WITH: 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.
WITH
Largest movements
- Current investments +€155,339
new in 2025: €155,339
- Cash -€85,644
down €85,644 (-42.5%), from €201,365 to €115,722
mainly Investment in fixed assets (net) (-€177,489) and Current investments (-€155,339)
- Intangible fixed assets +€58,831
up €58,831 (+16.9%), from €347,629 to €406,460
- Receivables within one year +€43,294
up €43,294 (+10.8%), from €401,296 to €444,590
of which Other amounts receivable: +€36,203
- Accrued charges and deferred income +€128,049
up €128,049 (+372%), from €34,392 to €162,441
- Other debts +€92,926
up €92,926 (+98.3%), from €94,579 to €187,505
- Debts after one year -€39,608
down €39,608 (-45.3%), from €87,496 to €47,888
- Trade debts -€16,633
down €16,633 (-4.6%), from €364,118 to €347,485
- Staff costs -€52,670
down €52,670 (-27.0%), from €195,217 to €142,547
- Taxes +€12,211
up €12,211 (+1,567%), from €779 to €12,991
- Financial charges +€9,215
up €9,215 (+110%), from €8,345 to €17,560
- Depreciation +€8,781
up €8,781 (+8.0%), from €110,288 to €119,069
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 | €966,558 | €1,138,823 | +€172,266 | +17.8% |
| Fixed assets | 21/28 | €355,067 | €413,487 | +€58,420 | +16.5% |
| Intangible fixed assets | 21 | €347,629 | €406,460 | +€58,831 | +16.9% |
| Tangible fixed assets | 22/27 | €2,079 | €1,661 | -€418 | -20.1% |
| Plant, machinery and equipment | 23 | €2,079 | €488 | -€1,591 | -76.5% |
| Other tangible fixed assets | 26 | - | €1,173 | +€1,173 | |
| Financial fixed assets | 28 | €5,360 | €5,366 | +€6 | +0.1% |
| Current assets | 29/58 | €611,490 | €725,336 | +€113,846 | +18.6% |
| Amounts receivable within one year | 40/41 | €401,296 | €444,590 | +€43,294 | +10.8% |
| Trade receivables | 40 | €301,829 | €308,920 | +€7,091 | +2.3% |
| Other amounts receivable | 41 | €99,467 | €135,670 | +€36,203 | +36.4% |
| Current investments | 50/53 | - | €155,339 | +€155,339 | |
| Cash at bank and in hand | 54/58 | €201,365 | €115,722 | -€85,644 | -42.5% |
| Deferred charges and accrued income | 490/1 | €8,829 | €9,686 | +€857 | +9.7% |
| Total equity and liabilities | 10/49 | €966,558 | €1,138,823 | +€172,266 | +17.8% |
| Equity | 10/15 | €317,277 | €320,025 | +€2,748 | +0.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €307,277 | €310,025 | +€2,748 | +0.9% |
| Non-distributable reserves | 130/1 | - | €155,339 | +€155,339 | |
| Own shares acquired | 1312 | - | €155,339 | +€155,339 | |
| Distributable reserves | 133 | €307,277 | €154,686 | -€152,591 | -49.7% |
| Amounts payable | 17/49 | €649,281 | €818,798 | +€169,518 | +26.1% |
| Amounts payable after more than one year | 17 | €87,496 | €47,888 | -€39,608 | -45.3% |
| Financial debts | 170/4 | €87,496 | €47,888 | -€39,608 | -45.3% |
| Amounts payable within one year | 42/48 | €527,392 | €608,469 | +€81,077 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €38,326 | €39,608 | +€1,282 | +3.3% |
| Financial debts | 43 | €1,947 | €1,934 | -€13 | -0.7% |
| Credit institutions | 430/8 | €1,947 | €1,934 | -€13 | -0.7% |
| Trade debts | 44 | €364,118 | €347,485 | -€16,633 | -4.6% |
| Suppliers | 440/4 | €364,118 | €347,485 | -€16,633 | -4.6% |
| Taxes, remuneration and social security | 45 | €28,423 | €31,938 | +€3,515 | +12.4% |
| Taxes | 450/3 | €113 | €12,476 | +€12,362 | +10,902% |
| Remuneration and social security | 454/9 | €28,309 | €19,462 | -€8,847 | -31.3% |
| Other amounts payable | 47/48 | €94,579 | €187,505 | +€92,926 | +98.3% |
| Accrued charges and deferred income | 492/3 | €34,392 | €162,441 | +€128,049 | +372% |
| Remuneration, social security and pensions | 62 | €195,217 | €142,547 | -€52,670 | -27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,288 | €119,069 | +€8,781 | +8.0% |
| Other operating charges | 640/8 | €1,319 | €1,822 | +€503 | +38.1% |
| Gross operating margin | 9900 | €316,282 | €315,993 | -€289 | -0.1% |
| Operating profit (loss) | 9901 | €9,457 | €52,555 | +€43,098 | +456% |
| Financial income | 75/76B | €2,363 | €1,744 | -€619 | -26.2% |
| Recurring financial income | 75 | €2,363 | €1,744 | -€619 | -26.2% |
| Financial charges | 65/66B | €8,345 | €17,560 | +€9,215 | +110% |
| Recurring financial charges | 65 | €8,345 | €17,560 | +€9,215 | +110% |
| Profit (loss) for the period before taxes | 9903 | €3,475 | €36,739 | +€33,264 | +957% |
| Income taxes | 67/77 | €779 | €12,991 | +€12,211 | +1,567% |
| Profit (loss) for the period | 9904 | €2,696 | €23,748 | +€21,052 | +781% |
| Profit (loss) for the period to be appropriated | 9905 | €2,696 | €23,748 | +€21,052 | +781% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.