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.
THE VALUE GROUP
Largest movements
- Tangible fixed assets -€360,881
no longer reported in 2025 (was €360,881)
- Current portion of long-term debt -€582,205
no longer reported in 2025 (was €582,205)
- Profit (loss) carried forward +€237,675
up €237,675 (+37.8%), from -€629,022 to -€391,347
- Tax, wage and social debts -€68,130
no longer reported in 2025 (was €68,130)
- Other debts +€59,841
up €59,841 (+7.9%), from €755,974 to €815,815
- Gross operating margin +€202,422
up €202,422, from -€152,086 to €50,336
- Financial income +€198,031
up €198,031 (+11260.7%), from €1,759 to €199,790
of which Non-recurring financial income: +€199,361
- Other operating charges -€39,376
down €39,376 (-96.4%), from €40,855 to €1,480
- Financial charges -€32,315
down €32,315 (-74.7%), from €43,286 to €10,971
of which Non-recurring financial charges: -€31,265
- Depreciation -€27,784
no longer reported in 2025 (was €27,784)
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 | €2,161,728 | €1,796,011 | -€365,717 | -16.9% |
| Fixed assets | 21/28 | €1,056,318 | €695,437 | -€360,881 | -34.2% |
| Tangible fixed assets | 22/27 | €360,881 | - | -€360,881 | |
| Land and buildings | 22 | €360,881 | - | -€360,881 | |
| Financial fixed assets | 28 | €695,437 | €695,437 | = | 0.0% |
| Current assets | 29/58 | €1,105,410 | €1,100,574 | -€4,836 | -0.4% |
| Stocks and contracts in progress | 3 | €1,091,473 | €1,091,473 | = | 0.0% |
| Stocks | 30/36 | €1,091,473 | €1,091,473 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,047 | €1,209 | -€2,838 | -70.1% |
| Trade receivables | 40 | - | €1,209 | +€1,209 | |
| Other amounts receivable | 41 | €4,047 | - | -€4,047 | |
| Cash at bank and in hand | 54/58 | €9,890 | €7,678 | -€2,213 | -22.4% |
| Deferred charges and accrued income | 490/1 | - | €214 | +€214 | |
| Total equity and liabilities | 10/49 | €2,161,728 | €1,796,011 | -€365,717 | -16.9% |
| Equity | 10/15 | €742,520 | €980,196 | +€237,675 | +32.0% |
| Contributions | 10/11 | €1,086,341 | €1,086,341 | = | 0.0% |
| Capital | 10 | €1,086,341 | €1,086,341 | = | 0.0% |
| Issued capital | 100 | €1,086,341 | €1,086,341 | = | 0.0% |
| Reserves | 13 | €285,201 | €285,201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €108,634 | €108,634 | = | 0.0% |
| Legal reserve | 130 | €108,634 | €108,634 | = | 0.0% |
| Distributable reserves | 133 | €176,567 | €176,567 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€629,022 | -€391,347 | +€237,675 | +37.8% |
| Amounts payable | 17/49 | €1,419,208 | €815,815 | -€603,393 | -42.5% |
| Amounts payable within one year | 42/48 | €1,419,208 | €815,815 | -€603,393 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €582,205 | - | -€582,205 | |
| Trade debts | 44 | €12,898 | - | -€12,898 | |
| Suppliers | 440/4 | €12,898 | - | -€12,898 | |
| Taxes, remuneration and social security | 45 | €68,130 | - | -€68,130 | |
| Taxes | 450/3 | €68,130 | - | -€68,130 | |
| Other amounts payable | 47/48 | €755,974 | €815,815 | +€59,841 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,784 | - | -€27,784 | |
| Other operating charges | 640/8 | €40,855 | €1,480 | -€39,376 | -96.4% |
| Gross operating margin | 9900 | -€152,086 | €50,336 | +€202,422 | |
| Operating profit (loss) | 9901 | -€220,726 | €48,856 | +€269,582 | |
| Financial income | 75/76B | €1,759 | €199,790 | +€198,031 | +11260.7% |
| Recurring financial income | 75 | €1,759 | €429 | -€1,330 | -75.6% |
| Non-recurring financial income | 76B | - | €199,361 | +€199,361 | |
| Financial charges | 65/66B | €43,286 | €10,971 | -€32,315 | -74.7% |
| Recurring financial charges | 65 | €12,021 | €10,971 | -€1,050 | -8.7% |
| Non-recurring financial charges | 66B | €31,265 | - | -€31,265 | |
| Profit (loss) for the period before taxes | 9903 | -€262,253 | €237,675 | +€499,928 | |
| Income taxes | 67/77 | €13,598 | - | -€13,598 | |
| Profit (loss) for the period | 9904 | -€275,851 | €237,675 | +€513,526 | |
| Profit (loss) for the period to be appropriated | 9905 | -€275,851 | €237,675 | +€513,526 |
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 27 September 2026 via checked.be.