45 MANAGEMENT: 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.
45 MANAGEMENT
Largest movements
- Receivables within one year -€1.3m
down €1.3m (-74.8%), from €1.7m to €434,148
- Other debts -€1.1m
down €1.1m (-99.8%), from €1.1m to €2,167
- Profit (loss) carried forward -€60,492
new in 2025: -€60,492
- Debts after one year -€58,191
down €58,191 (-24.5%), from €237,884 to €179,693
- Reserves -€33,729
down €33,729 (-11.6%), from €291,236 to €257,508
- Tax, wage and social debts -€27,174
down €27,174 (-94.8%), from €28,677 to €1,503
- Gross operating margin -€110,233
down €110,233, from €23,705 to -€86,528
- Financial income -€26,326
down €26,326 (-25.4%), from €103,614 to €77,288
- Taxes -€23,177
down €23,177 (-98.1%), from €23,634 to €457
- Depreciation -€2,315
down €2,315 (-15.4%), from €15,016 to €12,701
- Staff costs +€1,364
up €1,364 (+6.0%), from €22,906 to €24,269
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 | €1,747,891 | €476,976 | -€1.3m | -72.7% |
| Fixed assets | 21/28 | €19,061 | €42,271 | +€23,210 | +122% |
| Tangible fixed assets | 22/27 | €19,061 | €28,271 | +€9,210 | +48.3% |
| Land and buildings | 22 | €17,085 | €13,280 | -€3,806 | -22.3% |
| Plant, machinery and equipment | 23 | €1,799 | €85 | -€1,714 | -95.3% |
| Furniture and vehicles | 24 | €177 | €14,907 | +€14,730 | +8,343% |
| Financial fixed assets | 28 | - | €14,000 | +€14,000 | |
| Current assets | 29/58 | €1,728,831 | €434,705 | -€1.3m | -74.9% |
| Amounts receivable within one year | 40/41 | €1,723,204 | €434,148 | -€1.3m | -74.8% |
| Other amounts receivable | 41 | €1,723,204 | €434,148 | -€1.3m | -74.8% |
| Cash at bank and in hand | 54/58 | €5,627 | €558 | -€5,069 | -90.1% |
| Total equity and liabilities | 10/49 | €1,747,891 | €476,976 | -€1.3m | -72.7% |
| Equity | 10/15 | €296,236 | €202,016 | -€94,221 | -31.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €291,236 | €257,508 | -€33,729 | -11.6% |
| Distributable reserves | 133 | €291,236 | €257,508 | -€33,729 | -11.6% |
| Profit (loss) carried forward | 14 | - | -€60,492 | -€60,492 | |
| Amounts payable | 17/49 | €1,451,655 | €274,961 | -€1.2m | -81.1% |
| Amounts payable after more than one year | 17 | €237,884 | €179,693 | -€58,191 | -24.5% |
| Financial debts | 170/4 | €237,884 | €179,693 | -€58,191 | -24.5% |
| Amounts payable within one year | 42/48 | €1,211,487 | €94,214 | -€1.1m | -92.2% |
| Current portion of amounts payable after more than one year | 42 | €61,753 | €63,585 | +€1,832 | +3.0% |
| Trade debts | 44 | €29,820 | €26,960 | -€2,860 | -9.6% |
| Suppliers | 440/4 | €29,820 | €26,960 | -€2,860 | -9.6% |
| Taxes, remuneration and social security | 45 | €28,677 | €1,503 | -€27,174 | -94.8% |
| Taxes | 450/3 | €28,677 | €1,503 | -€27,174 | -94.8% |
| Other amounts payable | 47/48 | €1,091,237 | €2,167 | -€1.1m | -99.8% |
| Accrued charges and deferred income | 492/3 | €2,285 | €1,054 | -€1,231 | -53.9% |
| Remuneration, social security and pensions | 62 | €22,906 | €24,269 | +€1,364 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,016 | €12,701 | -€2,315 | -15.4% |
| Other operating charges | 640/8 | €2,517 | €2,681 | +€164 | +6.5% |
| Non-recurring operating charges | 66A | €286 | €115 | -€171 | -59.7% |
| Gross operating margin | 9900 | €23,705 | -€86,528 | -€110,233 | |
| Operating profit (loss) | 9901 | -€17,020 | -€126,294 | -€109,274 | -642% |
| Financial income | 75/76B | €103,614 | €77,288 | -€26,326 | -25.4% |
| Recurring financial income | 75 | €103,614 | €77,288 | -€26,326 | -25.4% |
| Financial charges | 65/66B | €10,785 | €11,029 | +€244 | +2.3% |
| Recurring financial charges | 65 | €10,785 | €11,029 | +€244 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €75,809 | -€60,035 | -€135,844 | |
| Income taxes | 67/77 | €23,634 | €457 | -€23,177 | -98.1% |
| Profit (loss) for the period | 9904 | €52,175 | -€60,492 | -€112,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,175 | -€60,492 | -€112,667 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.