ANDRE STRAGIER: 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.
ANDRE STRAGIER
Largest movements
- Tangible fixed assets +€74,572
up €74,572 (+13.3%), from €561,641 to €636,213
of which Plant, machinery and equipment: +€93,852
- Stocks and contracts -€35,006
down €35,006 (-59.6%), from €58,765 to €23,759
- Cash -€29,243
down €29,243 (-86.6%), from €33,773 to €4,530
mainly Investment in fixed assets (net) (-€150,588) and Trade debts (-€75,965)
- Receivables within one year -€15,685
down €15,685 (-65.3%), from €24,031 to €8,346
of which Trade receivables: -€21,505
- Formation expenses -€9,349
down €9,349 (-11.1%), from €84,144 to €74,795
- Trade debts -€75,965
down €75,965 (-96.1%), from €79,064 to €3,099
- Debts after one year +€66,023
up €66,023 (+14.4%), from €457,622 to €523,645
- Short-term financial debts -€53,309
down €53,309 (-52.5%), from €101,529 to €48,220
- Other debts +€25,256
up €25,256 (+182%), from €13,843 to €39,100
- Reserves +€9,987
up €9,987 (+22.2%), from €45,000 to €54,987
- Gross operating margin +€50,581
up €50,581 (+57.8%), from €87,554 to €138,135
- Taxes +€9,580
up €9,580 (+8,262%), from €116 to €9,696
- Other operating charges -€6,052
down €6,052 (-43.0%), from €14,066 to €8,014
- Financial income -€3,254
down €3,254 (-83.9%), from €3,878 to €624
- Depreciation +€1,748
up €1,748 (+2.1%), from €83,616 to €85,365
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €763,032 | €751,757 | -€11,275 | -1.5% |
| Formation expenses | 20 | €84,144 | €74,795 | -€9,349 | -11.1% |
| Fixed assets | 21/28 | €561,641 | €636,213 | +€74,572 | +13.3% |
| Tangible fixed assets | 22/27 | €561,641 | €636,213 | +€74,572 | +13.3% |
| Land and buildings | 22 | €29,659 | €12,638 | -€17,021 | -57.4% |
| Plant, machinery and equipment | 23 | €112,370 | €206,221 | +€93,852 | +83.5% |
| Furniture and vehicles | 24 | - | €33,659 | +€33,659 | |
| Other tangible fixed assets | 26 | €419,612 | €383,694 | -€35,917 | -8.6% |
| Current assets | 29/58 | €117,247 | €40,749 | -€76,498 | -65.2% |
| Stocks and contracts in progress | 3 | €58,765 | €23,759 | -€35,006 | -59.6% |
| Stocks | 30/36 | €58,765 | €23,759 | -€35,006 | -59.6% |
| Amounts receivable within one year | 40/41 | €24,031 | €8,346 | -€15,685 | -65.3% |
| Trade receivables | 40 | €23,906 | €2,401 | -€21,505 | -90.0% |
| Other amounts receivable | 41 | €125 | €5,945 | +€5,820 | +4,656% |
| Cash at bank and in hand | 54/58 | €33,773 | €4,530 | -€29,243 | -86.6% |
| Deferred charges and accrued income | 490/1 | €678 | €4,114 | +€3,436 | +507% |
| Total equity and liabilities | 10/49 | €763,032 | €751,757 | -€11,275 | -1.5% |
| Equity | 10/15 | €54,493 | €73,579 | +€19,086 | +35.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €45,000 | €54,987 | +€9,987 | +22.2% |
| Distributable reserves | 133 | €45,000 | €54,987 | +€9,987 | +22.2% |
| Profit (loss) carried forward | 14 | -€9,099 | €0 | +€9,099 | |
| Amounts payable | 17/49 | €708,538 | €678,178 | -€30,361 | -4.3% |
| Amounts payable after more than one year | 17 | €457,622 | €523,645 | +€66,023 | +14.4% |
| Financial debts | 170/4 | €457,622 | €523,645 | +€66,023 | +14.4% |
| Amounts payable within one year | 42/48 | €250,917 | €153,519 | -€97,398 | -38.8% |
| Current portion of amounts payable after more than one year | 42 | €49,007 | €57,253 | +€8,246 | +16.8% |
| Financial debts | 43 | €101,529 | €48,220 | -€53,309 | -52.5% |
| Credit institutions | 430/8 | €101,529 | €48,220 | -€53,309 | -52.5% |
| Trade debts | 44 | €79,064 | €3,099 | -€75,965 | -96.1% |
| Suppliers | 440/4 | €79,064 | €3,099 | -€75,965 | -96.1% |
| Taxes, remuneration and social security | 45 | €7,474 | €5,847 | -€1,626 | -21.8% |
| Taxes | 450/3 | €7,474 | €5,847 | -€1,626 | -21.8% |
| Other amounts payable | 47/48 | €13,843 | €39,100 | +€25,256 | +182% |
| Accrued charges and deferred income | 492/3 | €0 | €1,014 | +€1,014 | |
| Non-recurring operating income | 76A | - | €50,000 | +€50,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,616 | €85,365 | +€1,748 | +2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€978 | €0 | +€978 | |
| Other operating charges | 640/8 | €14,066 | €8,014 | -€6,052 | -43.0% |
| Gross operating margin | 9900 | €87,554 | €138,135 | +€50,581 | +57.8% |
| Operating profit (loss) | 9901 | -€9,150 | €44,756 | +€53,906 | |
| Financial income | 75/76B | €3,878 | €624 | -€3,254 | -83.9% |
| Recurring financial income | 75 | €3,878 | €624 | -€3,254 | -83.9% |
| Financial charges | 65/66B | €16,370 | €16,598 | +€228 | +1.4% |
| Recurring financial charges | 65 | €16,370 | €16,598 | +€228 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | -€21,641 | €28,782 | +€50,423 | |
| Income taxes | 67/77 | €116 | €9,696 | +€9,580 | +8,262% |
| Profit (loss) for the period | 9904 | -€21,757 | €19,086 | +€40,843 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,757 | €19,086 | +€40,843 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.