VALUE DRIVERS: 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.
VALUE DRIVERS
Largest movements
- Receivables within one year +€95,643
up €95,643 (+822.8%), from €11,624 to €107,267
of which Trade receivables: +€85,751
- Cash -€82,954
down €82,954 (-66.8%), from €124,103 to €41,149
mainly Receivables within one year (-€95,643) and Debts after one year (-€65,500)
- Debts after one year -€65,500
down €65,500 (-52.2%), from €125,500 to €60,000
- Trade debts +€33,581
up €33,581 (+290.0%), from €11,579 to €45,160
- Profit (loss) carried forward +€27,573
up €27,573, from -€27,573 to €0
- Tax, wage and social debts +€14,775
up €14,775 (+666.5%), from €2,217 to €16,992
of which Taxes: +€15,355
- Gross operating margin -€10,519
down €10,519 (-24.1%), from €43,697 to €33,178
- Financial income +€4,818
up €4,818 (+5763.6%), from €84 to €4,901
- Taxes +€1,547
new in 2025: €1,547
- Depreciation -€1,470
down €1,470 (-83.7%), from €1,756 to €286
- Financial charges +€655
up €655 (+10.1%), from €6,460 to €7,116
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 | €356,178 | €368,585 | +€12,406 | +3.5% |
| Fixed assets | 21/28 | €1,853 | €1,568 | -€286 | -15.4% |
| Tangible fixed assets | 22/27 | €1,261 | €976 | -€286 | -22.6% |
| Furniture and vehicles | 24 | €1,261 | €976 | -€286 | -22.6% |
| Financial fixed assets | 28 | €592 | €592 | = | 0.0% |
| Current assets | 29/58 | €354,325 | €367,017 | +€12,692 | +3.6% |
| Amounts receivable within one year | 40/41 | €11,624 | €107,267 | +€95,643 | +822.8% |
| Trade receivables | 40 | €11,600 | €97,351 | +€85,751 | +739.2% |
| Other amounts receivable | 41 | €24 | €9,916 | +€9,893 | +42025.4% |
| Current investments | 50/53 | €218,500 | €218,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €124,103 | €41,149 | -€82,954 | -66.8% |
| Deferred charges and accrued income | 490/1 | €99 | €102 | +€3 | +3.2% |
| Total equity and liabilities | 10/49 | €356,178 | €368,585 | +€12,406 | +3.5% |
| Equity | 10/15 | €210,317 | €238,935 | +€28,617 | +13.6% |
| Contributions | 10/11 | €170,001 | €170,001 | = | 0.0% |
| Reserves | 13 | €67,890 | €68,934 | +€1,044 | +1.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €67,890 | €68,934 | +€1,044 | +1.5% |
| Profit (loss) carried forward | 14 | -€27,573 | €0 | +€27,573 | |
| Amounts payable | 17/49 | €145,861 | €129,650 | -€16,211 | -11.1% |
| Amounts payable after more than one year | 17 | €125,500 | €60,000 | -€65,500 | -52.2% |
| Financial debts | 170/4 | €125,500 | €60,000 | -€65,500 | -52.2% |
| Amounts payable within one year | 42/48 | €14,086 | €63,152 | +€49,066 | +348.3% |
| Trade debts | 44 | €11,579 | €45,160 | +€33,581 | +290.0% |
| Suppliers | 440/4 | €11,579 | €45,160 | +€33,581 | +290.0% |
| Taxes, remuneration and social security | 45 | €2,217 | €16,992 | +€14,775 | +666.5% |
| Taxes | 450/3 | €1,637 | €16,992 | +€15,355 | +938.1% |
| Remuneration and social security | 454/9 | €580 | €0 | -€580 | -100.0% |
| Other amounts payable | 47/48 | €290 | €1,000 | +€710 | +244.8% |
| Accrued charges and deferred income | 492/3 | €6,275 | €6,498 | +€223 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,756 | €286 | -€1,470 | -83.7% |
| Other operating charges | 640/8 | €840 | €514 | -€326 | -38.8% |
| Gross operating margin | 9900 | €43,697 | €33,178 | -€10,519 | -24.1% |
| Operating profit (loss) | 9901 | €41,101 | €32,379 | -€8,723 | -21.2% |
| Financial income | 75/76B | €84 | €4,901 | +€4,818 | +5763.6% |
| Recurring financial income | 75 | €84 | €4,901 | +€4,818 | +5763.6% |
| Financial charges | 65/66B | €6,460 | €7,116 | +€655 | +10.1% |
| Recurring financial charges | 65 | €6,460 | €7,116 | +€655 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €34,725 | €30,165 | -€4,560 | -13.1% |
| Income taxes | 67/77 | - | €1,547 | +€1,547 | |
| Profit (loss) for the period | 9904 | €34,725 | €28,617 | -€6,107 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,725 | €28,617 | -€6,107 | -17.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.