MANAGEMENTWERK: 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.
MANAGEMENTWERK
Largest movements
- Receivables within one year -€140,038
down €140,038 (-45.0%), from €311,481 to €171,443
of which Trade receivables: -€148,862
- Tangible fixed assets -€11,421
down €11,421 (-64.4%), from €17,724 to €6,303
of which Furniture and vehicles: -€8,805
- Financial fixed assets +€5,000
up €5,000 (+154%), from €3,250 to €8,250
- Tax, wage and social debts -€76,184
down €76,184 (-58.8%), from €129,607 to €53,423
of which Taxes: -€72,903
- Reserves -€55,156
down €55,156 (-22.8%), from €241,795 to €186,639
- Trade debts -€51,201
down €51,201 (-96.8%), from €52,889 to €1,688
- Other debts +€37,676
up €37,676 (+216%), from €17,480 to €55,156
- Gross operating margin -€178,779
down €178,779 (-94.6%), from €188,989 to €10,210
- Taxes -€53,064
down €53,064 (-95.4%), from €55,597 to €2,533
- Staff costs -€34,118
down €34,118, from €30,837 to -€3,281
- Depreciation -€3,304
down €3,304 (-21.7%), from €15,209 to €11,905
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.
Derived cash bridge
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 | €454,171 | €307,590 | -€146,581 | -32.3% |
| Fixed assets | 21/28 | €21,255 | €14,553 | -€6,702 | -31.5% |
| Intangible fixed assets | 21 | €281 | €0 | -€281 | -100% |
| Tangible fixed assets | 22/27 | €17,724 | €6,303 | -€11,421 | -64.4% |
| Plant, machinery and equipment | 23 | €7,169 | €4,553 | -€2,616 | -36.5% |
| Furniture and vehicles | 24 | €10,555 | €1,749 | -€8,805 | -83.4% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €3,250 | €8,250 | +€5,000 | +154% |
| Current assets | 29/58 | €432,916 | €293,037 | -€139,879 | -32.3% |
| Amounts receivable within one year | 40/41 | €311,481 | €171,443 | -€140,038 | -45.0% |
| Trade receivables | 40 | €204,367 | €55,505 | -€148,862 | -72.8% |
| Other amounts receivable | 41 | €107,114 | €115,939 | +€8,824 | +8.2% |
| Cash at bank and in hand | 54/58 | €121,308 | €121,462 | +€154 | +0.1% |
| Deferred charges and accrued income | 490/1 | €127 | €132 | +€4 | +3.4% |
| Total equity and liabilities | 10/49 | €454,171 | €307,590 | -€146,581 | -32.3% |
| Equity | 10/15 | €254,195 | €197,323 | -€56,873 | -22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €241,795 | €186,639 | -€55,156 | -22.8% |
| Distributable reserves | 133 | €241,795 | €186,639 | -€55,156 | -22.8% |
| Profit (loss) carried forward | 14 | - | -€1,716 | -€1,716 | |
| Amounts payable | 17/49 | €199,976 | €110,267 | -€89,708 | -44.9% |
| Amounts payable within one year | 42/48 | €199,976 | €110,267 | -€89,708 | -44.9% |
| Trade debts | 44 | €52,889 | €1,688 | -€51,201 | -96.8% |
| Suppliers | 440/4 | €52,889 | €1,688 | -€51,201 | -96.8% |
| Taxes, remuneration and social security | 45 | €129,607 | €53,423 | -€76,184 | -58.8% |
| Taxes | 450/3 | €126,326 | €53,423 | -€72,903 | -57.7% |
| Remuneration and social security | 454/9 | €3,281 | - | -€3,281 | |
| Other amounts payable | 47/48 | €17,480 | €55,156 | +€37,676 | +216% |
| Non-recurring operating income | 76A | €250 | - | -€250 | |
| Remuneration, social security and pensions | 62 | €30,837 | -€3,281 | -€34,118 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,209 | €11,905 | -€3,304 | -21.7% |
| Other operating charges | 640/8 | €1,951 | €1,230 | -€721 | -36.9% |
| Gross operating margin | 9900 | €188,989 | €10,210 | -€178,779 | -94.6% |
| Operating profit (loss) | 9901 | €140,992 | €356 | -€140,636 | -99.7% |
| Financial income | 75/76B | €1,244 | €858 | -€386 | -31.0% |
| Recurring financial income | 75 | €1,244 | €858 | -€386 | -31.0% |
| Financial charges | 65/66B | €618 | €397 | -€220 | -35.6% |
| Recurring financial charges | 65 | €618 | €397 | -€220 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €141,619 | €817 | -€140,802 | -99.4% |
| Income taxes | 67/77 | €55,597 | €2,533 | -€53,064 | -95.4% |
| Profit (loss) for the period | 9904 | €86,022 | -€1,716 | -€87,738 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,022 | -€1,716 | -€87,738 |
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 18 October 2026 via checked.be.