factor P: 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.
factor P
Largest movements
- Current investments +€68,780
up €68,780 (+138%), from €50,000 to €118,780
- Cash +€41,722
up €41,722 (+19.6%), from €212,669 to €254,391
mainly Net result for the year (+€60,898) and Depreciation (+€42,074)
- Intangible fixed assets -€27,250
down €27,250 (-17.7%), from €154,242 to €126,992
- Receivables within one year -€19,182
no longer reported in 2025 (was €19,182)
- Deferred charges and accrued income +€17,759
new in 2025: €17,759
- Reserves +€60,898
up €60,898 (+61.2%), from €99,517 to €160,415
- Other debts +€13,539
up €13,539 (+13.0%), from €104,094 to €117,633
- Debts after one year -€10,946
down €10,946 (-37.6%), from €29,148 to €18,203
- Tax, wage and social debts +€6,486
up €6,486 (+24.3%), from €26,645 to €33,131
of which Taxes: +€6,486
- Gross operating margin +€10,515
up €10,515 (+8.5%), from €123,548 to €134,064
- Financial charges +€3,098
up €3,098 (+41.6%), from €7,444 to €10,542
- Taxes +€2,540
up €2,540 (+12.1%), from €20,985 to €23,525
- Financial income +€2,498
up €2,498 (+306%), from €815 to €3,313
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 | €490,686 | €561,813 | +€71,126 | +14.5% |
| Fixed assets | 21/28 | €208,835 | €170,881 | -€37,954 | -18.2% |
| Intangible fixed assets | 21 | €154,242 | €126,992 | -€27,250 | -17.7% |
| Tangible fixed assets | 22/27 | €54,593 | €43,889 | -€10,704 | -19.6% |
| Plant, machinery and equipment | 23 | €3,373 | €2,816 | -€557 | -16.5% |
| Furniture and vehicles | 24 | €44,862 | €34,587 | -€10,275 | -22.9% |
| Other tangible fixed assets | 26 | €6,357 | €6,486 | +€128 | +2.0% |
| Current assets | 29/58 | €281,851 | €390,931 | +€109,080 | +38.7% |
| Amounts receivable within one year | 40/41 | €19,182 | - | -€19,182 | |
| Trade receivables | 40 | €19,182 | - | -€19,182 | |
| Current investments | 50/53 | €50,000 | €118,780 | +€68,780 | +138% |
| Cash at bank and in hand | 54/58 | €212,669 | €254,391 | +€41,722 | +19.6% |
| Deferred charges and accrued income | 490/1 | - | €17,759 | +€17,759 | |
| Total equity and liabilities | 10/49 | €490,686 | €561,813 | +€71,126 | +14.5% |
| Equity | 10/15 | €319,517 | €380,415 | +€60,898 | +19.1% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €99,517 | €160,415 | +€60,898 | +61.2% |
| Distributable reserves | 133 | €99,517 | €160,415 | +€60,898 | +61.2% |
| Amounts payable | 17/49 | €171,169 | €181,398 | +€10,228 | +6.0% |
| Amounts payable after more than one year | 17 | €29,148 | €18,203 | -€10,946 | -37.6% |
| Financial debts | 170/4 | €29,148 | €18,203 | -€10,946 | -37.6% |
| Amounts payable within one year | 42/48 | €142,021 | €161,729 | +€19,707 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €10,538 | €10,946 | +€407 | +3.9% |
| Trade debts | 44 | €745 | €19 | -€725 | -97.4% |
| Suppliers | 440/4 | €745 | €19 | -€725 | -97.4% |
| Taxes, remuneration and social security | 45 | €26,645 | €33,131 | +€6,486 | +24.3% |
| Taxes | 450/3 | €25,145 | €31,631 | +€6,486 | +25.8% |
| Remuneration and social security | 454/9 | €1,500 | €1,500 | = | 0.0% |
| Other amounts payable | 47/48 | €104,094 | €117,633 | +€13,539 | +13.0% |
| Accrued charges and deferred income | 492/3 | - | €1,466 | +€1,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,688 | €42,074 | +€386 | +0.9% |
| Other operating charges | 640/8 | €209 | €216 | +€7 | +3.3% |
| Non-recurring operating charges | 66A | - | €121 | +€121 | |
| Gross operating margin | 9900 | €123,548 | €134,064 | +€10,515 | +8.5% |
| Operating profit (loss) | 9901 | €81,651 | €91,652 | +€10,001 | +12.2% |
| Financial income | 75/76B | €815 | €3,313 | +€2,498 | +306% |
| Recurring financial income | 75 | €815 | €3,313 | +€2,498 | +306% |
| Financial charges | 65/66B | €7,444 | €10,542 | +€3,098 | +41.6% |
| Recurring financial charges | 65 | €7,444 | €10,542 | +€3,098 | +41.6% |
| Profit (loss) for the period before taxes | 9903 | €75,022 | €84,423 | +€9,401 | +12.5% |
| Income taxes | 67/77 | €20,985 | €23,525 | +€2,540 | +12.1% |
| Profit (loss) for the period | 9904 | €54,037 | €60,898 | +€6,861 | +12.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,037 | €60,898 | +€6,861 | +12.7% |
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 25 October 2026 via checked.be.