CO 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.
CO MANAGEMENT
Largest movements
- Receivables within one year -€18,105
down €18,105 (-96.5%), from €18,755 to €650
- Profit (loss) carried forward +€85,901
up €85,901 (+354%), from €24,251 to €110,152
- Debts after one year -€56,608
down €56,608 (-18.5%), from €306,108 to €249,500
- Other debts -€46,660
down €46,660 (-36.3%), from €128,513 to €81,854
- Financial income +€40,000
new in 2025: €40,000
- Financial charges -€9,100
down €9,100 (-41.1%), from €22,137 to €13,038
- Gross operating margin -€2,347
down €2,347 (-2.4%), from €97,530 to €95,183
- Taxes +€1,709
up €1,709 (+9.0%), from €18,921 to €20,630
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 | €594,726 | €583,833 | -€10,893 | -1.8% |
| Formation expenses | 20 | €825 | €610 | -€215 | -26.0% |
| Fixed assets | 21/28 | €569,213 | €569,213 | = | 0.0% |
| Financial fixed assets | 28 | €569,213 | €569,213 | = | 0.0% |
| Current assets | 29/58 | €24,687 | €14,009 | -€10,678 | -43.3% |
| Amounts receivable within one year | 40/41 | €18,755 | €650 | -€18,105 | -96.5% |
| Trade receivables | 40 | €18,755 | €650 | -€18,105 | -96.5% |
| Cash at bank and in hand | 54/58 | €5,932 | €10,791 | +€4,858 | +81.9% |
| Deferred charges and accrued income | 490/1 | - | €2,568 | +€2,568 | |
| Total equity and liabilities | 10/49 | €594,726 | €583,833 | -€10,893 | -1.8% |
| Equity | 10/15 | €91,901 | €177,802 | +€85,901 | +93.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,150 | €6,150 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,251 | €110,152 | +€85,901 | +354% |
| Amounts payable | 17/49 | €502,825 | €406,031 | -€96,794 | -19.3% |
| Amounts payable after more than one year | 17 | €306,108 | €249,500 | -€56,608 | -18.5% |
| Financial debts | 170/4 | €306,108 | €249,500 | -€56,608 | -18.5% |
| Amounts payable within one year | 42/48 | €196,717 | €156,531 | -€40,186 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €54,473 | €56,608 | +€2,135 | +3.9% |
| Trade debts | 44 | - | €3,045 | +€3,045 | |
| Suppliers | 440/4 | - | €3,045 | +€3,045 | |
| Taxes, remuneration and social security | 45 | €13,731 | €15,025 | +€1,294 | +9.4% |
| Taxes | 450/3 | €13,731 | €15,025 | +€1,294 | +9.4% |
| Other amounts payable | 47/48 | €128,513 | €81,854 | -€46,660 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €249 | €215 | -€34 | -13.7% |
| Other operating charges | 640/8 | €822 | €400 | -€422 | -51.4% |
| Gross operating margin | 9900 | €97,530 | €95,183 | -€2,347 | -2.4% |
| Operating profit (loss) | 9901 | €96,459 | €94,569 | -€1,890 | -2.0% |
| Financial income | 75/76B | - | €40,000 | +€40,000 | |
| Recurring financial income | 75 | - | €40,000 | +€40,000 | |
| Financial charges | 65/66B | €22,137 | €13,038 | -€9,100 | -41.1% |
| Recurring financial charges | 65 | €22,137 | €13,038 | -€9,100 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €74,322 | €121,531 | +€47,209 | +63.5% |
| Income taxes | 67/77 | €18,921 | €20,630 | +€1,709 | +9.0% |
| Profit (loss) for the period | 9904 | €55,401 | €100,901 | +€45,500 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,401 | €100,901 | +€45,500 | +82.1% |
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 20 October 2026 via checked.be.