HANDS-ON 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.
HANDS-ON MANAGEMENT
Largest movements
- Current investments -€185,000
down €185,000 (-49.3%), from €375,000 to €190,000
- Tangible fixed assets +€167,251
up €167,251 (+79.7%), from €209,773 to €377,024
of which Assets under construction and advance payments: +€146,755
- Financial fixed assets +€100,000
new in 2025: €100,000
- Cash -€74,958
down €74,958 (-35.8%), from €209,146 to €134,188
mainly Investment in fixed assets (net) (-€306,575) and Contributions, distributions and other (-€282,688)
- Receivables within one year -€14,455
down €14,455 (-34.6%), from €41,767 to €27,312
of which Trade receivables: -€12,260
- Profit (loss) carried forward -€282,688
no longer reported in 2025 (was €282,688)
- Debts after one year +€163,384
up €163,384 (+76.8%), from €212,802 to €376,186
- Reserves +€62,391
up €62,391 (+21.4%), from €292,065 to €354,456
of which Distributable reserves: +€62,391
- Other debts +€29,524
up €29,524 (+127%), from €23,165 to €52,688
- Current portion of long-term debt +€14,190
new in 2025: €14,190
- Gross operating margin -€50,806
down €50,806 (-26.9%), from €188,925 to €138,119
- Financial charges +€8,660
up €8,660 (+248%), from €3,492 to €12,152
- Financial income +€8,269
up €8,269 (+110%), from €7,512 to €15,781
- Depreciation +€7,444
up €7,444 (+23.4%), from €31,880 to €39,324
- Taxes +€3,337
up €3,337 (+9.5%), from €35,208 to €38,545
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 | €849,170 | €842,632 | -€6,538 | -0.8% |
| Fixed assets | 21/28 | €209,773 | €477,024 | +€267,251 | +127% |
| Tangible fixed assets | 22/27 | €209,773 | €377,024 | +€167,251 | +79.7% |
| Furniture and vehicles | 24 | €1,224 | €24,320 | +€23,097 | +1,888% |
| Other tangible fixed assets | 26 | €13,179 | €10,577 | -€2,601 | -19.7% |
| Assets under construction and advance payments | 27 | €195,371 | €342,126 | +€146,755 | +75.1% |
| Financial fixed assets | 28 | - | €100,000 | +€100,000 | |
| Current assets | 29/58 | €639,397 | €365,609 | -€273,788 | -42.8% |
| Amounts receivable within one year | 40/41 | €41,767 | €27,312 | -€14,455 | -34.6% |
| Trade receivables | 40 | €39,091 | €26,832 | -€12,260 | -31.4% |
| Other amounts receivable | 41 | €2,676 | €480 | -€2,196 | -82.1% |
| Current investments | 50/53 | €375,000 | €190,000 | -€185,000 | -49.3% |
| Cash at bank and in hand | 54/58 | €209,146 | €134,188 | -€74,958 | -35.8% |
| Deferred charges and accrued income | 490/1 | €13,484 | €14,109 | +€625 | +4.6% |
| Total equity and liabilities | 10/49 | €849,170 | €842,632 | -€6,538 | -0.8% |
| Equity | 10/15 | €593,354 | €373,056 | -€220,297 | -37.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €292,065 | €354,456 | +€62,391 | +21.4% |
| Tax-exempt reserves | 132 | €162,085 | €162,085 | = | 0.0% |
| Distributable reserves | 133 | €129,980 | €192,371 | +€62,391 | +48.0% |
| Profit (loss) carried forward | 14 | €282,688 | - | -€282,688 | |
| Amounts payable | 17/49 | €255,816 | €469,576 | +€213,760 | +83.6% |
| Amounts payable after more than one year | 17 | €212,802 | €376,186 | +€163,384 | +76.8% |
| Financial debts | 170/4 | €212,802 | €376,186 | +€163,384 | +76.8% |
| Amounts payable within one year | 42/48 | €43,014 | €93,190 | +€50,176 | +117% |
| Current portion of amounts payable after more than one year | 42 | - | €14,190 | +€14,190 | |
| Trade debts | 44 | €7,211 | €3,271 | -€3,940 | -54.6% |
| Suppliers | 440/4 | €7,211 | €3,271 | -€3,940 | -54.6% |
| Taxes, remuneration and social security | 45 | €12,638 | €23,041 | +€10,402 | +82.3% |
| Taxes | 450/3 | €12,638 | €23,041 | +€10,402 | +82.3% |
| Other amounts payable | 47/48 | €23,165 | €52,688 | +€29,524 | +127% |
| Accrued charges and deferred income | 492/3 | - | €200 | +€200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,880 | €39,324 | +€7,444 | +23.4% |
| Other operating charges | 640/8 | €916 | €1,488 | +€573 | +62.6% |
| Gross operating margin | 9900 | €188,925 | €138,119 | -€50,806 | -26.9% |
| Operating profit (loss) | 9901 | €156,130 | €97,307 | -€58,823 | -37.7% |
| Financial income | 75/76B | €7,512 | €15,781 | +€8,269 | +110% |
| Recurring financial income | 75 | €7,512 | €15,781 | +€8,269 | +110% |
| Financial charges | 65/66B | €3,492 | €12,152 | +€8,660 | +248% |
| Recurring financial charges | 65 | €3,492 | €12,152 | +€8,660 | +248% |
| Profit (loss) for the period before taxes | 9903 | €160,150 | €100,936 | -€59,214 | -37.0% |
| Income taxes | 67/77 | €35,208 | €38,545 | +€3,337 | +9.5% |
| Profit (loss) for the period | 9904 | €124,942 | €62,391 | -€62,551 | -50.1% |
| Transfer from tax-exempt reserves | 789 | €54,730 | - | -€54,730 | |
| Transfer to tax-exempt reserves | 689 | €79,990 | - | -€79,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €99,682 | €62,391 | -€37,291 | -37.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.