M - 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.
M - MANAGEMENT
Largest movements
- Stocks and contracts +€190,025
up €190,025 (+29.8%), from €636,980 to €827,005
- Accrued charges and deferred income -€307,868
no longer reported in 2025 (was €307,868)
- Reserves +€240,878
up €240,878 (+2.6%), from €9.3m to €9.5m
of which Distributable reserves: +€240,878
- Debts after one year +€165,662
up €165,662 (+90.0%), from €183,992 to €349,654
- Financial income -€459,913
down €459,913 (-71.9%), from €639,569 to €179,656
of which Non-recurring financial income: -€565,845
- Gross operating margin -€35,333
down €35,333 (-13.8%), from €256,520 to €221,186
- Taxes +€20,535
up €20,535 (+30.2%), from €67,927 to €88,462
- Financial charges +€19,969
up €19,969 (+153.9%), from €12,973 to €32,942
of which Financial charges: +€23,984
- Other operating charges +€9,017
up €9,017 (+31.5%), from €28,610 to €37,627
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 | €10,381,806 | €10,545,028 | +€163,222 | +1.6% |
| Fixed assets | 21/28 | €3,697,042 | €3,696,110 | -€932 | 0.0% |
| Tangible fixed assets | 22/27 | €28,992 | €28,060 | -€932 | -3.2% |
| Furniture and vehicles | 24 | €7,692 | €6,760 | -€932 | -12.1% |
| Other tangible fixed assets | 26 | €21,300 | €21,300 | = | 0.0% |
| Financial fixed assets | 28 | €3,668,050 | €3,668,050 | = | 0.0% |
| Current assets | 29/58 | €6,684,764 | €6,848,918 | +€164,154 | +2.5% |
| Stocks and contracts in progress | 3 | €636,980 | €827,005 | +€190,025 | +29.8% |
| Stocks | 30/36 | €636,980 | €827,005 | +€190,025 | +29.8% |
| Amounts receivable within one year | 40/41 | €385,414 | €342,289 | -€43,125 | -11.2% |
| Trade receivables | 40 | €143,277 | €125,702 | -€17,575 | -12.3% |
| Other amounts receivable | 41 | €242,137 | €216,587 | -€25,550 | -10.6% |
| Current investments | 50/53 | €4,600,000 | €4,632,288 | +€32,288 | +0.7% |
| Cash at bank and in hand | 54/58 | €1,001,145 | €984,079 | -€17,066 | -1.7% |
| Deferred charges and accrued income | 490/1 | €61,225 | €63,257 | +€2,032 | +3.3% |
| Total equity and liabilities | 10/49 | €10,381,806 | €10,545,028 | +€163,222 | +1.6% |
| Equity | 10/15 | €9,742,551 | €9,983,430 | +€240,878 | +2.5% |
| Contributions | 10/11 | €449,550 | €449,550 | = | 0.0% |
| Capital | 10 | €449,550 | €449,550 | = | 0.0% |
| Issued capital | 100 | €449,550 | €449,550 | = | 0.0% |
| Reserves | 13 | €9,293,001 | €9,533,880 | +€240,878 | +2.6% |
| Non-distributable reserves | 130/1 | €44,955 | €44,955 | = | 0.0% |
| Legal reserve | 130 | €44,955 | €44,955 | = | 0.0% |
| Distributable reserves | 133 | €9,248,046 | €9,488,925 | +€240,878 | +2.6% |
| Amounts payable | 17/49 | €639,254 | €561,598 | -€77,656 | -12.1% |
| Amounts payable after more than one year | 17 | €183,992 | €349,654 | +€165,662 | +90.0% |
| Financial debts | 170/4 | €183,992 | €349,654 | +€165,662 | +90.0% |
| Amounts payable within one year | 42/48 | €147,394 | €211,944 | +€64,550 | +43.8% |
| Current portion of amounts payable after more than one year | 42 | €61,027 | €120,265 | +€59,238 | +97.1% |
| Financial debts | 43 | €4,255 | €2,546 | -€1,709 | -40.2% |
| Credit institutions | 430/8 | €4,255 | €2,546 | -€1,709 | -40.2% |
| Trade debts | 44 | €2,773 | €1,033 | -€1,740 | -62.7% |
| Suppliers | 440/4 | €2,773 | €1,033 | -€1,740 | -62.7% |
| Taxes, remuneration and social security | 45 | €79,339 | €87,235 | +€7,895 | +10.0% |
| Taxes | 450/3 | €79,339 | €87,235 | +€7,895 | +10.0% |
| Other amounts payable | 47/48 | - | €866 | +€866 | |
| Accrued charges and deferred income | 492/3 | €307,868 | - | -€307,868 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547 | €932 | +€386 | +70.6% |
| Other operating charges | 640/8 | €28,610 | €37,627 | +€9,017 | +31.5% |
| Gross operating margin | 9900 | €256,520 | €221,186 | -€35,333 | -13.8% |
| Operating profit (loss) | 9901 | €227,363 | €182,627 | -€44,736 | -19.7% |
| Financial income | 75/76B | €639,569 | €179,656 | -€459,913 | -71.9% |
| Recurring financial income | 75 | €73,724 | €179,656 | +€105,931 | +143.7% |
| Non-recurring financial income | 76B | €565,845 | - | -€565,845 | |
| Financial charges | 65/66B | €12,973 | €32,942 | +€19,969 | +153.9% |
| Recurring financial charges | 65 | €8,958 | €32,942 | +€23,984 | +267.7% |
| Non-recurring financial charges | 66B | €4,015 | - | -€4,015 | |
| Profit (loss) for the period before taxes | 9903 | €853,959 | €329,340 | -€524,619 | -61.4% |
| Income taxes | 67/77 | €67,927 | €88,462 | +€20,535 | +30.2% |
| Profit (loss) for the period | 9904 | €786,032 | €240,878 | -€545,154 | -69.4% |
| Profit (loss) for the period to be appropriated | 9905 | €786,032 | €240,878 | -€545,154 | -69.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.