14 MANAGEMENT: what changed
Two fiscal 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.
14 MANAGEMENT
Largest movements
- Receivables within one year +€21,919
up €21,919 (+56.7%), from €38,661 to €60,581
of which Trade receivables: +€19,398
- Cash -€7,510
down €7,510 (-7.3%), from €102,885 to €95,375
mainly Contributions, distributions and other (-€26,853) and Receivables within one year (-€21,919)
- Tangible fixed assets -€5,537
down €5,537 (-2.5%), from €224,311 to €218,773
of which Land and buildings: -€7,500
- Other debts +€20,025
new in 2025: €20,025
- Debts after one year -€11,232
down €11,232 (-5.7%), from €196,537 to €185,305
- Other operating charges -€28,378
down €28,378 (-89.6%), from €31,688 to €3,310
- Gross operating margin -€6,499
down €6,499 (-10.4%), from €62,770 to €56,271
- Financial charges +€4,901
up €4,901 (+121.6%), from €4,029 to €8,931
- Depreciation +€3,154
up €3,154 (+59.3%), from €5,317 to €8,470
- Taxes +€1,248
up €1,248 (+12.8%), from €9,714 to €10,962
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.
Cash bridge derived
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 | €370,523 | €376,634 | +€6,111 | +1.6% |
| Fixed assets | 21/28 | €224,311 | €218,773 | -€5,537 | -2.5% |
| Tangible fixed assets | 22/27 | €224,311 | €218,773 | -€5,537 | -2.5% |
| Land and buildings | 22 | €223,094 | €215,594 | -€7,500 | -3.4% |
| Furniture and vehicles | 24 | €1,216 | €251 | -€966 | -79.4% |
| Other tangible fixed assets | 26 | - | €2,928 | +€2,928 | |
| Current assets | 29/58 | €146,212 | €157,861 | +€11,649 | +8.0% |
| Amounts receivable within one year | 40/41 | €38,661 | €60,581 | +€21,919 | +56.7% |
| Trade receivables | 40 | €1,943 | €21,341 | +€19,398 | +998.2% |
| Other amounts receivable | 41 | €36,718 | €39,239 | +€2,521 | +6.9% |
| Cash at bank and in hand | 54/58 | €102,885 | €95,375 | -€7,510 | -7.3% |
| Deferred charges and accrued income | 490/1 | €4,666 | €1,906 | -€2,760 | -59.2% |
| Total equity and liabilities | 10/49 | €370,523 | €376,634 | +€6,111 | +1.6% |
| Equity | 10/15 | €114,303 | €114,303 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €112,303 | €112,303 | = | 0.0% |
| Distributable reserves | 133 | €112,303 | €112,303 | = | 0.0% |
| Amounts payable | 17/49 | €256,220 | €262,331 | +€6,111 | +2.4% |
| Amounts payable after more than one year | 17 | €196,537 | €185,305 | -€11,232 | -5.7% |
| Financial debts | 170/4 | €196,537 | €185,305 | -€11,232 | -5.7% |
| Amounts payable within one year | 42/48 | €59,683 | €77,026 | +€17,343 | +29.1% |
| Current portion of amounts payable after more than one year | 42 | €10,832 | €11,232 | +€400 | +3.7% |
| Trade debts | 44 | €5,044 | €5,339 | +€295 | +5.9% |
| Suppliers | 440/4 | €5,044 | €5,339 | +€295 | +5.9% |
| Taxes, remuneration and social security | 45 | €43,807 | €40,431 | -€3,377 | -7.7% |
| Taxes | 450/3 | €41,807 | €38,431 | -€3,377 | -8.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | - | €20,025 | +€20,025 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,317 | €8,470 | +€3,154 | +59.3% |
| Other operating charges | 640/8 | €31,688 | €3,310 | -€28,378 | -89.6% |
| Gross operating margin | 9900 | €62,770 | €56,271 | -€6,499 | -10.4% |
| Operating profit (loss) | 9901 | €25,765 | €44,490 | +€18,725 | +72.7% |
| Financial income | 75/76B | €3,039 | €2,255 | -€784 | -25.8% |
| Recurring financial income | 75 | €3,039 | €2,255 | -€784 | -25.8% |
| Financial charges | 65/66B | €4,029 | €8,931 | +€4,901 | +121.6% |
| Recurring financial charges | 65 | €4,029 | €8,931 | +€4,901 | +121.6% |
| Profit (loss) for the period before taxes | 9903 | €24,775 | €37,814 | +€13,039 | +52.6% |
| Income taxes | 67/77 | €9,714 | €10,962 | +€1,248 | +12.8% |
| Profit (loss) for the period | 9904 | €15,061 | €26,853 | +€11,791 | +78.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,061 | €26,853 | +€11,791 | +78.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.