VALUE: 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.
VALUE
Largest movements
- Tangible fixed assets -€342,671
down €342,671 (-30.3%), from €1.1m to €789,393
of which Land and buildings: -€333,810
- Receivables within one year +€63,657
up €63,657 (+16.9%), from €377,139 to €440,796
of which Other amounts receivable: +€53,192
- Cash +€62,066
up €62,066 (+625%), from €9,923 to €71,989
mainly Investment in fixed assets (net) (+€279,787) and Net result for the year (+€70,219)
- Debts after one year -€173,623
down €173,623 (-62.8%), from €276,621 to €102,997
- Reserves +€149,682
up €149,682 (+56.7%), from €263,957 to €413,640
of which Tax-exempt reserves: +€149,682
- Other debts -€139,210
down €139,210 (-14.2%), from €981,207 to €841,997
- Profit (loss) carried forward -€81,178
down €81,178 (-63.7%), from -€127,523 to -€208,702
- Provisions +€49,533
up €49,533 (+148%), from €33,576 to €83,110
- Gross operating margin +€154,689
up €154,689 (+467%), from €33,100 to €187,789
- Depreciation -€10,586
down €10,586 (-14.4%), from €73,470 to €62,885
- Other operating charges +€7,611
up €7,611 (+210%), from €3,624 to €11,235
- Financial charges -€5,826
down €5,826 (-35.1%), from €16,580 to €10,754
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 | €1,543,859 | €1,326,819 | -€217,040 | -14.1% |
| Fixed assets | 21/28 | €1,132,064 | €789,393 | -€342,671 | -30.3% |
| Tangible fixed assets | 22/27 | €1,132,064 | €789,393 | -€342,671 | -30.3% |
| Land and buildings | 22 | €1,099,393 | €765,583 | -€333,810 | -30.4% |
| Plant, machinery and equipment | 23 | €4,804 | €6,083 | +€1,280 | +26.6% |
| Furniture and vehicles | 24 | €27,867 | €17,726 | -€10,141 | -36.4% |
| Current assets | 29/58 | €411,795 | €537,426 | +€125,631 | +30.5% |
| Stocks and contracts in progress | 3 | €20,069 | €19,728 | -€341 | -1.7% |
| Stocks | 30/36 | €20,069 | €19,728 | -€341 | -1.7% |
| Amounts receivable within one year | 40/41 | €377,139 | €440,796 | +€63,657 | +16.9% |
| Trade receivables | 40 | €2,767 | €13,232 | +€10,465 | +378% |
| Other amounts receivable | 41 | €374,372 | €427,564 | +€53,192 | +14.2% |
| Cash at bank and in hand | 54/58 | €9,923 | €71,989 | +€62,066 | +625% |
| Deferred charges and accrued income | 490/1 | €4,664 | €4,914 | +€250 | +5.4% |
| Total equity and liabilities | 10/49 | €1,543,859 | €1,326,819 | -€217,040 | -14.1% |
| Equity | 10/15 | €148,834 | €217,338 | +€68,504 | +46.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €263,957 | €413,640 | +€149,682 | +56.7% |
| Tax-exempt reserves | 132 | €74,735 | €224,417 | +€149,682 | +200% |
| Distributable reserves | 133 | €189,223 | €189,223 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,523 | -€208,702 | -€81,178 | -63.7% |
| Provisions and deferred taxes | 16 | €33,576 | €83,110 | +€49,533 | +148% |
| Deferred taxes | 168 | €33,576 | €83,110 | +€49,533 | +148% |
| Amounts payable | 17/49 | €1,361,448 | €1,026,371 | -€335,077 | -24.6% |
| Amounts payable after more than one year | 17 | €276,621 | €102,997 | -€173,623 | -62.8% |
| Financial debts | 170/4 | €276,621 | €102,997 | -€173,623 | -62.8% |
| Amounts payable within one year | 42/48 | €1,084,344 | €922,875 | -€161,470 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €99,757 | €72,256 | -€27,501 | -27.6% |
| Trade debts | 44 | €3,054 | €8,445 | +€5,391 | +177% |
| Suppliers | 440/4 | €3,054 | €8,445 | +€5,391 | +177% |
| Taxes, remuneration and social security | 45 | €327 | €177 | -€150 | -45.9% |
| Taxes | 450/3 | €327 | €177 | -€150 | -45.9% |
| Other amounts payable | 47/48 | €981,207 | €841,997 | -€139,210 | -14.2% |
| Accrued charges and deferred income | 492/3 | €484 | €499 | +€15 | +3.2% |
| Non-recurring operating income | 76A | - | €203,727 | +€203,727 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,470 | €62,885 | -€10,586 | -14.4% |
| Other operating charges | 640/8 | €3,624 | €11,235 | +€7,611 | +210% |
| Gross operating margin | 9900 | €33,100 | €187,789 | +€154,689 | +467% |
| Operating profit (loss) | 9901 | -€43,994 | €113,669 | +€157,663 | |
| Financial income | 75/76B | €14,788 | €15,299 | +€510 | +3.5% |
| Recurring financial income | 75 | €14,788 | €15,299 | +€510 | +3.5% |
| Financial charges | 65/66B | €16,580 | €10,754 | -€5,826 | -35.1% |
| Recurring financial charges | 65 | €16,580 | €10,754 | -€5,826 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,786 | €118,214 | +€164,000 | |
| Transfer from deferred taxes | 780 | €1,399 | €3,113 | +€1,714 | +123% |
| Transfer to deferred taxes | 680 | - | €50,932 | +€50,932 | |
| Income taxes | 67/77 | €168 | €177 | +€9 | +5.4% |
| Profit (loss) for the period | 9904 | -€44,555 | €70,219 | +€114,774 | |
| Transfer from tax-exempt reserves | 789 | €3,113 | €1,399 | -€1,714 | -55.1% |
| Transfer to tax-exempt reserves | 689 | - | €152,796 | +€152,796 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,442 | -€81,178 | -€39,736 | -95.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.