MANAGEMENT & INNOVATION: 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 & INNOVATION
Largest movements
- Current investments +€750,000
up €750,000 (+125%), from €600,000 to €1.4m
- Receivables after one year -€663,500
down €663,500 (-100%), from €663,500 to €0
- Cash -€49,684
down €49,684 (-38.8%), from €127,995 to €78,311
mainly Current investments (-€750,000) and Contributions, distributions and other (-€180,913)
- Tangible fixed assets +€25,610
up €25,610 (+3.3%), from €777,625 to €803,235
of which Other tangible fixed assets: +€47,403
- Reserves +€269,458
up €269,458 (+15.2%), from €1.8m to €2.0m
of which Distributable reserves: +€269,458
- Tax, wage and social debts -€88,030
down €88,030 (-61.5%), from €143,090 to €55,060
of which Taxes: -€85,606
- Debts after one year -€63,493
down €63,493 (-48.9%), from €129,735 to €66,243
- Trade debts -€51,227
down €51,227 (-88.7%), from €57,777 to €6,550
- Financial income +€504,749
up €504,749 (+968%), from €52,165 to €556,914
of which Non-recurring financial income: +€534,841
- Provisions +€100,000
up €100,000, from -€100,000 to €0
- Gross operating margin -€75,156
down €75,156 (-47.1%), from €159,436 to €84,279
- Taxes +€8,806
up €8,806 (+20.8%), from €42,261 to €51,068
- Depreciation -€8,494
down €8,494 (-6.2%), from €137,670 to €129,176
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 | €2,195,889 | €2,260,006 | +€64,117 | +2.9% |
| Fixed assets | 21/28 | €777,625 | €803,235 | +€25,610 | +3.3% |
| Tangible fixed assets | 22/27 | €777,625 | €803,235 | +€25,610 | +3.3% |
| Plant, machinery and equipment | 23 | €6,570 | €5,512 | -€1,057 | -16.1% |
| Furniture and vehicles | 24 | €73,963 | €53,227 | -€20,736 | -28.0% |
| Other tangible fixed assets | 26 | €697,093 | €744,496 | +€47,403 | +6.8% |
| Current assets | 29/58 | €1,418,264 | €1,456,771 | +€38,507 | +2.7% |
| Amounts receivable after more than one year | 29 | €663,500 | €0 | -€663,500 | -100% |
| Other amounts receivable | 291 | €663,500 | €0 | -€663,500 | -100% |
| Stocks and contracts in progress | 3 | - | €16,800 | +€16,800 | |
| Contracts in progress | 37 | - | €16,800 | +€16,800 | |
| Amounts receivable within one year | 40/41 | €18,412 | €160 | -€18,252 | -99.1% |
| Trade receivables | 40 | €16,529 | €0 | -€16,529 | -100% |
| Other amounts receivable | 41 | €1,883 | €160 | -€1,723 | -91.5% |
| Current investments | 50/53 | €600,000 | €1,350,000 | +€750,000 | +125% |
| Cash at bank and in hand | 54/58 | €127,995 | €78,311 | -€49,684 | -38.8% |
| Deferred charges and accrued income | 490/1 | €8,358 | €11,500 | +€3,142 | +37.6% |
| Total equity and liabilities | 10/49 | €2,195,889 | €2,260,006 | +€64,117 | +2.9% |
| Equity | 10/15 | €1,776,618 | €2,046,077 | +€269,458 | +15.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €1,769,156 | €2,038,614 | +€269,458 | +15.2% |
| Tax-exempt reserves | 132 | €374 | €374 | = | 0.0% |
| Distributable reserves | 133 | €1,768,781 | €2,038,239 | +€269,458 | +15.2% |
| Profit (loss) carried forward | 14 | €963 | €963 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Major repairs and maintenance | 162 | €0 | - | = | |
| Amounts payable | 17/49 | €419,270 | €213,929 | -€205,341 | -49.0% |
| Amounts payable after more than one year | 17 | €129,735 | €66,243 | -€63,493 | -48.9% |
| Financial debts | 170/4 | €129,735 | €66,243 | -€63,493 | -48.9% |
| Amounts payable within one year | 42/48 | €275,497 | €129,289 | -€146,209 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €71,635 | €63,493 | -€8,142 | -11.4% |
| Trade debts | 44 | €57,777 | €6,550 | -€51,227 | -88.7% |
| Suppliers | 440/4 | €57,777 | €6,550 | -€51,227 | -88.7% |
| Taxes, remuneration and social security | 45 | €143,090 | €55,060 | -€88,030 | -61.5% |
| Taxes | 450/3 | €140,666 | €55,060 | -€85,606 | -60.9% |
| Remuneration and social security | 454/9 | €2,424 | €0 | -€2,424 | -100% |
| Other amounts payable | 47/48 | €2,996 | €4,186 | +€1,191 | +39.7% |
| Accrued charges and deferred income | 492/3 | €14,038 | €18,398 | +€4,360 | +31.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,670 | €129,176 | -€8,494 | -6.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€100,000 | €0 | +€100,000 | |
| Other operating charges | 640/8 | €5,690 | €6,402 | +€712 | +12.5% |
| Gross operating margin | 9900 | €159,436 | €84,279 | -€75,156 | -47.1% |
| Operating profit (loss) | 9901 | €116,076 | -€51,298 | -€167,374 | |
| Financial income | 75/76B | €52,165 | €556,914 | +€504,749 | +968% |
| Recurring financial income | 75 | €52,165 | €22,073 | -€30,092 | -57.7% |
| Non-recurring financial income | 76B | €0 | €534,841 | +€534,841 | |
| Financial charges | 65/66B | €5,008 | €4,177 | -€831 | -16.6% |
| Recurring financial charges | 65 | €5,008 | €4,177 | -€831 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €163,233 | €501,439 | +€338,206 | +207% |
| Income taxes | 67/77 | €42,261 | €51,068 | +€8,806 | +20.8% |
| Profit (loss) for the period | 9904 | €120,972 | €450,371 | +€329,400 | +272% |
| Profit (loss) for the period to be appropriated | 9905 | €120,972 | €450,371 | +€329,400 | +272% |
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 29 October 2026 via checked.be.