E 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.
E MANAGEMENT
Largest movements
- Receivables within one year +€133,706
up €133,706 (+170.1%), from €78,593 to €212,299
- Cash +€109,427
up €109,427 (+23246.8%), from €471 to €109,898
mainly Net result for the year (+€245,426) and Current investments (+€81,819)
- Current investments -€81,819
down €81,819 (-11.4%), from €717,000 to €635,181
- Reserves +€244,000
up €244,000 (+46.7%), from €522,000 to €766,000
of which Distributable reserves: +€244,000
- Tax, wage and social debts -€93,865
down €93,865 (-71.8%), from €130,716 to €36,851
of which Taxes: -€97,513
- Gross operating margin -€36,442
down €36,442 (-12.3%), from €295,387 to €258,945
- Taxes -€23,128
down €23,128 (-25.0%), from €92,613 to €69,485
- Depreciation +€4,423
up €4,423 (+654.7%), from €676 to €5,099
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 | €979,067 | €1,133,398 | +€154,331 | +15.8% |
| Fixed assets | 21/28 | €176,203 | €171,104 | -€5,099 | -2.9% |
| Tangible fixed assets | 22/27 | €24,612 | €19,513 | -€5,099 | -20.7% |
| Furniture and vehicles | 24 | €203 | €101 | -€102 | -50.4% |
| Leasing and similar rights | 25 | €24,409 | €19,413 | -€4,996 | -20.5% |
| Financial fixed assets | 28 | €151,591 | €151,591 | = | 0.0% |
| Current assets | 29/58 | €802,864 | €962,293 | +€159,429 | +19.9% |
| Amounts receivable within one year | 40/41 | €78,593 | €212,299 | +€133,706 | +170.1% |
| Trade receivables | 40 | €78,593 | €212,299 | +€133,706 | +170.1% |
| Current investments | 50/53 | €717,000 | €635,181 | -€81,819 | -11.4% |
| Cash at bank and in hand | 54/58 | €471 | €109,898 | +€109,427 | +23246.8% |
| Deferred charges and accrued income | 490/1 | €6,801 | €4,915 | -€1,886 | -27.7% |
| Total equity and liabilities | 10/49 | €979,067 | €1,133,398 | +€154,331 | +15.8% |
| Equity | 10/15 | €809,769 | €1,055,195 | +€245,426 | +30.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €522,000 | €766,000 | +€244,000 | +46.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €520,000 | €764,000 | +€244,000 | +46.9% |
| Profit (loss) carried forward | 14 | €281,569 | €282,995 | +€1,426 | +0.5% |
| Amounts payable | 17/49 | €169,298 | €78,203 | -€91,095 | -53.8% |
| Amounts payable after more than one year | 17 | €19,550 | €14,707 | -€4,842 | -24.8% |
| Financial debts | 170/4 | €19,550 | €14,707 | -€4,842 | -24.8% |
| Amounts payable within one year | 42/48 | €148,295 | €62,600 | -€85,694 | -57.8% |
| Current portion of amounts payable after more than one year | 42 | €4,671 | €4,842 | +€172 | +3.7% |
| Trade debts | 44 | €12,908 | €20,908 | +€7,999 | +62.0% |
| Suppliers | 440/4 | €12,908 | €20,908 | +€7,999 | +62.0% |
| Taxes, remuneration and social security | 45 | €130,716 | €36,851 | -€93,865 | -71.8% |
| Taxes | 450/3 | €125,227 | €27,714 | -€97,513 | -77.9% |
| Remuneration and social security | 454/9 | €5,490 | €9,137 | +€3,647 | +66.4% |
| Accrued charges and deferred income | 492/3 | €1,453 | €895 | -€558 | -38.4% |
| Remuneration, social security and pensions | 62 | €62,165 | €61,787 | -€378 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €676 | €5,099 | +€4,423 | +654.7% |
| Other operating charges | 640/8 | €354 | €830 | +€476 | +134.5% |
| Gross operating margin | 9900 | €295,387 | €258,945 | -€36,442 | -12.3% |
| Operating profit (loss) | 9901 | €232,193 | €191,230 | -€40,963 | -17.6% |
| Financial income | 75/76B | €125,727 | €124,638 | -€1,088 | -0.9% |
| Recurring financial income | 75 | €125,727 | €124,638 | -€1,088 | -0.9% |
| Financial charges | 65/66B | €262 | €957 | +€695 | +265.0% |
| Recurring financial charges | 65 | €262 | €957 | +€695 | +265.0% |
| Profit (loss) for the period before taxes | 9903 | €357,657 | €314,911 | -€42,746 | -12.0% |
| Income taxes | 67/77 | €92,613 | €69,485 | -€23,128 | -25.0% |
| Profit (loss) for the period | 9904 | €265,044 | €245,426 | -€19,618 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €265,044 | €245,426 | -€19,618 | -7.4% |
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 7 October 2026 via checked.be.