H. 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.
H. MANAGEMENT
Largest movements
- Receivables within one year +€14,795
up €14,795 (+12.7%), from €116,480 to €131,276
of which Other amounts receivable: +€27,680
- Tangible fixed assets -€7,644
down €7,644 (-8.9%), from €86,261 to €78,617
of which Land and buildings: -€8,623
- Cash -€5,232
down €5,232 (-86.0%), from €6,083 to €851
mainly Debts after one year (-€18,200) and Receivables within one year (-€14,795)
- Deferred charges and accrued income +€5,214
up €5,214 (+356.5%), from €1,463 to €6,676
- Profit (loss) carried forward +€22,390
up €22,390 (+80.2%), from €27,915 to €50,305
- Debts after one year -€18,200
down €18,200 (-100.0%), from €18,200 to €0
- Other debts +€6,250
up €6,250 (+9.0%), from €69,166 to €75,416
- Gross operating margin -€10,222
down €10,222 (-16.4%), from €62,197 to €51,975
- Other operating charges +€3,084
up €3,084 (+67.2%), from €4,587 to €7,671
- Taxes -€2,643
down €2,643 (-22.1%), from €11,976 to €9,334
- Financial charges -€2,324
down €2,324 (-23.4%), from €9,942 to €7,618
- Financial income -€893
down €893 (-23.3%), from €3,829 to €2,936
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 | €298,500 | €305,633 | +€7,133 | +2.4% |
| Fixed assets | 21/28 | €174,474 | €166,830 | -€7,644 | -4.4% |
| Tangible fixed assets | 22/27 | €86,261 | €78,617 | -€7,644 | -8.9% |
| Land and buildings | 22 | €86,234 | €77,610 | -€8,623 | -10.0% |
| Furniture and vehicles | 24 | €27 | €1,006 | +€980 | +3662.3% |
| Financial fixed assets | 28 | €88,213 | €88,213 | = | 0.0% |
| Current assets | 29/58 | €124,026 | €138,802 | +€14,777 | +11.9% |
| Amounts receivable within one year | 40/41 | €116,480 | €131,276 | +€14,795 | +12.7% |
| Trade receivables | 40 | €76,202 | €63,317 | -€12,885 | -16.9% |
| Other amounts receivable | 41 | €40,278 | €67,959 | +€27,680 | +68.7% |
| Cash at bank and in hand | 54/58 | €6,083 | €851 | -€5,232 | -86.0% |
| Deferred charges and accrued income | 490/1 | €1,463 | €6,676 | +€5,214 | +356.5% |
| Total equity and liabilities | 10/49 | €298,500 | €305,633 | +€7,133 | +2.4% |
| Equity | 10/15 | €103,905 | €125,622 | +€21,717 | +20.9% |
| 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 | €13,990 | €13,317 | -€673 | -4.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,790 | €7,117 | -€673 | -8.6% |
| Profit (loss) carried forward | 14 | €27,915 | €50,305 | +€22,390 | +80.2% |
| Provisions and deferred taxes | 16 | €3,466 | €3,119 | -€347 | -10.0% |
| Deferred taxes | 168 | €3,466 | €3,119 | -€347 | -10.0% |
| Amounts payable | 17/49 | €191,129 | €176,892 | -€14,238 | -7.4% |
| Amounts payable after more than one year | 17 | €18,200 | €0 | -€18,200 | -100.0% |
| Financial debts | 170/4 | €18,200 | €0 | -€18,200 | -100.0% |
| Amounts payable within one year | 42/48 | €171,883 | €176,892 | +€5,008 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €18,942 | €18,200 | -€743 | -3.9% |
| Financial debts | 43 | €50,000 | €50,657 | +€657 | +1.3% |
| Credit institutions | 430/8 | €50,000 | €50,657 | +€657 | +1.3% |
| Trade debts | 44 | €5,610 | €7,236 | +€1,626 | +29.0% |
| Suppliers | 440/4 | €5,610 | €7,236 | +€1,626 | +29.0% |
| Taxes, remuneration and social security | 45 | €28,165 | €25,383 | -€2,782 | -9.9% |
| Taxes | 450/3 | €28,165 | €25,383 | -€2,782 | -9.9% |
| Other amounts payable | 47/48 | €69,166 | €75,416 | +€6,250 | +9.0% |
| Accrued charges and deferred income | 492/3 | €1,046 | €0 | -€1,046 | -100.0% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,972 | €8,918 | -€54 | -0.6% |
| Other operating charges | 640/8 | €4,587 | €7,671 | +€3,084 | +67.2% |
| Gross operating margin | 9900 | €62,197 | €51,975 | -€10,222 | -16.4% |
| Operating profit (loss) | 9901 | €48,638 | €35,386 | -€13,251 | -27.2% |
| Financial income | 75/76B | €3,829 | €2,936 | -€893 | -23.3% |
| Recurring financial income | 75 | €3,829 | €2,936 | -€893 | -23.3% |
| Financial charges | 65/66B | €9,942 | €7,618 | -€2,324 | -23.4% |
| Recurring financial charges | 65 | €9,942 | €7,618 | -€2,324 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €42,524 | €30,704 | -€11,820 | -27.8% |
| Transfer from deferred taxes | 780 | €347 | €347 | = | 0.0% |
| Income taxes | 67/77 | €11,976 | €9,334 | -€2,643 | -22.1% |
| Profit (loss) for the period | 9904 | €30,895 | €21,717 | -€9,178 | -29.7% |
| Transfer from tax-exempt reserves | 789 | €673 | €673 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,568 | €22,390 | -€9,178 | -29.1% |
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.