HEADLINE 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.
HEADLINE MANAGEMENT
Largest movements
- Cash -€93,380
down €93,380 (-59.7%), from €156,312 to €62,932
mainly Contributions, distributions and other (-€117,000) and Other debts (-€86,183)
- Tangible fixed assets +€7,683
up €7,683 (+130.7%), from €5,879 to €13,561
of which Other tangible fixed assets: +€9,977
- Other debts -€86,183
down €86,183 (-24.4%), from €353,321 to €267,138
- Tax, wage and social debts +€4,532
up €4,532 (+18.7%), from €24,236 to €28,768
of which Taxes: +€5,756
- Financial income +€50,000
up €50,000 (+125.0%), from €40,000 to €90,000
- Taxes +€15,297
up €15,297 (+164.3%), from €9,313 to €24,610
- Gross operating margin +€7,245
up €7,245 (+15.9%), from €45,467 to €52,712
- Depreciation +€1,243
up €1,243 (+54.1%), from €2,298 to €3,541
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 | €392,840 | €304,035 | -€88,805 | -22.6% |
| Fixed assets | 21/28 | €215,879 | €223,561 | +€7,683 | +3.6% |
| Tangible fixed assets | 22/27 | €5,879 | €13,561 | +€7,683 | +130.7% |
| Furniture and vehicles | 24 | €3,646 | €1,352 | -€2,294 | -62.9% |
| Other tangible fixed assets | 26 | €2,233 | €12,209 | +€9,977 | +446.9% |
| Financial fixed assets | 28 | €210,000 | €210,000 | = | 0.0% |
| Current assets | 29/58 | €176,961 | €80,474 | -€96,487 | -54.5% |
| Amounts receivable within one year | 40/41 | €20,392 | €17,154 | -€3,238 | -15.9% |
| Trade receivables | 40 | €15,148 | €17,154 | +€2,007 | +13.2% |
| Other amounts receivable | 41 | €5,244 | - | -€5,244 | |
| Cash at bank and in hand | 54/58 | €156,312 | €62,932 | -€93,380 | -59.7% |
| Deferred charges and accrued income | 490/1 | €258 | €388 | +€130 | +50.5% |
| Total equity and liabilities | 10/49 | €392,840 | €304,035 | -€88,805 | -22.6% |
| Equity | 10/15 | €6,738 | €3,350 | -€3,389 | -50.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €3,738 | €350 | -€3,389 | -90.6% |
| Distributable reserves | 133 | €3,738 | €350 | -€3,389 | -90.6% |
| Amounts payable | 17/49 | €386,102 | €300,686 | -€85,416 | -22.1% |
| Amounts payable within one year | 42/48 | €386,102 | €300,686 | -€85,416 | -22.1% |
| Trade debts | 44 | €8,544 | €4,779 | -€3,765 | -44.1% |
| Suppliers | 440/4 | €8,544 | €4,779 | -€3,765 | -44.1% |
| Taxes, remuneration and social security | 45 | €24,236 | €28,768 | +€4,532 | +18.7% |
| Taxes | 450/3 | €20,058 | €25,814 | +€5,756 | +28.7% |
| Remuneration and social security | 454/9 | €4,179 | €2,955 | -€1,224 | -29.3% |
| Other amounts payable | 47/48 | €353,321 | €267,138 | -€86,183 | -24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,298 | €3,541 | +€1,243 | +54.1% |
| Other operating charges | 640/8 | €1,038 | €745 | -€293 | -28.2% |
| Gross operating margin | 9900 | €45,467 | €52,712 | +€7,245 | +15.9% |
| Operating profit (loss) | 9901 | €42,131 | €48,425 | +€6,294 | +14.9% |
| Financial income | 75/76B | €40,000 | €90,000 | +€50,000 | +125.0% |
| Recurring financial income | 75 | €40,000 | €90,000 | +€50,000 | +125.0% |
| Financial charges | 65/66B | €472 | €204 | -€268 | -56.8% |
| Recurring financial charges | 65 | €472 | €204 | -€268 | -56.8% |
| Profit (loss) for the period before taxes | 9903 | €81,659 | €138,221 | +€56,563 | +69.3% |
| Income taxes | 67/77 | €9,313 | €24,610 | +€15,297 | +164.3% |
| Profit (loss) for the period | 9904 | €72,346 | €113,611 | +€41,265 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,346 | €113,611 | +€41,265 | +57.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.