,477 | €308,477 | = | 0.0% |
| Distributable reserves | 133 | €308,477 | €308,477 | = | 0.0% |
| Profit (loss) carried forward | 14 | €317,156 | €365,636 | +€48,480 | +15.3% |
| Amounts payable | 17/49 | €4,231,604 | €1,268,563 | -€3.0m | -70.0% |
| Amounts payable after more than one year | 17 | €2,150,483 | €1,124,479 | -€1.0m | -47.7% |
| Financial debts | 170/4 | €2,149,063 | €1,123,059 | -€1.0m | -47.7% |
| Other amounts payable | 178/9 | €1,420 | €1,420 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,081,121 | €144,084 | -€1.9m | -93.1% |
| Current portion of amounts payable after more than one year | 42 | €1,349,622 | €35,044 | -€1.3m | -97.4% |
| Trade debts | 44 | €594,553 | €74,114 | -€520,439 | -87.5% |
| Suppliers | 440/4 | €594,553 | €74,114 | -€520,439 | -87.5% |
| Taxes, remuneration and social security | 45 | €136,945 | €33,900 | -€103,045 | -75.2% |
| Taxes | 450/3 | €136,945 | €33,900 | -€103,045 | -75.2% |
| Other amounts payable | 47/48 | - | €1,025 | +€1,025 | |
| Non-recurring operating income | 76A | €34,092 | - | -€34,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,750 | €564,949 | +€531,199 | +1573.9% |
| Other operating charges | 640/8 | €19,480 | €22,955 | +€3,476 | +17.8% |
| Gross operating margin | 9900 | €606,669 | €785,823 | +€179,153 | +29.5% |
| Operating profit (loss) | 9901 | €553,439 | €197,918 | -€355,521 | -64.2% |
| Financial income | 75/76B | €27,831 | €23,513 | -€4,317 | -15.5% |
| Recurring financial income | 75 | €27,831 | €23,513 | -€4,317 | -15.5% |
| Financial charges | 65/66B | €162,513 | €144,665 | -€17,848 | -11.0% |
| Recurring financial charges | 65 | €162,513 | €144,665 | -€17,848 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €418,757 | €76,767 | -€341,990 | -81.7% |
| Income taxes | 67/77 | €136,945 | €28,287 | -€108,658 | -79.3% |
| Profit (loss) for the period | 9904 | €281,812 | €48,480 | -€233,332 | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €281,812 | €48,480 | -€233,332 | -82.8% |
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 6 October 2026 via checked.be.