B-Management: 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.
B-Management
Largest movements
- Receivables within one year +€58,218
up €58,218 (+115%), from €50,506 to €108,724
of which Other amounts receivable: +€60,610
- Tangible fixed assets +€35,736
up €35,736 (+4.9%), from €726,810 to €762,546
of which Land and buildings: +€36,605
- Cash -€23,613
down €23,613 (-20.0%), from €118,330 to €94,717
mainly Investment in fixed assets (net) (-€69,780) and Receivables within one year (-€58,218)
- Other debts +€49,015
up €49,015 (+823%), from €5,958 to €54,973
- Debts after one year +€11,107
up €11,107 (+2.0%), from €551,783 to €562,890
- Gross operating margin +€15,138
up €15,138 (+9.9%), from €153,581 to €168,719
- Provisions -€9,924
down €9,924, from €9,077 to -€847
- Financial charges +€9,300
up €9,300 (+23.4%), from €39,804 to €49,104
- Depreciation +€5,533
up €5,533 (+19.4%), from €28,512 to €34,044
- Taxes +€2,626
up €2,626 (+11.5%), from €22,821 to €25,447
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 | €898,344 | €967,988 | +€69,645 | +7.8% |
| Fixed assets | 21/28 | €726,810 | €762,546 | +€35,736 | +4.9% |
| Tangible fixed assets | 22/27 | €726,810 | €762,546 | +€35,736 | +4.9% |
| Land and buildings | 22 | €723,240 | €759,845 | +€36,605 | +5.1% |
| Furniture and vehicles | 24 | €3,569 | €2,701 | -€868 | -24.3% |
| Current assets | 29/58 | €171,534 | €205,443 | +€33,908 | +19.8% |
| Amounts receivable within one year | 40/41 | €50,506 | €108,724 | +€58,218 | +115% |
| Trade receivables | 40 | €50,506 | €48,114 | -€2,392 | -4.7% |
| Other amounts receivable | 41 | - | €60,610 | +€60,610 | |
| Cash at bank and in hand | 54/58 | €118,330 | €94,717 | -€23,613 | -20.0% |
| Deferred charges and accrued income | 490/1 | €2,699 | €2,002 | -€697 | -25.8% |
| Total equity and liabilities | 10/49 | €898,344 | €967,988 | +€69,645 | +7.8% |
| Equity | 10/15 | €185,542 | €188,623 | +€3,080 | +1.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €140,144 | €143,144 | +€3,000 | +2.1% |
| Distributable reserves | 133 | €140,144 | €143,144 | +€3,000 | +2.1% |
| Profit (loss) carried forward | 14 | €39,198 | €39,278 | +€80 | +0.2% |
| Provisions and deferred taxes | 16 | €101,907 | €101,060 | -€847 | -0.8% |
| Provisions for liabilities and charges | 160/5 | €101,907 | €101,060 | -€847 | -0.8% |
| Environmental obligations | 163 | €72,983 | €71,231 | -€1,753 | -2.4% |
| Other liabilities and charges | 164/5 | €28,923 | €29,829 | +€906 | +3.1% |
| Amounts payable | 17/49 | €610,894 | €678,306 | +€67,412 | +11.0% |
| Amounts payable after more than one year | 17 | €551,783 | €562,890 | +€11,107 | +2.0% |
| Financial debts | 170/4 | €551,783 | €562,890 | +€11,107 | +2.0% |
| Amounts payable within one year | 42/48 | €59,111 | €115,416 | +€56,305 | +95.3% |
| Current portion of amounts payable after more than one year | 42 | €42,634 | €47,000 | +€4,365 | +10.2% |
| Trade debts | 44 | €395 | €2,457 | +€2,063 | +523% |
| Suppliers | 440/4 | €395 | €2,457 | +€2,063 | +523% |
| Taxes, remuneration and social security | 45 | €10,125 | €10,986 | +€861 | +8.5% |
| Taxes | 450/3 | €10,125 | €10,986 | +€861 | +8.5% |
| Other amounts payable | 47/48 | €5,958 | €54,973 | +€49,015 | +823% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,512 | €34,044 | +€5,533 | +19.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €9,077 | -€847 | -€9,924 | |
| Other operating charges | 640/8 | €6,549 | €5,755 | -€794 | -12.1% |
| Non-recurring operating charges | 66A | €17 | - | -€17 | |
| Gross operating margin | 9900 | €153,581 | €168,719 | +€15,138 | +9.9% |
| Operating profit (loss) | 9901 | €109,427 | €129,767 | +€20,340 | +18.6% |
| Financial income | 75/76B | €75 | €2,697 | +€2,622 | +3,496% |
| Recurring financial income | 75 | €75 | €2,697 | +€2,622 | +3,496% |
| Financial charges | 65/66B | €39,804 | €49,104 | +€9,300 | +23.4% |
| Recurring financial charges | 65 | €39,804 | €49,104 | +€9,300 | +23.4% |
| Profit (loss) for the period before taxes | 9903 | €69,698 | €83,360 | +€13,662 | +19.6% |
| Income taxes | 67/77 | €22,821 | €25,447 | +€2,626 | +11.5% |
| Profit (loss) for the period | 9904 | €46,877 | €57,913 | +€11,036 | +23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,877 | €57,913 | +€11,036 | +23.5% |
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 15 October 2026 via checked.be.