B-SIDE 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.
B-SIDE MANAGEMENT
Largest movements
- Financial fixed assets -€184,430
down €184,430 (-13.6%), from €1.4m to €1.2m
- Cash -€50,677
down €50,677 (-98.4%), from €51,519 to €842
mainly Debts after one year (-€138,592) and Tax, wage and social debts (-€57,391)
- Receivables within one year +€37,813
up €37,813 (+159.0%), from €23,780 to €61,593
- Debts after one year -€138,592
down €138,592 (-18.4%), from €755,128 to €616,536
- Tax, wage and social debts -€57,391
down €57,391 (-93.0%), from €61,695 to €4,304
of which Taxes: -€58,896
- Profit (loss) carried forward -€21,928
down €21,928 (-7.9%), from €278,903 to €256,975
- Financial charges +€178,577
up €178,577 (+439.3%), from €40,649 to €219,226
of which Non-recurring financial charges: +€184,430
- Taxes -€62,970
down €62,970 (-98.1%), from €64,195 to €1,225
- Financial income -€33,576
down €33,576 (-16.7%), from €201,016 to €167,440
- Gross operating margin -€1,784
down €1,784 (-4.4%), from €40,832 to €39,048
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 | €1,471,344 | €1,267,369 | -€203,974 | -13.9% |
| Fixed assets | 21/28 | €1,396,045 | €1,204,934 | -€191,110 | -13.7% |
| Tangible fixed assets | 22/27 | €36,615 | €29,934 | -€6,680 | -18.2% |
| Furniture and vehicles | 24 | €6,570 | €4,615 | -€1,955 | -29.8% |
| Other tangible fixed assets | 26 | €30,045 | €25,319 | -€4,726 | -15.7% |
| Financial fixed assets | 28 | €1,359,430 | €1,175,000 | -€184,430 | -13.6% |
| Current assets | 29/58 | €75,299 | €62,435 | -€12,864 | -17.1% |
| Amounts receivable within one year | 40/41 | €23,780 | €61,593 | +€37,813 | +159.0% |
| Other amounts receivable | 41 | €23,780 | €61,593 | +€37,813 | +159.0% |
| Cash at bank and in hand | 54/58 | €51,519 | €842 | -€50,677 | -98.4% |
| Total equity and liabilities | 10/49 | €1,471,344 | €1,267,369 | -€203,974 | -13.9% |
| Equity | 10/15 | €517,475 | €495,547 | -€21,928 | -4.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €226,172 | €226,172 | = | 0.0% |
| Distributable reserves | 133 | €226,172 | €226,172 | = | 0.0% |
| Profit (loss) carried forward | 14 | €278,903 | €256,975 | -€21,928 | -7.9% |
| Amounts payable | 17/49 | €953,869 | €771,822 | -€182,047 | -19.1% |
| Amounts payable after more than one year | 17 | €755,128 | €616,536 | -€138,592 | -18.4% |
| Financial debts | 170/4 | €755,128 | €616,536 | -€138,592 | -18.4% |
| Amounts payable within one year | 42/48 | €198,741 | €144,287 | -€54,454 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €133,093 | €138,592 | +€5,499 | +4.1% |
| Trade debts | 44 | €3,953 | €1,390 | -€2,563 | -64.8% |
| Suppliers | 440/4 | €3,953 | €1,390 | -€2,563 | -64.8% |
| Taxes, remuneration and social security | 45 | €61,695 | €4,304 | -€57,391 | -93.0% |
| Taxes | 450/3 | €61,695 | €2,798 | -€58,896 | -95.5% |
| Remuneration and social security | 454/9 | - | €1,506 | +€1,506 | |
| Accrued charges and deferred income | 492/3 | - | €11,000 | +€11,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,533 | €6,680 | +€147 | +2.3% |
| Other operating charges | 640/8 | €1,012 | €1,284 | +€273 | +26.9% |
| Gross operating margin | 9900 | €40,832 | €39,048 | -€1,784 | -4.4% |
| Operating profit (loss) | 9901 | €33,287 | €31,083 | -€2,203 | -6.6% |
| Financial income | 75/76B | €201,016 | €167,440 | -€33,576 | -16.7% |
| Recurring financial income | 75 | €201,016 | €167,440 | -€33,576 | -16.7% |
| Financial charges | 65/66B | €40,649 | €219,226 | +€178,577 | +439.3% |
| Recurring financial charges | 65 | €40,649 | €34,796 | -€5,853 | -14.4% |
| Non-recurring financial charges | 66B | - | €184,430 | +€184,430 | |
| Profit (loss) for the period before taxes | 9903 | €193,654 | -€20,703 | -€214,357 | |
| Income taxes | 67/77 | €64,195 | €1,225 | -€62,970 | -98.1% |
| Profit (loss) for the period | 9904 | €129,459 | -€21,928 | -€151,387 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,459 | -€21,928 | -€151,387 |
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 4 October 2026 via checked.be.