MANAGEMENT PARTNERS: 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 PARTNERS
Largest movements
- Cash +€294,548
up €294,548 (+1,380%), from €21,342 to €315,890
mainly Provisions (+€296,132) and Depreciation (+€24,164)
- Tangible fixed assets -€35,831
down €35,831 (-23.1%), from €155,036 to €119,205
- Provisions +€296,132
new in 2025: €296,132
- Profit (loss) carried forward -€18,223
down €18,223 (-10.8%), from -€168,866 to -€187,089
- Other debts -€12,928
down €12,928 (-9.8%), from €132,292 to €119,364
- Gross operating margin -€26,261
down €26,261 (-69.3%), from €37,888 to €11,627
- Financial charges -€3,177
down €3,177 (-86.4%), from €3,676 to €499
- Taxes -€1,327
down €1,327 (-84.7%), from €1,567 to €240
- Other operating charges -€568
down €568 (-10.3%), from €5,515 to €4,947
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 | €195,906 | €455,355 | +€259,449 | +132% |
| Fixed assets | 21/28 | €155,036 | €119,205 | -€35,831 | -23.1% |
| Tangible fixed assets | 22/27 | €155,036 | €119,205 | -€35,831 | -23.1% |
| Land and buildings | 22 | €155,036 | €119,205 | -€35,831 | -23.1% |
| Current assets | 29/58 | €40,870 | €336,150 | +€295,280 | +722% |
| Amounts receivable within one year | 40/41 | €19,295 | €20,260 | +€965 | +5.0% |
| Trade receivables | 40 | €12,945 | €18,000 | +€5,055 | +39.0% |
| Other amounts receivable | 41 | €6,350 | €2,260 | -€4,090 | -64.4% |
| Cash at bank and in hand | 54/58 | €21,342 | €315,890 | +€294,548 | +1,380% |
| Deferred charges and accrued income | 490/1 | €233 | - | -€233 | |
| Total equity and liabilities | 10/49 | €195,906 | €455,355 | +€259,449 | +132% |
| Equity | 10/15 | €56,229 | €38,006 | -€18,223 | -32.4% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | €35,095 | €35,095 | = | 0.0% |
| Distributable reserves | 133 | €35,095 | €35,095 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€168,866 | -€187,089 | -€18,223 | -10.8% |
| Provisions and deferred taxes | 16 | - | €296,132 | +€296,132 | |
| Deferred taxes | 168 | - | €296,132 | +€296,132 | |
| Amounts payable | 17/49 | €139,677 | €121,217 | -€18,460 | -13.2% |
| Amounts payable within one year | 42/48 | €139,677 | €121,217 | -€18,460 | -13.2% |
| Trade debts | 44 | €3,309 | €1,509 | -€1,800 | -54.4% |
| Suppliers | 440/4 | €3,309 | €1,509 | -€1,800 | -54.4% |
| Taxes, remuneration and social security | 45 | €4,076 | €344 | -€3,732 | -91.6% |
| Taxes | 450/3 | €4,076 | €344 | -€3,732 | -91.6% |
| Other amounts payable | 47/48 | €132,292 | €119,364 | -€12,928 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,135 | €24,164 | +€29 | +0.1% |
| Other operating charges | 640/8 | €5,515 | €4,947 | -€568 | -10.3% |
| Gross operating margin | 9900 | €37,888 | €11,627 | -€26,261 | -69.3% |
| Operating profit (loss) | 9901 | €8,238 | -€17,484 | -€25,722 | |
| Financial charges | 65/66B | €3,676 | €499 | -€3,177 | -86.4% |
| Recurring financial charges | 65 | €3,676 | €499 | -€3,177 | -86.4% |
| Profit (loss) for the period before taxes | 9903 | €4,562 | -€17,983 | -€22,545 | |
| Income taxes | 67/77 | €1,567 | €240 | -€1,327 | -84.7% |
| Profit (loss) for the period | 9904 | €2,995 | -€18,223 | -€21,218 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,995 | -€18,223 | -€21,218 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.