MANAGEMENT SERVICES: 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 SERVICES
Largest movements
- Tangible fixed assets -€14,177
down €14,177 (-4.6%), from €309,782 to €295,605
of which Land and buildings: -€13,645
- Cash -€10,712
down €10,712 (-99.5%), from €10,771 to €59
mainly Debts after one year (-€13,564) and Net result for the year (-€12,862)
- Other debts +€15,682
up €15,682 (+22.4%), from €70,053 to €85,735
- Debts after one year -€13,564
down €13,564 (-15.3%), from €88,564 to €75,000
of which Financial debts: -€13,564
- Current portion of long-term debt -€12,329
no longer reported in 2025 (was €12,329)
- Reserves -€6,967
down €6,967 (-5.8%), from €120,363 to €113,396
of which Tax-exempt reserves: -€6,967
- Profit (loss) carried forward -€5,895
down €5,895 (-18.3%), from -€32,247 to -€38,142
- Gross operating margin +€3,540
up €3,540 (+53.9%), from €6,572 to €10,112
- Financial charges +€2,546
up €2,546 (+44.0%), from €5,792 to €8,338
- Depreciation -€218
down €218 (-1.5%), from €14,395 to €14,177
- Other operating charges -€156
down €156 (-5.6%), from €2,764 to €2,608
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 | €324,040 | €298,702 | -€25,338 | -7.8% |
| Fixed assets | 21/28 | €309,782 | €295,605 | -€14,177 | -4.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €309,782 | €295,605 | -€14,177 | -4.6% |
| Land and buildings | 22 | €307,709 | €294,064 | -€13,645 | -4.4% |
| Plant, machinery and equipment | 23 | €1,083 | €716 | -€367 | -33.9% |
| Furniture and vehicles | 24 | €990 | €825 | -€165 | -16.7% |
| Current assets | 29/58 | €14,258 | €3,097 | -€11,161 | -78.3% |
| Amounts receivable within one year | 40/41 | €2,581 | €2,871 | +€290 | +11.2% |
| Trade receivables | 40 | €1,071 | €2,189 | +€1,118 | +104.4% |
| Other amounts receivable | 41 | €1,510 | €682 | -€828 | -54.8% |
| Cash at bank and in hand | 54/58 | €10,771 | €59 | -€10,712 | -99.5% |
| Deferred charges and accrued income | 490/1 | €906 | €167 | -€739 | -81.6% |
| Total equity and liabilities | 10/49 | €324,040 | €298,702 | -€25,338 | -7.8% |
| Equity | 10/15 | €106,708 | €93,846 | -€12,862 | -12.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €120,363 | €113,396 | -€6,967 | -5.8% |
| Tax-exempt reserves | 132 | €118,503 | €111,536 | -€6,967 | -5.9% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,247 | -€38,142 | -€5,895 | -18.3% |
| Provisions and deferred taxes | 16 | €34,672 | €32,350 | -€2,322 | -6.7% |
| Deferred taxes | 168 | €34,672 | €32,350 | -€2,322 | -6.7% |
| Amounts payable | 17/49 | €182,660 | €172,506 | -€10,154 | -5.6% |
| Amounts payable after more than one year | 17 | €88,564 | €75,000 | -€13,564 | -15.3% |
| Financial debts | 170/4 | €13,564 | - | -€13,564 | |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €92,246 | €97,506 | +€5,260 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €12,329 | - | -€12,329 | |
| Trade debts | 44 | €9,864 | €11,563 | +€1,699 | +17.2% |
| Suppliers | 440/4 | €9,864 | €11,563 | +€1,699 | +17.2% |
| Taxes, remuneration and social security | 45 | - | €208 | +€208 | |
| Taxes | 450/3 | - | €208 | +€208 | |
| Other amounts payable | 47/48 | €70,053 | €85,735 | +€15,682 | +22.4% |
| Accrued charges and deferred income | 492/3 | €1,850 | - | -€1,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,395 | €14,177 | -€218 | -1.5% |
| Other operating charges | 640/8 | €2,764 | €2,608 | -€156 | -5.6% |
| Gross operating margin | 9900 | €6,572 | €10,112 | +€3,540 | +53.9% |
| Operating profit (loss) | 9901 | -€10,587 | -€6,673 | +€3,914 | +37.0% |
| Financial income | 75/76B | €41 | €49 | +€8 | +19.5% |
| Recurring financial income | 75 | €41 | €49 | +€8 | +19.5% |
| Financial charges | 65/66B | €5,792 | €8,338 | +€2,546 | +44.0% |
| Recurring financial charges | 65 | €5,792 | €8,338 | +€2,546 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | -€16,338 | -€14,962 | +€1,376 | +8.4% |
| Transfer from deferred taxes | 780 | €2,322 | €2,322 | = | 0.0% |
| Income taxes | 67/77 | €195 | €222 | +€27 | +13.8% |
| Profit (loss) for the period | 9904 | -€14,211 | -€12,862 | +€1,349 | +9.5% |
| Transfer from tax-exempt reserves | 789 | €6,968 | €6,967 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,243 | -€5,895 | +€1,348 | +18.6% |
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 3 October 2026 via checked.be.