MANAGEMENT 7F: 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.
MANAGEMENT 7F
Largest movements
- Tangible fixed assets -€41,164
down €41,164 (-3.2%), from €1.3m to €1.3m
of which Land and buildings: -€41,382
- Debts after one year -€130,574
down €130,574 (-39.5%), from €330,945 to €200,371
- Other debts +€76,417
up €76,417 (+29.3%), from €260,965 to €337,382
- Trade debts +€38,176
up €38,176 (+70.0%), from €54,518 to €92,695
- Provisions -€17,085
down €17,085 (-4.0%), from €430,872 to €413,787
- Gross operating margin +€22,629
up €22,629 (+17.9%), from €126,437 to €149,066
- Taxes +€9,210
up €9,210 (+235.9%), from €3,904 to €13,114
- Other operating charges +€3,026
up €3,026 (+48.9%), from €6,185 to €9,210
- Depreciation +€1,608
up €1,608 (+3.1%), from €51,640 to €53,248
- Financial charges -€1,557
down €1,557 (-2.2%), from €70,272 to €68,715
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 | €1,333,251 | €1,299,193 | -€34,058 | -2.6% |
| Fixed assets | 21/28 | €1,301,389 | €1,260,225 | -€41,164 | -3.2% |
| Tangible fixed assets | 22/27 | €1,301,389 | €1,260,225 | -€41,164 | -3.2% |
| Land and buildings | 22 | €1,300,256 | €1,258,873 | -€41,382 | -3.2% |
| Furniture and vehicles | 24 | €1,133 | €1,352 | +€219 | +19.3% |
| Current assets | 29/58 | €31,862 | €38,968 | +€7,106 | +22.3% |
| Amounts receivable within one year | 40/41 | €25,912 | €25,361 | -€551 | -2.1% |
| Trade receivables | 40 | €18,947 | €18,150 | -€797 | -4.2% |
| Other amounts receivable | 41 | €6,965 | €7,211 | +€247 | +3.5% |
| Cash at bank and in hand | 54/58 | €5,633 | €12,883 | +€7,250 | +128.7% |
| Deferred charges and accrued income | 490/1 | €318 | €724 | +€406 | +128.0% |
| Total equity and liabilities | 10/49 | €1,333,251 | €1,299,193 | -€34,058 | -2.6% |
| Equity | 10/15 | €90,378 | €90,488 | +€110 | +0.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,378 | €88,488 | +€110 | +0.1% |
| Provisions and deferred taxes | 16 | €430,872 | €413,787 | -€17,085 | -4.0% |
| Provisions for liabilities and charges | 160/5 | €430,872 | €413,787 | -€17,085 | -4.0% |
| Environmental obligations | 163 | €430,872 | €413,787 | -€17,085 | -4.0% |
| Amounts payable | 17/49 | €812,001 | €794,918 | -€17,083 | -2.1% |
| Amounts payable after more than one year | 17 | €330,945 | €200,371 | -€130,574 | -39.5% |
| Financial debts | 170/4 | €330,945 | €200,371 | -€130,574 | -39.5% |
| Amounts payable within one year | 42/48 | €469,344 | €582,835 | +€113,491 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €128,220 | €130,574 | +€2,354 | +1.8% |
| Trade debts | 44 | €54,518 | €92,695 | +€38,176 | +70.0% |
| Suppliers | 440/4 | €54,518 | €92,695 | +€38,176 | +70.0% |
| Taxes, remuneration and social security | 45 | €25,641 | €22,184 | -€3,457 | -13.5% |
| Taxes | 450/3 | €25,641 | €22,184 | -€3,457 | -13.5% |
| Other amounts payable | 47/48 | €260,965 | €337,382 | +€76,417 | +29.3% |
| Accrued charges and deferred income | 492/3 | €11,712 | €11,712 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,640 | €53,248 | +€1,608 | +3.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€17,275 | -€17,085 | +€190 | +1.1% |
| Other operating charges | 640/8 | €6,185 | €9,210 | +€3,026 | +48.9% |
| Gross operating margin | 9900 | €126,437 | €149,066 | +€22,629 | +17.9% |
| Operating profit (loss) | 9901 | €85,888 | €103,692 | +€17,805 | +20.7% |
| Financial income | 75/76B | - | €247 | +€247 | |
| Recurring financial income | 75 | - | €247 | +€247 | |
| Financial charges | 65/66B | €70,272 | €68,715 | -€1,557 | -2.2% |
| Recurring financial charges | 65 | €70,272 | €68,715 | -€1,557 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €15,616 | €35,224 | +€19,608 | +125.6% |
| Income taxes | 67/77 | €3,904 | €13,114 | +€9,210 | +235.9% |
| Profit (loss) for the period | 9904 | €11,712 | €22,110 | +€10,398 | +88.8% |
| Profit (loss) for the period to be appropriated | 9905 | €11,712 | €22,110 | +€10,398 | +88.8% |
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 1 October 2026 via checked.be.