FRONT ROW 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.
FRONT ROW MANAGEMENT
Largest movements
- Cash +€55,917
up €55,917 (+79.2%), from €70,625 to €126,542
mainly Net result for the year (+€71,607) and Trade debts (+€4,311)
- Reserves +€71,607
up €71,607 (+3.7%), from €1.9m to €2.0m
- Financial income -€429,500
down €429,500 (-99.4%), from €432,000 to €2,500
- Gross operating margin +€17,801
up €17,801 (+22.3%), from €79,776 to €97,577
- Taxes +€4,882
up €4,882 (+24.4%), from €20,046 to €24,927
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 | €3,520,770 | €3,597,353 | +€76,582 | +2.2% |
| Fixed assets | 21/28 | €3,001,262 | €3,002,047 | +€785 | 0.0% |
| Tangible fixed assets | 22/27 | €1,183 | €1,968 | +€785 | +66.3% |
| Plant, machinery and equipment | 23 | €1,183 | €1,968 | +€785 | +66.3% |
| Financial fixed assets | 28 | €3,000,079 | €3,000,079 | = | 0.0% |
| Current assets | 29/58 | €519,508 | €595,306 | +€75,798 | +14.6% |
| Amounts receivable within one year | 40/41 | €448,884 | €468,039 | +€19,156 | +4.3% |
| Trade receivables | 40 | €16,884 | €35,118 | +€18,235 | +108.0% |
| Other amounts receivable | 41 | €432,000 | €432,921 | +€921 | +0.2% |
| Cash at bank and in hand | 54/58 | €70,625 | €126,542 | +€55,917 | +79.2% |
| Deferred charges and accrued income | 490/1 | - | €725 | +€725 | |
| Total equity and liabilities | 10/49 | €3,520,770 | €3,597,353 | +€76,582 | +2.2% |
| Equity | 10/15 | €1,952,147 | €2,023,753 | +€71,607 | +3.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €1,947,147 | €2,018,753 | +€71,607 | +3.7% |
| Distributable reserves | 133 | €1,947,147 | €2,018,753 | +€71,607 | +3.7% |
| Amounts payable | 17/49 | €1,568,624 | €1,573,600 | +€4,976 | +0.3% |
| Amounts payable within one year | 42/48 | €1,568,624 | €1,573,600 | +€4,976 | +0.3% |
| Trade debts | 44 | - | €4,311 | +€4,311 | |
| Suppliers | 440/4 | - | €4,311 | +€4,311 | |
| Taxes, remuneration and social security | 45 | €8,545 | €10,789 | +€2,244 | +26.3% |
| Taxes | 450/3 | €8,545 | €10,789 | +€2,244 | +26.3% |
| Other amounts payable | 47/48 | €1,560,079 | €1,558,500 | -€1,579 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €437 | €495 | +€58 | +13.3% |
| Other operating charges | 640/8 | €1,108 | €1,143 | +€35 | +3.1% |
| Gross operating margin | 9900 | €79,776 | €97,577 | +€17,801 | +22.3% |
| Operating profit (loss) | 9901 | €78,231 | €95,940 | +€17,709 | +22.6% |
| Financial income | 75/76B | €432,000 | €2,500 | -€429,500 | -99.4% |
| Recurring financial income | 75 | €432,000 | €2,500 | -€429,500 | -99.4% |
| Financial charges | 65/66B | €1,045 | €1,906 | +€861 | +82.4% |
| Recurring financial charges | 65 | €1,045 | €1,906 | +€861 | +82.4% |
| Profit (loss) for the period before taxes | 9903 | €509,186 | €96,534 | -€412,652 | -81.0% |
| Income taxes | 67/77 | €20,046 | €24,927 | +€4,882 | +24.4% |
| Profit (loss) for the period | 9904 | €489,140 | €71,607 | -€417,534 | -85.4% |
| Profit (loss) for the period to be appropriated | 9905 | €489,140 | €71,607 | -€417,534 | -85.4% |
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 8 October 2026 via checked.be.