Yves Cannaert: 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.
Yves Cannaert
Largest movements
- Receivables within one year +€142,599
up €142,599 (+38.2%), from €373,536 to €516,135
of which Trade receivables: +€136,003
- Cash -€12,786
down €12,786 (-10.2%), from €125,939 to €113,153
mainly Receivables within one year (-€142,599) and Short-term financial debts (-€38,353)
- Other debts +€85,321
up €85,321 (+22.5%), from €378,820 to €464,141
- Profit (loss) carried forward +€53,592
up €53,592, from -€53,592 to €0
- Short-term financial debts -€38,353
down €38,353 (-14.8%), from €258,353 to €220,000
- Trade debts +€20,995
up €20,995 (+18.1%), from €115,685 to €136,680
- Reserves +€11,835
up €11,835 (+11.6%), from €102,080 to €113,915
- Other operating charges -€185,938
down €185,938 (-98.1%), from €189,515 to €3,577
- Gross operating margin +€9,810
up €9,810 (+11.8%), from €83,314 to €93,124
- Taxes -€6,897
down €6,897 (-85.4%), from €8,081 to €1,183
- Financial charges -€5,293
down €5,293 (-24.7%), from €21,391 to €16,098
- Depreciation -€1,339
down €1,339 (-16.3%), from €8,241 to €6,902
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 | €829,330 | €954,649 | +€125,319 | +15.1% |
| Fixed assets | 21/28 | €319,668 | €316,119 | -€3,549 | -1.1% |
| Tangible fixed assets | 22/27 | €19,568 | €16,019 | -€3,549 | -18.1% |
| Land and buildings | 22 | €14,978 | €13,681 | -€1,297 | -8.7% |
| Plant, machinery and equipment | 23 | €4,315 | €2,338 | -€1,976 | -45.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €275 | €0 | -€275 | -100.0% |
| Financial fixed assets | 28 | €300,100 | €300,100 | = | 0.0% |
| Current assets | 29/58 | €509,662 | €638,530 | +€128,868 | +25.3% |
| Stocks and contracts in progress | 3 | €8,592 | €7,770 | -€822 | -9.6% |
| Stocks | 30/36 | €8,592 | €7,770 | -€822 | -9.6% |
| Amounts receivable within one year | 40/41 | €373,536 | €516,135 | +€142,599 | +38.2% |
| Trade receivables | 40 | €354,118 | €490,120 | +€136,003 | +38.4% |
| Other amounts receivable | 41 | €19,419 | €26,015 | +€6,596 | +34.0% |
| Cash at bank and in hand | 54/58 | €125,939 | €113,153 | -€12,786 | -10.2% |
| Deferred charges and accrued income | 490/1 | €1,595 | €1,472 | -€123 | -7.7% |
| Total equity and liabilities | 10/49 | €829,330 | €954,649 | +€125,319 | +15.1% |
| Equity | 10/15 | €67,088 | €132,515 | +€65,427 | +97.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €102,080 | €113,915 | +€11,835 | +11.6% |
| Distributable reserves | 133 | €102,080 | €113,915 | +€11,835 | +11.6% |
| Profit (loss) carried forward | 14 | -€53,592 | €0 | +€53,592 | |
| Amounts payable | 17/49 | €762,242 | €822,135 | +€59,892 | +7.9% |
| Amounts payable within one year | 42/48 | €762,242 | €822,135 | +€59,892 | +7.9% |
| Financial debts | 43 | €258,353 | €220,000 | -€38,353 | -14.8% |
| Credit institutions | 430/8 | €258,353 | €220,000 | -€38,353 | -14.8% |
| Trade debts | 44 | €115,685 | €136,680 | +€20,995 | +18.1% |
| Suppliers | 440/4 | €115,685 | €136,680 | +€20,995 | +18.1% |
| Taxes, remuneration and social security | 45 | €9,384 | €1,314 | -€8,070 | -86.0% |
| Taxes | 450/3 | €9,384 | €1,314 | -€8,070 | -86.0% |
| Other amounts payable | 47/48 | €378,820 | €464,141 | +€85,321 | +22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,241 | €6,902 | -€1,339 | -16.3% |
| Other operating charges | 640/8 | €189,515 | €3,577 | -€185,938 | -98.1% |
| Gross operating margin | 9900 | €83,314 | €93,124 | +€9,810 | +11.8% |
| Operating profit (loss) | 9901 | -€114,442 | €82,645 | +€197,087 | |
| Financial income | 75/76B | €765 | €63 | -€702 | -91.8% |
| Recurring financial income | 75 | €765 | €63 | -€702 | -91.8% |
| Financial charges | 65/66B | €21,391 | €16,098 | -€5,293 | -24.7% |
| Recurring financial charges | 65 | €21,391 | €16,098 | -€5,293 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | -€135,068 | €66,611 | +€201,678 | |
| Income taxes | 67/77 | €8,081 | €1,183 | -€6,897 | -85.4% |
| Profit (loss) for the period | 9904 | -€143,148 | €65,427 | +€208,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€143,148 | €65,427 | +€208,575 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.