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
- Tangible fixed assets +€32,637
up €32,637 (+66.6%), from €49,002 to €81,638
of which Other tangible fixed assets: +€23,350
- Receivables within one year -€16,647
down €16,647 (-8.8%), from €189,230 to €172,583
of which Trade receivables: -€79,860
- Other debts -€149,556
down €149,556 (-49.0%), from €305,367 to €155,811
- Debts after one year +€81,823
up €81,823 (+187.1%), from €43,734 to €125,557
- Reserves +€44,483
up €44,483 (+10.7%), from €416,785 to €461,268
of which Distributable reserves: +€44,483
- Current portion of long-term debt +€28,716
up €28,716 (+94.8%), from €30,275 to €58,991
- Financial income -€38,283
down €38,283 (-92.2%), from €41,513 to €3,230
- Gross operating margin +€17,054
up €17,054 (+27.3%), from €62,358 to €79,412
- Depreciation +€3,408
up €3,408 (+53.1%), from €6,420 to €9,828
- Taxes +€1,326
up €1,326 (+6.1%), from €21,603 to €22,930
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 | €870,607 | €885,393 | +€14,786 | +1.7% |
| Fixed assets | 21/28 | €665,482 | €698,118 | +€32,637 | +4.9% |
| Tangible fixed assets | 22/27 | €49,002 | €81,638 | +€32,637 | +66.6% |
| Plant, machinery and equipment | 23 | €14,581 | €12,261 | -€2,320 | -15.9% |
| Furniture and vehicles | 24 | - | €11,606 | +€11,606 | |
| Other tangible fixed assets | 26 | €34,421 | €57,771 | +€23,350 | +67.8% |
| Financial fixed assets | 28 | €616,480 | €616,480 | = | 0.0% |
| Current assets | 29/58 | €205,125 | €187,275 | -€17,851 | -8.7% |
| Amounts receivable within one year | 40/41 | €189,230 | €172,583 | -€16,647 | -8.8% |
| Trade receivables | 40 | €90,710 | €10,850 | -€79,860 | -88.0% |
| Other amounts receivable | 41 | €98,520 | €161,733 | +€63,213 | +64.2% |
| Cash at bank and in hand | 54/58 | €15,895 | €14,692 | -€1,204 | -7.6% |
| Total equity and liabilities | 10/49 | €870,607 | €885,393 | +€14,786 | +1.7% |
| Equity | 10/15 | €436,785 | €481,268 | +€44,483 | +10.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €416,785 | €461,268 | +€44,483 | +10.7% |
| 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 | €414,785 | €459,268 | +€44,483 | +10.7% |
| Amounts payable | 17/49 | €433,822 | €404,126 | -€29,697 | -6.8% |
| Amounts payable after more than one year | 17 | €43,734 | €125,557 | +€81,823 | +187.1% |
| Financial debts | 170/4 | €43,734 | €125,557 | +€81,823 | +187.1% |
| Amounts payable within one year | 42/48 | €390,088 | €278,569 | -€111,520 | -28.6% |
| Current portion of amounts payable after more than one year | 42 | €30,275 | €58,991 | +€28,716 | +94.8% |
| Trade debts | 44 | €3,046 | €4,475 | +€1,429 | +46.9% |
| Suppliers | 440/4 | €3,046 | €4,475 | +€1,429 | +46.9% |
| Taxes, remuneration and social security | 45 | €51,400 | €59,291 | +€7,891 | +15.4% |
| Taxes | 450/3 | €51,400 | €59,291 | +€7,891 | +15.4% |
| Other amounts payable | 47/48 | €305,367 | €155,811 | -€149,556 | -49.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,420 | €9,828 | +€3,408 | +53.1% |
| Other operating charges | 640/8 | €200 | €850 | +€650 | +325.0% |
| Gross operating margin | 9900 | €62,358 | €79,412 | +€17,054 | +27.3% |
| Operating profit (loss) | 9901 | €55,738 | €68,734 | +€12,996 | +23.3% |
| Financial income | 75/76B | €41,513 | €3,230 | -€38,283 | -92.2% |
| Recurring financial income | 75 | €41,513 | €3,230 | -€38,283 | -92.2% |
| Financial charges | 65/66B | €4,418 | €4,551 | +€134 | +3.0% |
| Recurring financial charges | 65 | €4,418 | €4,551 | +€134 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €92,833 | €67,412 | -€25,421 | -27.4% |
| Income taxes | 67/77 | €21,603 | €22,930 | +€1,326 | +6.1% |
| Profit (loss) for the period | 9904 | €71,230 | €44,483 | -€26,747 | -37.6% |
| Profit (loss) for the period to be appropriated | 9905 | €71,230 | €44,483 | -€26,747 | -37.6% |
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 4 October 2026 via checked.be.