MANAGEMENT FORCE 4: 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 FORCE 4
Largest movements
- Cash +€17,655
up €17,655 (+804.8%), from €2,194 to €19,849
mainly Depreciation (+€16,072) and Net result for the year (+€14,786)
- Intangible fixed assets -€14,000
down €14,000 (-12.4%), from €113,167 to €99,167
- Receivables within one year -€6,055
down €6,055 (-9.0%), from €67,537 to €61,481
of which Trade receivables: -€6,053
- Formation expenses -€2,072
down €2,072 (-90.2%), from €2,296 to €224
- Debts after one year -€14,955
down €14,955 (-31.5%), from €47,434 to €32,479
- Profit (loss) carried forward +€14,786
up €14,786, from -€3,342 to €11,444
- Trade debts -€5,070
down €5,070 (-26.0%), from €19,505 to €14,436
- Gross operating margin +€22,699
up €22,699 (+34.2%), from €66,411 to €89,110
- Taxes +€4,112
up €4,112 (+1325.1%), from €310 to €4,423
- Other operating charges -€2,725
down €2,725 (-74.0%), from €3,682 to €957
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 | €188,070 | €183,466 | -€4,603 | -2.4% |
| Formation expenses | 20 | €2,296 | €224 | -€2,072 | -90.2% |
| Fixed assets | 21/28 | €113,167 | €99,167 | -€14,000 | -12.4% |
| Intangible fixed assets | 21 | €113,167 | €99,167 | -€14,000 | -12.4% |
| Current assets | 29/58 | €72,607 | €84,075 | +€11,469 | +15.8% |
| Amounts receivable within one year | 40/41 | €67,537 | €61,481 | -€6,055 | -9.0% |
| Trade receivables | 40 | €67,534 | €61,481 | -€6,053 | -9.0% |
| Other amounts receivable | 41 | €3 | €0 | -€3 | -100.0% |
| Cash at bank and in hand | 54/58 | €2,194 | €19,849 | +€17,655 | +804.8% |
| Deferred charges and accrued income | 490/1 | €2,876 | €2,745 | -€131 | -4.6% |
| Total equity and liabilities | 10/49 | €188,070 | €183,466 | -€4,603 | -2.4% |
| Equity | 10/15 | €6,658 | €21,444 | +€14,786 | +222.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,342 | €11,444 | +€14,786 | |
| Amounts payable | 17/49 | €181,412 | €162,022 | -€19,390 | -10.7% |
| Amounts payable after more than one year | 17 | €47,434 | €32,479 | -€14,955 | -31.5% |
| Financial debts | 170/4 | €47,434 | €32,479 | -€14,955 | -31.5% |
| Amounts payable within one year | 42/48 | €133,696 | €129,327 | -€4,370 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €14,160 | €14,955 | +€796 | +5.6% |
| Trade debts | 44 | €19,505 | €14,436 | -€5,070 | -26.0% |
| Suppliers | 440/4 | €19,505 | €14,436 | -€5,070 | -26.0% |
| Taxes, remuneration and social security | 45 | €22,164 | €21,973 | -€191 | -0.9% |
| Taxes | 450/3 | €13,007 | €12,734 | -€273 | -2.1% |
| Remuneration and social security | 454/9 | €9,157 | €9,239 | +€81 | +0.9% |
| Other amounts payable | 47/48 | €77,867 | €77,963 | +€96 | +0.1% |
| Accrued charges and deferred income | 492/3 | €281 | €217 | -€65 | -23.0% |
| Remuneration, social security and pensions | 62 | €45,186 | €45,274 | +€88 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,072 | €16,072 | = | 0.0% |
| Other operating charges | 640/8 | €3,682 | €957 | -€2,725 | -74.0% |
| Gross operating margin | 9900 | €66,411 | €89,110 | +€22,699 | +34.2% |
| Operating profit (loss) | 9901 | €1,472 | €26,808 | +€25,336 | +1721.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €7,266 | €7,599 | +€333 | +4.6% |
| Recurring financial charges | 65 | €7,266 | €7,599 | +€333 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,794 | €19,209 | +€25,003 | |
| Income taxes | 67/77 | €310 | €4,423 | +€4,112 | +1325.1% |
| Profit (loss) for the period | 9904 | -€6,104 | €14,786 | +€20,890 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,104 | €14,786 | +€20,890 |
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 8 October 2026 via checked.be.