MANAGEMENT & TRADING SERVICES: 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 & TRADING SERVICES
Largest movements
- Deferred charges and accrued income -€77,000
down €77,000 (-100%), from €77,000 to €0
- Tangible fixed assets +€46,738
up €46,738 (+2,514%), from €1,859 to €48,597
of which Furniture and vehicles: +€47,419
- Cash +€29,310
up €29,310 (+1,557%), from €1,883 to €31,193
mainly Deferred charges and accrued income (+€77,000) and Tax, wage and social debts (+€19,855)
- Receivables within one year +€7,721
up €7,721 (+781%), from €988 to €8,709
of which Trade receivables: +€8,459
- Current investments +€2,500
new in 2025: €2,500
- Other debts -€52,000
down €52,000 (-70.6%), from €73,653 to €21,653
- Tax, wage and social debts +€19,855
new in 2025: €19,855
of which Taxes: +€18,208
- Profit (loss) carried forward +€17,086
up €17,086, from -€2,301 to €14,785
- Debts after one year +€16,958
new in 2025: €16,958
- Current portion of long-term debt +€11,506
new in 2025: €11,506
- Gross operating margin +€31,697
up €31,697, from -€422 to €31,275
- Depreciation +€7,585
up €7,585 (+4,120%), from €184 to €7,770
- Taxes +€4,726
new in 2025: €4,726
- Financial charges +€938
up €938 (+1,819%), from €52 to €989
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 | €81,730 | €90,999 | +€9,268 | +11.3% |
| Fixed assets | 21/28 | €1,859 | €48,597 | +€46,738 | +2,514% |
| Tangible fixed assets | 22/27 | €1,859 | €48,597 | +€46,738 | +2,514% |
| Plant, machinery and equipment | 23 | €1,859 | €1,178 | -€681 | -36.6% |
| Furniture and vehicles | 24 | - | €47,419 | +€47,419 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €79,871 | €42,402 | -€37,469 | -46.9% |
| Amounts receivable within one year | 40/41 | €988 | €8,709 | +€7,721 | +781% |
| Trade receivables | 40 | €250 | €8,709 | +€8,459 | +3,383% |
| Other amounts receivable | 41 | €738 | €0 | -€738 | -100% |
| Current investments | 50/53 | - | €2,500 | +€2,500 | |
| Cash at bank and in hand | 54/58 | €1,883 | €31,193 | +€29,310 | +1,557% |
| Deferred charges and accrued income | 490/1 | €77,000 | €0 | -€77,000 | -100% |
| Total equity and liabilities | 10/49 | €81,730 | €90,999 | +€9,268 | +11.3% |
| Equity | 10/15 | €2,699 | €19,785 | +€17,086 | +633% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,301 | €14,785 | +€17,086 | |
| Amounts payable | 17/49 | €79,031 | €71,214 | -€7,818 | -9.9% |
| Amounts payable after more than one year | 17 | - | €16,958 | +€16,958 | |
| Financial debts | 170/4 | - | €16,958 | +€16,958 | |
| Amounts payable within one year | 42/48 | €79,031 | €54,255 | -€24,776 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | - | €11,506 | +€11,506 | |
| Trade debts | 44 | €5,379 | €1,242 | -€4,136 | -76.9% |
| Suppliers | 440/4 | €5,379 | €1,242 | -€4,136 | -76.9% |
| Taxes, remuneration and social security | 45 | - | €19,855 | +€19,855 | |
| Taxes | 450/3 | - | €18,208 | +€18,208 | |
| Remuneration and social security | 454/9 | - | €1,647 | +€1,647 | |
| Other amounts payable | 47/48 | €73,653 | €21,653 | -€52,000 | -70.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €184 | €7,770 | +€7,585 | +4,120% |
| Other operating charges | 640/8 | €528 | €723 | +€195 | +37.0% |
| Gross operating margin | 9900 | -€422 | €31,275 | +€31,697 | |
| Operating profit (loss) | 9901 | -€1,134 | €22,782 | +€23,916 | |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €52 | €989 | +€938 | +1,819% |
| Recurring financial charges | 65 | €52 | €989 | +€938 | +1,819% |
| Profit (loss) for the period before taxes | 9903 | -€1,186 | €21,812 | +€22,998 | |
| Income taxes | 67/77 | - | €4,726 | +€4,726 | |
| Profit (loss) for the period | 9904 | -€1,186 | €17,086 | +€18,272 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,186 | €17,086 | +€18,272 |
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 21 October 2026 via checked.be.