MANAGEMENT@WORK: 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@WORK
Largest movements
- Tangible fixed assets -€17,234
down €17,234 (-4.6%), from €370,897 to €353,663
of which Land and buildings: -€16,182
- Stocks and contracts +€15,283
up €15,283 (+27.1%), from €56,452 to €71,735
- Cash +€7,677
up €7,677 (+6.8%), from €112,207 to €119,884
mainly Depreciation (+€21,427) and Net result for the year (+€7,321)
- Receivables within one year -€6,030
down €6,030 (-68.9%), from €8,750 to €2,720
- Advances received -€8,100
down €8,100 (-8.1%), from €100,224 to €92,124
- Reserves +€7,321
up €7,321 (+2.3%), from €323,522 to €330,843
of which Distributable reserves: +€7,321
- Gross operating margin -€26,690
down €26,690 (-37.7%), from €70,840 to €44,150
- Provisions -€11,000
no longer reported in 2025 (was €11,000)
- Other operating charges -€2,254
down €2,254 (-34.3%), from €6,575 to €4,321
- Taxes -€898
down €898 (-10.9%), from €8,250 to €7,352
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 | €555,408 | €555,104 | -€304 | -0.1% |
| Fixed assets | 21/28 | €376,447 | €359,213 | -€17,234 | -4.6% |
| Tangible fixed assets | 22/27 | €370,897 | €353,663 | -€17,234 | -4.6% |
| Land and buildings | 22 | €353,929 | €337,747 | -€16,182 | -4.6% |
| Plant, machinery and equipment | 23 | €12,479 | €9,635 | -€2,844 | -22.8% |
| Furniture and vehicles | 24 | €4,489 | €6,281 | +€1,792 | +39.9% |
| Financial fixed assets | 28 | €5,550 | €5,550 | = | 0.0% |
| Current assets | 29/58 | €178,961 | €195,891 | +€16,930 | +9.5% |
| Stocks and contracts in progress | 3 | €56,452 | €71,735 | +€15,283 | +27.1% |
| Stocks | 30/36 | €56,452 | €71,735 | +€15,283 | +27.1% |
| Amounts receivable within one year | 40/41 | €8,750 | €2,720 | -€6,030 | -68.9% |
| Other amounts receivable | 41 | €8,750 | €2,720 | -€6,030 | -68.9% |
| Cash at bank and in hand | 54/58 | €112,207 | €119,884 | +€7,677 | +6.8% |
| Deferred charges and accrued income | 490/1 | €1,552 | €1,552 | = | 0.0% |
| Total equity and liabilities | 10/49 | €555,408 | €555,104 | -€304 | -0.1% |
| Equity | 10/15 | €373,517 | €380,838 | +€7,321 | +2.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €43,795 | €43,795 | = | 0.0% |
| Reserves | 13 | €323,522 | €330,843 | +€7,321 | +2.3% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €304,772 | €312,093 | +€7,321 | +2.4% |
| Provisions and deferred taxes | 16 | €11,000 | €11,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €11,000 | €11,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €11,000 | €11,000 | = | 0.0% |
| Amounts payable | 17/49 | €170,891 | €163,266 | -€7,625 | -4.5% |
| Amounts payable within one year | 42/48 | €170,891 | €163,266 | -€7,625 | -4.5% |
| Trade debts | 44 | €14,039 | €15,667 | +€1,628 | +11.6% |
| Suppliers | 440/4 | €14,039 | €15,667 | +€1,628 | +11.6% |
| Advances received on contracts in progress | 46 | €100,224 | €92,124 | -€8,100 | -8.1% |
| Taxes, remuneration and social security | 45 | €5,142 | €2,181 | -€2,961 | -57.6% |
| Taxes | 450/3 | €5,142 | €2,181 | -€2,961 | -57.6% |
| Other amounts payable | 47/48 | €51,486 | €53,294 | +€1,808 | +3.5% |
| Non-recurring operating income | 76A | €16,812 | €540 | -€16,272 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,781 | €21,427 | -€354 | -1.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €11,000 | - | -€11,000 | |
| Other operating charges | 640/8 | €6,575 | €4,321 | -€2,254 | -34.3% |
| Gross operating margin | 9900 | €70,840 | €44,150 | -€26,690 | -37.7% |
| Operating profit (loss) | 9901 | €31,484 | €18,402 | -€13,082 | -41.6% |
| Financial income | 75/76B | €281 | - | -€281 | |
| Recurring financial income | 75 | €281 | - | -€281 | |
| Financial charges | 65/66B | €4,036 | €3,729 | -€307 | -7.6% |
| Recurring financial charges | 65 | €4,036 | €3,729 | -€307 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €27,729 | €14,673 | -€13,056 | -47.1% |
| Income taxes | 67/77 | €8,250 | €7,352 | -€898 | -10.9% |
| Profit (loss) for the period | 9904 | €19,479 | €7,321 | -€12,158 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €19,479 | €7,321 | -€12,158 | -62.4% |
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 9 October 2026 via checked.be.