MANAGEMENT INFORMATION: 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 INFORMATION
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+3135.4%), from €41,194 to €1.3m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets -€790,393
down €790,393 (-99.3%), from €795,928 to €5,535
of which Land and buildings: -€794,730
- Cash -€295,069
down €295,069 (-93.1%), from €316,773 to €21,704
mainly Receivables within one year (-€1.3m) and Contributions, distributions and other (-€115,659)
- Financial fixed assets -€201,500
down €201,500 (-25.8%), from €780,636 to €579,136
- Intangible fixed assets +€69,872
up €69,872 (+119.6%), from €58,427 to €128,299
- Profit (loss) carried forward +€237,716
up €237,716 (+22.3%), from €1.1m to €1.3m
- Reserves -€126,788
down €126,788 (-25.8%), from €491,586 to €364,798
of which Tax-exempt reserves: -€126,788
- Investment grants -€115,659
down €115,659 (-99.1%), from €116,721 to €1,062
- Tax, wage and social debts +€56,343
up €56,343 (+320.4%), from €17,583 to €73,926
of which Taxes: +€57,723
- Trade debts +€42,623
up €42,623 (+174.3%), from €24,456 to €67,079
- Financial charges +€201,612
up €201,612 (+40565.8%), from €497 to €202,109
of which Non-recurring financial charges: +€201,500
- Gross operating margin -€69,184
down €69,184 (-19.4%), from €356,846 to €287,662
- Depreciation -€30,084
down €30,084 (-41.2%), from €73,100 to €43,016
- Financial income +€28,563
up €28,563 (+30.7%), from €93,021 to €121,584
- Taxes +€8,637
up €8,637 (+12.0%), from €71,977 to €80,614
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 | €2,008,241 | €2,077,995 | +€69,754 | +3.5% |
| Fixed assets | 21/28 | €1,634,991 | €712,970 | -€922,021 | -56.4% |
| Intangible fixed assets | 21 | €58,427 | €128,299 | +€69,872 | +119.6% |
| Tangible fixed assets | 22/27 | €795,928 | €5,535 | -€790,393 | -99.3% |
| Land and buildings | 22 | €794,730 | - | -€794,730 | |
| Furniture and vehicles | 24 | €1,198 | €5,535 | +€4,337 | +362.0% |
| Financial fixed assets | 28 | €780,636 | €579,136 | -€201,500 | -25.8% |
| Current assets | 29/58 | €373,250 | €1,365,025 | +€991,775 | +265.7% |
| Amounts receivable within one year | 40/41 | €41,194 | €1,332,811 | +€1.3m | +3135.4% |
| Trade receivables | 40 | €28,515 | €106,837 | +€78,322 | +274.7% |
| Other amounts receivable | 41 | €12,679 | €1,225,974 | +€1.2m | +9569.3% |
| Cash at bank and in hand | 54/58 | €316,773 | €21,704 | -€295,069 | -93.1% |
| Deferred charges and accrued income | 490/1 | €15,283 | €10,510 | -€4,773 | -31.2% |
| Total equity and liabilities | 10/49 | €2,008,241 | €2,077,995 | +€69,754 | +3.5% |
| Equity | 10/15 | €1,922,800 | €1,918,069 | -€4,731 | -0.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €491,586 | €364,798 | -€126,788 | -25.8% |
| Non-distributable reserves | 130/1 | €58,700 | €58,700 | = | 0.0% |
| Legal reserve | 130 | €58,700 | €58,700 | = | 0.0% |
| Tax-exempt reserves | 132 | €189,886 | €63,098 | -€126,788 | -66.8% |
| Distributable reserves | 133 | €243,000 | €243,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,064,493 | €1,302,209 | +€237,716 | +22.3% |
| Investment grants | 15 | €116,721 | €1,062 | -€115,659 | -99.1% |
| Provisions and deferred taxes | 16 | €42,263 | - | -€42,263 | |
| Deferred taxes | 168 | €42,263 | - | -€42,263 | |
| Amounts payable | 17/49 | €43,178 | €159,926 | +€116,748 | +270.4% |
| Amounts payable within one year | 42/48 | €43,178 | €159,926 | +€116,748 | +270.4% |
| Financial debts | 43 | - | €18,040 | +€18,040 | |
| Other loans | 439 | - | €18,040 | +€18,040 | |
| Trade debts | 44 | €24,456 | €67,079 | +€42,623 | +174.3% |
| Suppliers | 440/4 | €24,456 | €67,079 | +€42,623 | +174.3% |
| Taxes, remuneration and social security | 45 | €17,583 | €73,926 | +€56,343 | +320.4% |
| Taxes | 450/3 | €16,203 | €73,926 | +€57,723 | +356.2% |
| Remuneration and social security | 454/9 | €1,380 | - | -€1,380 | |
| Other amounts payable | 47/48 | €1,139 | €881 | -€258 | -22.7% |
| Non-recurring operating income | 76A | - | €154,402 | +€154,402 | |
| Remuneration, social security and pensions | 62 | €14,309 | €5,885 | -€8,424 | -58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,100 | €43,016 | -€30,084 | -41.2% |
| Other operating charges | 640/8 | €9,336 | €8,771 | -€565 | -6.1% |
| Non-recurring operating charges | 66A | - | €186 | +€186 | |
| Gross operating margin | 9900 | €356,846 | €287,662 | -€69,184 | -19.4% |
| Operating profit (loss) | 9901 | €260,101 | €229,804 | -€30,297 | -11.6% |
| Financial income | 75/76B | €93,021 | €121,584 | +€28,563 | +30.7% |
| Recurring financial income | 75 | €93,021 | €121,584 | +€28,563 | +30.7% |
| Financial charges | 65/66B | €497 | €202,109 | +€201,612 | +40565.8% |
| Recurring financial charges | 65 | €497 | €609 | +€112 | +22.5% |
| Non-recurring financial charges | 66B | - | €201,500 | +€201,500 | |
| Profit (loss) for the period before taxes | 9903 | €352,625 | €149,279 | -€203,346 | -57.7% |
| Transfer from deferred taxes | 780 | €2,305 | €42,263 | +€39,958 | +1733.5% |
| Income taxes | 67/77 | €71,977 | €80,614 | +€8,637 | +12.0% |
| Profit (loss) for the period | 9904 | €282,953 | €110,928 | -€172,025 | -60.8% |
| Transfer from tax-exempt reserves | 789 | €6,916 | €126,788 | +€119,872 | +1733.3% |
| Profit (loss) for the period to be appropriated | 9905 | €289,869 | €237,716 | -€52,153 | -18.0% |
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 1 October 2026 via checked.be.