Alex Mann: 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.
Alex Mann
Largest movements
- Intangible fixed assets -€26,573
down €26,573 (-30.4%), from €87,338 to €60,765
- Tangible fixed assets -€14,659
down €14,659 (-10.4%), from €140,971 to €126,312
of which Plant, machinery and equipment: -€12,687
- Deferred charges and accrued income +€7,214
up €7,214 (+3487.2%), from €207 to €7,421
- Reserves -€61,000
down €61,000 (-68.4%), from €89,150 to €28,150
- Other debts +€48,898
up €48,898 (+84.5%), from €57,848 to €106,746
- Profit (loss) carried forward -€16,041
down €16,041 (-26.3%), from €61,011 to €44,970
- Tax, wage and social debts -€6,806
down €6,806 (-57.2%), from €11,903 to €5,097
- Trade debts +€6,167
up €6,167 (+130.0%), from €4,744 to €10,911
- Gross operating margin -€17,192
down €17,192 (-30.0%), from €57,375 to €40,183
- Other operating charges -€2,379
down €2,379 (-75.4%), from €3,155 to €775
- Financial charges +€633
up €633 (+28.3%), from €2,236 to €2,869
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 | €336,825 | €303,192 | -€33,633 | -10.0% |
| Fixed assets | 21/28 | €231,309 | €190,077 | -€41,232 | -17.8% |
| Intangible fixed assets | 21 | €87,338 | €60,765 | -€26,573 | -30.4% |
| Tangible fixed assets | 22/27 | €140,971 | €126,312 | -€14,659 | -10.4% |
| Land and buildings | 22 | €104,381 | €100,666 | -€3,715 | -3.6% |
| Plant, machinery and equipment | 23 | €32,117 | €19,429 | -€12,687 | -39.5% |
| Furniture and vehicles | 24 | €4,474 | €6,217 | +€1,743 | +39.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €105,516 | €113,115 | +€7,599 | +7.2% |
| Amounts receivable within one year | 40/41 | €14,675 | €12,372 | -€2,303 | -15.7% |
| Trade receivables | 40 | €10,615 | €4,983 | -€5,632 | -53.1% |
| Other amounts receivable | 41 | €4,060 | €7,389 | +€3,329 | +82.0% |
| Cash at bank and in hand | 54/58 | €90,635 | €93,323 | +€2,688 | +3.0% |
| Deferred charges and accrued income | 490/1 | €207 | €7,421 | +€7,214 | +3487.2% |
| Total equity and liabilities | 10/49 | €336,825 | €303,192 | -€33,633 | -10.0% |
| Equity | 10/15 | €154,161 | €77,120 | -€77,041 | -50.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €89,150 | €28,150 | -€61,000 | -68.4% |
| Distributable reserves | 133 | €89,150 | €28,150 | -€61,000 | -68.4% |
| Profit (loss) carried forward | 14 | €61,011 | €44,970 | -€16,041 | -26.3% |
| Amounts payable | 17/49 | €182,664 | €226,072 | +€43,408 | +23.8% |
| Amounts payable after more than one year | 17 | €103,230 | €98,233 | -€4,997 | -4.8% |
| Financial debts | 170/4 | €103,230 | €98,233 | -€4,997 | -4.8% |
| Amounts payable within one year | 42/48 | €79,434 | €127,751 | +€48,318 | +60.8% |
| Current portion of amounts payable after more than one year | 42 | €4,939 | €4,997 | +€59 | +1.2% |
| Trade debts | 44 | €4,744 | €10,911 | +€6,167 | +130.0% |
| Suppliers | 440/4 | €4,744 | €10,911 | +€6,167 | +130.0% |
| Taxes, remuneration and social security | 45 | €11,903 | €5,097 | -€6,806 | -57.2% |
| Taxes | 450/3 | €11,903 | €5,097 | -€6,806 | -57.2% |
| Other amounts payable | 47/48 | €57,848 | €106,746 | +€48,898 | +84.5% |
| Accrued charges and deferred income | 492/3 | - | €88 | +€88 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,090 | €52,255 | +€165 | +0.3% |
| Other operating charges | 640/8 | €3,155 | €775 | -€2,379 | -75.4% |
| Gross operating margin | 9900 | €57,375 | €40,183 | -€17,192 | -30.0% |
| Operating profit (loss) | 9901 | €2,131 | -€12,847 | -€14,978 | |
| Financial income | 75/76B | €6 | €125 | +€119 | +2019.0% |
| Recurring financial income | 75 | €6 | €125 | +€119 | +2019.0% |
| Financial charges | 65/66B | €2,236 | €2,869 | +€633 | +28.3% |
| Recurring financial charges | 65 | €2,236 | €2,869 | +€633 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | -€99 | -€15,591 | -€15,492 | -15596.3% |
| Income taxes | 67/77 | €765 | €450 | -€315 | -41.2% |
| Profit (loss) for the period | 9904 | -€864 | -€16,041 | -€15,177 | -1755.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€864 | -€16,041 | -€15,177 | -1755.8% |
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 12 October 2026 via checked.be.