MANAGEMENT CONSULT: 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 CONSULT
Largest movements
- Cash +€88,116
up €88,116 (+199.3%), from €44,209 to €132,325
mainly Debts after one year (+€88,931) and Trade debts (+€56,243)
- Tangible fixed assets +€52,061
up €52,061 (+19.6%), from €265,758 to €317,819
of which Land and buildings: +€56,984
- Debts after one year +€88,931
up €88,931 (+34.9%), from €254,711 to €343,642
- Trade debts +€56,243
up €56,243, from €0 to €56,243
- Other debts -€27,680
down €27,680 (-28.8%), from €96,104 to €68,424
- Profit (loss) carried forward +€22,459
up €22,459 (+85.5%), from €26,269 to €48,728
- Gross operating margin +€24,894
up €24,894 (+62.8%), from €39,643 to €64,537
- Depreciation +€13,808
up €13,808 (+163.4%), from €8,453 to €22,260
- Financial charges +€10,069
up €10,069 (+424.9%), from €2,370 to €12,439
- Other operating charges +€2,368
up €2,368 (+173.4%), from €1,366 to €3,734
- Taxes -€2,048
down €2,048 (-25.5%), from €8,029 to €5,982
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 | €394,372 | €535,381 | +€141,008 | +35.8% |
| Fixed assets | 21/28 | €268,758 | €317,819 | +€49,061 | +18.3% |
| Tangible fixed assets | 22/27 | €265,758 | €317,819 | +€52,061 | +19.6% |
| Land and buildings | 22 | €260,147 | €317,132 | +€56,984 | +21.9% |
| Furniture and vehicles | 24 | €5,610 | €687 | -€4,923 | -87.7% |
| Financial fixed assets | 28 | €3,000 | €0 | -€3,000 | -100.0% |
| Current assets | 29/58 | €125,615 | €217,562 | +€91,947 | +73.2% |
| Amounts receivable within one year | 40/41 | €81,405 | €84,768 | +€3,363 | +4.1% |
| Trade receivables | 40 | €11,043 | €39,770 | +€28,727 | +260.1% |
| Other amounts receivable | 41 | €70,362 | €44,998 | -€25,364 | -36.0% |
| Cash at bank and in hand | 54/58 | €44,209 | €132,325 | +€88,116 | +199.3% |
| Deferred charges and accrued income | 490/1 | €0 | €469 | +€469 | |
| Total equity and liabilities | 10/49 | €394,372 | €535,381 | +€141,008 | +35.8% |
| Equity | 10/15 | €28,269 | €50,728 | +€22,459 | +79.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,269 | €48,728 | +€22,459 | +85.5% |
| Amounts payable | 17/49 | €366,104 | €484,653 | +€118,549 | +32.4% |
| Amounts payable after more than one year | 17 | €254,711 | €343,642 | +€88,931 | +34.9% |
| Financial debts | 170/4 | €254,711 | €343,642 | +€88,931 | +34.9% |
| Amounts payable within one year | 42/48 | €111,381 | €141,011 | +€29,630 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €2,689 | €4,003 | +€1,314 | +48.8% |
| Trade debts | 44 | €0 | €56,243 | +€56,243 | |
| Suppliers | 440/4 | €0 | €56,243 | +€56,243 | |
| Taxes, remuneration and social security | 45 | €12,588 | €12,341 | -€246 | -2.0% |
| Taxes | 450/3 | €12,588 | €12,341 | -€246 | -2.0% |
| Other amounts payable | 47/48 | €96,104 | €68,424 | -€27,680 | -28.8% |
| Accrued charges and deferred income | 492/3 | €12 | €0 | -€12 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,453 | €22,260 | +€13,808 | +163.4% |
| Other operating charges | 640/8 | €1,366 | €3,734 | +€2,368 | +173.4% |
| Gross operating margin | 9900 | €39,643 | €64,537 | +€24,894 | +62.8% |
| Operating profit (loss) | 9901 | €29,825 | €38,543 | +€8,718 | +29.2% |
| Financial income | 75/76B | €359 | €2,337 | +€1,978 | +551.6% |
| Recurring financial income | 75 | €359 | €2,337 | +€1,978 | +551.6% |
| Financial charges | 65/66B | €2,370 | €12,439 | +€10,069 | +424.9% |
| Recurring financial charges | 65 | €2,370 | €12,439 | +€10,069 | +424.9% |
| Profit (loss) for the period before taxes | 9903 | €27,814 | €28,441 | +€627 | +2.3% |
| Income taxes | 67/77 | €8,029 | €5,982 | -€2,048 | -25.5% |
| Profit (loss) for the period | 9904 | €19,784 | €22,459 | +€2,675 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,784 | €22,459 | +€2,675 | +13.5% |
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 6 October 2026 via checked.be.