EXPECT: 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.
EXPECT
Largest movements
- Receivables after one year +€144,471
new in 2025: €144,471
- Receivables within one year -€90,658
down €90,658 (-56.5%), from €160,553 to €69,895
of which Other amounts receivable: -€126,775
- Tangible fixed assets -€10,748
down €10,748 (-5.3%), from €202,411 to €191,663
of which Land and buildings: -€8,908
- Cash -€4,995
down €4,995 (-12.9%), from €38,867 to €33,872
mainly Receivables after one year (-€144,471) and Contributions, distributions and other (-€22,700)
- Tax, wage and social debts +€24,775
up €24,775 (+1,169%), from €2,120 to €26,895
- Reserves +€20,636
up €20,636 (+6.9%), from €298,378 to €319,014
of which Distributable reserves: +€25,800
- Debts after one year -€10,006
down €10,006 (-32.0%), from €31,241 to €21,235
- Turnover -€152,450
no longer reported in 2025 (was €152,450)
- Purchases and services -€106,683
no longer reported in 2025 (was €106,683)
- Gross operating margin +€25,761
up €25,761 (+39.2%), from €65,679 to €91,440
- Taxes +€11,033
up €11,033 (+79.1%), from €13,946 to €24,978
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.
Derived cash bridge
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 | €409,068 | €441,711 | +€32,644 | +8.0% |
| Fixed assets | 21/28 | €202,411 | €191,663 | -€10,748 | -5.3% |
| Tangible fixed assets | 22/27 | €202,411 | €191,663 | -€10,748 | -5.3% |
| Land and buildings | 22 | €198,367 | €189,459 | -€8,908 | -4.5% |
| Furniture and vehicles | 24 | €4,044 | €2,204 | -€1,840 | -45.5% |
| Current assets | 29/58 | €206,657 | €250,049 | +€43,391 | +21.0% |
| Amounts receivable after more than one year | 29 | - | €144,471 | +€144,471 | |
| Other amounts receivable | 291 | - | €144,471 | +€144,471 | |
| Stocks and contracts in progress | 3 | €1,632 | - | -€1,632 | |
| Stocks | 30/36 | €1,632 | - | -€1,632 | |
| Amounts receivable within one year | 40/41 | €160,553 | €69,895 | -€90,658 | -56.5% |
| Trade receivables | 40 | €33,779 | €69,895 | +€36,117 | +107% |
| Other amounts receivable | 41 | €126,775 | - | -€126,775 | |
| Cash at bank and in hand | 54/58 | €38,867 | €33,872 | -€4,995 | -12.9% |
| Deferred charges and accrued income | 490/1 | €5,605 | €1,811 | -€3,795 | -67.7% |
| Total equity and liabilities | 10/49 | €409,068 | €441,711 | +€32,644 | +8.0% |
| Equity | 10/15 | €351,859 | €372,548 | +€20,690 | +5.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €298,378 | €319,014 | +€20,636 | +6.9% |
| Non-distributable reserves | 130/1 | €1,900 | - | -€1,900 | |
| Reserves not available under the articles | 1311 | €1,900 | - | -€1,900 | |
| Tax-exempt reserves | 132 | €29,378 | €26,114 | -€3,264 | -11.1% |
| Distributable reserves | 133 | €267,100 | €292,900 | +€25,800 | +9.7% |
| Profit (loss) carried forward | 14 | €34,481 | €34,534 | +€54 | +0.2% |
| Provisions and deferred taxes | 16 | €9,782 | €8,695 | -€1,087 | -11.1% |
| Deferred taxes | 168 | €9,782 | €8,695 | -€1,087 | -11.1% |
| Amounts payable | 17/49 | €47,427 | €60,468 | +€13,041 | +27.5% |
| Amounts payable after more than one year | 17 | €31,241 | €21,235 | -€10,006 | -32.0% |
| Financial debts | 170/4 | €31,241 | €21,235 | -€10,006 | -32.0% |
| Amounts payable within one year | 42/48 | €16,186 | €38,582 | +€22,397 | +138% |
| Current portion of amounts payable after more than one year | 42 | €9,618 | €10,006 | +€387 | +4.0% |
| Trade debts | 44 | €4,448 | €1,682 | -€2,766 | -62.2% |
| Suppliers | 440/4 | €4,448 | €1,682 | -€2,766 | -62.2% |
| Taxes, remuneration and social security | 45 | €2,120 | €26,895 | +€24,775 | +1,169% |
| Taxes | 450/3 | €2,120 | €26,895 | +€24,775 | +1,169% |
| Accrued charges and deferred income | 492/3 | - | €650 | +€650 | |
| Turnover | 70 | €152,450 | - | -€152,450 | |
| Non-recurring operating income | 76A | €1,570 | - | -€1,570 | |
| Goods, raw materials, services and sundry goods | 60/61 | €106,683 | - | -€106,683 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,840 | €20,065 | +€225 | +1.1% |
| Other operating charges | 640/8 | €2,216 | €2,502 | +€286 | +12.9% |
| Gross operating margin | 9900 | €65,679 | €91,440 | +€25,761 | +39.2% |
| Operating profit (loss) | 9901 | €43,623 | €68,873 | +€25,250 | +57.9% |
| Financial income | 75/76B | €0 | €4 | +€3 | +1,379% |
| Recurring financial income | 75 | €0 | €4 | +€3 | +1,379% |
| Financial charges | 65/66B | €2,200 | €1,596 | -€604 | -27.4% |
| Recurring financial charges | 65 | €2,200 | €1,596 | -€604 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €41,424 | €67,281 | +€25,857 | +62.4% |
| Transfer from deferred taxes | 780 | - | €1,087 | +€1,087 | |
| Income taxes | 67/77 | €13,946 | €24,978 | +€11,033 | +79.1% |
| Profit (loss) for the period | 9904 | €27,478 | €43,390 | +€15,911 | +57.9% |
| Transfer from tax-exempt reserves | 789 | - | €3,264 | +€3,264 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,478 | €46,654 | +€19,176 | +69.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.