CG - 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.
CG - MANAGEMENT
Largest movements
- Intangible fixed assets +€107,785
new in 2025: €107,785
- Tangible fixed assets -€33,686
down €33,686 (-10.1%), from €333,182 to €299,495
of which Land and buildings: -€39,586
- Trade debts +€105,110
up €105,110 (+154%), from €68,166 to €173,276
- Debts after one year -€55,895
down €55,895 (-21.1%), from €265,044 to €209,149
of which Financial debts: -€55,795
- Reserves -€52,543
down €52,543 (-6.9%), from €766,609 to €714,066
of which Distributable reserves: -€52,543
- Advances received +€43,845
new in 2025: €43,845
- Gross operating margin -€165,312
down €165,312 (-53.8%), from €307,279 to €141,967
- Staff costs -€30,494
down €30,494 (-19.3%), from €157,682 to €127,188
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 | €2,932,152 | €2,971,683 | +€39,531 | +1.3% |
| Fixed assets | 21/28 | €2,843,480 | €2,917,578 | +€74,099 | +2.6% |
| Intangible fixed assets | 21 | - | €107,785 | +€107,785 | |
| Tangible fixed assets | 22/27 | €333,182 | €299,495 | -€33,686 | -10.1% |
| Land and buildings | 22 | €306,676 | €267,090 | -€39,586 | -12.9% |
| Plant, machinery and equipment | 23 | - | €4,517 | +€4,517 | |
| Furniture and vehicles | 24 | €26,506 | €27,888 | +€1,383 | +5.2% |
| Financial fixed assets | 28 | €2,510,298 | €2,510,298 | = | 0.0% |
| Current assets | 29/58 | €88,673 | €54,105 | -€34,568 | -39.0% |
| Amounts receivable within one year | 40/41 | €60,221 | €37,933 | -€22,287 | -37.0% |
| Trade receivables | 40 | €59,215 | €0 | -€59,215 | -100% |
| Other amounts receivable | 41 | €1,005 | €37,933 | +€36,928 | +3,673% |
| Cash at bank and in hand | 54/58 | €21,816 | €9,580 | -€12,236 | -56.1% |
| Deferred charges and accrued income | 490/1 | €6,636 | €6,591 | -€44 | -0.7% |
| Total equity and liabilities | 10/49 | €2,932,152 | €2,971,683 | +€39,531 | +1.3% |
| Equity | 10/15 | €2,526,609 | €2,474,066 | -€52,543 | -2.1% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,360,000 | €1,360,000 | = | 0.0% |
| Reserves | 13 | €766,609 | €714,066 | -€52,543 | -6.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €766,609 | €714,066 | -€52,543 | -6.9% |
| Amounts payable | 17/49 | €405,543 | €497,617 | +€92,073 | +22.7% |
| Amounts payable after more than one year | 17 | €265,044 | €209,149 | -€55,895 | -21.1% |
| Financial debts | 170/4 | €264,944 | €209,149 | -€55,795 | -21.1% |
| Other amounts payable | 178/9 | €100 | €0 | -€100 | -100% |
| Amounts payable within one year | 42/48 | €140,499 | €288,468 | +€147,969 | +105% |
| Current portion of amounts payable after more than one year | 42 | €55,207 | €55,795 | +€589 | +1.1% |
| Trade debts | 44 | €68,166 | €173,276 | +€105,110 | +154% |
| Suppliers | 440/4 | €68,166 | €173,276 | +€105,110 | +154% |
| Advances received on contracts in progress | 46 | - | €43,845 | +€43,845 | |
| Taxes, remuneration and social security | 45 | €16,779 | €15,332 | -€1,446 | -8.6% |
| Taxes | 450/3 | €3,333 | €135 | -€3,198 | -95.9% |
| Remuneration and social security | 454/9 | €13,445 | €15,197 | +€1,752 | +13.0% |
| Other amounts payable | 47/48 | €348 | €219 | -€129 | -37.0% |
| Remuneration, social security and pensions | 62 | €157,682 | €127,188 | -€30,494 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,416 | €53,817 | -€2,599 | -4.6% |
| Other operating charges | 640/8 | €7,526 | €9,341 | +€1,815 | +24.1% |
| Gross operating margin | 9900 | €307,279 | €141,967 | -€165,312 | -53.8% |
| Operating profit (loss) | 9901 | €85,655 | -€48,380 | -€134,035 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -63.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -63.3% |
| Financial charges | 65/66B | €4,318 | €4,048 | -€270 | -6.3% |
| Recurring financial charges | 65 | €4,318 | €4,048 | -€270 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €81,337 | -€52,428 | -€133,765 | |
| Income taxes | 67/77 | €186 | €115 | -€72 | -38.4% |
| Profit (loss) for the period | 9904 | €81,151 | -€52,543 | -€133,693 | |
| Profit (loss) for the period to be appropriated | 9905 | €81,151 | -€52,543 | -€133,693 |
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 17 October 2026 via checked.be.