ABOVE 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.
ABOVE MANAGEMENT
Largest movements
- Current investments -€209,315
down €209,315 (-7.9%), from €2.7m to €2.4m
- Cash +€93,524
up €93,524 (+8,143%), from €1,149 to €94,673
mainly Current investments (+€209,315) and Net result for the year (+€18,344)
- Receivables within one year +€49,154
up €49,154 (+360%), from €13,663 to €62,817
of which Other amounts receivable: +€40,814
- Tax, wage and social debts -€102,280
down €102,280 (-58.5%), from €174,801 to €72,521
- Taxes -€79,134
down €79,134 (-99.5%), from €79,548 to €414
- Financial charges -€40,092
down €40,092 (-97.8%), from €41,013 to €921
- Gross operating margin +€16,879
up €16,879 (+41.7%), from -€40,512 to -€23,633
- Depreciation -€3,992
down €3,992 (-28.4%), from €14,043 to €10,051
- Other operating charges -€2,785
down €2,785 (-25.6%), from €10,890 to €8,104
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 | €2,688,919 | €2,611,960 | -€76,959 | -2.9% |
| Fixed assets | 21/28 | €21,441 | €11,390 | -€10,051 | -46.9% |
| Tangible fixed assets | 22/27 | €16,341 | €6,290 | -€10,051 | -61.5% |
| Plant, machinery and equipment | 23 | €847 | - | -€847 | |
| Furniture and vehicles | 24 | €1,754 | - | -€1,754 | |
| Other tangible fixed assets | 26 | €13,740 | €6,290 | -€7,450 | -54.2% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €2,667,478 | €2,600,570 | -€66,908 | -2.5% |
| Amounts receivable within one year | 40/41 | €13,663 | €62,817 | +€49,154 | +360% |
| Trade receivables | 40 | €5,092 | €13,431 | +€8,339 | +164% |
| Other amounts receivable | 41 | €8,571 | €49,386 | +€40,814 | +476% |
| Current investments | 50/53 | €2,650,665 | €2,441,350 | -€209,315 | -7.9% |
| Cash at bank and in hand | 54/58 | €1,149 | €94,673 | +€93,524 | +8,143% |
| Deferred charges and accrued income | 490/1 | €2,002 | €1,730 | -€271 | -13.5% |
| Total equity and liabilities | 10/49 | €2,688,919 | €2,611,960 | -€76,959 | -2.9% |
| Equity | 10/15 | €2,513,556 | €2,531,900 | +€18,344 | +0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,494,956 | €2,513,300 | +€18,344 | +0.7% |
| Distributable reserves | 133 | €2,494,956 | €2,513,300 | +€18,344 | +0.7% |
| Amounts payable | 17/49 | €175,362 | €80,059 | -€95,303 | -54.3% |
| Amounts payable within one year | 42/48 | €175,362 | €80,059 | -€95,303 | -54.3% |
| Trade debts | 44 | €562 | €7,539 | +€6,977 | +1,242% |
| Suppliers | 440/4 | €562 | €7,539 | +€6,977 | +1,242% |
| Taxes, remuneration and social security | 45 | €174,801 | €72,521 | -€102,280 | -58.5% |
| Taxes | 450/3 | €174,801 | €72,521 | -€102,280 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,043 | €10,051 | -€3,992 | -28.4% |
| Other operating charges | 640/8 | €10,890 | €8,104 | -€2,785 | -25.6% |
| Gross operating margin | 9900 | -€40,512 | -€23,633 | +€16,879 | +41.7% |
| Operating profit (loss) | 9901 | -€65,445 | -€41,788 | +€23,657 | +36.1% |
| Financial income | 75/76B | €62,322 | €61,467 | -€855 | -1.4% |
| Recurring financial income | 75 | €62,322 | €61,467 | -€855 | -1.4% |
| Financial charges | 65/66B | €41,013 | €921 | -€40,092 | -97.8% |
| Recurring financial charges | 65 | €41,013 | €921 | -€40,092 | -97.8% |
| Profit (loss) for the period before taxes | 9903 | -€44,136 | €18,758 | +€62,894 | |
| Income taxes | 67/77 | €79,548 | €414 | -€79,134 | -99.5% |
| Profit (loss) for the period | 9904 | -€123,684 | €18,344 | +€142,028 | |
| Transfer from tax-exempt reserves | 789 | €602,477 | - | -€602,477 | |
| Profit (loss) for the period to be appropriated | 9905 | €478,793 | €18,344 | -€460,449 | -96.2% |
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.