FINE 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.
FINE MANAGEMENT
Largest movements
- Receivables within one year -€28,853
down €28,853 (-29.1%), from €99,270 to €70,417
of which Other amounts receivable: -€30,951
- Cash -€5,101
down €5,101 (-45.2%), from €11,278 to €6,177
mainly Contributions, distributions and other (-€54,584) and Current portion of long-term debt (-€5,522)
- Tangible fixed assets -€4,292
down €4,292 (-37.1%), from €11,564 to €7,272
- Deferred charges and accrued income -€1,651
no longer reported in 2025 (was €1,651)
- Reserves -€37,315
down €37,315 (-38.2%), from €97,776 to €60,461
of which Distributable reserves: -€37,315
- Current portion of long-term debt -€5,522
down €5,522 (-53.2%), from €10,377 to €4,855
- Tax, wage and social debts +€5,376
up €5,376 (+431%), from €1,248 to €6,624
- Gross operating margin -€10,683
down €10,683 (-22.8%), from €46,858 to €36,175
- Depreciation -€10,361
down €10,361 (-69.2%), from €14,977 to €4,616
- Taxes +€3,296
up €3,296 (+40.2%), from €8,190 to €11,486
- Financial charges -€1,083
down €1,083 (-67.5%), from €1,605 to €522
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 | €123,763 | €85,066 | -€38,697 | -31.3% |
| Fixed assets | 21/28 | €11,564 | €7,272 | -€4,292 | -37.1% |
| Tangible fixed assets | 22/27 | €11,564 | €7,272 | -€4,292 | -37.1% |
| Furniture and vehicles | 24 | €11,564 | €7,272 | -€4,292 | -37.1% |
| Current assets | 29/58 | €112,199 | €77,794 | -€34,405 | -30.7% |
| Amounts receivable within one year | 40/41 | €99,270 | €70,417 | -€28,853 | -29.1% |
| Trade receivables | 40 | €18,905 | €21,003 | +€2,098 | +11.1% |
| Other amounts receivable | 41 | €80,365 | €49,414 | -€30,951 | -38.5% |
| Current investments | 50/53 | - | €1,200 | +€1,200 | |
| Cash at bank and in hand | 54/58 | €11,278 | €6,177 | -€5,101 | -45.2% |
| Deferred charges and accrued income | 490/1 | €1,651 | - | -€1,651 | |
| Total equity and liabilities | 10/49 | €123,763 | €85,066 | -€38,697 | -31.3% |
| Equity | 10/15 | €110,176 | €72,861 | -€37,315 | -33.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €97,776 | €60,461 | -€37,315 | -38.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €95,916 | €58,601 | -€37,315 | -38.9% |
| Amounts payable | 17/49 | €13,587 | €12,205 | -€1,382 | -10.2% |
| Amounts payable within one year | 42/48 | €13,587 | €12,205 | -€1,382 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €10,377 | €4,855 | -€5,522 | -53.2% |
| Trade debts | 44 | €1,962 | €726 | -€1,236 | -63.0% |
| Suppliers | 440/4 | €1,962 | €726 | -€1,236 | -63.0% |
| Taxes, remuneration and social security | 45 | €1,248 | €6,624 | +€5,376 | +431% |
| Taxes | 450/3 | €1,248 | €6,624 | +€5,376 | +431% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,977 | €4,616 | -€10,361 | -69.2% |
| Other operating charges | 640/8 | €1,997 | €2,315 | +€318 | +15.9% |
| Non-recurring operating charges | 66A | €3,398 | - | -€3,398 | |
| Gross operating margin | 9900 | €46,858 | €36,175 | -€10,683 | -22.8% |
| Operating profit (loss) | 9901 | €26,486 | €29,244 | +€2,758 | +10.4% |
| Financial income | 75/76B | €18 | €33 | +€15 | +83.3% |
| Recurring financial income | 75 | €18 | €33 | +€15 | +83.3% |
| Financial charges | 65/66B | €1,605 | €522 | -€1,083 | -67.5% |
| Recurring financial charges | 65 | €1,605 | €522 | -€1,083 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | €24,899 | €28,755 | +€3,856 | +15.5% |
| Income taxes | 67/77 | €8,190 | €11,486 | +€3,296 | +40.2% |
| Profit (loss) for the period | 9904 | €16,709 | €17,269 | +€560 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,709 | €17,269 | +€560 | +3.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.