F2 - 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.
F2 - MANAGEMENT
Largest movements
- Cash -€1.4m
down €1.4m (-99.4%), from €1.4m to €8,814
mainly Trade debts (-€1.4m) and Short-term financial debts (-€712,915)
- Tangible fixed assets -€601,708
down €601,708 (-27.6%), from €2.2m to €1.6m
of which Land and buildings: -€606,974
- Receivables within one year -€150,878
down €150,878 (-90.9%), from €166,033 to €15,155
of which Other amounts receivable: -€131,124
- Trade debts -€1.4m
down €1.4m (-98.7%), from €1.4m to €17,821
- Short-term financial debts -€712,915
down €712,915 (-100.0%), from €713,000 to €85
- Debts after one year -€335,199
down €335,199 (-60.7%), from €551,945 to €216,746
- Other debts +€224,432
up €224,432 (+20.0%), from €1.1m to €1.3m
- Profit (loss) carried forward +€66,456
up €66,456 (+9.4%), from -€710,041 to -€643,585
- Gross operating margin +€131,967
up €131,967 (+825%), from €15,992 to €147,960
- Financial income -€58,119
down €58,119 (-100%), from €58,119 to €0
- Financial charges +€26,568
up €26,568 (+92.5%), from €28,723 to €55,291
of which Financial charges: +€26,568
- Depreciation -€22,059
down €22,059 (-93.6%), from €23,562 to €1,503
- Taxes +€17,470
up €17,470 (+9,690%), from €180 to €17,650
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.
Derived cash bridge
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 | €3,746,825 | €1,604,485 | -€2.1m | -57.2% |
| Fixed assets | 21/28 | €2,181,591 | €1,579,883 | -€601,708 | -27.6% |
| Tangible fixed assets | 22/27 | €2,181,591 | €1,579,883 | -€601,708 | -27.6% |
| Land and buildings | 22 | €2,179,343 | €1,572,369 | -€606,974 | -27.9% |
| Plant, machinery and equipment | 23 | €2,248 | €0 | -€2,248 | -100% |
| Furniture and vehicles | 24 | €0 | €7,514 | +€7,514 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,565,234 | €24,603 | -€1.5m | -98.4% |
| Amounts receivable within one year | 40/41 | €166,033 | €15,155 | -€150,878 | -90.9% |
| Trade receivables | 40 | €19,753 | €0 | -€19,753 | -100% |
| Other amounts receivable | 41 | €146,280 | €15,155 | -€131,124 | -89.6% |
| Current investments | 50/53 | €4,892 | €0 | -€4,892 | -100% |
| Cash at bank and in hand | 54/58 | €1,394,007 | €8,814 | -€1.4m | -99.4% |
| Deferred charges and accrued income | 490/1 | €302 | €633 | +€331 | +110% |
| Total equity and liabilities | 10/49 | €3,746,825 | €1,604,485 | -€2.1m | -57.2% |
| Equity | 10/15 | -€76,474 | -€10,018 | +€66,456 | +86.9% |
| Contributions | 10/11 | €6,206 | €6,206 | = | 0.0% |
| Reserves | 13 | €627,361 | €627,361 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €627,361 | €627,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€710,041 | -€643,585 | +€66,456 | +9.4% |
| Amounts payable | 17/49 | €3,823,299 | €1,614,504 | -€2.2m | -57.8% |
| Amounts payable after more than one year | 17 | €551,945 | €216,746 | -€335,199 | -60.7% |
| Financial debts | 170/4 | €551,945 | €216,746 | -€335,199 | -60.7% |
| Amounts payable within one year | 42/48 | €3,271,354 | €1,397,757 | -€1.9m | -57.3% |
| Current portion of amounts payable after more than one year | 42 | €30,992 | €18,254 | -€12,738 | -41.1% |
| Financial debts | 43 | €713,000 | €85 | -€712,915 | -100.0% |
| Credit institutions | 430/8 | €713,000 | €85 | -€712,915 | -100.0% |
| Trade debts | 44 | €1,400,804 | €17,821 | -€1.4m | -98.7% |
| Suppliers | 440/4 | €1,400,804 | €17,821 | -€1.4m | -98.7% |
| Taxes, remuneration and social security | 45 | €4,897 | €15,504 | +€10,607 | +217% |
| Taxes | 450/3 | €4,897 | €15,504 | +€10,607 | +217% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,121,661 | €1,346,093 | +€224,432 | +20.0% |
| Non-recurring operating income | 76A | - | €102,480 | +€102,480 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,562 | €1,503 | -€22,059 | -93.6% |
| Other operating charges | 640/8 | €4,894 | €1,450 | -€3,445 | -70.4% |
| Non-recurring operating charges | 66A | €689,684 | €5,610 | -€684,074 | -99.2% |
| Gross operating margin | 9900 | €15,992 | €147,960 | +€131,967 | +825% |
| Operating profit (loss) | 9901 | -€702,148 | €139,397 | +€841,545 | |
| Financial income | 75/76B | €58,119 | €0 | -€58,119 | -100% |
| Recurring financial income | 75 | €58,119 | €0 | -€58,119 | -100% |
| Financial charges | 65/66B | €28,723 | €55,291 | +€26,568 | +92.5% |
| Recurring financial charges | 65 | €28,723 | €55,291 | +€26,568 | +92.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€672,752 | €84,106 | +€756,857 | |
| Income taxes | 67/77 | €180 | €17,650 | +€17,470 | +9,690% |
| Profit (loss) for the period | 9904 | -€672,932 | €66,456 | +€739,388 | |
| Profit (loss) for the period to be appropriated | 9905 | -€672,932 | €66,456 | +€739,388 |
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 14 October 2026 via checked.be.