MANAGEMENT INVEST: 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 INVEST
Largest movements
- Cash +€104,023
up €104,023 (+70.0%), from €148,688 to €252,711
mainly Other debts (+€74,775) and Net result for the year (+€71,362)
- Other debts +€74,775
up €74,775 (+89.3%), from €83,745 to €158,519
- Tax, wage and social debts +€26,508
up €26,508 (+51.0%), from €51,962 to €78,470
- Gross operating margin -€12,194
down €12,194 (-10.1%), from €120,234 to €108,040
- Taxes -€5,535
down €5,535 (-17.2%), from €32,267 to €26,732
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 | €1,237,459 | €1,341,483 | +€104,023 | +8.4% |
| Fixed assets | 21/28 | €1,088,772 | €1,088,772 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,088,772 | €1,088,772 | = | 0.0% |
| Land and buildings | 22 | €1,088,772 | €1,088,772 | = | 0.0% |
| Current assets | 29/58 | €148,688 | €252,711 | +€104,023 | +70.0% |
| Cash at bank and in hand | 54/58 | €148,688 | €252,711 | +€104,023 | +70.0% |
| Total equity and liabilities | 10/49 | €1,237,459 | €1,341,483 | +€104,023 | +8.4% |
| Equity | 10/15 | €1,075,319 | €1,075,252 | -€66 | 0.0% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €687,184 | €687,184 | = | 0.0% |
| Reserves | 13 | €326,161 | €326,161 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €319,964 | €319,964 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€66 | -€66 | |
| Amounts payable | 17/49 | €162,141 | €266,230 | +€104,089 | +64.2% |
| Amounts payable after more than one year | 17 | €26,029 | €26,029 | = | 0.0% |
| Other amounts payable | 178/9 | €26,029 | €26,029 | = | 0.0% |
| Amounts payable within one year | 42/48 | €136,112 | €240,201 | +€104,089 | +76.5% |
| Trade debts | 44 | €406 | €3,212 | +€2,806 | +692% |
| Suppliers | 440/4 | €406 | €3,212 | +€2,806 | +692% |
| Taxes, remuneration and social security | 45 | €51,962 | €78,470 | +€26,508 | +51.0% |
| Taxes | 450/3 | €51,962 | €78,470 | +€26,508 | +51.0% |
| Other amounts payable | 47/48 | €83,745 | €158,519 | +€74,775 | +89.3% |
| Other operating charges | 640/8 | €10,214 | €10,541 | +€326 | +3.2% |
| Gross operating margin | 9900 | €120,234 | €108,040 | -€12,194 | -10.1% |
| Operating profit (loss) | 9901 | €110,019 | €97,499 | -€12,520 | -11.4% |
| Financial income | 75/76B | €101 | €745 | +€645 | +641% |
| Recurring financial income | 75 | €101 | €745 | +€645 | +641% |
| Financial charges | 65/66B | €135 | €150 | +€15 | +11.1% |
| Recurring financial charges | 65 | €135 | €150 | +€15 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €109,985 | €98,094 | -€11,890 | -10.8% |
| Income taxes | 67/77 | €32,267 | €26,732 | -€5,535 | -17.2% |
| Profit (loss) for the period | 9904 | €77,717 | €71,362 | -€6,355 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €77,717 | €71,362 | -€6,355 | -8.2% |
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 23 October 2026 via checked.be.