Management Galeries Antonio Nardone: 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 Galeries Antonio Nardone
Largest movements
- Receivables within one year -€81,429
down €81,429 (-90.3%), from €90,222 to €8,794
of which Trade receivables: -€88,717
- Stocks and contracts +€12,903
up €12,903 (+19.5%), from €66,079 to €78,982
- Cash +€1,939
up €1,939 (+174%), from €1,116 to €3,055
mainly Receivables within one year (+€81,429) and Net result for the year (+€18,249)
- Tangible fixed assets +€1,668
up €1,668 (+49.7%), from €3,357 to €5,026
- Trade debts -€67,121
down €67,121 (-77.6%), from €86,490 to €19,369
- Profit (loss) carried forward +€18,249
up €18,249 (+7.5%), from -€243,259 to -€225,010
- Tax, wage and social debts -€8,155
no longer reported in 2025 (was €8,155)
- Other debts -€6,450
down €6,450 (-2.2%), from €287,786 to €281,336
- Gross operating margin -€27,497
down €27,497 (-57.4%), from €47,877 to €20,380
- Other operating charges -€1,388
down €1,388 (-77.6%), from €1,787 to €400
- Financial charges -€509
down €509 (-57.9%), from €879 to €370
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 | €160,774 | €96,195 | -€64,579 | -40.2% |
| Fixed assets | 21/28 | €3,357 | €5,026 | +€1,668 | +49.7% |
| Tangible fixed assets | 22/27 | €3,357 | €5,026 | +€1,668 | +49.7% |
| Furniture and vehicles | 24 | €3,357 | €5,026 | +€1,668 | +49.7% |
| Current assets | 29/58 | €157,417 | €91,169 | -€66,248 | -42.1% |
| Stocks and contracts in progress | 3 | €66,079 | €78,982 | +€12,903 | +19.5% |
| Stocks | 30/36 | €66,079 | €78,982 | +€12,903 | +19.5% |
| Amounts receivable within one year | 40/41 | €90,222 | €8,794 | -€81,429 | -90.3% |
| Trade receivables | 40 | €88,717 | - | -€88,717 | |
| Other amounts receivable | 41 | €1,505 | €8,794 | +€7,289 | +484% |
| Cash at bank and in hand | 54/58 | €1,116 | €3,055 | +€1,939 | +174% |
| Deferred charges and accrued income | 490/1 | - | €339 | +€339 | |
| Total equity and liabilities | 10/49 | €160,774 | €96,195 | -€64,579 | -40.2% |
| Equity | 10/15 | -€224,659 | -€206,410 | +€18,249 | +8.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€243,259 | -€225,010 | +€18,249 | +7.5% |
| Amounts payable | 17/49 | €385,433 | €302,605 | -€82,828 | -21.5% |
| Amounts payable within one year | 42/48 | €382,432 | €300,705 | -€81,727 | -21.4% |
| Trade debts | 44 | €86,490 | €19,369 | -€67,121 | -77.6% |
| Suppliers | 440/4 | €86,490 | €19,369 | -€67,121 | -77.6% |
| Taxes, remuneration and social security | 45 | €8,155 | - | -€8,155 | |
| Taxes | 450/3 | €8,155 | - | -€8,155 | |
| Other amounts payable | 47/48 | €287,786 | €281,336 | -€6,450 | -2.2% |
| Accrued charges and deferred income | 492/3 | €3,001 | €1,900 | -€1,101 | -36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,310 | €1,362 | +€52 | +3.9% |
| Other operating charges | 640/8 | €1,787 | €400 | -€1,388 | -77.6% |
| Gross operating margin | 9900 | €47,877 | €20,380 | -€27,497 | -57.4% |
| Operating profit (loss) | 9901 | €44,780 | €18,619 | -€26,161 | -58.4% |
| Financial income | 75/76B | €200 | €0 | -€200 | -100.0% |
| Recurring financial income | 75 | €200 | €0 | -€200 | -100.0% |
| Financial charges | 65/66B | €879 | €370 | -€509 | -57.9% |
| Recurring financial charges | 65 | €879 | €370 | -€509 | -57.9% |
| Profit (loss) for the period before taxes | 9903 | €44,101 | €18,249 | -€25,852 | -58.6% |
| Profit (loss) for the period | 9904 | €44,101 | €18,249 | -€25,852 | -58.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,101 | €18,249 | -€25,852 | -58.6% |
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 17 October 2026 via checked.be.