Fifty-Four 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.
Fifty-Four Management
Largest movements
- Cash -€18,330
down €18,330 (-57.1%), from €32,083 to €13,754
mainly Debts after one year (-€19,390) and Net result for the year (-€2,903)
- Receivables within one year -€5,082
down €5,082 (-100.0%), from €5,082 to €0
- Debts after one year -€19,390
down €19,390 (-10.5%), from €185,127 to €165,737
of which Financial debts: -€27,890
- Profit (loss) carried forward -€2,903
down €2,903, from €174 to -€2,730
- Financial charges -€1,077
down €1,077 (-14.4%), from €7,460 to €6,383
- Gross operating margin -€1,074
down €1,074 (-19.9%), from €5,406 to €4,332
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 | €238,703 | €214,839 | -€23,864 | -10.0% |
| Formation expenses | 20 | €1,538 | €1,086 | -€452 | -29.4% |
| Fixed assets | 21/28 | €200,000 | €200,000 | = | 0.0% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €37,165 | €13,754 | -€23,412 | -63.0% |
| Amounts receivable within one year | 40/41 | €5,082 | €0 | -€5,082 | -100.0% |
| Trade receivables | 40 | €5,082 | €0 | -€5,082 | -100.0% |
| Cash at bank and in hand | 54/58 | €32,083 | €13,754 | -€18,330 | -57.1% |
| Total equity and liabilities | 10/49 | €238,703 | €214,839 | -€23,864 | -10.0% |
| Equity | 10/15 | €20,174 | €17,270 | -€2,903 | -14.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174 | -€2,730 | -€2,903 | |
| Amounts payable | 17/49 | €218,529 | €197,569 | -€20,960 | -9.6% |
| Amounts payable after more than one year | 17 | €185,127 | €165,737 | -€19,390 | -10.5% |
| Financial debts | 170/4 | €135,127 | €107,237 | -€27,890 | -20.6% |
| Other amounts payable | 178/9 | €50,000 | €58,500 | +€8,500 | +17.0% |
| Amounts payable within one year | 42/48 | €32,711 | €31,237 | -€1,474 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €28,938 | €30,162 | +€1,224 | +4.2% |
| Trade debts | 44 | €1,983 | €0 | -€1,983 | -100.0% |
| Suppliers | 440/4 | €1,983 | €0 | -€1,983 | -100.0% |
| Taxes, remuneration and social security | 45 | €1,790 | €1,074 | -€715 | -40.0% |
| Taxes | 450/3 | €1,790 | €1,074 | -€715 | -40.0% |
| Accrued charges and deferred income | 492/3 | €691 | €595 | -€96 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452 | €452 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €5,406 | €4,332 | -€1,074 | -19.9% |
| Operating profit (loss) | 9901 | €4,567 | €3,480 | -€1,087 | -23.8% |
| Financial charges | 65/66B | €7,460 | €6,383 | -€1,077 | -14.4% |
| Recurring financial charges | 65 | €7,460 | €6,383 | -€1,077 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | -€2,894 | -€2,903 | -€10 | -0.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€2,894 | -€2,903 | -€10 | -0.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,894 | -€2,903 | -€10 | -0.3% |
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 6 October 2026 via checked.be.