K - 2: what changed
K - 2
Largest movements
- Current investments -€880,601
down €880,601 (-57.3%), from €1.5m to €655,430
- Cash -€170,363
down €170,363 (-30.9%), from €551,734 to €381,371
mainly Other debts (-€1.1m) and Receivables within one year (-€69,042)
- Receivables within one year +€69,042
up €69,042 (+146%), from €47,369 to €116,411
of which Trade receivables: +€114,485
- Other debts -€1.1m
down €1.1m (-94.1%), from €1.2m to €70,893
- Reserves +€1.0m
up €1.0m (+270%), from €385,489 to €1.4m
of which Distributable reserves: +€1.0m
- Profit (loss) carried forward -€900,000
down €900,000 (-44.8%), from €2.0m to €1.1m
- Gross operating margin +€152,767
up €152,767 (+563%), from €27,129 to €179,896
- Financial income -€37,583
down €37,583 (-70.2%), from €53,541 to €15,958
- Taxes +€25,810
up €25,810 (+511%), from €5,048 to €30,857
- Financial charges -€4,189
down €4,189 (-60.5%), from €6,928 to €2,739
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,627,542 | €2,639,296 | -€988,246 | -27.2% |
| Fixed assets | 21/28 | €1,490,318 | €1,482,964 | -€7,354 | -0.5% |
| Tangible fixed assets | 22/27 | €294,609 | €287,255 | -€7,354 | -2.5% |
| Land and buildings | 22 | €270,361 | €260,824 | -€9,537 | -3.5% |
| Plant, machinery and equipment | 23 | €22,776 | €23,784 | +€1,008 | +4.4% |
| Furniture and vehicles | 24 | €1,473 | €2,648 | +€1,175 | +79.8% |
| Financial fixed assets | 28 | €1,195,709 | €1,195,709 | = | 0.0% |
| Current assets | 29/58 | €2,137,224 | €1,156,332 | -€980,892 | -45.9% |
| Amounts receivable within one year | 40/41 | €47,369 | €116,411 | +€69,042 | +146% |
| Trade receivables | 40 | €286 | €114,771 | +€114,485 | +40,000% |
| Other amounts receivable | 41 | €47,083 | €1,640 | -€45,443 | -96.5% |
| Current investments | 50/53 | €1,536,031 | €655,430 | -€880,601 | -57.3% |
| Cash at bank and in hand | 54/58 | €551,734 | €381,371 | -€170,363 | -30.9% |
| Deferred charges and accrued income | 490/1 | €2,089 | €3,119 | +€1,030 | +49.3% |
| Total equity and liabilities | 10/49 | €3,627,542 | €2,639,296 | -€988,246 | -27.2% |
| Equity | 10/15 | €2,413,269 | €2,555,657 | +€142,388 | +5.9% |
| Contributions | 10/11 | €20,869 | €20,869 | = | 0.0% |
| Reserves | 13 | €385,489 | €1,427,877 | +€1.0m | +270% |
| Non-distributable reserves | 130/1 | €2,087 | €2,087 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,087 | €2,087 | = | 0.0% |
| Distributable reserves | 133 | €383,403 | €1,425,790 | +€1.0m | +272% |
| Profit (loss) carried forward | 14 | €2,006,911 | €1,106,911 | -€900,000 | -44.8% |
| Amounts payable | 17/49 | €1,214,272 | €83,639 | -€1.1m | -93.1% |
| Amounts payable within one year | 42/48 | €1,212,042 | €83,639 | -€1.1m | -93.1% |
| Trade debts | 44 | €9,013 | €10,220 | +€1,207 | +13.4% |
| Suppliers | 440/4 | €9,013 | €10,220 | +€1,207 | +13.4% |
| Taxes, remuneration and social security | 45 | €265 | €2,526 | +€2,260 | +852% |
| Taxes | 450/3 | €265 | €2,526 | +€2,260 | +852% |
| Other amounts payable | 47/48 | €1,202,763 | €70,893 | -€1.1m | -94.1% |
| Accrued charges and deferred income | 492/3 | €2,231 | €0 | -€2,231 | -100% |
| Non-recurring operating income | 76A | €20,313 | €115,159 | +€94,846 | +467% |
| Remuneration, social security and pensions | 62 | €1,095 | €0 | -€1,095 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,299 | €16,795 | +€1,496 | +9.8% |
| Other operating charges | 640/8 | €1,824 | €3,076 | +€1,252 | +68.6% |
| Gross operating margin | 9900 | €27,129 | €179,896 | +€152,767 | +563% |
| Operating profit (loss) | 9901 | €8,911 | €160,025 | +€151,114 | +1,696% |
| Financial income | 75/76B | €53,541 | €15,958 | -€37,583 | -70.2% |
| Recurring financial income | 75 | €53,541 | €15,958 | -€37,583 | -70.2% |
| Financial charges | 65/66B | €6,928 | €2,739 | -€4,189 | -60.5% |
| Recurring financial charges | 65 | €6,928 | €2,739 | -€4,189 | -60.5% |
| Profit (loss) for the period before taxes | 9903 | €55,524 | €173,245 | +€117,721 | +212% |
| Income taxes | 67/77 | €5,048 | €30,857 | +€25,810 | +511% |
| Profit (loss) for the period | 9904 | €50,476 | €142,388 | +€91,911 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €50,476 | €142,388 | +€91,911 | +182% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.