HEAD 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.
HEAD MANAGEMENT
Largest movements
- Tangible fixed assets -€15,808
down €15,808 (-7.8%), from €202,044 to €186,236
of which Land and buildings: -€18,567
- Cash +€10,596
up €10,596 (+35.8%), from €29,630 to €40,226
mainly Depreciation (+€20,709) and Net result for the year (+€16,401)
- Receivables within one year +€9,853
up €9,853 (+70.2%), from €14,028 to €23,881
of which Trade receivables: +€9,853
- Reserves +€16,401
up €16,401 (+17.6%), from €93,261 to €109,662
of which Distributable reserves: +€16,401
- Debts after one year -€13,448
down €13,448 (-13.2%), from €101,740 to €88,292
of which Financial debts: -€13,558
- Other debts +€2,583
up €2,583 (+86100.0%), from €3 to €2,586
- Gross operating margin -€8,210
down €8,210 (-13.1%), from €62,478 to €54,268
- Taxes -€1,953
down €1,953 (-18.9%), from €10,308 to €8,355
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 | €245,752 | €250,393 | +€4,641 | +1.9% |
| Fixed assets | 21/28 | €202,094 | €186,286 | -€15,808 | -7.8% |
| Tangible fixed assets | 22/27 | €202,044 | €186,236 | -€15,808 | -7.8% |
| Land and buildings | 22 | €198,455 | €179,888 | -€18,567 | -9.4% |
| Furniture and vehicles | 24 | €2,750 | €5,694 | +€2,944 | +107.1% |
| Other tangible fixed assets | 26 | €839 | €654 | -€185 | -22.1% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €43,658 | €64,107 | +€20,449 | +46.8% |
| Amounts receivable within one year | 40/41 | €14,028 | €23,881 | +€9,853 | +70.2% |
| Trade receivables | 40 | €13,999 | €23,852 | +€9,853 | +70.4% |
| Other amounts receivable | 41 | €29 | €29 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €29,630 | €40,226 | +€10,596 | +35.8% |
| Total equity and liabilities | 10/49 | €245,752 | €250,393 | +€4,641 | +1.9% |
| Equity | 10/15 | €106,197 | €122,598 | +€16,401 | +15.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,261 | €109,662 | +€16,401 | +17.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €44,250 | €44,250 | = | 0.0% |
| Distributable reserves | 133 | €47,151 | €63,552 | +€16,401 | +34.8% |
| Profit (loss) carried forward | 14 | €6,736 | €6,736 | = | 0.0% |
| Amounts payable | 17/49 | €139,555 | €127,795 | -€11,760 | -8.4% |
| Amounts payable after more than one year | 17 | €101,740 | €88,292 | -€13,448 | -13.2% |
| Financial debts | 170/4 | €99,060 | €85,502 | -€13,558 | -13.7% |
| Other amounts payable | 178/9 | €2,680 | €2,790 | +€110 | +4.1% |
| Amounts payable within one year | 42/48 | €36,900 | €38,543 | +€1,643 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €16,650 | €15,967 | -€683 | -4.1% |
| Trade debts | 44 | €9,295 | €10,614 | +€1,319 | +14.2% |
| Suppliers | 440/4 | €9,295 | €10,614 | +€1,319 | +14.2% |
| Taxes, remuneration and social security | 45 | €10,952 | €9,376 | -€1,576 | -14.4% |
| Taxes | 450/3 | €10,952 | €9,376 | -€1,576 | -14.4% |
| Other amounts payable | 47/48 | €3 | €2,586 | +€2,583 | +86100.0% |
| Accrued charges and deferred income | 492/3 | €915 | €960 | +€45 | +4.9% |
| Remuneration, social security and pensions | 62 | €3,167 | €2,783 | -€384 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,169 | €20,709 | -€460 | -2.2% |
| Other operating charges | 640/8 | €3,074 | €3,430 | +€356 | +11.6% |
| Gross operating margin | 9900 | €62,478 | €54,268 | -€8,210 | -13.1% |
| Operating profit (loss) | 9901 | €35,068 | €27,346 | -€7,722 | -22.0% |
| Financial income | 75/76B | €26 | €102 | +€76 | +292.3% |
| Recurring financial income | 75 | €26 | €102 | +€76 | +292.3% |
| Financial charges | 65/66B | €2,635 | €2,692 | +€57 | +2.2% |
| Recurring financial charges | 65 | €2,635 | €2,692 | +€57 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €32,459 | €24,756 | -€7,703 | -23.7% |
| Income taxes | 67/77 | €10,308 | €8,355 | -€1,953 | -18.9% |
| Profit (loss) for the period | 9904 | €22,151 | €16,401 | -€5,750 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,151 | €16,401 | -€5,750 | -26.0% |
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 7 October 2026 via checked.be.