MANAGEMENT BY OBJECTIVES: 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 BY OBJECTIVES
Largest movements
- Cash -€49,295
down €49,295 (-42.5%), from €115,895 to €66,600
mainly Debts after one year (-€33,711) and Tax, wage and social debts (-€24,791)
- Receivables within one year +€23,558
up €23,558 (+82.3%), from €28,609 to €52,167
of which Trade receivables: +€42,600
- Tangible fixed assets +€5,297
up €5,297 (+2.0%), from €269,887 to €275,184
of which Furniture and vehicles: +€13,556
- Provisions +€34,577
new in 2025: €34,577
- Debts after one year -€33,711
down €33,711 (-24.9%), from €135,321 to €101,610
of which Other amounts payable: -€27,496
- Tax, wage and social debts -€24,791
down €24,791 (-75.0%), from €33,060 to €8,269
- Provisions +€34,577
new in 2025: €34,577
- Gross operating margin -€33,789
down €33,789 (-33.3%), from €101,401 to €67,612
- Taxes -€27,843
down €27,843 (-70.4%), from €39,542 to €11,699
- Financial charges -€3,882
down €3,882 (-59.2%), from €6,555 to €2,673
- Depreciation +€1,903
up €1,903 (+14.2%), from €13,445 to €15,348
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 | €416,337 | €393,951 | -€22,386 | -5.4% |
| Fixed assets | 21/28 | €269,887 | €275,184 | +€5,297 | +2.0% |
| Tangible fixed assets | 22/27 | €269,887 | €275,184 | +€5,297 | +2.0% |
| Land and buildings | 22 | €261,993 | €252,632 | -€9,361 | -3.6% |
| Plant, machinery and equipment | 23 | - | €1,102 | +€1,102 | |
| Furniture and vehicles | 24 | €7,894 | €21,450 | +€13,556 | +171.7% |
| Current assets | 29/58 | €146,450 | €118,767 | -€27,683 | -18.9% |
| Amounts receivable within one year | 40/41 | €28,609 | €52,167 | +€23,558 | +82.3% |
| Trade receivables | 40 | - | €42,600 | +€42,600 | |
| Other amounts receivable | 41 | €28,609 | €9,567 | -€19,042 | -66.6% |
| Cash at bank and in hand | 54/58 | €115,895 | €66,600 | -€49,295 | -42.5% |
| Deferred charges and accrued income | 490/1 | €1,946 | - | -€1,946 | |
| Total equity and liabilities | 10/49 | €416,337 | €393,951 | -€22,386 | -5.4% |
| Equity | 10/15 | €228,005 | €229,856 | +€1,851 | +0.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,310 | €211,160 | +€1,850 | +0.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €207,450 | €209,300 | +€1,850 | +0.9% |
| Profit (loss) carried forward | 14 | €95 | €96 | +€1 | +1.1% |
| Provisions and deferred taxes | 16 | - | €34,577 | +€34,577 | |
| Provisions for liabilities and charges | 160/5 | - | €34,577 | +€34,577 | |
| Other liabilities and charges | 164/5 | - | €34,577 | +€34,577 | |
| Amounts payable | 17/49 | €188,332 | €129,518 | -€58,814 | -31.2% |
| Amounts payable after more than one year | 17 | €135,321 | €101,610 | -€33,711 | -24.9% |
| Financial debts | 170/4 | €6,215 | - | -€6,215 | |
| Other amounts payable | 178/9 | €129,106 | €101,610 | -€27,496 | -21.3% |
| Amounts payable within one year | 42/48 | €53,011 | €27,908 | -€25,103 | -47.4% |
| Current portion of amounts payable after more than one year | 42 | €10,153 | €6,215 | -€3,938 | -38.8% |
| Trade debts | 44 | €8,558 | €12,184 | +€3,626 | +42.4% |
| Suppliers | 440/4 | €8,558 | €12,184 | +€3,626 | +42.4% |
| Taxes, remuneration and social security | 45 | €33,060 | €8,269 | -€24,791 | -75.0% |
| Taxes | 450/3 | €33,060 | €8,269 | -€24,791 | -75.0% |
| Other amounts payable | 47/48 | €1,240 | €1,240 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,445 | €15,348 | +€1,903 | +14.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €34,577 | +€34,577 | |
| Other operating charges | 640/8 | €1,618 | €1,702 | +€84 | +5.2% |
| Non-recurring operating charges | 66A | €1,265 | - | -€1,265 | |
| Gross operating margin | 9900 | €101,401 | €67,612 | -€33,789 | -33.3% |
| Operating profit (loss) | 9901 | €85,073 | €15,985 | -€69,088 | -81.2% |
| Financial income | 75/76B | €308 | €237 | -€71 | -23.1% |
| Recurring financial income | 75 | €308 | €237 | -€71 | -23.1% |
| Financial charges | 65/66B | €6,555 | €2,673 | -€3,882 | -59.2% |
| Recurring financial charges | 65 | €6,555 | €2,673 | -€3,882 | -59.2% |
| Profit (loss) for the period before taxes | 9903 | €78,826 | €13,549 | -€65,277 | -82.8% |
| Income taxes | 67/77 | €39,542 | €11,699 | -€27,843 | -70.4% |
| Profit (loss) for the period | 9904 | €39,284 | €1,850 | -€37,434 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,284 | €1,850 | -€37,434 | -95.3% |
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 11 October 2026 via checked.be.