Visual FX: 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.
Visual FX
Largest movements
- Cash -€23,006
down €23,006 (-34.5%), from €66,615 to €43,610
mainly Debts after one year (-€22,863) and Trade debts (-€21,058)
- Tangible fixed assets -€15,371
down €15,371 (-4.6%), from €330,975 to €315,603
of which Other tangible fixed assets: -€10,466
- Stocks and contracts +€11,980
up €11,980 (+211.2%), from €5,671 to €17,651
- Receivables within one year -€10,825
down €10,825 (-20.8%), from €51,976 to €41,151
of which Trade receivables: -€14,267
- Debts after one year -€22,863
down €22,863 (-12.7%), from €180,672 to €157,809
- Trade debts -€21,058
down €21,058 (-90.4%), from €23,293 to €2,234
- Reserves +€4,909
up €4,909 (+2.4%), from €200,830 to €205,740
- Gross operating margin +€17,769
up €17,769 (+97.1%), from €18,305 to €36,074
- Depreciation -€3,969
down €3,969 (-16.5%), from €24,012 to €20,044
- Other operating charges +€824
up €824 (+85.6%), from €963 to €1,787
- Taxes +€491
new in 2025: €491
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 | €459,316 | €418,462 | -€40,855 | -8.9% |
| Fixed assets | 21/28 | €330,975 | €315,603 | -€15,371 | -4.6% |
| Tangible fixed assets | 22/27 | €330,975 | €315,603 | -€15,371 | -4.6% |
| Land and buildings | 22 | €44,679 | €41,394 | -€3,285 | -7.4% |
| Plant, machinery and equipment | 23 | €4,079 | €2,949 | -€1,130 | -27.7% |
| Furniture and vehicles | 24 | €8,170 | €7,680 | -€490 | -6.0% |
| Other tangible fixed assets | 26 | €274,046 | €263,580 | -€10,466 | -3.8% |
| Current assets | 29/58 | €128,342 | €102,858 | -€25,483 | -19.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €5,671 | €17,651 | +€11,980 | +211.2% |
| Stocks | 30/36 | €5,671 | €17,651 | +€11,980 | +211.2% |
| Amounts receivable within one year | 40/41 | €51,976 | €41,151 | -€10,825 | -20.8% |
| Trade receivables | 40 | €38,976 | €24,709 | -€14,267 | -36.6% |
| Other amounts receivable | 41 | €13,000 | €16,443 | +€3,443 | +26.5% |
| Cash at bank and in hand | 54/58 | €66,615 | €43,610 | -€23,006 | -34.5% |
| Deferred charges and accrued income | 490/1 | €4,079 | €447 | -€3,632 | -89.1% |
| Total equity and liabilities | 10/49 | €459,316 | €418,462 | -€40,855 | -8.9% |
| Equity | 10/15 | €219,430 | €224,340 | +€4,909 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,830 | €205,740 | +€4,909 | +2.4% |
| Distributable reserves | 133 | €200,830 | €205,740 | +€4,909 | +2.4% |
| Amounts payable | 17/49 | €239,886 | €194,122 | -€45,764 | -19.1% |
| Amounts payable after more than one year | 17 | €180,672 | €157,809 | -€22,863 | -12.7% |
| Financial debts | 170/4 | €180,672 | €157,809 | -€22,863 | -12.7% |
| Amounts payable within one year | 42/48 | €59,214 | €36,313 | -€22,901 | -38.7% |
| Current portion of amounts payable after more than one year | 42 | €24,858 | €22,863 | -€1,996 | -8.0% |
| Trade debts | 44 | €23,293 | €2,234 | -€21,058 | -90.4% |
| Suppliers | 440/4 | €23,293 | €2,234 | -€21,058 | -90.4% |
| Taxes, remuneration and social security | 45 | €457 | €947 | +€491 | +107.5% |
| Taxes | 450/3 | €457 | €947 | +€491 | +107.5% |
| Other amounts payable | 47/48 | €10,606 | €10,268 | -€338 | -3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,012 | €20,044 | -€3,969 | -16.5% |
| Other operating charges | 640/8 | €963 | €1,787 | +€824 | +85.6% |
| Gross operating margin | 9900 | €18,305 | €36,074 | +€17,769 | +97.1% |
| Operating profit (loss) | 9901 | -€6,671 | €14,243 | +€20,913 | |
| Financial income | 75/76B | €2 | €26 | +€24 | +1169.7% |
| Recurring financial income | 75 | €2 | €26 | +€24 | +1169.7% |
| Financial charges | 65/66B | €8,626 | €8,868 | +€242 | +2.8% |
| Recurring financial charges | 65 | €8,626 | €8,868 | +€242 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€15,295 | €5,401 | +€20,695 | |
| Income taxes | 67/77 | - | €491 | +€491 | |
| Profit (loss) for the period | 9904 | -€15,295 | €4,910 | +€20,204 | |
| Transfer from tax-exempt reserves | 789 | €15,295 | - | -€15,295 | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €4,910 | +€4,910 |
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 5 October 2026 via checked.be.