MANAGEMENT & TRAINING: 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 & TRAINING
Largest movements
- Receivables within one year -€30,936
down €30,936 (-66.0%), from €46,870 to €15,934
of which Trade receivables: -€33,553
- Cash +€5,791
up €5,791 (+10.0%), from €57,845 to €63,636
mainly Receivables within one year (+€30,936) and Depreciation (+€21,893)
- Tangible fixed assets -€5,429
down €5,429 (-4.0%), from €136,877 to €131,448
of which Land and buildings: -€7,027
- Trade debts -€30,366
down €30,366 (-88.1%), from €34,455 to €4,089
- Profit (loss) carried forward +€7,270
up €7,270 (+6.0%), from €121,834 to €129,104
- Debts after one year -€5,799
down €5,799 (-52.8%), from €10,990 to €5,191
- Financial income -€19,739
down €19,739 (-98.3%), from €20,075 to €336
of which Non-recurring financial income: -€20,075
- Gross operating margin +€17,112
up €17,112 (+39.4%), from €43,397 to €60,509
- Taxes -€7,499
down €7,499 (-77.9%), from €9,632 to €2,133
- Other operating charges -€3,985
down €3,985 (-48.4%), from €8,241 to €4,256
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 | €242,409 | €212,259 | -€30,150 | -12.4% |
| Fixed assets | 21/28 | €136,877 | €131,448 | -€5,429 | -4.0% |
| Tangible fixed assets | 22/27 | €136,877 | €131,448 | -€5,429 | -4.0% |
| Land and buildings | 22 | €108,502 | €101,475 | -€7,027 | -6.5% |
| Plant, machinery and equipment | 23 | €532 | €1,370 | +€838 | +157.5% |
| Furniture and vehicles | 24 | €27,843 | €28,603 | +€760 | +2.7% |
| Current assets | 29/58 | €105,532 | €80,811 | -€24,721 | -23.4% |
| Amounts receivable within one year | 40/41 | €46,870 | €15,934 | -€30,936 | -66.0% |
| Trade receivables | 40 | €35,635 | €2,082 | -€33,553 | -94.2% |
| Other amounts receivable | 41 | €11,235 | €13,852 | +€2,617 | +23.3% |
| Cash at bank and in hand | 54/58 | €57,845 | €63,636 | +€5,791 | +10.0% |
| Deferred charges and accrued income | 490/1 | €817 | €1,241 | +€424 | +51.9% |
| Total equity and liabilities | 10/49 | €242,409 | €212,259 | -€30,150 | -12.4% |
| Equity | 10/15 | €189,074 | €196,344 | +€7,270 | +3.8% |
| Reserves | 13 | €67,240 | €67,240 | = | 0.0% |
| Non-distributable reserves | 130/1 | €67,240 | €67,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €67,240 | €67,240 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,834 | €129,104 | +€7,270 | +6.0% |
| Amounts payable | 17/49 | €53,335 | €15,915 | -€37,420 | -70.2% |
| Amounts payable after more than one year | 17 | €10,990 | €5,191 | -€5,799 | -52.8% |
| Financial debts | 170/4 | €10,990 | €5,191 | -€5,799 | -52.8% |
| Amounts payable within one year | 42/48 | €42,345 | €10,724 | -€31,621 | -74.7% |
| Current portion of amounts payable after more than one year | 42 | €5,550 | €5,800 | +€250 | +4.5% |
| Trade debts | 44 | €34,455 | €4,089 | -€30,366 | -88.1% |
| Suppliers | 440/4 | €34,455 | €4,089 | -€30,366 | -88.1% |
| Taxes, remuneration and social security | 45 | €2,340 | €835 | -€1,505 | -64.3% |
| Taxes | 450/3 | €2,340 | €835 | -€1,505 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,497 | €21,893 | +€396 | +1.8% |
| Other operating charges | 640/8 | €8,241 | €4,256 | -€3,985 | -48.4% |
| Non-recurring operating charges | 66A | - | €24,635 | +€24,635 | |
| Gross operating margin | 9900 | €43,397 | €60,509 | +€17,112 | +39.4% |
| Operating profit (loss) | 9901 | €13,659 | €9,725 | -€3,934 | -28.8% |
| Financial income | 75/76B | €20,075 | €336 | -€19,739 | -98.3% |
| Recurring financial income | 75 | €20,075 | €336 | -€19,739 | -98.3% |
| Non-recurring financial income | 76B | €20,075 | - | -€20,075 | |
| Financial charges | 65/66B | €847 | €658 | -€189 | -22.3% |
| Recurring financial charges | 65 | €847 | €658 | -€189 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €32,887 | €9,403 | -€23,484 | -71.4% |
| Income taxes | 67/77 | €9,632 | €2,133 | -€7,499 | -77.9% |
| Profit (loss) for the period | 9904 | €23,255 | €7,270 | -€15,985 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €23,255 | €7,270 | -€15,985 | -68.7% |
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 11 October 2026 via checked.be.