Manageable: 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.
Manageable
Largest movements
- Cash +€150,030
up €150,030 (+98.1%), from €152,920 to €302,950
mainly Net result for the year (+€125,061) and Tax, wage and social debts (+€38,432)
- Receivables within one year +€18,087
new in 2025: €18,087
of which Trade receivables: +€17,999
- Tangible fixed assets -€17,236
down €17,236 (-29.9%), from €57,642 to €40,406
- Reserves +€124,202
up €124,202 (+102.1%), from €121,600 to €245,802
- Tax, wage and social debts +€38,432
up €38,432 (+86.6%), from €44,386 to €82,818
- Debts after one year -€12,530
down €12,530 (-40.2%), from €31,146 to €18,615
- Gross operating margin +€23,317
up €23,317 (+14.6%), from €160,052 to €183,369
- Taxes +€6,713
up €6,713 (+20.5%), from €32,764 to €39,477
- Depreciation +€5,934
up €5,934 (+52.5%), from €11,302 to €17,236
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 | €210,562 | €361,443 | +€150,881 | +71.7% |
| Fixed assets | 21/28 | €57,642 | €40,406 | -€17,236 | -29.9% |
| Tangible fixed assets | 22/27 | €57,642 | €40,406 | -€17,236 | -29.9% |
| Furniture and vehicles | 24 | €57,642 | €40,406 | -€17,236 | -29.9% |
| Current assets | 29/58 | €152,920 | €321,037 | +€168,117 | +109.9% |
| Amounts receivable within one year | 40/41 | - | €18,087 | +€18,087 | |
| Trade receivables | 40 | - | €17,999 | +€17,999 | |
| Other amounts receivable | 41 | - | €89 | +€89 | |
| Cash at bank and in hand | 54/58 | €152,920 | €302,950 | +€150,030 | +98.1% |
| Total equity and liabilities | 10/49 | €210,562 | €361,443 | +€150,881 | +71.7% |
| Equity | 10/15 | €122,600 | €246,802 | +€124,202 | +101.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €121,600 | €245,802 | +€124,202 | +102.1% |
| Distributable reserves | 133 | €121,600 | €245,802 | +€124,202 | +102.1% |
| Amounts payable | 17/49 | €87,962 | €114,641 | +€26,679 | +30.3% |
| Amounts payable after more than one year | 17 | €31,146 | €18,615 | -€12,530 | -40.2% |
| Financial debts | 170/4 | €31,146 | €18,615 | -€12,530 | -40.2% |
| Amounts payable within one year | 42/48 | €56,817 | €96,026 | +€39,210 | +69.0% |
| Current portion of amounts payable after more than one year | 42 | €12,048 | €12,530 | +€483 | +4.0% |
| Trade debts | 44 | - | €678 | +€678 | |
| Suppliers | 440/4 | - | €678 | +€678 | |
| Taxes, remuneration and social security | 45 | €44,386 | €82,818 | +€38,432 | +86.6% |
| Taxes | 450/3 | €44,386 | €82,818 | +€38,432 | +86.6% |
| Other amounts payable | 47/48 | €383 | - | -€383 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,302 | €17,236 | +€5,934 | +52.5% |
| Gross operating margin | 9900 | €160,052 | €183,369 | +€23,317 | +14.6% |
| Operating profit (loss) | 9901 | €148,749 | €166,133 | +€17,384 | +11.7% |
| Financial charges | 65/66B | €1,318 | €1,595 | +€277 | +21.1% |
| Recurring financial charges | 65 | €1,318 | €1,595 | +€277 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €147,432 | €164,538 | +€17,106 | +11.6% |
| Income taxes | 67/77 | €32,764 | €39,477 | +€6,713 | +20.5% |
| Profit (loss) for the period | 9904 | €114,668 | €125,061 | +€10,394 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | €114,668 | €125,061 | +€10,394 | +9.1% |
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.