DIFFERENT 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.
DIFFERENT MANAGEMENT
Largest movements
- Receivables within one year +€25,830
up €25,830 (+120.5%), from €21,433 to €47,263
of which Other amounts receivable: +€22,830
- Cash -€20,440
down €20,440 (-54.0%), from €37,819 to €17,378
mainly Debts after one year (-€80,763) and Other debts (-€34,882)
- Profit (loss) carried forward +€118,105
up €118,105 (+6.2%), from -€1.9m to -€1.8m
- Debts after one year -€80,763
down €80,763 (-26.4%), from €306,428 to €225,665
- Other debts -€34,882
down €34,882 (-5.1%), from €684,019 to €649,137
- Short-term financial debts +€24,392
up €24,392 (+825.4%), from €2,955 to €27,348
- Tax, wage and social debts -€18,996
down €18,996 (-25.2%), from €75,450 to €56,454
- Financial charges -€40,100
down €40,100 (-65.4%), from €61,315 to €21,215
- Gross operating margin -€11,723
down €11,723 (-6.0%), from €196,172 to €184,449
- Taxes +€4,954
up €4,954 (+12.7%), from €39,103 to €44,057
- Other operating charges -€3,135
down €3,135 (-74.5%), from €4,207 to €1,072
- Depreciation -€2,000
down €2,000 (-100.0%), from €2,000 to €0
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 | €61,803 | €67,193 | +€5,390 | +8.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €2,551 | €2,551 | = | 0.0% |
| Financial fixed assets | 28 | €2,551 | €2,551 | = | 0.0% |
| Current assets | 29/58 | €59,252 | €64,642 | +€5,390 | +9.1% |
| Amounts receivable within one year | 40/41 | €21,433 | €47,263 | +€25,830 | +120.5% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €21,433 | €44,263 | +€22,830 | +106.5% |
| Cash at bank and in hand | 54/58 | €37,819 | €17,378 | -€20,440 | -54.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €61,803 | €67,193 | +€5,390 | +8.7% |
| Equity | 10/15 | -€1,143,982 | -€1,025,876 | +€118,105 | +10.3% |
| Contributions | 10/11 | €584,000 | €584,000 | = | 0.0% |
| Capital | 10 | €584,000 | €584,000 | = | 0.0% |
| Issued capital | 100 | €584,000 | €584,000 | = | 0.0% |
| Reserves | 13 | €187,656 | €187,656 | = | 0.0% |
| Non-distributable reserves | 130/1 | €17,375 | €17,375 | = | 0.0% |
| Legal reserve | 130 | €17,375 | €17,375 | = | 0.0% |
| Tax-exempt reserves | 132 | €170,281 | €170,281 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,915,637 | -€1,797,532 | +€118,105 | +6.2% |
| Provisions and deferred taxes | 16 | €56,760 | €56,760 | = | 0.0% |
| Deferred taxes | 168 | €56,760 | €56,760 | = | 0.0% |
| Amounts payable | 17/49 | €1,149,024 | €1,036,309 | -€112,715 | -9.8% |
| Amounts payable after more than one year | 17 | €306,428 | €225,665 | -€80,763 | -26.4% |
| Financial debts | 170/4 | €306,428 | €225,665 | -€80,763 | -26.4% |
| Amounts payable within one year | 42/48 | €834,108 | €798,230 | -€35,878 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €46,349 | €43,054 | -€3,295 | -7.1% |
| Financial debts | 43 | €2,955 | €27,348 | +€24,392 | +825.4% |
| Credit institutions | 430/8 | €2,955 | €27,348 | +€24,392 | +825.4% |
| Trade debts | 44 | €25,335 | €22,238 | -€3,098 | -12.2% |
| Suppliers | 440/4 | €25,335 | €22,238 | -€3,098 | -12.2% |
| Taxes, remuneration and social security | 45 | €75,450 | €56,454 | -€18,996 | -25.2% |
| Taxes | 450/3 | €75,450 | €56,454 | -€18,996 | -25.2% |
| Other amounts payable | 47/48 | €684,019 | €649,137 | -€34,882 | -5.1% |
| Accrued charges and deferred income | 492/3 | €8,488 | €12,414 | +€3,926 | +46.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,000 | €0 | -€2,000 | -100.0% |
| Other operating charges | 640/8 | €4,207 | €1,072 | -€3,135 | -74.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €196,172 | €184,449 | -€11,723 | -6.0% |
| Operating profit (loss) | 9901 | €189,965 | €183,377 | -€6,588 | -3.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €61,315 | €21,215 | -€40,100 | -65.4% |
| Recurring financial charges | 65 | €61,315 | €21,215 | -€40,100 | -65.4% |
| Profit (loss) for the period before taxes | 9903 | €128,650 | €162,162 | +€33,512 | +26.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €39,103 | €44,057 | +€4,954 | +12.7% |
| Profit (loss) for the period | 9904 | €89,547 | €118,105 | +€28,559 | +31.9% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €89,547 | €118,105 | +€28,559 | +31.9% |
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 12 October 2026 via checked.be.