ACTIVMASTER: 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.
ACTIVMASTER
Largest movements
- Stocks and contracts +€45,133
up €45,133 (+46.6%), from €96,902 to €142,035
- Receivables within one year +€44,373
up €44,373 (+25.1%), from €177,071 to €221,444
of which Trade receivables: +€45,773
- Cash -€17,152
down €17,152 (-70.3%), from €24,406 to €7,254
mainly Stocks and contracts (-€45,133) and Receivables within one year (-€44,373)
- Other debts +€80,541
up €80,541 (+19.6%), from €410,421 to €490,962
- Trade debts -€17,482
no longer reported in 2025 (was €17,482)
- Gross operating margin +€1,029
up €1,029 (+10.5%), from €9,796 to €10,825
- Depreciation -€506
down €506 (-6.3%), from €8,000 to €7,494
- Other operating charges -€387
no longer reported in 2025 (was €387)
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 | €339,450 | €408,416 | +€68,966 | +20.3% |
| Fixed assets | 21/28 | €41,071 | €37,683 | -€3,388 | -8.2% |
| Tangible fixed assets | 22/27 | €40,897 | €37,509 | -€3,388 | -8.3% |
| Plant, machinery and equipment | 23 | €39,119 | €35,921 | -€3,198 | -8.2% |
| Furniture and vehicles | 24 | €1,778 | €1,588 | -€190 | -10.7% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €298,379 | €370,733 | +€72,354 | +24.2% |
| Stocks and contracts in progress | 3 | €96,902 | €142,035 | +€45,133 | +46.6% |
| Stocks | 30/36 | €96,902 | €142,035 | +€45,133 | +46.6% |
| Amounts receivable within one year | 40/41 | €177,071 | €221,444 | +€44,373 | +25.1% |
| Trade receivables | 40 | €81,855 | €127,628 | +€45,773 | +55.9% |
| Other amounts receivable | 41 | €95,216 | €93,816 | -€1,400 | -1.5% |
| Cash at bank and in hand | 54/58 | €24,406 | €7,254 | -€17,152 | -70.3% |
| Total equity and liabilities | 10/49 | €339,450 | €408,416 | +€68,966 | +20.3% |
| Equity | 10/15 | -€90,254 | -€87,057 | +€3,197 | +3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,846 | -€105,649 | +€3,197 | +2.9% |
| Amounts payable | 17/49 | €429,704 | €495,473 | +€65,769 | +15.3% |
| Amounts payable within one year | 42/48 | €429,704 | €495,473 | +€65,769 | +15.3% |
| Trade debts | 44 | €17,482 | - | -€17,482 | |
| Suppliers | 440/4 | €17,482 | - | -€17,482 | |
| Taxes, remuneration and social security | 45 | €1,801 | €4,511 | +€2,710 | +150% |
| Taxes | 450/3 | €1,801 | €4,511 | +€2,710 | +150% |
| Other amounts payable | 47/48 | €410,421 | €490,962 | +€80,541 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €7,494 | -€506 | -6.3% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €9,796 | €10,825 | +€1,029 | +10.5% |
| Operating profit (loss) | 9901 | €1,409 | €3,331 | +€1,922 | +136% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €165 | €134 | -€31 | -18.8% |
| Recurring financial charges | 65 | €103 | €134 | +€31 | +30.1% |
| Non-recurring financial charges | 66B | €62 | - | -€62 | |
| Profit (loss) for the period before taxes | 9903 | €1,252 | €3,197 | +€1,945 | +155% |
| Profit (loss) for the period | 9904 | €1,252 | €3,197 | +€1,945 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €1,252 | €3,197 | +€1,945 | +155% |
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 14 October 2026 via checked.be.