Angel 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.
Angel Management
Largest movements
- Receivables within one year +€46,831
up €46,831 (+88.1%), from €53,141 to €99,972
- Cash -€2,578
down €2,578 (-73.8%), from €3,495 to €917
mainly Receivables within one year (-€46,831) and Tax, wage and social debts (-€2,480)
- Deferred charges and accrued income +€1,723
new in 2025: €1,723
- Profit (loss) carried forward +€46,962
up €46,962 (+176.4%), from €26,616 to €73,578
- Tax, wage and social debts -€2,480
down €2,480 (-8.5%), from €29,020 to €26,540
of which Remuneration and social security: -€15,000
- Trade debts +€2,217
new in 2025: €2,217
- Gross operating margin +€30,726
up €30,726 (+96.7%), from €31,778 to €62,504
- Taxes +€12,195
up €12,195 (+165.4%), from €7,374 to €19,569
- Financial income +€5,940
new in 2025: €5,940
- Financial charges +€1,076
up €1,076 (+803.0%), from €134 to €1,210
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 | €56,636 | €103,335 | +€46,699 | +82.5% |
| Fixed assets | 21/28 | - | €723 | +€723 | |
| Tangible fixed assets | 22/27 | - | €723 | +€723 | |
| Plant, machinery and equipment | 23 | - | €723 | +€723 | |
| Current assets | 29/58 | €56,636 | €102,612 | +€45,976 | +81.2% |
| Amounts receivable within one year | 40/41 | €53,141 | €99,972 | +€46,831 | +88.1% |
| Other amounts receivable | 41 | €53,141 | €99,972 | +€46,831 | +88.1% |
| Cash at bank and in hand | 54/58 | €3,495 | €917 | -€2,578 | -73.8% |
| Deferred charges and accrued income | 490/1 | - | €1,723 | +€1,723 | |
| Total equity and liabilities | 10/49 | €56,636 | €103,335 | +€46,699 | +82.5% |
| Equity | 10/15 | €27,616 | €74,578 | +€46,962 | +170.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,616 | €73,578 | +€46,962 | +176.4% |
| Amounts payable | 17/49 | €29,020 | €28,757 | -€263 | -0.9% |
| Amounts payable within one year | 42/48 | €29,020 | €28,757 | -€263 | -0.9% |
| Trade debts | 44 | - | €2,217 | +€2,217 | |
| Suppliers | 440/4 | - | €2,217 | +€2,217 | |
| Taxes, remuneration and social security | 45 | €29,020 | €26,540 | -€2,480 | -8.5% |
| Taxes | 450/3 | €14,020 | €26,540 | +€12,520 | +89.3% |
| Remuneration and social security | 454/9 | €15,000 | - | -€15,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €144 | +€144 | |
| Other operating charges | 640/8 | €891 | €559 | -€332 | -37.3% |
| Gross operating margin | 9900 | €31,778 | €62,504 | +€30,726 | +96.7% |
| Operating profit (loss) | 9901 | €30,887 | €61,801 | +€30,914 | +100.1% |
| Financial income | 75/76B | - | €5,940 | +€5,940 | |
| Recurring financial income | 75 | - | €5,940 | +€5,940 | |
| Financial charges | 65/66B | €134 | €1,210 | +€1,076 | +803.0% |
| Recurring financial charges | 65 | €134 | €1,210 | +€1,076 | +803.0% |
| Profit (loss) for the period before taxes | 9903 | €30,753 | €66,531 | +€35,778 | +116.3% |
| Income taxes | 67/77 | €7,374 | €19,569 | +€12,195 | +165.4% |
| Profit (loss) for the period | 9904 | €23,379 | €46,962 | +€23,583 | +100.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,379 | €46,962 | +€23,583 | +100.9% |
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 7 October 2026 via checked.be.