ManagementConnect: 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.
ManagementConnect
Largest movements
- Receivables after one year -€184,500
down €184,500 (-46.7%), from €395,000 to €210,500
- Receivables within one year +€129,223
up €129,223 (+6.6%), from €1.9m to €2.1m
of which Other amounts receivable: +€131,759
- Cash -€92,901
down €92,901 (-99.1%), from €93,734 to €833
mainly Tax, wage and social debts (-€203,728) and Receivables within one year (-€129,223)
- Tax, wage and social debts -€203,728
down €203,728 (-37.5%), from €543,428 to €339,700
- Reserves +€52,988
new in 2025: €52,988
- Gross operating margin -€1.6m
down €1.6m, from €1.6m to -€23,939
- Taxes -€464,634
down €464,634 (-94.6%), from €491,151 to €26,517
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 | €2,432,015 | €2,283,836 | -€148,178 | -6.1% |
| Fixed assets | 21/28 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,432,015 | €2,283,836 | -€148,178 | -6.1% |
| Amounts receivable after more than one year | 29 | €395,000 | €210,500 | -€184,500 | -46.7% |
| Other amounts receivable | 291 | €395,000 | €210,500 | -€184,500 | -46.7% |
| Amounts receivable within one year | 40/41 | €1,943,280 | €2,072,503 | +€129,223 | +6.6% |
| Trade receivables | 40 | €2,536 | €0 | -€2,536 | -100.0% |
| Other amounts receivable | 41 | €1,940,745 | €2,072,503 | +€131,759 | +6.8% |
| Cash at bank and in hand | 54/58 | €93,734 | €833 | -€92,901 | -99.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €2,432,015 | €2,283,836 | -€148,178 | -6.1% |
| Equity | 10/15 | €1,887,074 | €1,940,062 | +€52,988 | +2.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €52,988 | +€52,988 | |
| Distributable reserves | 133 | - | €52,988 | +€52,988 | |
| Profit (loss) carried forward | 14 | €1,868,474 | €1,868,474 | = | 0.0% |
| Amounts payable | 17/49 | €544,940 | €343,774 | -€201,167 | -36.9% |
| Amounts payable within one year | 42/48 | €544,940 | €343,774 | -€201,167 | -36.9% |
| Trade debts | 44 | €1,512 | €4,073 | +€2,561 | +169.4% |
| Suppliers | 440/4 | €1,512 | €4,073 | +€2,561 | +169.4% |
| Taxes, remuneration and social security | 45 | €543,428 | €339,700 | -€203,728 | -37.5% |
| Taxes | 450/3 | €543,428 | €339,700 | -€203,728 | -37.5% |
| Non-recurring operating income | 76A | €1,397,069 | €0 | -€1.4m | -100.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €1,592,631 | -€23,939 | -€1.6m | |
| Operating profit (loss) | 9901 | €1,592,244 | -€24,338 | -€1.6m | |
| Financial income | 75/76B | €114,060 | €103,903 | -€10,157 | -8.9% |
| Recurring financial income | 75 | €114,060 | €103,903 | -€10,157 | -8.9% |
| Financial charges | 65/66B | €919 | €60 | -€859 | -93.5% |
| Recurring financial charges | 65 | €919 | €60 | -€859 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | €1,705,385 | €79,505 | -€1.6m | -95.3% |
| Income taxes | 67/77 | €491,151 | €26,517 | -€464,634 | -94.6% |
| Profit (loss) for the period | 9904 | €1,214,234 | €52,988 | -€1.2m | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,214,234 | €52,988 | -€1.2m | -95.6% |
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 10 October 2026 via checked.be.