ACTIVE 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.
ACTIVE MANAGEMENT
Largest movements
- Tangible fixed assets -€359,710
down €359,710 (-34.3%), from €1.0m to €690,078
of which Plant, machinery and equipment: -€233,725
- Cash -€116,426
down €116,426 (-78.4%), from €148,459 to €32,033
mainly Net result for the year (-€161,049) and Debts after one year (-€155,403)
- Receivables within one year -€74,792
down €74,792 (-31.8%), from €234,928 to €160,136
of which Trade receivables: -€74,792
- Deferred charges and accrued income +€18,875
up €18,875 (+63.5%), from €29,706 to €48,581
- Profit (loss) carried forward -€161,049
down €161,049 (-40.4%), from €398,311 to €237,262
- Debts after one year -€155,403
down €155,403 (-37.1%), from €418,665 to €263,262
- Other debts -€144,709
down €144,709 (-93.4%), from €155,000 to €10,291
- Current portion of long-term debt -€30,911
down €30,911 (-14.2%), from €217,303 to €186,391
- Tax, wage and social debts -€20,281
down €20,281 (-81.9%), from €24,758 to €4,478
- Turnover -€1.9m
no longer reported in 2025 (was €1.9m)
- Goods and materials -€990,150
no longer reported in 2025 (was €990,150)
of which Change in stocks: decrease (increase): -€622,974
- Services and other goods -€380,044
no longer reported in 2025 (was €380,044)
- Depreciation -€283,527
down €283,527 (-40.9%), from €693,262 to €409,735
- Gross operating margin +€282,692
new in 2025: €282,692
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 | €1,463,275 | €930,828 | -€532,447 | -36.4% |
| Fixed assets | 21/28 | €1,049,788 | €690,078 | -€359,710 | -34.3% |
| Tangible fixed assets | 22/27 | €1,049,788 | €690,078 | -€359,710 | -34.3% |
| Plant, machinery and equipment | 23 | €599,524 | €365,799 | -€233,725 | -39.0% |
| Furniture and vehicles | 24 | €43,119 | €33,535 | -€9,585 | -22.2% |
| Leasing and similar rights | 25 | €407,144 | €290,744 | -€116,400 | -28.6% |
| Current assets | 29/58 | €413,487 | €240,750 | -€172,738 | -41.8% |
| Stocks and contracts in progress | 3 | €395 | €0 | -€395 | -100.0% |
| Stocks | 30/36 | €395 | €0 | -€395 | -100.0% |
| Goods purchased for resale | 34 | €395 | - | -€395 | |
| Amounts receivable within one year | 40/41 | €234,928 | €160,136 | -€74,792 | -31.8% |
| Trade receivables | 40 | €234,928 | €160,136 | -€74,792 | -31.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €148,459 | €32,033 | -€116,426 | -78.4% |
| Deferred charges and accrued income | 490/1 | €29,706 | €48,581 | +€18,875 | +63.5% |
| Total equity and liabilities | 10/49 | €1,463,275 | €930,828 | -€532,447 | -36.4% |
| Equity | 10/15 | €586,306 | €425,257 | -€161,049 | -27.5% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €39,259 | €39,259 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €24,386 | €24,386 | = | 0.0% |
| Profit (loss) carried forward | 14 | €398,311 | €237,262 | -€161,049 | -40.4% |
| Amounts payable | 17/49 | €876,969 | €505,571 | -€371,398 | -42.4% |
| Amounts payable after more than one year | 17 | €418,665 | €263,262 | -€155,403 | -37.1% |
| Financial debts | 170/4 | €418,665 | €263,262 | -€155,403 | -37.1% |
| Leasing and similar obligations | 172 | €281,552 | - | -€281,552 | |
| Credit institutions | 173 | €137,113 | - | -€137,113 | |
| Amounts payable within one year | 42/48 | €457,992 | €242,309 | -€215,683 | -47.1% |
| Current portion of amounts payable after more than one year | 42 | €217,303 | €186,391 | -€30,911 | -14.2% |
| Trade debts | 44 | €60,931 | €41,148 | -€19,782 | -32.5% |
| Suppliers | 440/4 | €60,931 | €41,148 | -€19,782 | -32.5% |
| Taxes, remuneration and social security | 45 | €24,758 | €4,478 | -€20,281 | -81.9% |
| Taxes | 450/3 | €24,758 | €4,478 | -€20,281 | -81.9% |
| Other amounts payable | 47/48 | €155,000 | €10,291 | -€144,709 | -93.4% |
| Accrued charges and deferred income | 492/3 | €312 | €0 | -€312 | -100.0% |
| Operating income | 70/76A | €1,974,835 | - | -€2.0m | |
| Turnover | 70 | €1,943,975 | - | -€1.9m | |
| Other operating income | 74 | €6,253 | - | -€6,253 | |
| Non-recurring operating income | 76A | €24,607 | €29,887 | +€5,280 | +21.5% |
| Operating charges | 60/66A | €2,085,125 | - | -€2.1m | |
| Goods for resale, raw materials and consumables | 60 | €990,150 | - | -€990,150 | |
| Purchases | 600/8 | €367,176 | - | -€367,176 | |
| Change in stocks: decrease (increase) | 609 | €622,974 | - | -€622,974 | |
| Services and other goods | 61 | €380,044 | - | -€380,044 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €693,262 | €409,735 | -€283,527 | -40.9% |
| Other operating charges | 640/8 | €21,669 | €12,309 | -€9,360 | -43.2% |
| Non-recurring operating charges | 66A | - | €10,671 | +€10,671 | |
| Gross operating margin | 9900 | - | €282,692 | +€282,692 | |
| Operating profit (loss) | 9901 | -€110,290 | -€150,023 | -€39,734 | -36.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -53.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -53.3% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €22,790 | €11,026 | -€11,764 | -51.6% |
| Recurring financial charges | 65 | €22,790 | €11,026 | -€11,764 | -51.6% |
| Debt charges | 650 | €21,500 | - | -€21,500 | |
| Other financial charges | 652/9 | €1,290 | - | -€1,290 | |
| Profit (loss) for the period before taxes | 9903 | -€133,079 | -€161,049 | -€27,970 | -21.0% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€133,079 | -€161,049 | -€27,970 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€133,079 | -€161,049 | -€27,970 | -21.0% |
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 5 October 2026 via checked.be.