MANAGEM: 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.
MANAGEM
Largest movements
- Tangible fixed assets -€48,770
down €48,770 (-2.8%), from €1.8m to €1.7m
of which Land and buildings: -€47,778
- Debts after one year -€108,615
down €108,615 (-24.7%), from €438,934 to €330,318
- Profit (loss) carried forward +€96,012
up €96,012 (+26.6%), from €360,947 to €456,959
- Other debts -€25,000
down €25,000 (-50.0%), from €50,000 to €25,000
- Gross operating margin +€7,759
up €7,759 (+4.1%), from €190,344 to €198,103
- Financial charges -€2,097
down €2,097 (-15.7%), from €13,360 to €11,263
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 | €1,843,907 | €1,812,458 | -€31,448 | -1.7% |
| Fixed assets | 21/28 | €1,762,619 | €1,713,849 | -€48,770 | -2.8% |
| Tangible fixed assets | 22/27 | €1,762,619 | €1,713,849 | -€48,770 | -2.8% |
| Land and buildings | 22 | €1,755,142 | €1,707,364 | -€47,778 | -2.7% |
| Other tangible fixed assets | 26 | €7,477 | €6,485 | -€992 | -13.3% |
| Current assets | 29/58 | €81,288 | €98,610 | +€17,322 | +21.3% |
| Amounts receivable within one year | 40/41 | €137 | - | -€137 | |
| Trade receivables | 40 | €137 | - | -€137 | |
| Cash at bank and in hand | 54/58 | €81,150 | €98,610 | +€17,459 | +21.5% |
| Total equity and liabilities | 10/49 | €1,843,907 | €1,812,458 | -€31,448 | -1.7% |
| Equity | 10/15 | €1,240,947 | €1,336,959 | +€96,012 | +7.7% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €80,000 | €80,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €360,947 | €456,959 | +€96,012 | +26.6% |
| Amounts payable | 17/49 | €602,960 | €475,500 | -€127,460 | -21.1% |
| Amounts payable after more than one year | 17 | €438,934 | €330,318 | -€108,615 | -24.7% |
| Financial debts | 170/4 | €438,934 | €330,318 | -€108,615 | -24.7% |
| Amounts payable within one year | 42/48 | €164,026 | €145,182 | -€18,845 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €111,547 | €108,615 | -€2,932 | -2.6% |
| Trade debts | 44 | €2,479 | €9,766 | +€7,287 | +294% |
| Suppliers | 440/4 | €2,479 | €9,766 | +€7,287 | +294% |
| Taxes, remuneration and social security | 45 | - | €1,800 | +€1,800 | |
| Taxes | 450/3 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,770 | €48,770 | = | 0.0% |
| Other operating charges | 640/8 | €9,983 | €10,700 | +€717 | +7.2% |
| Gross operating margin | 9900 | €190,344 | €198,103 | +€7,759 | +4.1% |
| Operating profit (loss) | 9901 | €131,590 | €138,632 | +€7,042 | +5.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €13,360 | €11,263 | -€2,097 | -15.7% |
| Recurring financial charges | 65 | €13,360 | €11,263 | -€2,097 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €118,231 | €127,369 | +€9,139 | +7.7% |
| Income taxes | 67/77 | €29,941 | €31,358 | +€1,417 | +4.7% |
| Profit (loss) for the period | 9904 | €88,290 | €96,012 | +€7,722 | +8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €88,290 | €96,012 | +€7,722 | +8.7% |
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 19 October 2026 via checked.be.