WALLS: 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.
WALLS
Largest movements
- Stocks and contracts +€1.1m
up €1.1m (+52.3%), from €2.2m to €3.3m
- Tangible fixed assets -€232,849
down €232,849 (-17.4%), from €1.3m to €1.1m
of which Land and buildings: -€229,175
- Cash +€63,451
up €63,451 (+738.2%), from €8,595 to €72,046
mainly Other debts (+€1.4m) and Investment in fixed assets (net) (+€188,980)
- Other debts +€1.4m
up €1.4m (+88.7%), from €1.6m to €2.9m
- Advances received -€324,329
no longer reported in 2025 (was €324,329)
- Short-term financial debts -€125,000
down €125,000 (-13.2%), from €949,400 to €824,400
- Reserves +€47,821
up €47,821 (+61.2%), from €78,107 to €125,928
of which Distributable reserves: +€47,821
- Gross operating margin +€31,640
up €31,640 (+26.4%), from €119,916 to €151,556
- Financial income +€18,018
up €18,018 (+2275.3%), from €792 to €18,810
- Financial charges -€15,858
down €15,858 (-21.3%), from €74,341 to €58,483
- Depreciation -€5,729
down €5,729 (-11.6%), from €49,597 to €43,868
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 | €3,597,002 | €4,565,742 | +€968,740 | +26.9% |
| Fixed assets | 21/28 | €1,336,306 | €1,103,457 | -€232,849 | -17.4% |
| Tangible fixed assets | 22/27 | €1,336,306 | €1,103,457 | -€232,849 | -17.4% |
| Land and buildings | 22 | €1,326,176 | €1,097,001 | -€229,175 | -17.3% |
| Furniture and vehicles | 24 | €10,129 | €6,456 | -€3,673 | -36.3% |
| Current assets | 29/58 | €2,260,696 | €3,462,285 | +€1.2m | +53.2% |
| Stocks and contracts in progress | 3 | €2,181,073 | €3,321,101 | +€1.1m | +52.3% |
| Stocks | 30/36 | €2,181,073 | €3,321,101 | +€1.1m | +52.3% |
| Amounts receivable within one year | 40/41 | €57,446 | €61,451 | +€4,005 | +7.0% |
| Trade receivables | 40 | €57,271 | €27,496 | -€29,775 | -52.0% |
| Other amounts receivable | 41 | €176 | €33,955 | +€33,780 | +19213.7% |
| Cash at bank and in hand | 54/58 | €8,595 | €72,046 | +€63,451 | +738.2% |
| Deferred charges and accrued income | 490/1 | €13,581 | €7,687 | -€5,894 | -43.4% |
| Total equity and liabilities | 10/49 | €3,597,002 | €4,565,742 | +€968,740 | +26.9% |
| Equity | 10/15 | €578,107 | €625,928 | +€47,821 | +8.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €78,107 | €125,928 | +€47,821 | +61.2% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €28,107 | €75,928 | +€47,821 | +170.1% |
| Amounts payable | 17/49 | €3,018,894 | €3,939,814 | +€920,920 | +30.5% |
| Amounts payable within one year | 42/48 | €2,996,986 | €3,921,374 | +€924,388 | +30.8% |
| Financial debts | 43 | €949,400 | €824,400 | -€125,000 | -13.2% |
| Credit institutions | 430/8 | €949,400 | €824,400 | -€125,000 | -13.2% |
| Trade debts | 44 | €171,470 | €170,435 | -€1,035 | -0.6% |
| Suppliers | 440/4 | €171,470 | €170,435 | -€1,035 | -0.6% |
| Advances received on contracts in progress | 46 | €324,329 | - | -€324,329 | |
| Taxes, remuneration and social security | 45 | €1,427 | €1,765 | +€338 | +23.7% |
| Taxes | 450/3 | €1,427 | €1,765 | +€338 | +23.7% |
| Other amounts payable | 47/48 | €1,550,360 | €2,924,773 | +€1.4m | +88.7% |
| Accrued charges and deferred income | 492/3 | €21,908 | €18,440 | -€3,468 | -15.8% |
| Non-recurring operating income | 76A | - | €79,629 | +€79,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,597 | €43,868 | -€5,729 | -11.6% |
| Other operating charges | 640/8 | €20,639 | €20,194 | -€445 | -2.2% |
| Gross operating margin | 9900 | €119,916 | €151,556 | +€31,640 | +26.4% |
| Operating profit (loss) | 9901 | €49,679 | €87,494 | +€37,815 | +76.1% |
| Financial income | 75/76B | €792 | €18,810 | +€18,018 | +2275.3% |
| Recurring financial income | 75 | €792 | €18,810 | +€18,018 | +2275.3% |
| Financial charges | 65/66B | €74,341 | €58,483 | -€15,858 | -21.3% |
| Recurring financial charges | 65 | €74,341 | €58,483 | -€15,858 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | -€23,870 | €47,821 | +€71,691 | |
| Profit (loss) for the period | 9904 | -€23,870 | €47,821 | +€71,691 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,870 | €47,821 | +€71,691 |
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 4 October 2026 via checked.be.