MAKING STRATEGY WORK: what changed
MAKING STRATEGY WORK
Largest movements
- Cash +€101,250
up €101,250 (+970%), from €10,435 to €111,685
mainly Net result for the year (+€222,098) and Debts after one year (+€170,000)
- Receivables within one year +€91,887
up €91,887 (+93.3%), from €98,436 to €190,323
of which Other amounts receivable: +€79,512
- Receivables after one year +€25,600
up €25,600 (+6.0%), from €425,197 to €450,797
- Deferred charges and accrued income +€22,917
up €22,917 (+60.4%), from €37,929 to €60,846
- Debts after one year +€170,000
up €170,000 (+39.5%), from €430,000 to €600,000
- Profit (loss) carried forward +€52,098
up €52,098 (+87.8%), from €59,354 to €111,452
- Trade debts +€48,745
up €48,745 (+704%), from €6,924 to €55,669
- Tax, wage and social debts -€26,069
down €26,069 (-46.9%), from €55,576 to €29,507
- Turnover -€267,200
no longer reported in 2025 (was €267,200)
- Purchases and services -€79,784
no longer reported in 2025 (was €79,784)
- Other operating charges -€35,721
down €35,721 (-90.8%), from €39,358 to €3,637
- Gross operating margin -€11,051
down €11,051 (-4.9%), from €227,109 to €216,059
- Financial income +€10,674
up €10,674 (+87.1%), from €12,254 to €22,928
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 | €579,009 | €816,243 | +€237,234 | +41.0% |
| Fixed assets | 21/28 | €7,012 | €2,592 | -€4,420 | -63.0% |
| Tangible fixed assets | 22/27 | €6,512 | €2,092 | -€4,420 | -67.9% |
| Other tangible fixed assets | 26 | €6,512 | €2,092 | -€4,420 | -67.9% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €571,998 | €813,651 | +€241,653 | +42.2% |
| Amounts receivable after more than one year | 29 | €425,197 | €450,797 | +€25,600 | +6.0% |
| Other amounts receivable | 291 | €425,197 | €450,797 | +€25,600 | +6.0% |
| Amounts receivable within one year | 40/41 | €98,436 | €190,323 | +€91,887 | +93.3% |
| Trade receivables | 40 | €32,657 | €45,032 | +€12,375 | +37.9% |
| Other amounts receivable | 41 | €65,779 | €145,291 | +€79,512 | +121% |
| Cash at bank and in hand | 54/58 | €10,435 | €111,685 | +€101,250 | +970% |
| Deferred charges and accrued income | 490/1 | €37,929 | €60,846 | +€22,917 | +60.4% |
| Total equity and liabilities | 10/49 | €579,009 | €816,243 | +€237,234 | +41.0% |
| Equity | 10/15 | €77,954 | €130,052 | +€52,098 | +66.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €59,354 | €111,452 | +€52,098 | +87.8% |
| Amounts payable | 17/49 | €501,056 | €686,191 | +€185,136 | +36.9% |
| Amounts payable after more than one year | 17 | €430,000 | €600,000 | +€170,000 | +39.5% |
| Other amounts payable | 178/9 | €430,000 | €600,000 | +€170,000 | +39.5% |
| Amounts payable within one year | 42/48 | €71,056 | €86,191 | +€15,136 | +21.3% |
| Financial debts | 43 | €8,555 | €1,015 | -€7,540 | -88.1% |
| Credit institutions | 430/8 | €8,555 | - | -€8,555 | |
| Other loans | 439 | - | €1,015 | +€1,015 | |
| Trade debts | 44 | €6,924 | €55,669 | +€48,745 | +704% |
| Suppliers | 440/4 | €6,924 | €55,669 | +€48,745 | +704% |
| Taxes, remuneration and social security | 45 | €55,576 | €29,507 | -€26,069 | -46.9% |
| Taxes | 450/3 | €55,576 | €29,507 | -€26,069 | -46.9% |
| Turnover | 70 | €267,200 | - | -€267,200 | |
| Goods, raw materials, services and sundry goods | 60/61 | €79,784 | - | -€79,784 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,527 | €4,420 | -€108 | -2.4% |
| Other operating charges | 640/8 | €39,358 | €3,637 | -€35,721 | -90.8% |
| Gross operating margin | 9900 | €227,109 | €216,059 | -€11,051 | -4.9% |
| Operating profit (loss) | 9901 | €183,224 | €208,003 | +€24,778 | +13.5% |
| Financial income | 75/76B | €12,254 | €22,928 | +€10,674 | +87.1% |
| Recurring financial income | 75 | €12,254 | €22,928 | +€10,674 | +87.1% |
| Financial charges | 65/66B | €701 | €205 | -€496 | -70.7% |
| Recurring financial charges | 65 | €701 | €205 | -€496 | -70.7% |
| Profit (loss) for the period before taxes | 9903 | €194,777 | €230,726 | +€35,948 | +18.5% |
| Income taxes | 67/77 | €4,300 | €8,627 | +€4,327 | +101% |
| Profit (loss) for the period | 9904 | €190,477 | €222,098 | +€31,621 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €190,477 | €222,098 | +€31,621 | +16.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.