MANAGEMENT BRIDGE: 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 BRIDGE
Largest movements
- Receivables within one year +€28,821
up €28,821 (+16.3%), from €176,517 to €205,338
of which Trade receivables: +€19,668
- Deferred charges and accrued income -€15,090
down €15,090 (-95.8%), from €15,752 to €662
- Other debts +€102,642
up €102,642 (+76.3%), from €134,443 to €237,084
- Trade debts -€56,889
down €56,889 (-69.5%), from €81,875 to €24,986
- Debts after one year -€36,867
down €36,867 (-14.5%), from €253,782 to €216,914
- Financial income -€6,287
down €6,287 (-61.0%), from €10,301 to €4,014
- Financial charges +€4,754
up €4,754 (+58.9%), from €8,071 to €12,825
- Taxes -€3,144
down €3,144 (-35.1%), from €8,959 to €5,815
- Depreciation +€2,398
up €2,398 (+10.3%), from €23,249 to €25,646
- Other operating charges +€2,010
up €2,010 (+38.5%), from €5,216 to €7,226
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €911,082 | €917,922 | +€6,840 | +0.8% |
| Fixed assets | 21/28 | €718,144 | €705,530 | -€12,614 | -1.8% |
| Tangible fixed assets | 22/27 | €567,371 | €563,609 | -€3,762 | -0.7% |
| Land and buildings | 22 | €566,296 | €543,193 | -€23,103 | -4.1% |
| Furniture and vehicles | 24 | €1,075 | €20,417 | +€19,341 | +1798.6% |
| Financial fixed assets | 28 | €150,773 | €141,921 | -€8,852 | -5.9% |
| Current assets | 29/58 | €192,938 | €212,392 | +€19,454 | +10.1% |
| Amounts receivable within one year | 40/41 | €176,517 | €205,338 | +€28,821 | +16.3% |
| Trade receivables | 40 | €25,000 | €44,668 | +€19,668 | +78.7% |
| Other amounts receivable | 41 | €151,517 | €160,670 | +€9,153 | +6.0% |
| Cash at bank and in hand | 54/58 | €669 | €6,392 | +€5,723 | +855.9% |
| Deferred charges and accrued income | 490/1 | €15,752 | €662 | -€15,090 | -95.8% |
| Total equity and liabilities | 10/49 | €911,082 | €917,922 | +€6,840 | +0.8% |
| Equity | 10/15 | €384,166 | €389,458 | +€5,292 | +1.4% |
| Contributions | 10/11 | €160,522 | €160,522 | = | 0.0% |
| Revaluation surpluses | 12 | €185,000 | €185,000 | = | 0.0% |
| Reserves | 13 | €38,644 | €43,936 | +€5,292 | +13.7% |
| Distributable reserves | 133 | €38,644 | €43,936 | +€5,292 | +13.7% |
| Amounts payable | 17/49 | €526,916 | €528,465 | +€1,548 | +0.3% |
| Amounts payable after more than one year | 17 | €253,782 | €216,914 | -€36,867 | -14.5% |
| Financial debts | 170/4 | €253,782 | €216,914 | -€36,867 | -14.5% |
| Amounts payable within one year | 42/48 | €273,135 | €311,249 | +€38,115 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €42,141 | €42,867 | +€727 | +1.7% |
| Financial debts | 43 | €1,120 | €495 | -€625 | -55.8% |
| Credit institutions | 430/8 | €1,120 | €495 | -€625 | -55.8% |
| Trade debts | 44 | €81,875 | €24,986 | -€56,889 | -69.5% |
| Suppliers | 440/4 | €81,875 | €24,986 | -€56,889 | -69.5% |
| Taxes, remuneration and social security | 45 | €13,556 | €5,815 | -€7,740 | -57.1% |
| Taxes | 450/3 | €8,959 | €5,815 | -€3,144 | -35.1% |
| Remuneration and social security | 454/9 | €4,597 | - | -€4,597 | |
| Other amounts payable | 47/48 | €134,443 | €237,084 | +€102,642 | +76.3% |
| Accrued charges and deferred income | 492/3 | €0 | €301 | +€301 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,249 | €25,646 | +€2,398 | +10.3% |
| Other operating charges | 640/8 | €5,216 | €7,226 | +€2,010 | +38.5% |
| Gross operating margin | 9900 | €50,804 | €52,790 | +€1,986 | +3.9% |
| Operating profit (loss) | 9901 | €22,340 | €19,918 | -€2,422 | -10.8% |
| Financial income | 75/76B | €10,301 | €4,014 | -€6,287 | -61.0% |
| Recurring financial income | 75 | €10,301 | €4,014 | -€6,287 | -61.0% |
| Financial charges | 65/66B | €8,071 | €12,825 | +€4,754 | +58.9% |
| Recurring financial charges | 65 | €8,071 | €12,825 | +€4,754 | +58.9% |
| Profit (loss) for the period before taxes | 9903 | €24,570 | €11,107 | -€13,462 | -54.8% |
| Income taxes | 67/77 | €8,959 | €5,815 | -€3,144 | -35.1% |
| Profit (loss) for the period | 9904 | €15,611 | €5,292 | -€10,319 | -66.1% |
| Profit (loss) for the period to be appropriated | 9905 | €15,611 | €5,292 | -€10,319 | -66.1% |
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 5 October 2026 via checked.be.