ASSOCIATED MANAGERS: 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.
ASSOCIATED MANAGERS
Largest movements
- Cash +€8,037
up €8,037 (+391%), from €2,056 to €10,093
mainly Receivables after one year (+€5,886) and Receivables within one year (+€4,334)
- Receivables after one year -€5,886
down €5,886 (-49.7%), from €11,844 to €5,958
- Receivables within one year -€4,334
down €4,334 (-25.6%), from €16,962 to €12,628
of which Trade receivables: -€4,336
- Deferred charges and accrued income +€3,231
up €3,231 (+247%), from €1,306 to €4,537
- Tangible fixed assets -€983
down €983 (-39.4%), from €2,496 to €1,513
of which Land and buildings: -€585
- Trade debts -€1,577
down €1,577 (-61.4%), from €2,567 to €990
- Reserves +€1,106
up €1,106 (+3.9%), from €28,039 to €29,145
- Tax, wage and social debts +€536
up €536 (+32.3%), from €1,658 to €2,194
- Gross operating margin +€12,423
up €12,423, from -€9,602 to €2,821
- Financial income +€350
new in 2025: €350
- Taxes -€128
no longer reported in 2025 (was €128)
- Other operating charges -€99
down €99 (-8.7%), from €1,140 to €1,041
- Depreciation -€98
down €98 (-9.1%), from €1,081 to €983
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 | €34,764 | €34,829 | +€65 | +0.2% |
| Fixed assets | 21/28 | €2,596 | €1,613 | -€983 | -37.9% |
| Tangible fixed assets | 22/27 | €2,496 | €1,513 | -€983 | -39.4% |
| Land and buildings | 22 | €2,098 | €1,513 | -€585 | -27.9% |
| Furniture and vehicles | 24 | €398 | - | -€398 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €32,168 | €33,216 | +€1,048 | +3.3% |
| Amounts receivable after more than one year | 29 | €11,844 | €5,958 | -€5,886 | -49.7% |
| Other amounts receivable | 291 | €11,844 | €5,958 | -€5,886 | -49.7% |
| Amounts receivable within one year | 40/41 | €16,962 | €12,628 | -€4,334 | -25.6% |
| Trade receivables | 40 | €14,590 | €10,254 | -€4,336 | -29.7% |
| Other amounts receivable | 41 | €2,372 | €2,374 | +€2 | +0.1% |
| Cash at bank and in hand | 54/58 | €2,056 | €10,093 | +€8,037 | +391% |
| Deferred charges and accrued income | 490/1 | €1,306 | €4,537 | +€3,231 | +247% |
| Total equity and liabilities | 10/49 | €34,764 | €34,829 | +€65 | +0.2% |
| Equity | 10/15 | €30,539 | €31,645 | +€1,106 | +3.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €28,039 | €29,145 | +€1,106 | +3.9% |
| Distributable reserves | 133 | €28,039 | €29,145 | +€1,106 | +3.9% |
| Amounts payable | 17/49 | €4,225 | €3,184 | -€1,041 | -24.6% |
| Amounts payable within one year | 42/48 | €4,225 | €3,184 | -€1,041 | -24.6% |
| Trade debts | 44 | €2,567 | €990 | -€1,577 | -61.4% |
| Suppliers | 440/4 | €2,567 | €990 | -€1,577 | -61.4% |
| Taxes, remuneration and social security | 45 | €1,658 | €2,194 | +€536 | +32.3% |
| Taxes | 450/3 | €1,658 | €2,194 | +€536 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,081 | €983 | -€98 | -9.1% |
| Other operating charges | 640/8 | €1,140 | €1,041 | -€99 | -8.7% |
| Gross operating margin | 9900 | -€9,602 | €2,821 | +€12,423 | |
| Operating profit (loss) | 9901 | -€11,823 | €797 | +€12,620 | |
| Financial income | 75/76B | - | €350 | +€350 | |
| Recurring financial income | 75 | - | €350 | +€350 | |
| Financial charges | 65/66B | €59 | €41 | -€18 | -30.5% |
| Recurring financial charges | 65 | €59 | €41 | -€18 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,882 | €1,106 | +€12,988 | |
| Income taxes | 67/77 | €128 | - | -€128 | |
| Profit (loss) for the period | 9904 | -€12,010 | €1,106 | +€13,116 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,010 | €1,106 | +€13,116 |
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 18 October 2026 via checked.be.