E-Manager: 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.
E-Manager
Largest movements
- Cash -€112,873
down €112,873 (-39.7%), from €284,197 to €171,324
mainly Contributions, distributions and other (-€98,676) and Tax, wage and social debts (-€92,312)
- Tangible fixed assets -€86,020
down €86,020 (-7.7%), from €1.1m to €1.0m
of which Land and buildings: -€51,147
- Receivables within one year +€44,843
up €44,843 (+41.5%), from €108,177 to €153,020
of which Trade receivables: +€55,777
- Tax, wage and social debts -€92,312
down €92,312 (-64.4%), from €143,233 to €50,921
of which Taxes: -€88,000
- Reserves -€82,495
down €82,495 (-22.8%), from €361,512 to €279,017
- Other debts +€76,074
up €76,074 (+1473.4%), from €5,163 to €81,237
- Debts after one year -€66,420
down €66,420 (-7.0%), from €947,475 to €881,055
- Gross operating margin -€65,024
down €65,024 (-23.4%), from €277,637 to €212,613
- Staff costs -€42,795
down €42,795 (-57.7%), from €74,153 to €31,358
- Depreciation +€8,387
up €8,387 (+8.3%), from €101,614 to €110,001
- Taxes -€7,532
down €7,532 (-44.8%), from €16,820 to €9,288
- Financial charges -€6,681
down €6,681 (-13.8%), from €48,551 to €41,871
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 | €1,548,015 | €1,385,502 | -€162,514 | -10.5% |
| Fixed assets | 21/28 | €1,117,709 | €1,032,188 | -€85,520 | -7.7% |
| Tangible fixed assets | 22/27 | €1,117,659 | €1,031,638 | -€86,020 | -7.7% |
| Land and buildings | 22 | €965,931 | €914,784 | -€51,147 | -5.3% |
| Plant, machinery and equipment | 23 | €48,005 | €34,386 | -€13,619 | -28.4% |
| Furniture and vehicles | 24 | €88,832 | €52,901 | -€35,931 | -40.4% |
| Other tangible fixed assets | 26 | €14,891 | €28,567 | +€13,677 | +91.8% |
| Assets under construction and advance payments | 27 | - | €1,000 | +€1,000 | |
| Financial fixed assets | 28 | €50 | €550 | +€500 | +1000.0% |
| Current assets | 29/58 | €430,307 | €353,313 | -€76,993 | -17.9% |
| Amounts receivable within one year | 40/41 | €108,177 | €153,020 | +€44,843 | +41.5% |
| Trade receivables | 40 | €66,803 | €122,580 | +€55,777 | +83.5% |
| Other amounts receivable | 41 | €41,374 | €30,440 | -€10,934 | -26.4% |
| Cash at bank and in hand | 54/58 | €284,197 | €171,324 | -€112,873 | -39.7% |
| Deferred charges and accrued income | 490/1 | €37,933 | €28,969 | -€8,964 | -23.6% |
| Total equity and liabilities | 10/49 | €1,548,015 | €1,385,502 | -€162,514 | -10.5% |
| Equity | 10/15 | €367,712 | €285,217 | -€82,495 | -22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €361,512 | €279,017 | -€82,495 | -22.8% |
| Distributable reserves | 133 | €361,512 | €279,017 | -€82,495 | -22.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,180,303 | €1,100,285 | -€80,018 | -6.8% |
| Amounts payable after more than one year | 17 | €947,475 | €881,055 | -€66,420 | -7.0% |
| Financial debts | 170/4 | €947,475 | €881,055 | -€66,420 | -7.0% |
| Amounts payable within one year | 42/48 | €232,828 | €219,229 | -€13,598 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €63,847 | €66,420 | +€2,573 | +4.0% |
| Trade debts | 44 | €20,585 | €20,651 | +€66 | +0.3% |
| Suppliers | 440/4 | €20,585 | €20,651 | +€66 | +0.3% |
| Taxes, remuneration and social security | 45 | €143,233 | €50,921 | -€92,312 | -64.4% |
| Taxes | 450/3 | €137,013 | €49,013 | -€88,000 | -64.2% |
| Remuneration and social security | 454/9 | €6,220 | €1,908 | -€4,312 | -69.3% |
| Other amounts payable | 47/48 | €5,163 | €81,237 | +€76,074 | +1473.4% |
| Non-recurring operating income | 76A | €23,657 | €0 | -€23,657 | -100.0% |
| Remuneration, social security and pensions | 62 | €74,153 | €31,358 | -€42,795 | -57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,614 | €110,001 | +€8,387 | +8.3% |
| Other operating charges | 640/8 | €9,265 | €4,824 | -€4,440 | -47.9% |
| Gross operating margin | 9900 | €277,637 | €212,613 | -€65,024 | -23.4% |
| Operating profit (loss) | 9901 | €92,605 | €66,430 | -€26,175 | -28.3% |
| Financial income | 75/76B | €386 | €909 | +€524 | +135.8% |
| Recurring financial income | 75 | €386 | €909 | +€524 | +135.8% |
| Financial charges | 65/66B | €48,551 | €41,871 | -€6,681 | -13.8% |
| Recurring financial charges | 65 | €48,551 | €41,871 | -€6,681 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €44,440 | €25,469 | -€18,971 | -42.7% |
| Income taxes | 67/77 | €16,820 | €9,288 | -€7,532 | -44.8% |
| Profit (loss) for the period | 9904 | €27,619 | €16,180 | -€11,439 | -41.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,619 | €16,180 | -€11,439 | -41.4% |
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.