MANAGEMENT ADVIES: 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.
MANAGEMENT ADVIES
Largest movements
- Receivables within one year +€34,216
up €34,216 (+9.9%), from €344,096 to €378,312
of which Other amounts receivable: +€36,541
- Cash +€34,179
new in 2025: €34,179
mainly Other debts (+€133,266) and Net result for the year (+€85,015)
- Other debts +€133,266
up €133,266 (+11,106%), from €1,200 to €134,466
- Reserves -€48,251
down €48,251 (-8.8%), from €549,968 to €501,717
- Debts after one year -€40,397
down €40,397 (-9.5%), from €425,991 to €385,594
- Short-term financial debts +€22,872
up €22,872 (+2,028%), from €1,128 to €24,000
- Gross operating margin +€29,296
up €29,296 (+17.8%), from €164,921 to €194,216
- Taxes +€12,118
up €12,118 (+33.3%), from €36,342 to €48,459
- Staff costs +€1,959
up €1,959 (+13.0%), from €15,082 to €17,041
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 | €1,122,068 | €1,196,621 | +€74,553 | +6.6% |
| Fixed assets | 21/28 | €777,972 | €784,130 | +€6,158 | +0.8% |
| Tangible fixed assets | 22/27 | €777,972 | €784,130 | +€6,158 | +0.8% |
| Land and buildings | 22 | €766,490 | €765,321 | -€1,169 | -0.2% |
| Plant, machinery and equipment | 23 | €10,977 | €16,014 | +€5,037 | +45.9% |
| Furniture and vehicles | 24 | €506 | €2,795 | +€2,289 | +453% |
| Current assets | 29/58 | €344,096 | €412,491 | +€68,395 | +19.9% |
| Amounts receivable within one year | 40/41 | €344,096 | €378,312 | +€34,216 | +9.9% |
| Trade receivables | 40 | €22,415 | €20,090 | -€2,325 | -10.4% |
| Other amounts receivable | 41 | €321,681 | €358,223 | +€36,541 | +11.4% |
| Cash at bank and in hand | 54/58 | - | €34,179 | +€34,179 | |
| Total equity and liabilities | 10/49 | €1,122,068 | €1,196,621 | +€74,553 | +6.6% |
| Equity | 10/15 | €563,168 | €514,917 | -€48,251 | -8.6% |
| Contributions | 10/11 | €13,200 | €13,200 | = | 0.0% |
| Reserves | 13 | €549,968 | €501,717 | -€48,251 | -8.8% |
| Distributable reserves | 133 | €549,968 | €501,717 | -€48,251 | -8.8% |
| Amounts payable | 17/49 | €558,900 | €681,705 | +€122,804 | +22.0% |
| Amounts payable after more than one year | 17 | €425,991 | €385,594 | -€40,397 | -9.5% |
| Financial debts | 170/4 | €425,991 | €385,594 | -€40,397 | -9.5% |
| Amounts payable within one year | 42/48 | €132,909 | €296,111 | +€163,201 | +123% |
| Current portion of amounts payable after more than one year | 42 | €39,500 | €39,949 | +€448 | +1.1% |
| Financial debts | 43 | €1,128 | €24,000 | +€22,872 | +2,028% |
| Credit institutions | 430/8 | €1,128 | €24,000 | +€22,872 | +2,028% |
| Trade debts | 44 | €3,990 | €9,242 | +€5,252 | +132% |
| Suppliers | 440/4 | €3,990 | €9,242 | +€5,252 | +132% |
| Taxes, remuneration and social security | 45 | €87,091 | €88,454 | +€1,363 | +1.6% |
| Taxes | 450/3 | €85,438 | €86,730 | +€1,293 | +1.5% |
| Remuneration and social security | 454/9 | €1,653 | €1,724 | +€70 | +4.3% |
| Other amounts payable | 47/48 | €1,200 | €134,466 | +€133,266 | +11,106% |
| Non-recurring operating income | 76A | €663 | - | -€663 | |
| Remuneration, social security and pensions | 62 | €15,082 | €17,041 | +€1,959 | +13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,586 | €30,636 | -€950 | -3.0% |
| Other operating charges | 640/8 | €4,158 | €4,077 | -€81 | -2.0% |
| Non-recurring operating charges | 66A | €890 | - | -€890 | |
| Gross operating margin | 9900 | €164,921 | €194,216 | +€29,296 | +17.8% |
| Operating profit (loss) | 9901 | €113,205 | €142,463 | +€29,259 | +25.8% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €9,410 | €8,995 | -€415 | -4.4% |
| Recurring financial charges | 65 | €9,410 | €8,995 | -€415 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €103,795 | €133,474 | +€29,679 | +28.6% |
| Income taxes | 67/77 | €36,342 | €48,459 | +€12,118 | +33.3% |
| Profit (loss) for the period | 9904 | €67,453 | €85,015 | +€17,562 | +26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,453 | €85,015 | +€17,562 | +26.0% |
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 18 October 2026 via checked.be.