MANAGEMENT EXPERTISE: 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 EXPERTISE
Largest movements
- Tangible fixed assets -€60,743
down €60,743 (-8.4%), from €724,120 to €663,377
of which Land and buildings: -€38,745
- Cash +€52,974
up €52,974 (+61.3%), from €86,368 to €139,342
mainly Depreciation (+€64,646) and Net result for the year (+€29,316)
- Receivables within one year -€15,940
down €15,940 (-94.3%), from €16,912 to €972
- Deferred charges and accrued income -€10,652
down €10,652 (-84.5%), from €12,613 to €1,961
- Debts after one year -€62,164
down €62,164 (-21.3%), from €291,778 to €229,614
- Reserves +€50,000
up €50,000 (+10.9%), from €459,000 to €509,000
- Profit (loss) carried forward -€20,684
down €20,684 (-62.7%), from €32,977 to €12,293
- Tax, wage and social debts -€10,961
down €10,961 (-60.7%), from €18,064 to €7,103
- Gross operating margin -€32,778
down €32,778 (-21.2%), from €154,813 to €122,035
- Taxes -€9,645
down €9,645 (-40.2%), from €23,964 to €14,319
- Depreciation -€6,465
down €6,465 (-9.1%), from €71,111 to €64,646
- Other operating charges -€4,073
down €4,073 (-32.2%), from €12,655 to €8,582
- Financial charges -€2,333
down €2,333 (-29.3%), from €7,952 to €5,619
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 | €841,013 | €806,652 | -€34,361 | -4.1% |
| Fixed assets | 21/28 | €725,120 | €664,377 | -€60,743 | -8.4% |
| Tangible fixed assets | 22/27 | €724,120 | €663,377 | -€60,743 | -8.4% |
| Land and buildings | 22 | €664,363 | €625,618 | -€38,745 | -5.8% |
| Plant, machinery and equipment | 23 | €17,512 | €11,969 | -€5,543 | -31.7% |
| Furniture and vehicles | 24 | €42,245 | €25,790 | -€16,455 | -39.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €115,893 | €142,275 | +€26,382 | +22.8% |
| Amounts receivable within one year | 40/41 | €16,912 | €972 | -€15,940 | -94.3% |
| Trade receivables | 40 | €16,912 | €972 | -€15,940 | -94.3% |
| Cash at bank and in hand | 54/58 | €86,368 | €139,342 | +€52,974 | +61.3% |
| Deferred charges and accrued income | 490/1 | €12,613 | €1,961 | -€10,652 | -84.5% |
| Total equity and liabilities | 10/49 | €841,013 | €806,652 | -€34,361 | -4.1% |
| Equity | 10/15 | €508,110 | €537,426 | +€29,316 | +5.8% |
| Contributions | 10/11 | €16,133 | €16,133 | = | 0.0% |
| Reserves | 13 | €459,000 | €509,000 | +€50,000 | +10.9% |
| Distributable reserves | 133 | €459,000 | €509,000 | +€50,000 | +10.9% |
| Profit (loss) carried forward | 14 | €32,977 | €12,293 | -€20,684 | -62.7% |
| Amounts payable | 17/49 | €332,903 | €269,226 | -€63,677 | -19.1% |
| Amounts payable after more than one year | 17 | €291,778 | €229,614 | -€62,164 | -21.3% |
| Financial debts | 170/4 | €291,778 | €229,614 | -€62,164 | -21.3% |
| Amounts payable within one year | 42/48 | €41,125 | €39,612 | -€1,513 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €13,175 | €17,844 | +€4,669 | +35.4% |
| Trade debts | 44 | €8,886 | €13,665 | +€4,779 | +53.8% |
| Suppliers | 440/4 | €8,886 | €13,665 | +€4,779 | +53.8% |
| Taxes, remuneration and social security | 45 | €18,064 | €7,103 | -€10,961 | -60.7% |
| Taxes | 450/3 | €18,064 | €7,103 | -€10,961 | -60.7% |
| Other amounts payable | 47/48 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,111 | €64,646 | -€6,465 | -9.1% |
| Other operating charges | 640/8 | €12,655 | €8,582 | -€4,073 | -32.2% |
| Gross operating margin | 9900 | €154,813 | €122,035 | -€32,778 | -21.2% |
| Operating profit (loss) | 9901 | €71,047 | €48,807 | -€22,240 | -31.3% |
| Financial income | 75/76B | €118 | €447 | +€329 | +279% |
| Recurring financial income | 75 | €118 | €447 | +€329 | +279% |
| Financial charges | 65/66B | €7,952 | €5,619 | -€2,333 | -29.3% |
| Recurring financial charges | 65 | €7,952 | €5,619 | -€2,333 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €63,213 | €43,635 | -€19,578 | -31.0% |
| Income taxes | 67/77 | €23,964 | €14,319 | -€9,645 | -40.2% |
| Profit (loss) for the period | 9904 | €39,249 | €29,316 | -€9,933 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,249 | €29,316 | -€9,933 | -25.3% |
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 25 October 2026 via checked.be.