BELGIUM 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.
BELGIUM MANAGEMENT
Largest movements
- Receivables within one year +€35,180
up €35,180 (+13.5%), from €260,145 to €295,325
- Tangible fixed assets -€5,831
down €5,831 (-44.5%), from €13,099 to €7,268
- Cash +€3,769
up €3,769 (+3,509%), from €107 to €3,877
mainly Trade debts (+€60,898) and Depreciation (+€5,831)
- Deferred charges and accrued income +€3,299
up €3,299 (+1,146%), from €288 to €3,587
- Trade debts +€60,898
up €60,898 (+79.8%), from €76,275 to €137,173
- Tax, wage and social debts -€27,144
down €27,144 (-45.4%), from €59,797 to €32,653
of which Taxes: -€24,130
- Staff costs -€59,070
down €59,070 (-42.1%), from €140,473 to €81,403
- Gross operating margin -€55,262
down €55,262 (-36.7%), from €150,766 to €95,504
- Other operating charges +€1,746
up €1,746 (+114%), from €1,531 to €3,277
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 | €273,640 | €310,057 | +€36,417 | +13.3% |
| Fixed assets | 21/28 | €13,099 | €7,268 | -€5,831 | -44.5% |
| Tangible fixed assets | 22/27 | €13,099 | €7,268 | -€5,831 | -44.5% |
| Furniture and vehicles | 24 | €13,099 | €7,268 | -€5,831 | -44.5% |
| Current assets | 29/58 | €260,540 | €302,789 | +€42,248 | +16.2% |
| Amounts receivable within one year | 40/41 | €260,145 | €295,325 | +€35,180 | +13.5% |
| Trade receivables | 40 | €260,145 | €295,325 | +€35,180 | +13.5% |
| Cash at bank and in hand | 54/58 | €107 | €3,877 | +€3,769 | +3,509% |
| Deferred charges and accrued income | 490/1 | €288 | €3,587 | +€3,299 | +1,146% |
| Total equity and liabilities | 10/49 | €273,640 | €310,057 | +€36,417 | +13.3% |
| Equity | 10/15 | €12,181 | €13,944 | +€1,763 | +14.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,181 | €8,944 | +€1,763 | +24.6% |
| Amounts payable | 17/49 | €261,459 | €296,113 | +€34,654 | +13.3% |
| Amounts payable within one year | 42/48 | €261,459 | €296,113 | +€34,654 | +13.3% |
| Trade debts | 44 | €76,275 | €137,173 | +€60,898 | +79.8% |
| Suppliers | 440/4 | €76,275 | €137,173 | +€60,898 | +79.8% |
| Taxes, remuneration and social security | 45 | €59,797 | €32,653 | -€27,144 | -45.4% |
| Taxes | 450/3 | €32,022 | €7,892 | -€24,130 | -75.4% |
| Remuneration and social security | 454/9 | €27,775 | €24,761 | -€3,014 | -10.9% |
| Other amounts payable | 47/48 | €125,387 | €126,287 | +€900 | +0.7% |
| Remuneration, social security and pensions | 62 | €140,473 | €81,403 | -€59,070 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,831 | €5,831 | = | 0.0% |
| Other operating charges | 640/8 | €1,531 | €3,277 | +€1,746 | +114% |
| Gross operating margin | 9900 | €150,766 | €95,504 | -€55,262 | -36.7% |
| Operating profit (loss) | 9901 | €2,932 | €4,993 | +€2,062 | +70.3% |
| Financial charges | 65/66B | €1,045 | €1,386 | +€342 | +32.7% |
| Recurring financial charges | 65 | €1,045 | €1,386 | +€342 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €1,887 | €3,607 | +€1,720 | +91.1% |
| Income taxes | 67/77 | €1,169 | €1,844 | +€675 | +57.8% |
| Profit (loss) for the period | 9904 | €719 | €1,763 | +€1,044 | +145% |
| Profit (loss) for the period to be appropriated | 9905 | €719 | €1,763 | +€1,044 | +145% |
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 30 October 2026 via checked.be.