Next Phase: 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.
Next Phase
Largest movements
- Tangible fixed assets +€14,296
up €14,296 (+1,549%), from €923 to €15,219
of which Other tangible fixed assets: +€10,681
- Cash +€8,119
up €8,119 (+101%), from €8,017 to €16,136
mainly Net result for the year (+€48,789) and Trade debts (+€13,335)
- Receivables within one year -€6,439
down €6,439 (-16.2%), from €39,663 to €33,224
of which Other amounts receivable: -€27,616
- Deferred charges and accrued income +€1,042
up €1,042 (+1,445%), from €72 to €1,115
- Profit (loss) carried forward +€18,075
no longer reported in 2025 (was -€18,075)
- Trade debts +€13,335
up €13,335 (+234%), from €5,702 to €19,037
- Reserves -€10,692
down €10,692 (-49.6%), from €21,540 to €10,848
of which Distributable reserves: -€10,692
- Accrued charges and deferred income -€9,075
down €9,075 (-95.6%), from €9,492 to €417
- Short-term financial debts -€6,532
down €6,532 (-78.0%), from €8,371 to €1,839
- Gross operating margin +€67,997
up €67,997, from -€10,617 to €57,380
- Taxes +€5,461
new in 2025: €5,461
- Financial income -€686
down €686 (-51.8%), from €1,326 to €640
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 | €48,926 | €65,944 | +€17,018 | +34.8% |
| Fixed assets | 21/28 | €1,173 | €15,469 | +€14,296 | +1,219% |
| Tangible fixed assets | 22/27 | €923 | €15,219 | +€14,296 | +1,549% |
| Plant, machinery and equipment | 23 | €923 | €4,538 | +€3,615 | +392% |
| Other tangible fixed assets | 26 | - | €10,681 | +€10,681 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €47,753 | €50,475 | +€2,722 | +5.7% |
| Amounts receivable within one year | 40/41 | €39,663 | €33,224 | -€6,439 | -16.2% |
| Trade receivables | 40 | €2,723 | €23,900 | +€21,177 | +778% |
| Other amounts receivable | 41 | €36,940 | €9,324 | -€27,616 | -74.8% |
| Cash at bank and in hand | 54/58 | €8,017 | €16,136 | +€8,119 | +101% |
| Deferred charges and accrued income | 490/1 | €72 | €1,115 | +€1,042 | +1,445% |
| Total equity and liabilities | 10/49 | €48,926 | €65,944 | +€17,018 | +34.8% |
| Equity | 10/15 | €12,065 | €19,448 | +€7,383 | +61.2% |
| Contributions | 10/11 | €8,600 | €8,600 | = | 0.0% |
| Reserves | 13 | €21,540 | €10,848 | -€10,692 | -49.6% |
| Tax-exempt reserves | 132 | €3,751 | €3,751 | = | 0.0% |
| Distributable reserves | 133 | €17,789 | €7,097 | -€10,692 | -60.1% |
| Profit (loss) carried forward | 14 | -€18,075 | - | +€18,075 | |
| Amounts payable | 17/49 | €36,861 | €46,496 | +€9,635 | +26.1% |
| Amounts payable within one year | 42/48 | €27,369 | €46,079 | +€18,710 | +68.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,018 | +€5,018 | |
| Financial debts | 43 | €8,371 | €1,839 | -€6,532 | -78.0% |
| Credit institutions | 430/8 | €8,371 | €1,839 | -€6,532 | -78.0% |
| Trade debts | 44 | €5,702 | €19,037 | +€13,335 | +234% |
| Suppliers | 440/4 | €5,702 | €19,037 | +€13,335 | +234% |
| Taxes, remuneration and social security | 45 | €2,014 | €3,488 | +€1,474 | +73.2% |
| Taxes | 450/3 | €2,014 | €3,488 | +€1,474 | +73.2% |
| Other amounts payable | 47/48 | €11,283 | €16,699 | +€5,416 | +48.0% |
| Accrued charges and deferred income | 492/3 | €9,492 | €417 | -€9,075 | -95.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €983 | €1,065 | +€82 | +8.4% |
| Other operating charges | 640/8 | €2,231 | €1,823 | -€408 | -18.3% |
| Gross operating margin | 9900 | -€10,617 | €57,380 | +€67,997 | |
| Operating profit (loss) | 9901 | -€13,831 | €54,492 | +€68,322 | |
| Financial income | 75/76B | €1,326 | €640 | -€686 | -51.8% |
| Recurring financial income | 75 | €1,326 | €640 | -€686 | -51.8% |
| Financial charges | 65/66B | €1,422 | €881 | -€541 | -38.0% |
| Recurring financial charges | 65 | €1,422 | €881 | -€541 | -38.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,927 | €54,250 | +€68,177 | |
| Income taxes | 67/77 | - | €5,461 | +€5,461 | |
| Profit (loss) for the period | 9904 | -€13,927 | €48,789 | +€62,716 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,927 | €48,789 | +€62,716 |
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 26 October 2026 via checked.be.