RULE 46: 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.
RULE 46
Largest movements
- Financial fixed assets -€250,000
down €250,000 (-100%), from €250,000 to €0
- Intangible fixed assets -€53,750
down €53,750 (-36.5%), from €147,408 to €93,658
- Receivables within one year -€38,148
down €38,148 (-99.1%), from €38,487 to €339
of which Trade receivables: -€25,521
- Current investments -€20,000
down €20,000 (-31.2%), from €64,027 to €44,027
- Cash -€19,426
down €19,426 (-77.8%), from €24,980 to €5,554
mainly Debts after one year (-€298,600) and Contributions, distributions and other (-€70,000)
- Debts after one year -€298,600
down €298,600 (-100%), from €298,600 to €0
- Reserves -€82,932
down €82,932 (-54.7%), from €151,602 to €68,670
- Other debts +€60,631
up €60,631 (+328%), from €18,462 to €79,093
- Current portion of long-term debt -€57,600
down €57,600 (-100%), from €57,600 to €0
- Gross operating margin -€27,697
down €27,697 (-34.4%), from €80,614 to €52,918
- Depreciation -€8,293
down €8,293 (-11.3%), from €73,244 to €64,951
- Financial charges -€5,556
down €5,556 (-89.3%), from €6,222 to €666
- Taxes -€1,709
down €1,709 (-81.2%), from €2,106 to €396
- Financial income +€870
up €870 (+774%), from €112 to €983
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 | €550,718 | €170,174 | -€380,544 | -69.1% |
| Fixed assets | 21/28 | €420,842 | €117,176 | -€303,667 | -72.2% |
| Intangible fixed assets | 21 | €147,408 | €93,658 | -€53,750 | -36.5% |
| Tangible fixed assets | 22/27 | €23,435 | €23,518 | +€84 | +0.4% |
| Furniture and vehicles | 24 | €23,435 | €23,518 | +€84 | +0.4% |
| Financial fixed assets | 28 | €250,000 | €0 | -€250,000 | -100% |
| Current assets | 29/58 | €129,876 | €52,998 | -€76,878 | -59.2% |
| Amounts receivable within one year | 40/41 | €38,487 | €339 | -€38,148 | -99.1% |
| Trade receivables | 40 | €25,521 | €0 | -€25,521 | -100% |
| Other amounts receivable | 41 | €12,966 | €339 | -€12,626 | -97.4% |
| Current investments | 50/53 | €64,027 | €44,027 | -€20,000 | -31.2% |
| Cash at bank and in hand | 54/58 | €24,980 | €5,554 | -€19,426 | -77.8% |
| Deferred charges and accrued income | 490/1 | €2,382 | €3,077 | +€696 | +29.2% |
| Total equity and liabilities | 10/49 | €550,718 | €170,174 | -€380,544 | -69.1% |
| Equity | 10/15 | €170,202 | €87,270 | -€82,932 | -48.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €151,602 | €68,670 | -€82,932 | -54.7% |
| Distributable reserves | 133 | €151,602 | €68,670 | -€82,932 | -54.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €380,517 | €82,904 | -€297,612 | -78.2% |
| Amounts payable after more than one year | 17 | €298,600 | €0 | -€298,600 | -100% |
| Financial debts | 170/4 | €298,600 | €0 | -€298,600 | -100% |
| Amounts payable within one year | 42/48 | €81,917 | €82,904 | +€988 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €57,600 | €0 | -€57,600 | -100% |
| Trade debts | 44 | €1,270 | €502 | -€769 | -60.5% |
| Suppliers | 440/4 | €1,270 | €502 | -€769 | -60.5% |
| Taxes, remuneration and social security | 45 | €4,584 | €3,309 | -€1,275 | -27.8% |
| Taxes | 450/3 | €4,584 | €3,309 | -€1,275 | -27.8% |
| Other amounts payable | 47/48 | €18,462 | €79,093 | +€60,631 | +328% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,244 | €64,951 | -€8,293 | -11.3% |
| Other operating charges | 640/8 | €1,316 | €818 | -€498 | -37.8% |
| Non-recurring operating charges | 66A | €235 | €0 | -€235 | -100% |
| Gross operating margin | 9900 | €80,614 | €52,918 | -€27,697 | -34.4% |
| Operating profit (loss) | 9901 | €5,818 | -€12,852 | -€18,670 | |
| Financial income | 75/76B | €112 | €983 | +€870 | +774% |
| Recurring financial income | 75 | €112 | €983 | +€870 | +774% |
| Financial charges | 65/66B | €6,222 | €666 | -€5,556 | -89.3% |
| Recurring financial charges | 65 | €6,222 | €666 | -€5,556 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | -€292 | -€12,536 | -€12,244 | -4,200% |
| Income taxes | 67/77 | €2,106 | €396 | -€1,709 | -81.2% |
| Profit (loss) for the period | 9904 | -€2,397 | -€12,932 | -€10,535 | -439% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,397 | -€12,932 | -€10,535 | -439% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.