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.
TIMING
Largest movements
- Receivables within one year +€23,953
up €23,953 (+46.3%), from €51,698 to €75,652
- Tangible fixed assets -€13,653
down €13,653 (-35.1%), from €38,847 to €25,194
of which Plant, machinery and equipment: -€8,088
- Cash -€13,651
down €13,651 (-10.6%), from €129,206 to €115,555
mainly Receivables within one year (-€23,953) and Debts after one year (-€5,122)
- Debts after one year -€5,122
down €5,122 (-56.8%), from €9,011 to €3,888
- Reserves +€4,233
up €4,233 (+22.9%), from €18,496 to €22,730
of which Distributable reserves: +€6,093
- Gross operating margin +€8,102
up €8,102 (+28.2%), from €28,762 to €36,864
- Staff costs -€6,228
down €6,228 (-20.1%), from €31,003 to €24,776
- Financial income -€1,026
down €1,026 (-11.7%), from €8,796 to €7,770
- Taxes +€423
new in 2025: €423
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 | €361,932 | €361,851 | -€80 | 0.0% |
| Fixed assets | 21/28 | €40,831 | €27,178 | -€13,653 | -33.4% |
| Tangible fixed assets | 22/27 | €38,847 | €25,194 | -€13,653 | -35.1% |
| Plant, machinery and equipment | 23 | €29,572 | €21,484 | -€8,088 | -27.3% |
| Furniture and vehicles | 24 | €9,275 | €3,710 | -€5,565 | -60.0% |
| Financial fixed assets | 28 | €1,984 | €1,984 | = | 0.0% |
| Current assets | 29/58 | €321,101 | €334,673 | +€13,572 | +4.2% |
| Amounts receivable within one year | 40/41 | €51,698 | €75,652 | +€23,953 | +46.3% |
| Other amounts receivable | 41 | €51,698 | €75,652 | +€23,953 | +46.3% |
| Current investments | 50/53 | €140,196 | €143,466 | +€3,270 | +2.3% |
| Cash at bank and in hand | 54/58 | €129,206 | €115,555 | -€13,651 | -10.6% |
| Total equity and liabilities | 10/49 | €361,932 | €361,851 | -€80 | 0.0% |
| Equity | 10/15 | €351,842 | €356,076 | +€4,233 | +1.2% |
| Contributions | 10/11 | €6,205 | €6,205 | -€0 | 0.0% |
| Reserves | 13 | €18,496 | €22,730 | +€4,233 | +22.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €16,636 | €22,730 | +€6,093 | +36.6% |
| Profit (loss) carried forward | 14 | €327,141 | €327,141 | = | 0.0% |
| Amounts payable | 17/49 | €10,090 | €5,776 | -€4,314 | -42.8% |
| Amounts payable after more than one year | 17 | €9,011 | €3,888 | -€5,122 | -56.8% |
| Financial debts | 170/4 | €9,011 | €3,888 | -€5,122 | -56.8% |
| Amounts payable within one year | 42/48 | €1,079 | €1,887 | +€809 | +75.0% |
| Taxes, remuneration and social security | 45 | €1,079 | €1,887 | +€809 | +75.0% |
| Taxes | 450/3 | €1,079 | €1,887 | +€809 | +75.0% |
| Remuneration, social security and pensions | 62 | €31,003 | €24,776 | -€6,228 | -20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,327 | €15,061 | -€266 | -1.7% |
| Other operating charges | 640/8 | €132 | €141 | +€9 | +6.7% |
| Gross operating margin | 9900 | €28,762 | €36,864 | +€8,102 | +28.2% |
| Operating profit (loss) | 9901 | -€17,700 | -€3,113 | +€14,587 | +82.4% |
| Financial income | 75/76B | €8,796 | €7,770 | -€1,026 | -11.7% |
| Recurring financial income | 75 | €8,796 | €7,770 | -€1,026 | -11.7% |
| Financial charges | 65/66B | €162 | - | -€162 | |
| Recurring financial charges | 65 | €162 | - | -€162 | |
| Profit (loss) for the period before taxes | 9903 | -€9,066 | €4,657 | +€13,723 | |
| Income taxes | 67/77 | - | €423 | +€423 | |
| Profit (loss) for the period | 9904 | -€9,066 | €4,233 | +€13,299 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,066 | €4,233 | +€13,299 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 September 2026 via checked.be.