A³ 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.
A³ MANAGEMENT
Largest movements
- Cash +€444,718
up €444,718 (+359.0%), from €123,862 to €568,580
mainly Net result for the year (+€592,900) and Receivables within one year (+€203,948)
- Tangible fixed assets +€424,059
up €424,059 (+60.6%), from €699,983 to €1.1m
of which Land and buildings: +€460,030
- Receivables within one year -€203,948
down €203,948 (-25.3%), from €807,085 to €603,137
of which Trade receivables: -€193,700
- Profit (loss) carried forward +€592,900
up €592,900 (+14.0%), from €4.2m to €4.8m
- Trade debts +€96,803
up €96,803 (+47.1%), from €205,315 to €302,119
- Turnover -€1.3m
no longer reported in 2025 (was €1.3m)
- Gross operating margin +€807,944
new in 2025: €807,944
- Services and other goods -€765,835
no longer reported in 2025 (was €765,835)
- Financial income -€53,219
down €53,219 (-46.2%), from €115,163 to €61,944
of which Financial income: -€53,219
- Taxes +€44,399
up €44,399 (+26.4%), from €167,884 to €212,283
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 | €4,892,350 | €5,578,577 | +€686,227 | +14.0% |
| Fixed assets | 21/28 | €727,137 | €1,151,196 | +€424,059 | +58.3% |
| Tangible fixed assets | 22/27 | €699,983 | €1,124,041 | +€424,059 | +60.6% |
| Land and buildings | 22 | €560,852 | €1,020,882 | +€460,030 | +82.0% |
| Furniture and vehicles | 24 | €139,131 | €103,159 | -€35,972 | -25.9% |
| Financial fixed assets | 28 | €27,155 | €27,155 | = | 0.0% |
| Other financial fixed assets | 284/8 | €27,155 | - | -€27,155 | |
| Shares | 284 | €27,155 | - | -€27,155 | |
| Current assets | 29/58 | €4,165,213 | €4,427,381 | +€262,169 | +6.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €807,085 | €603,137 | -€203,948 | -25.3% |
| Trade receivables | 40 | €773,488 | €579,788 | -€193,700 | -25.0% |
| Other amounts receivable | 41 | €33,597 | €23,349 | -€10,248 | -30.5% |
| Current investments | 50/53 | €3,200,000 | €3,250,000 | +€50,000 | +1.6% |
| Other investments | 51/53 | €3,200,000 | - | -€3.2m | |
| Cash at bank and in hand | 54/58 | €123,862 | €568,580 | +€444,718 | +359.0% |
| Deferred charges and accrued income | 490/1 | €34,266 | €5,664 | -€28,602 | -83.5% |
| Total equity and liabilities | 10/49 | €4,892,350 | €5,578,577 | +€686,227 | +14.0% |
| Equity | 10/15 | €4,448,228 | €5,041,128 | +€592,900 | +13.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €202,000 | €202,000 | = | 0.0% |
| Distributable reserves | 133 | €202,000 | €202,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,226,228 | €4,819,128 | +€592,900 | +14.0% |
| Amounts payable | 17/49 | €444,122 | €537,449 | +€93,327 | +21.0% |
| Amounts payable after more than one year | 17 | €51,931 | €0 | -€51,931 | -100.0% |
| Financial debts | 170/4 | €51,931 | €0 | -€51,931 | -100.0% |
| Credit institutions | 173 | €51,931 | - | -€51,931 | |
| Amounts payable within one year | 42/48 | €390,993 | €537,449 | +€146,456 | +37.5% |
| Current portion of amounts payable after more than one year | 42 | €50,108 | €51,931 | +€1,823 | +3.6% |
| Trade debts | 44 | €205,315 | €302,119 | +€96,803 | +47.1% |
| Suppliers | 440/4 | €205,315 | €302,119 | +€96,803 | +47.1% |
| Taxes, remuneration and social security | 45 | €12,025 | €6,857 | -€5,167 | -43.0% |
| Taxes | 450/3 | €10,075 | €4,907 | -€5,167 | -51.3% |
| Remuneration and social security | 454/9 | €1,950 | €1,950 | = | 0.0% |
| Other amounts payable | 47/48 | €123,545 | €176,543 | +€52,997 | +42.9% |
| Accrued charges and deferred income | 492/3 | €1,198 | €0 | -€1,198 | -100.0% |
| Operating income | 70/76A | €1,335,664 | - | -€1.3m | |
| Turnover | 70 | €1,293,989 | - | -€1.3m | |
| Other operating income | 74 | €41,675 | - | -€41,675 | |
| Operating charges | 60/66A | €863,245 | - | -€863,245 | |
| Services and other goods | 61 | €765,835 | - | -€765,835 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,117 | €47,343 | -€43,773 | -48.0% |
| Other operating charges | 640/8 | €6,293 | €9,730 | +€3,436 | +54.6% |
| Gross operating margin | 9900 | - | €807,944 | +€807,944 | |
| Operating profit (loss) | 9901 | €472,419 | €750,871 | +€278,452 | +58.9% |
| Financial income | 75/76B | €115,163 | €61,944 | -€53,219 | -46.2% |
| Recurring financial income | 75 | €115,163 | €61,944 | -€53,219 | -46.2% |
| Income from financial fixed assets | 750 | €19 | - | -€19 | |
| Income from current assets | 751 | €115,144 | - | -€115,144 | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €9,222 | €7,631 | -€1,591 | -17.2% |
| Recurring financial charges | 65 | €9,222 | €7,631 | -€1,591 | -17.2% |
| Debt charges | 650 | €6,324 | - | -€6,324 | |
| Other financial charges | 652/9 | €2,898 | - | -€2,898 | |
| Profit (loss) for the period before taxes | 9903 | €578,359 | €805,183 | +€226,824 | +39.2% |
| Income taxes | 67/77 | €167,884 | €212,283 | +€44,399 | +26.4% |
| Taxes | 670/3 | €167,884 | - | -€167,884 | |
| Profit (loss) for the period | 9904 | €410,475 | €592,900 | +€182,425 | +44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €410,475 | €592,900 | +€182,425 | +44.4% |
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 4 October 2026 via checked.be.