MANAGEMENT2BUILD: 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.
MANAGEMENT2BUILD
Largest movements
- Tangible fixed assets +€328,425
up €328,425 (+27.8%), from €1.2m to €1.5m
of which Leasing and similar rights: +€353,631
- Receivables within one year +€27,240
up €27,240 (+39.2%), from €69,406 to €96,647
of which Other amounts receivable: +€38,771
- Debts after one year +€271,051
up €271,051 (+26.1%), from €1.0m to €1.3m
of which Financial debts: +€271,051
- Reserves +€42,143
up €42,143 (+35.5%), from €118,728 to €160,872
- Current portion of long-term debt +€31,765
up €31,765 (+51.4%), from €61,792 to €93,558
- Depreciation +€55,201
up €55,201 (+100.1%), from €55,149 to €110,350
- Gross operating margin +€40,127
up €40,127 (+21.2%), from €189,018 to €229,145
- Financial charges +€27,306
up €27,306 (+79.6%), from €34,286 to €61,592
- Taxes -€9,073
down €9,073 (-46.1%), from €19,666 to €10,593
- Other operating charges +€3,126
up €3,126 (+233.0%), from €1,342 to €4,467
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 | €1,278,036 | €1,633,835 | +€355,799 | +27.8% |
| Fixed assets | 21/28 | €1,182,756 | €1,511,181 | +€328,425 | +27.8% |
| Tangible fixed assets | 22/27 | €1,182,756 | €1,511,181 | +€328,425 | +27.8% |
| Land and buildings | 22 | €1,180,554 | €1,156,223 | -€24,331 | -2.1% |
| Furniture and vehicles | 24 | €2,202 | €1,327 | -€874 | -39.7% |
| Leasing and similar rights | 25 | - | €353,631 | +€353,631 | |
| Current assets | 29/58 | €95,280 | €122,653 | +€27,373 | +28.7% |
| Amounts receivable within one year | 40/41 | €69,406 | €96,647 | +€27,240 | +39.2% |
| Trade receivables | 40 | €54,702 | €43,172 | -€11,531 | -21.1% |
| Other amounts receivable | 41 | €14,704 | €53,475 | +€38,771 | +263.7% |
| Cash at bank and in hand | 54/58 | €23,277 | €21,183 | -€2,094 | -9.0% |
| Deferred charges and accrued income | 490/1 | €2,597 | €4,823 | +€2,227 | +85.8% |
| Total equity and liabilities | 10/49 | €1,278,036 | €1,633,835 | +€355,799 | +27.8% |
| Equity | 10/15 | €128,728 | €170,872 | +€42,143 | +32.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €118,728 | €160,872 | +€42,143 | +35.5% |
| Distributable reserves | 133 | €118,728 | €160,872 | +€42,143 | +35.5% |
| Amounts payable | 17/49 | €1,149,308 | €1,462,963 | +€313,655 | +27.3% |
| Amounts payable after more than one year | 17 | €1,039,716 | €1,310,766 | +€271,051 | +26.1% |
| Financial debts | 170/4 | €939,716 | €1,210,766 | +€271,051 | +28.8% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,621 | €147,241 | +€41,620 | +39.4% |
| Current portion of amounts payable after more than one year | 42 | €61,792 | €93,558 | +€31,765 | +51.4% |
| Financial debts | 43 | - | €48 | +€48 | |
| Credit institutions | 430/8 | - | €48 | +€48 | |
| Trade debts | 44 | €8,999 | €3,342 | -€5,657 | -62.9% |
| Suppliers | 440/4 | €8,999 | €3,342 | -€5,657 | -62.9% |
| Taxes, remuneration and social security | 45 | €32,928 | €42,409 | +€9,481 | +28.8% |
| Taxes | 450/3 | €32,928 | €42,409 | +€9,481 | +28.8% |
| Other amounts payable | 47/48 | €1,902 | €7,884 | +€5,982 | +314.5% |
| Accrued charges and deferred income | 492/3 | €3,971 | €4,956 | +€985 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,149 | €110,350 | +€55,201 | +100.1% |
| Other operating charges | 640/8 | €1,342 | €4,467 | +€3,126 | +233.0% |
| Non-recurring operating charges | 66A | €1,292 | - | -€1,292 | |
| Gross operating margin | 9900 | €189,018 | €229,145 | +€40,127 | +21.2% |
| Operating profit (loss) | 9901 | €131,235 | €114,328 | -€16,907 | -12.9% |
| Financial income | 75/76B | €30 | €0 | -€30 | -100.0% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -100.0% |
| Financial charges | 65/66B | €34,286 | €61,592 | +€27,306 | +79.6% |
| Recurring financial charges | 65 | €34,286 | €61,592 | +€27,306 | +79.6% |
| Profit (loss) for the period before taxes | 9903 | €96,979 | €52,736 | -€44,243 | -45.6% |
| Income taxes | 67/77 | €19,666 | €10,593 | -€9,073 | -46.1% |
| Profit (loss) for the period | 9904 | €77,314 | €42,143 | -€35,170 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,314 | €42,143 | -€35,170 | -45.5% |
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 5 October 2026 via checked.be.