GENERIC 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.
GENERIC MANAGEMENT
Largest movements
- Tangible fixed assets -€13,328
down €13,328 (-3.4%), from €387,384 to €374,056
of which Land and buildings: -€15,190
- Debts after one year -€38,579
down €38,579 (-27.1%), from €142,328 to €103,749
- Reserves +€23,206
up €23,206 (+15.4%), from €150,457 to €173,664
of which Distributable reserves: +€23,206
- Tax, wage and social debts +€4,470
up €4,470 (+34.6%), from €12,913 to €17,382
of which Taxes: +€3,373
- Gross operating margin -€5,065
down €5,065 (-7.8%), from €64,767 to €59,702
- Taxes -€1,801
down €1,801 (-12.9%), from €13,998 to €12,197
- Financial charges -€1,259
down €1,259 (-15.3%), from €8,211 to €6,952
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 | €408,100 | €395,140 | -€12,960 | -3.2% |
| Fixed assets | 21/28 | €387,459 | €374,131 | -€13,328 | -3.4% |
| Tangible fixed assets | 22/27 | €387,384 | €374,056 | -€13,328 | -3.4% |
| Land and buildings | 22 | €384,664 | €369,474 | -€15,190 | -3.9% |
| Plant, machinery and equipment | 23 | €2,719 | €4,582 | +€1,862 | +68.5% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €20,642 | €21,009 | +€367 | +1.8% |
| Amounts receivable within one year | 40/41 | €18,076 | €17,783 | -€292 | -1.6% |
| Trade receivables | 40 | €18,076 | €13,885 | -€4,190 | -23.2% |
| Other amounts receivable | 41 | €0 | €3,898 | +€3,898 | |
| Cash at bank and in hand | 54/58 | - | €1,029 | +€1,029 | |
| Deferred charges and accrued income | 490/1 | €2,566 | €2,197 | -€369 | -14.4% |
| Total equity and liabilities | 10/49 | €408,100 | €395,140 | -€12,960 | -3.2% |
| Equity | 10/15 | €209,040 | €232,246 | +€23,206 | +11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,457 | €173,664 | +€23,206 | +15.4% |
| Tax-exempt reserves | 132 | €8,420 | €8,420 | = | 0.0% |
| Distributable reserves | 133 | €142,037 | €165,244 | +€23,206 | +16.3% |
| Profit (loss) carried forward | 14 | €39,982 | €39,982 | = | 0.0% |
| Amounts payable | 17/49 | €199,061 | €162,894 | -€36,167 | -18.2% |
| Amounts payable after more than one year | 17 | €142,328 | €103,749 | -€38,579 | -27.1% |
| Financial debts | 170/4 | €142,328 | €103,749 | -€38,579 | -27.1% |
| Amounts payable within one year | 42/48 | €56,733 | €59,145 | +€2,413 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €38,891 | €40,601 | +€1,711 | +4.4% |
| Financial debts | 43 | €3,427 | €0 | -€3,427 | -100.0% |
| Credit institutions | 430/8 | €3,427 | €0 | -€3,427 | -100.0% |
| Trade debts | 44 | €267 | €1,162 | +€895 | +335.3% |
| Suppliers | 440/4 | €267 | €1,162 | +€895 | +335.3% |
| Taxes, remuneration and social security | 45 | €12,913 | €17,382 | +€4,470 | +34.6% |
| Taxes | 450/3 | €12,913 | €16,286 | +€3,373 | +26.1% |
| Remuneration and social security | 454/9 | €0 | €1,096 | +€1,096 | |
| Other amounts payable | 47/48 | €1,236 | €0 | -€1,236 | -100.0% |
| Non-recurring operating income | 76A | €2,728 | €0 | -€2,728 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,792 | €15,928 | +€136 | +0.9% |
| Other operating charges | 640/8 | €1,404 | €1,483 | +€79 | +5.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €64,767 | €59,702 | -€5,065 | -7.8% |
| Operating profit (loss) | 9901 | €47,571 | €42,292 | -€5,279 | -11.1% |
| Financial income | 75/76B | €0 | €64 | +€64 | |
| Recurring financial income | 75 | €0 | €64 | +€64 | |
| Financial charges | 65/66B | €8,211 | €6,952 | -€1,259 | -15.3% |
| Recurring financial charges | 65 | €8,211 | €6,952 | -€1,259 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €39,360 | €35,404 | -€3,957 | -10.1% |
| Income taxes | 67/77 | €13,998 | €12,197 | -€1,801 | -12.9% |
| Profit (loss) for the period | 9904 | €25,362 | €23,206 | -€2,156 | -8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,362 | €23,206 | -€2,156 | -8.5% |
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 2 October 2026 via checked.be.