MANAGEMENT AND DEVELOPMENT: 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 AND DEVELOPMENT
Largest movements
- Receivables within one year +€467,826
up €467,826 (+320.4%), from €146,025 to €613,852
of which Other amounts receivable: +€440,844
- Cash -€315,996
down €315,996 (-94.4%), from €334,583 to €18,587
mainly Receivables within one year (-€467,826) and Contributions, distributions and other (-€261,700)
- Current investments -€39,269
down €39,269 (-13.2%), from €296,378 to €257,109
- Other debts +€121,995
up €121,995 (+87.3%), from €139,705 to €261,700
- Reserves -€41,372
down €41,372 (-7.2%), from €574,500 to €533,128
of which Distributable reserves: -€41,372
- Tax, wage and social debts +€35,167
up €35,167 (+126.8%), from €27,733 to €62,900
- Financial income +€32,203
up €32,203 (+400.2%), from €8,047 to €40,250
of which Financial income: +€32,203
- Gross operating margin -€21,894
down €21,894 (-7.0%), from €313,353 to €291,459
- Taxes +€3,205
up €3,205 (+3.1%), from €101,789 to €104,993
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 | €780,247 | €891,331 | +€111,084 | +14.2% |
| Fixed assets | 21/28 | €3,261 | €1,784 | -€1,477 | -45.3% |
| Tangible fixed assets | 22/27 | €3,261 | €1,784 | -€1,477 | -45.3% |
| Furniture and vehicles | 24 | €3,261 | €1,784 | -€1,477 | -45.3% |
| Current assets | 29/58 | €776,987 | €889,548 | +€112,561 | +14.5% |
| Amounts receivable within one year | 40/41 | €146,025 | €613,852 | +€467,826 | +320.4% |
| Trade receivables | 40 | €33,022 | €60,004 | +€26,982 | +81.7% |
| Other amounts receivable | 41 | €113,003 | €553,848 | +€440,844 | +390.1% |
| Current investments | 50/53 | €296,378 | €257,109 | -€39,269 | -13.2% |
| Cash at bank and in hand | 54/58 | €334,583 | €18,587 | -€315,996 | -94.4% |
| Total equity and liabilities | 10/49 | €780,247 | €891,331 | +€111,084 | +14.2% |
| Equity | 10/15 | €606,742 | €565,370 | -€41,372 | -6.8% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €574,500 | €533,128 | -€41,372 | -7.2% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Distributable reserves | 133 | €571,400 | €530,028 | -€41,372 | -7.2% |
| Profit (loss) carried forward | 14 | €1,242 | €1,242 | = | 0.0% |
| Amounts payable | 17/49 | €173,506 | €325,962 | +€152,456 | +87.9% |
| Amounts payable within one year | 42/48 | €173,506 | €325,574 | +€152,069 | +87.6% |
| Trade debts | 44 | €6,068 | €975 | -€5,094 | -83.9% |
| Suppliers | 440/4 | €6,068 | €975 | -€5,094 | -83.9% |
| Taxes, remuneration and social security | 45 | €27,733 | €62,900 | +€35,167 | +126.8% |
| Taxes | 450/3 | €27,733 | €62,900 | +€35,167 | +126.8% |
| Other amounts payable | 47/48 | €139,705 | €261,700 | +€121,995 | +87.3% |
| Accrued charges and deferred income | 492/3 | - | €387 | +€387 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,339 | €1,477 | +€138 | +10.3% |
| Other operating charges | 640/8 | €2,149 | €1,709 | -€440 | -20.5% |
| Gross operating margin | 9900 | €313,353 | €291,459 | -€21,894 | -7.0% |
| Operating profit (loss) | 9901 | €309,866 | €288,273 | -€21,593 | -7.0% |
| Financial income | 75/76B | €8,047 | €40,250 | +€32,203 | +400.2% |
| Recurring financial income | 75 | €8,047 | €40,250 | +€32,203 | +400.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,421 | €3,201 | -€1,219 | -27.6% |
| Recurring financial charges | 65 | €4,421 | €3,201 | -€1,219 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €313,492 | €325,321 | +€11,830 | +3.8% |
| Income taxes | 67/77 | €101,789 | €104,993 | +€3,205 | +3.1% |
| Profit (loss) for the period | 9904 | €211,703 | €220,328 | +€8,625 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €211,703 | €220,328 | +€8,625 | +4.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.