Management Academy: 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 Academy
Largest movements
- Tangible fixed assets -€7,431
down €7,431 (-18.1%), from €41,055 to €33,624
of which Furniture and vehicles: -€10,008
- Receivables within one year +€6,180
up €6,180 (+29.5%), from €20,977 to €27,157
of which Trade receivables: +€4,315
- Cash +€5,620
up €5,620 (+131.0%), from €4,289 to €9,910
mainly Depreciation (+€14,827) and Net result for the year (+€13,303)
- Intangible fixed assets -€800
down €800 (-61.5%), from €1,300 to €500
- Profit (loss) carried forward +€13,303
up €13,303 (+78.5%), from -€16,952 to -€3,649
- Trade debts +€11,111
up €11,111 (+257.4%), from €4,316 to €15,427
- Debts after one year -€10,050
down €10,050 (-92.3%), from €10,894 to €844
- Tax, wage and social debts -€6,379
down €6,379 (-41.6%), from €15,347 to €8,968
of which Taxes: -€3,886
- Other debts -€5,023
down €5,023 (-14.8%), from €34,012 to €28,989
- Gross operating margin +€40,509
up €40,509, from -€11,109 to €29,401
- Financial charges -€1,847
down €1,847 (-82.7%), from €2,235 to €387
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 | €68,748 | €71,858 | +€3,110 | +4.5% |
| Formation expenses | 20 | €659 | €440 | -€220 | -33.3% |
| Fixed assets | 21/28 | €42,470 | €34,239 | -€8,231 | -19.4% |
| Intangible fixed assets | 21 | €1,300 | €500 | -€800 | -61.5% |
| Tangible fixed assets | 22/27 | €41,055 | €33,624 | -€7,431 | -18.1% |
| Land and buildings | 22 | €16,714 | €19,674 | +€2,960 | +17.7% |
| Furniture and vehicles | 24 | €22,103 | €12,096 | -€10,008 | -45.3% |
| Other tangible fixed assets | 26 | €2,238 | €1,855 | -€384 | -17.1% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €25,618 | €37,180 | +€11,561 | +45.1% |
| Amounts receivable within one year | 40/41 | €20,977 | €27,157 | +€6,180 | +29.5% |
| Trade receivables | 40 | €20,977 | €25,292 | +€4,315 | +20.6% |
| Other amounts receivable | 41 | - | €1,865 | +€1,865 | |
| Cash at bank and in hand | 54/58 | €4,289 | €9,910 | +€5,620 | +131.0% |
| Deferred charges and accrued income | 490/1 | €352 | €113 | -€239 | -67.9% |
| Total equity and liabilities | 10/49 | €68,748 | €71,858 | +€3,110 | +4.5% |
| Equity | 10/15 | -€7,592 | €5,711 | +€13,303 | |
| Contributions | 10/11 | €9,360 | €9,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,952 | -€3,649 | +€13,303 | +78.5% |
| Amounts payable | 17/49 | €76,340 | €66,147 | -€10,193 | -13.4% |
| Amounts payable after more than one year | 17 | €10,894 | €844 | -€10,050 | -92.3% |
| Financial debts | 170/4 | €10,894 | €844 | -€10,050 | -92.3% |
| Amounts payable within one year | 42/48 | €63,577 | €63,434 | -€143 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €9,903 | €10,050 | +€148 | +1.5% |
| Trade debts | 44 | €4,316 | €15,427 | +€11,111 | +257.4% |
| Suppliers | 440/4 | €4,316 | €15,427 | +€11,111 | +257.4% |
| Taxes, remuneration and social security | 45 | €15,347 | €8,968 | -€6,379 | -41.6% |
| Taxes | 450/3 | €12,853 | €8,968 | -€3,886 | -30.2% |
| Remuneration and social security | 454/9 | €2,493 | - | -€2,493 | |
| Other amounts payable | 47/48 | €34,012 | €28,989 | -€5,023 | -14.8% |
| Accrued charges and deferred income | 492/3 | €1,869 | €1,869 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,578 | €14,827 | +€249 | +1.7% |
| Other operating charges | 640/8 | €748 | €591 | -€157 | -21.0% |
| Gross operating margin | 9900 | -€11,109 | €29,401 | +€40,509 | |
| Operating profit (loss) | 9901 | -€26,435 | €13,983 | +€40,417 | |
| Financial charges | 65/66B | €2,235 | €387 | -€1,847 | -82.7% |
| Recurring financial charges | 65 | €2,235 | €387 | -€1,847 | -82.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,669 | €13,595 | +€42,264 | |
| Income taxes | 67/77 | €157 | €292 | +€135 | +85.7% |
| Profit (loss) for the period | 9904 | -€28,826 | €13,303 | +€42,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,826 | €13,303 | +€42,130 |
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 8 October 2026 via checked.be.