White Box: 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.
White Box
Largest movements
- Cash +€15,035
up €15,035 (+13.4%), from €112,084 to €127,118
mainly Net result for the year (+€16,848) and Depreciation (+€4,142)
- Tangible fixed assets -€2,978
down €2,978 (-2.8%), from €106,390 to €103,412
of which Land and buildings: -€3,793
- Reserves +€16,848
up €16,848 (+10.3%), from €163,979 to €180,827
- Trade debts -€2,705
down €2,705 (-40.0%), from €6,771 to €4,065
- Gross operating margin -€2,739
down €2,739 (-8.4%), from €32,494 to €29,755
- Taxes -€905
down €905 (-9.7%), from €9,306 to €8,401
- Depreciation +€503
up €503 (+13.8%), from €3,639 to €4,142
- Financial charges -€398
down €398 (-77.6%), from €513 to €115
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 | €224,300 | €236,720 | +€12,420 | +5.5% |
| Fixed assets | 21/28 | €106,390 | €103,412 | -€2,978 | -2.8% |
| Tangible fixed assets | 22/27 | €106,390 | €103,412 | -€2,978 | -2.8% |
| Land and buildings | 22 | €106,390 | €102,597 | -€3,793 | -3.6% |
| Furniture and vehicles | 24 | - | €815 | +€815 | |
| Current assets | 29/58 | €117,910 | €133,308 | +€15,398 | +13.1% |
| Amounts receivable within one year | 40/41 | €5,738 | €6,096 | +€358 | +6.2% |
| Trade receivables | 40 | €4,840 | €4,300 | -€540 | -11.2% |
| Other amounts receivable | 41 | €898 | €1,796 | +€898 | +100.0% |
| Cash at bank and in hand | 54/58 | €112,084 | €127,118 | +€15,035 | +13.4% |
| Deferred charges and accrued income | 490/1 | €89 | €94 | +€6 | +6.2% |
| Total equity and liabilities | 10/49 | €224,300 | €236,720 | +€12,420 | +5.5% |
| Equity | 10/15 | €213,839 | €230,687 | +€16,848 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €163,979 | €180,827 | +€16,848 | +10.3% |
| Distributable reserves | 133 | €163,979 | €180,827 | +€16,848 | +10.3% |
| Profit (loss) carried forward | 14 | €31,260 | €31,260 | = | 0.0% |
| Amounts payable | 17/49 | €10,461 | €6,034 | -€4,428 | -42.3% |
| Amounts payable within one year | 42/48 | €10,181 | €6,034 | -€4,148 | -40.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €6,771 | €4,065 | -€2,705 | -40.0% |
| Suppliers | 440/4 | €6,771 | €4,065 | -€2,705 | -40.0% |
| Taxes, remuneration and social security | 45 | €2,842 | €772 | -€2,069 | -72.8% |
| Taxes | 450/3 | €2,842 | €772 | -€2,069 | -72.8% |
| Other amounts payable | 47/48 | €569 | €1,196 | +€627 | +110.2% |
| Accrued charges and deferred income | 492/3 | €280 | €0 | -€280 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,639 | €4,142 | +€503 | +13.8% |
| Other operating charges | 640/8 | €836 | €906 | +€70 | +8.4% |
| Gross operating margin | 9900 | €32,494 | €29,755 | -€2,739 | -8.4% |
| Operating profit (loss) | 9901 | €28,019 | €24,707 | -€3,312 | -11.8% |
| Financial income | 75/76B | €549 | €657 | +€108 | +19.7% |
| Recurring financial income | 75 | €549 | €657 | +€108 | +19.7% |
| Financial charges | 65/66B | €513 | €115 | -€398 | -77.6% |
| Recurring financial charges | 65 | €513 | €115 | -€398 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | €28,055 | €25,249 | -€2,806 | -10.0% |
| Income taxes | 67/77 | €9,306 | €8,401 | -€905 | -9.7% |
| Profit (loss) for the period | 9904 | €18,749 | €16,848 | -€1,901 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,749 | €16,848 | -€1,901 | -10.1% |
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.