MANAGEMENT X19: what changed
MANAGEMENT X19
Largest movements
- Receivables within one year +€19,149
up €19,149 (+129%), from €14,871 to €34,020
of which Other amounts receivable: +€12,139
- Cash -€10,640
down €10,640 (-77.9%), from €13,660 to €3,020
mainly Receivables within one year (-€19,149) and Other debts (-€13,963)
- Tangible fixed assets -€5,492
down €5,492 (-74.2%), from €7,397 to €1,905
of which Other tangible fixed assets: -€5,286
- Deferred charges and accrued income +€1,659
new in 2025: €1,659
- Other debts -€13,963
no longer reported in 2025 (was €13,963)
- Profit (loss) carried forward +€10,852
up €10,852 (+42.1%), from -€25,799 to -€14,947
- Trade debts +€7,795
up €7,795 (+29.7%), from €26,231 to €34,026
- Staff costs -€48,799
down €48,799 (-99.7%), from €48,945 to €146
- Other operating charges -€18,028
down €18,028 (-96.4%), from €18,707 to €679
- Gross operating margin +€17,124
up €17,124 (+707%), from €2,423 to €19,547
- Financial charges -€2,216
down €2,216 (-48.0%), from €4,616 to €2,400
- Depreciation -€1,520
down €1,520 (-21.7%), from €7,011 to €5,492
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,928 | €40,605 | +€4,677 | +13.0% |
| Fixed assets | 21/28 | €7,397 | €1,905 | -€5,492 | -74.2% |
| Tangible fixed assets | 22/27 | €7,397 | €1,905 | -€5,492 | -74.2% |
| Furniture and vehicles | 24 | €550 | €344 | -€206 | -37.4% |
| Other tangible fixed assets | 26 | €6,847 | €1,561 | -€5,286 | -77.2% |
| Current assets | 29/58 | €28,531 | €38,700 | +€10,168 | +35.6% |
| Amounts receivable within one year | 40/41 | €14,871 | €34,020 | +€19,149 | +129% |
| Trade receivables | 40 | €14,871 | €21,881 | +€7,010 | +47.1% |
| Other amounts receivable | 41 | - | €12,139 | +€12,139 | |
| Cash at bank and in hand | 54/58 | €13,660 | €3,020 | -€10,640 | -77.9% |
| Deferred charges and accrued income | 490/1 | - | €1,659 | +€1,659 | |
| Total equity and liabilities | 10/49 | €35,928 | €40,605 | +€4,677 | +13.0% |
| Equity | 10/15 | -€5,339 | €5,513 | +€10,852 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,799 | -€14,947 | +€10,852 | +42.1% |
| Amounts payable | 17/49 | €41,267 | €35,091 | -€6,176 | -15.0% |
| Amounts payable within one year | 42/48 | €41,267 | €35,091 | -€6,176 | -15.0% |
| Trade debts | 44 | €26,231 | €34,026 | +€7,795 | +29.7% |
| Suppliers | 440/4 | €26,231 | €34,026 | +€7,795 | +29.7% |
| Taxes, remuneration and social security | 45 | €1,073 | €1,066 | -€8 | -0.7% |
| Taxes | 450/3 | €1,073 | €1,066 | -€8 | -0.7% |
| Other amounts payable | 47/48 | €13,963 | - | -€13,963 | |
| Remuneration, social security and pensions | 62 | €48,945 | €146 | -€48,799 | -99.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,011 | €5,492 | -€1,520 | -21.7% |
| Other operating charges | 640/8 | €18,707 | €679 | -€18,028 | -96.4% |
| Non-recurring operating charges | 66A | €254 | - | -€254 | |
| Gross operating margin | 9900 | €2,423 | €19,547 | +€17,124 | +707% |
| Operating profit (loss) | 9901 | -€72,494 | €13,231 | +€85,725 | |
| Financial income | 75/76B | €16 | €21 | +€5 | +33.8% |
| Recurring financial income | 75 | €16 | €21 | +€5 | +33.8% |
| Financial charges | 65/66B | €4,616 | €2,400 | -€2,216 | -48.0% |
| Recurring financial charges | 65 | €4,616 | €2,400 | -€2,216 | -48.0% |
| Profit (loss) for the period before taxes | 9903 | -€77,094 | €10,853 | +€87,947 | |
| Income taxes | 67/77 | €293 | €0 | -€293 | -99.9% |
| Profit (loss) for the period | 9904 | -€77,387 | €10,852 | +€88,240 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,387 | €10,852 | +€88,240 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.