AA347 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.
AA347 MANAGEMENT
Largest movements
- Receivables within one year +€83,859
up €83,859 (+71.1%), from €117,981 to €201,839
of which Other amounts receivable: +€67,582
- Cash -€36,402
down €36,402 (-56.2%), from €64,826 to €28,424
mainly Receivables within one year (-€83,859) and Debts after one year (-€14,451)
- Tangible fixed assets -€19,982
down €19,982 (-5.5%), from €363,114 to €343,132
- Reserves +€30,000
up €30,000 (+25.0%), from €120,000 to €150,000
- Debts after one year -€14,451
down €14,451 (-4.6%), from €312,088 to €297,637
- Profit (loss) carried forward +€10,241
up €10,241 (+22.1%), from €46,407 to €56,648
- Tax, wage and social debts -€8,510
down €8,510 (-20.4%), from €41,727 to €33,217
of which Taxes: -€8,510
- Gross operating margin -€25,931
down €25,931 (-23.4%), from €110,723 to €84,792
- Taxes -€4,973
down €4,973 (-24.9%), from €19,942 to €14,969
- Financial income +€4,209
up €4,209 (+214%), from €1,965 to €6,175
- Financial charges -€2,007
down €2,007 (-11.5%), from €17,463 to €15,456
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 | €555,521 | €577,972 | +€22,451 | +4.0% |
| Fixed assets | 21/28 | €363,114 | €343,132 | -€19,982 | -5.5% |
| Tangible fixed assets | 22/27 | €363,114 | €343,132 | -€19,982 | -5.5% |
| Land and buildings | 22 | €363,114 | €343,132 | -€19,982 | -5.5% |
| Current assets | 29/58 | €192,407 | €234,840 | +€42,433 | +22.1% |
| Amounts receivable within one year | 40/41 | €117,981 | €201,839 | +€83,859 | +71.1% |
| Trade receivables | 40 | €13,613 | €29,889 | +€16,277 | +120% |
| Other amounts receivable | 41 | €104,368 | €171,950 | +€67,582 | +64.8% |
| Cash at bank and in hand | 54/58 | €64,826 | €28,424 | -€36,402 | -56.2% |
| Deferred charges and accrued income | 490/1 | €9,601 | €4,577 | -€5,024 | -52.3% |
| Total equity and liabilities | 10/49 | €555,521 | €577,972 | +€22,451 | +4.0% |
| Equity | 10/15 | €170,407 | €210,648 | +€40,241 | +23.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Distributable reserves | 133 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Profit (loss) carried forward | 14 | €46,407 | €56,648 | +€10,241 | +22.1% |
| Amounts payable | 17/49 | €385,114 | €367,324 | -€17,790 | -4.6% |
| Amounts payable after more than one year | 17 | €312,088 | €297,637 | -€14,451 | -4.6% |
| Financial debts | 170/4 | €312,088 | €297,637 | -€14,451 | -4.6% |
| Amounts payable within one year | 42/48 | €72,176 | €68,837 | -€3,339 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €13,921 | €14,451 | +€530 | +3.8% |
| Trade debts | 44 | €13,144 | €17,458 | +€4,314 | +32.8% |
| Suppliers | 440/4 | €13,144 | €17,458 | +€4,314 | +32.8% |
| Taxes, remuneration and social security | 45 | €41,727 | €33,217 | -€8,510 | -20.4% |
| Taxes | 450/3 | €38,727 | €30,217 | -€8,510 | -22.0% |
| Remuneration and social security | 454/9 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €3,383 | €3,710 | +€328 | +9.7% |
| Accrued charges and deferred income | 492/3 | €850 | €850 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,490 | €19,982 | +€491 | +2.5% |
| Other operating charges | 640/8 | €597 | €319 | -€279 | -46.7% |
| Gross operating margin | 9900 | €110,723 | €84,792 | -€25,931 | -23.4% |
| Operating profit (loss) | 9901 | €90,635 | €64,492 | -€26,143 | -28.8% |
| Financial income | 75/76B | €1,965 | €6,175 | +€4,209 | +214% |
| Recurring financial income | 75 | €1,965 | €6,175 | +€4,209 | +214% |
| Financial charges | 65/66B | €17,463 | €15,456 | -€2,007 | -11.5% |
| Recurring financial charges | 65 | €17,463 | €15,456 | -€2,007 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €75,137 | €55,210 | -€19,927 | -26.5% |
| Income taxes | 67/77 | €19,942 | €14,969 | -€4,973 | -24.9% |
| Profit (loss) for the period | 9904 | €55,195 | €40,241 | -€14,953 | -27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,195 | €40,241 | -€14,953 | -27.1% |
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 17 October 2026 via checked.be.