ACTIVE FINANCIAL 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.
ACTIVE FINANCIAL MANAGEMENT
Largest movements
- Tangible fixed assets +€23,607
up €23,607 (+115%), from €20,585 to €44,192
of which Furniture and vehicles: +€23,948
- Receivables within one year +€10,400
up €10,400 (+16.3%), from €63,855 to €74,255
of which Trade receivables: +€5,400
- Cash +€7,620
up €7,620 (+16.1%), from €47,258 to €54,878
mainly Net result for the year (+€60,121) and Depreciation (+€10,786)
- Profit (loss) carried forward +€85,381
up €85,381, from -€8,965 to €76,416
- Reserves -€37,491
down €37,491 (-42.7%), from €87,759 to €50,268
of which Tax-exempt reserves: -€25,260
- Other debts -€16,303
down €16,303 (-57.1%), from €28,534 to €12,231
- Tax, wage and social debts +€9,785
up €9,785 (+216%), from €4,524 to €14,309
- Gross operating margin +€89,957
up €89,957 (+661%), from €13,605 to €103,562
- Taxes +€33,042
up €33,042 (+2,836%), from €1,165 to €34,207
- Depreciation -€1,421
down €1,421 (-11.6%), from €12,207 to €10,786
- Financial income -€1,377
down €1,377 (-32.5%), from €4,239 to €2,861
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 | €132,969 | €175,599 | +€42,631 | +32.1% |
| Fixed assets | 21/28 | €20,585 | €44,232 | +€23,647 | +115% |
| Tangible fixed assets | 22/27 | €20,585 | €44,192 | +€23,607 | +115% |
| Plant, machinery and equipment | 23 | €2,180 | €1,839 | -€341 | -15.7% |
| Furniture and vehicles | 24 | €18,405 | €42,353 | +€23,948 | +130% |
| Financial fixed assets | 28 | - | €40 | +€40 | |
| Current assets | 29/58 | €112,384 | €131,368 | +€18,984 | +16.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €63,855 | €74,255 | +€10,400 | +16.3% |
| Trade receivables | 40 | €14,399 | €19,799 | +€5,400 | +37.5% |
| Other amounts receivable | 41 | €49,456 | €54,457 | +€5,001 | +10.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €47,258 | €54,878 | +€7,620 | +16.1% |
| Deferred charges and accrued income | 490/1 | €1,271 | €2,234 | +€964 | +75.9% |
| Total equity and liabilities | 10/49 | €132,969 | €175,599 | +€42,631 | +32.1% |
| Equity | 10/15 | €97,386 | €145,276 | +€47,890 | +49.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €87,759 | €50,268 | -€37,491 | -42.7% |
| Tax-exempt reserves | 132 | €25,260 | €0 | -€25,260 | -100% |
| Distributable reserves | 133 | €62,499 | €50,268 | -€12,231 | -19.6% |
| Profit (loss) carried forward | 14 | -€8,965 | €76,416 | +€85,381 | |
| Amounts payable | 17/49 | €35,583 | €30,323 | -€5,259 | -14.8% |
| Amounts payable within one year | 42/48 | €35,583 | €30,323 | -€5,259 | -14.8% |
| Financial debts | 43 | €1,261 | €863 | -€398 | -31.6% |
| Credit institutions | 430/8 | €1,261 | €863 | -€398 | -31.6% |
| Trade debts | 44 | €1,264 | €2,921 | +€1,657 | +131% |
| Suppliers | 440/4 | €1,264 | €2,921 | +€1,657 | +131% |
| Taxes, remuneration and social security | 45 | €4,524 | €14,309 | +€9,785 | +216% |
| Taxes | 450/3 | €4,524 | €14,309 | +€9,785 | +216% |
| Other amounts payable | 47/48 | €28,534 | €12,231 | -€16,303 | -57.1% |
| Non-recurring operating income | 76A | €0 | €177 | +€177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,207 | €10,786 | -€1,421 | -11.6% |
| Other operating charges | 640/8 | €805 | €938 | +€133 | +16.5% |
| Gross operating margin | 9900 | €13,605 | €103,562 | +€89,957 | +661% |
| Operating profit (loss) | 9901 | €593 | €91,838 | +€91,245 | +15,394% |
| Financial income | 75/76B | €4,239 | €2,861 | -€1,377 | -32.5% |
| Recurring financial income | 75 | €4,239 | €2,861 | -€1,377 | -32.5% |
| Financial charges | 65/66B | €571 | €372 | -€199 | -34.9% |
| Recurring financial charges | 65 | €571 | €372 | -€199 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €4,261 | €94,328 | +€90,067 | +2,114% |
| Income taxes | 67/77 | €1,165 | €34,207 | +€33,042 | +2,836% |
| Profit (loss) for the period | 9904 | €3,096 | €60,121 | +€57,025 | +1,842% |
| Transfer from tax-exempt reserves | 789 | - | €25,260 | +€25,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,096 | €85,381 | +€82,285 | +2,658% |
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.