E² - 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.
E² - MANAGEMENT
Largest movements
- Intangible fixed assets +€289,725
new in 2025: €289,725
- Receivables within one year -€225,686
down €225,686 (-32.8%), from €688,697 to €463,011
of which Other amounts receivable: -€325,510
- Financial fixed assets +€200,000
up €200,000 (+30.6%), from €653,750 to €853,750
- Tangible fixed assets -€138,092
down €138,092 (-2.5%), from €5.6m to €5.5m
of which Land and buildings: -€116,286
- Cash -€114,619
down €114,619 (-69.8%), from €164,231 to €49,612
mainly Investment in fixed assets (net) (-€510,397) and Debts after one year (-€200,417)
- Debts after one year -€200,417
down €200,417 (-5.5%), from €3.7m to €3.5m
- Current portion of long-term debt +€81,574
up €81,574 (+26.4%), from €308,695 to €390,269
- Financial income +€100,001
up €100,001 (+500002500.0%), from €0 to €100,001
- Gross operating margin -€32,691
down €32,691 (-8.7%), from €377,290 to €344,599
- Other operating charges +€13,741
up €13,741 (+383.0%), from €3,588 to €17,329
- Financial charges +€11,055
up €11,055 (+8.1%), from €136,530 to €147,584
- Depreciation +€4,671
up €4,671 (+3.0%), from €154,092 to €158,763
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 | €7,123,353 | €7,133,380 | +€10,027 | +0.1% |
| Fixed assets | 21/28 | €6,261,032 | €6,612,665 | +€351,633 | +5.6% |
| Intangible fixed assets | 21 | - | €289,725 | +€289,725 | |
| Tangible fixed assets | 22/27 | €5,607,282 | €5,469,190 | -€138,092 | -2.5% |
| Land and buildings | 22 | €5,413,704 | €5,297,418 | -€116,286 | -2.1% |
| Plant, machinery and equipment | 23 | €193,578 | €171,771 | -€21,806 | -11.3% |
| Financial fixed assets | 28 | €653,750 | €853,750 | +€200,000 | +30.6% |
| Current assets | 29/58 | €862,321 | €520,715 | -€341,606 | -39.6% |
| Amounts receivable within one year | 40/41 | €688,697 | €463,011 | -€225,686 | -32.8% |
| Trade receivables | 40 | €300,739 | €400,564 | +€99,824 | +33.2% |
| Other amounts receivable | 41 | €387,957 | €62,447 | -€325,510 | -83.9% |
| Cash at bank and in hand | 54/58 | €164,231 | €49,612 | -€114,619 | -69.8% |
| Deferred charges and accrued income | 490/1 | €9,394 | €8,093 | -€1,301 | -13.9% |
| Total equity and liabilities | 10/49 | €7,123,353 | €7,133,380 | +€10,027 | +0.1% |
| Equity | 10/15 | €1,983,248 | €2,032,075 | +€48,827 | +2.5% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €789,000 | €789,000 | = | 0.0% |
| Distributable reserves | 133 | €789,000 | €789,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €875,648 | €924,475 | +€48,827 | +5.6% |
| Amounts payable | 17/49 | €5,140,105 | €5,101,305 | -€38,800 | -0.8% |
| Amounts payable after more than one year | 17 | €3,653,814 | €3,453,396 | -€200,417 | -5.5% |
| Financial debts | 170/4 | €3,653,814 | €3,453,396 | -€200,417 | -5.5% |
| Amounts payable within one year | 42/48 | €1,486,291 | €1,647,908 | +€161,617 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €308,695 | €390,269 | +€81,574 | +26.4% |
| Trade debts | 44 | €62,040 | €109,002 | +€46,962 | +75.7% |
| Suppliers | 440/4 | €62,040 | €109,002 | +€46,962 | +75.7% |
| Taxes, remuneration and social security | 45 | €43,183 | €14,277 | -€28,906 | -66.9% |
| Taxes | 450/3 | €33,896 | €4,658 | -€29,238 | -86.3% |
| Remuneration and social security | 454/9 | €9,287 | €9,619 | +€332 | +3.6% |
| Other amounts payable | 47/48 | €1,072,373 | €1,134,360 | +€61,988 | +5.8% |
| Remuneration, social security and pensions | 62 | €71,882 | €71,963 | +€81 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €154,092 | €158,763 | +€4,671 | +3.0% |
| Other operating charges | 640/8 | €3,588 | €17,329 | +€13,741 | +383.0% |
| Gross operating margin | 9900 | €377,290 | €344,599 | -€32,691 | -8.7% |
| Operating profit (loss) | 9901 | €147,728 | €96,543 | -€51,184 | -34.6% |
| Financial income | 75/76B | €0 | €100,001 | +€100,001 | +500002500.0% |
| Recurring financial income | 75 | €0 | €100,001 | +€100,001 | +500002500.0% |
| Financial charges | 65/66B | €136,530 | €147,584 | +€11,055 | +8.1% |
| Recurring financial charges | 65 | €136,530 | €147,584 | +€11,055 | +8.1% |
| Profit (loss) for the period before taxes | 9903 | €11,198 | €48,959 | +€37,762 | +337.2% |
| Income taxes | 67/77 | €2,959 | €132 | -€2,827 | -95.5% |
| Profit (loss) for the period | 9904 | €8,239 | €48,827 | +€40,589 | +492.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,239 | €48,827 | +€40,589 | +492.7% |
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.