GLOBAL EXPOSURE MANAGEMENT SYSTEMS: 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.
GLOBAL EXPOSURE MANAGEMENT SYSTEMS
Largest movements
- Receivables within one year +€12.7m
up €12.7m (+36.3%), from €34.9m to €47.6m
of which Other amounts receivable: +€12.7m
- Current investments -€9.3m
down €9.3m (-9.4%), from €98.9m to €89.5m
- Cash -€4.7m
down €4.7m (-41.0%), from €11.6m to €6.8m
mainly Receivables within one year (-€12.7m) and Other debts (-€7.2m)
- Other debts -€7.2m
down €7.2m (-1.9%), from €374.0m to €366.8m
- Profit (loss) carried forward +€5.1m
up €5.1m (+7.8%), from -€64.9m to -€59.8m
- Financial income -€11.8m
down €11.8m (-56.3%), from €21.0m to €9.2m
of which Financial income: -€11.8m
- Financial charges -€4.0m
down €4.0m (-76.0%), from €5.2m to €1.3m
- Gross operating margin -€1.1m
down €1.1m (-101%), from -€1.1m to -€2.3m
- Other operating charges +€390,630
up €390,630 (+1,490%), from €26,214 to €416,844
- Taxes -€31,130
down €31,130 (-41.9%), from €74,359 to €43,229
From the 31-12-2024 result to the 30-11-2025 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 31-12-2024 and 30-11-2025 balance sheets and the 30-11-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 30-11-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €345,223,395 | €343,361,785 | -€1.9m | -0.5% |
| Fixed assets | 21/28 | €199,444,451 | €199,352,860 | -€91,592 | 0.0% |
| Tangible fixed assets | 22/27 | €12,290,771 | €12,170,657 | -€120,114 | -1.0% |
| Land and buildings | 22 | €12,211,463 | €12,109,407 | -€102,056 | -0.8% |
| Plant, machinery and equipment | 23 | €9,500 | €9,500 | = | 0.0% |
| Furniture and vehicles | 24 | €69,808 | €51,750 | -€18,058 | -25.9% |
| Financial fixed assets | 28 | €187,153,680 | €187,182,202 | +€28,522 | 0.0% |
| Current assets | 29/58 | €145,778,944 | €144,008,925 | -€1.8m | -1.2% |
| Amounts receivable within one year | 40/41 | €34,939,513 | €47,609,323 | +€12.7m | +36.3% |
| Trade receivables | 40 | €1,212 | €1,212 | = | 0.0% |
| Other amounts receivable | 41 | €34,938,301 | €47,608,111 | +€12.7m | +36.3% |
| Current investments | 50/53 | €98,870,505 | €89,543,063 | -€9.3m | -9.4% |
| Cash at bank and in hand | 54/58 | €11,563,696 | €6,821,964 | -€4.7m | -41.0% |
| Deferred charges and accrued income | 490/1 | €405,229 | €34,575 | -€370,654 | -91.5% |
| Total equity and liabilities | 10/49 | €345,223,395 | €343,361,785 | -€1.9m | -0.5% |
| Equity | 10/15 | -€29,664,614 | -€24,590,809 | +€5.1m | +17.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €35,156,200 | €35,156,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €35,150,000 | €35,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€64,882,814 | -€59,809,009 | +€5.1m | +7.8% |
| Amounts payable | 17/49 | €374,888,008 | €367,952,594 | -€6.9m | -1.8% |
| Amounts payable within one year | 42/48 | €374,164,824 | €366,926,935 | -€7.2m | -1.9% |
| Trade debts | 44 | €0 | €900 | +€900 | |
| Suppliers | 440/4 | €0 | €900 | +€900 | |
| Taxes, remuneration and social security | 45 | €170,154 | €165,740 | -€4,414 | -2.6% |
| Taxes | 450/3 | €170,154 | €165,740 | -€4,414 | -2.6% |
| Other amounts payable | 47/48 | €373,994,670 | €366,760,295 | -€7.2m | -1.9% |
| Accrued charges and deferred income | 492/3 | €723,184 | €1,025,659 | +€302,475 | +41.8% |
| Non-recurring operating income | 76A | €3,000 | €257,150 | +€254,150 | +8,472% |
| Remuneration, social security and pensions | 62 | €19,730 | €18,328 | -€1,402 | -7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,002 | €120,114 | -€12,888 | -9.7% |
| Other operating charges | 640/8 | €26,214 | €416,844 | +€390,630 | +1,490% |
| Non-recurring operating charges | 66A | €108,485,036 | - | -€108.5m | |
| Gross operating margin | 9900 | -€1,124,843 | -€2,260,310 | -€1.1m | -101% |
| Operating profit (loss) | 9901 | -€109,788,825 | -€2,815,596 | +€107.0m | +97.4% |
| Financial income | 75/76B | €20,993,446 | €9,184,176 | -€11.8m | -56.3% |
| Recurring financial income | 75 | €20,992,651 | €9,184,176 | -€11.8m | -56.3% |
| Non-recurring financial income | 76B | €795 | - | -€795 | |
| Financial charges | 65/66B | €5,225,226 | €1,251,547 | -€4.0m | -76.0% |
| Recurring financial charges | 65 | €5,225,226 | €1,251,547 | -€4.0m | -76.0% |
| Profit (loss) for the period before taxes | 9903 | -€94,020,606 | €5,117,033 | +€99.1m | |
| Income taxes | 67/77 | €74,359 | €43,229 | -€31,130 | -41.9% |
| Profit (loss) for the period | 9904 | -€94,094,964 | €5,073,804 | +€99.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,094,964 | €5,073,804 | +€99.2m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.