MANAGEMENT ANCHORAGE: 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 ANCHORAGE
Largest movements
- Financial fixed assets +€8.3m
up €8.3m (+140%), from €5.9m to €14.2m
- Debts after one year +€8.1m
up €8.1m (+142%), from €5.7m to €13.8m
- Accrued charges and deferred income +€298,048
up €298,048 (+286%), from €104,109 to €402,157
- Financial charges +€324,846
up €324,846 (+420%), from €77,384 to €402,230
- Financial income +€239,508
up €239,508 (+404%), from €59,348 to €298,856
- Gross operating margin -€11,641
down €11,641 (-1,105%), from -€1,053 to -€12,694
- Depreciation -€206
down €206 (-80.6%), from €256 to €50
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 | €6,057,770 | €14,282,825 | +€8.2m | +136% |
| Formation expenses | 20 | €50 | €0 | -€50 | -100% |
| Fixed assets | 21/28 | €5,925,010 | €14,202,808 | +€8.3m | +140% |
| Financial fixed assets | 28 | €5,925,010 | €14,202,808 | +€8.3m | +140% |
| Current assets | 29/58 | €132,710 | €80,017 | -€52,693 | -39.7% |
| Amounts receivable within one year | 40/41 | €72,387 | €67,660 | -€4,727 | -6.5% |
| Other amounts receivable | 41 | €72,387 | €67,660 | -€4,727 | -6.5% |
| Cash at bank and in hand | 54/58 | €60,323 | €12,357 | -€47,966 | -79.5% |
| Total equity and liabilities | 10/49 | €6,057,770 | €14,282,825 | +€8.2m | +136% |
| Equity | 10/15 | €241,771 | €124,685 | -€117,086 | -48.4% |
| Contributions | 10/11 | €271,125 | €271,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,354 | -€146,440 | -€117,086 | -399% |
| Amounts payable | 17/49 | €5,815,999 | €14,158,140 | +€8.3m | +143% |
| Amounts payable after more than one year | 17 | €5,677,713 | €13,753,968 | +€8.1m | +142% |
| Financial debts | 170/4 | €5,677,713 | €13,753,968 | +€8.1m | +142% |
| Amounts payable within one year | 42/48 | €34,176 | €2,015 | -€32,162 | -94.1% |
| Current portion of amounts payable after more than one year | 42 | €33,178 | €0 | -€33,178 | -100% |
| Trade debts | 44 | €998 | €2,015 | +€1,016 | +102% |
| Suppliers | 440/4 | €998 | €2,015 | +€1,016 | +102% |
| Accrued charges and deferred income | 492/3 | €104,109 | €402,157 | +€298,048 | +286% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €256 | €50 | -€206 | -80.6% |
| Other operating charges | 640/8 | €998 | €968 | -€31 | -3.1% |
| Gross operating margin | 9900 | -€1,053 | -€12,694 | -€11,641 | -1,105% |
| Operating profit (loss) | 9901 | -€2,307 | -€13,712 | -€11,404 | -494% |
| Financial income | 75/76B | €59,348 | €298,856 | +€239,508 | +404% |
| Recurring financial income | 75 | €59,348 | €298,856 | +€239,508 | +404% |
| Financial charges | 65/66B | €77,384 | €402,230 | +€324,846 | +420% |
| Recurring financial charges | 65 | €77,384 | €402,230 | +€324,846 | +420% |
| Profit (loss) for the period before taxes | 9903 | -€20,343 | -€117,086 | -€96,742 | -476% |
| Profit (loss) for the period | 9904 | -€20,343 | -€117,086 | -€96,742 | -476% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,343 | -€117,086 | -€96,742 | -476% |
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 17 October 2026 via checked.be.