EL 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.
EL MANAGEMENT
Largest movements
- Receivables within one year +€22,681
up €22,681 (+261.6%), from €8,671 to €31,352
of which Trade receivables: +€22,655
- Cash +€10,699
up €10,699 (+34.0%), from €31,463 to €42,162
mainly Net result for the year (+€35,343) and Trade debts (+€3,713)
- Profit (loss) carried forward +€54,429
new in 2025: €54,429
- Reserves -€19,919
no longer reported in 2025 (was €19,919)
- Tax, wage and social debts -€3,809
down €3,809 (-26.8%), from €14,225 to €10,416
of which Taxes: -€6,301
- Trade debts +€3,713
up €3,713 (+2129.6%), from €174 to €3,887
- Accrued charges and deferred income -€1,753
down €1,753 (-91.0%), from €1,925 to €172
- Gross operating margin +€17,728
up €17,728 (+65.1%), from €27,250 to €44,978
- Taxes +€4,101
up €4,101 (+75.6%), from €5,424 to €9,525
- Staff costs -€1,813
no longer reported in 2025 (was €1,813)
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 | €40,263 | €73,614 | +€33,352 | +82.8% |
| Current assets | 29/58 | €40,263 | €73,614 | +€33,352 | +82.8% |
| Amounts receivable within one year | 40/41 | €8,671 | €31,352 | +€22,681 | +261.6% |
| Trade receivables | 40 | €8,671 | €31,326 | +€22,655 | +261.3% |
| Other amounts receivable | 41 | - | €25 | +€25 | |
| Cash at bank and in hand | 54/58 | €31,463 | €42,162 | +€10,699 | +34.0% |
| Deferred charges and accrued income | 490/1 | €129 | €101 | -€28 | -21.9% |
| Total equity and liabilities | 10/49 | €40,263 | €73,614 | +€33,352 | +82.8% |
| Equity | 10/15 | €22,919 | €57,429 | +€34,510 | +150.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €19,919 | - | -€19,919 | |
| Distributable reserves | 133 | €19,919 | - | -€19,919 | |
| Profit (loss) carried forward | 14 | - | €54,429 | +€54,429 | |
| Amounts payable | 17/49 | €17,344 | €16,186 | -€1,158 | -6.7% |
| Amounts payable within one year | 42/48 | €15,419 | €16,014 | +€594 | +3.9% |
| Trade debts | 44 | €174 | €3,887 | +€3,713 | +2129.6% |
| Suppliers | 440/4 | €174 | €3,887 | +€3,713 | +2129.6% |
| Taxes, remuneration and social security | 45 | €14,225 | €10,416 | -€3,809 | -26.8% |
| Taxes | 450/3 | €14,225 | €7,924 | -€6,301 | -44.3% |
| Remuneration and social security | 454/9 | - | €2,492 | +€2,492 | |
| Other amounts payable | 47/48 | €1,020 | €1,711 | +€691 | +67.8% |
| Accrued charges and deferred income | 492/3 | €1,925 | €172 | -€1,753 | -91.0% |
| Remuneration, social security and pensions | 62 | €1,813 | - | -€1,813 | |
| Gross operating margin | 9900 | €27,250 | €44,978 | +€17,728 | +65.1% |
| Operating profit (loss) | 9901 | €25,437 | €44,978 | +€19,541 | +76.8% |
| Financial income | 75/76B | €0 | €10 | +€10 | +98900.0% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +98900.0% |
| Financial charges | 65/66B | €95 | €120 | +€25 | +26.5% |
| Recurring financial charges | 65 | €95 | €120 | +€25 | +26.5% |
| Profit (loss) for the period before taxes | 9903 | €25,342 | €44,868 | +€19,526 | +77.0% |
| Income taxes | 67/77 | €5,424 | €9,525 | +€4,101 | +75.6% |
| Profit (loss) for the period | 9904 | €19,919 | €35,343 | +€15,424 | +77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,919 | €35,343 | +€15,424 | +77.4% |
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 9 October 2026 via checked.be.