MANEUVER: 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.
MANEUVER
Largest movements
- Receivables within one year +€80,045
up €80,045 (+45.4%), from €176,457 to €256,502
of which Trade receivables: +€73,096
- Deferred charges and accrued income -€62,054
down €62,054 (-45.3%), from €137,090 to €75,036
- Cash +€55,019
up €55,019 (+34.6%), from €158,806 to €213,825
mainly Trade debts (+€90,477) and Deferred charges and accrued income (+€62,054)
- Tangible fixed assets -€8,717
down €8,717 (-26.0%), from €33,464 to €24,747
of which Furniture and vehicles: -€7,484
- Trade debts +€90,477
up €90,477 (+120.4%), from €75,161 to €165,639
- Reserves -€61,851
down €61,851 (-39.2%), from €157,795 to €95,944
- Profit (loss) carried forward +€25,921
up €25,921 (+32.6%), from €79,443 to €105,364
- Other debts +€23,012
up €23,012 (+23.3%), from €98,851 to €121,863
- Tax, wage and social debts -€17,622
down €17,622 (-19.5%), from €90,438 to €72,816
of which Remuneration and social security: -€12,646
- Gross operating margin -€153,616
down €153,616 (-33.8%), from €454,410 to €300,793
- Staff costs -€79,995
down €79,995 (-25.7%), from €311,841 to €231,846
- Taxes -€16,431
down €16,431 (-96.8%), from €16,982 to €551
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 | €558,690 | €619,484 | +€60,793 | +10.9% |
| Fixed assets | 21/28 | €86,337 | €74,120 | -€12,217 | -14.2% |
| Intangible fixed assets | 21 | €49,373 | €48,873 | -€500 | -1.0% |
| Tangible fixed assets | 22/27 | €33,464 | €24,747 | -€8,717 | -26.0% |
| Plant, machinery and equipment | 23 | €4,868 | €3,635 | -€1,233 | -25.3% |
| Furniture and vehicles | 24 | €28,596 | €21,112 | -€7,484 | -26.2% |
| Financial fixed assets | 28 | €3,500 | €500 | -€3,000 | -85.7% |
| Current assets | 29/58 | €472,353 | €545,364 | +€73,010 | +15.5% |
| Amounts receivable within one year | 40/41 | €176,457 | €256,502 | +€80,045 | +45.4% |
| Trade receivables | 40 | €176,457 | €249,553 | +€73,096 | +41.4% |
| Other amounts receivable | 41 | - | €6,949 | +€6,949 | |
| Cash at bank and in hand | 54/58 | €158,806 | €213,825 | +€55,019 | +34.6% |
| Deferred charges and accrued income | 490/1 | €137,090 | €75,036 | -€62,054 | -45.3% |
| Total equity and liabilities | 10/49 | €558,690 | €619,484 | +€60,793 | +10.9% |
| Equity | 10/15 | €255,838 | €219,908 | -€35,929 | -14.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,795 | €95,944 | -€61,851 | -39.2% |
| Distributable reserves | 133 | €157,795 | €95,944 | -€61,851 | -39.2% |
| Profit (loss) carried forward | 14 | €79,443 | €105,364 | +€25,921 | +32.6% |
| Amounts payable | 17/49 | €302,853 | €399,575 | +€96,723 | +31.9% |
| Amounts payable after more than one year | 17 | €15,281 | €10,831 | -€4,450 | -29.1% |
| Financial debts | 170/4 | €15,281 | €10,831 | -€4,450 | -29.1% |
| Amounts payable within one year | 42/48 | €268,719 | €364,767 | +€96,048 | +35.7% |
| Current portion of amounts payable after more than one year | 42 | €4,268 | €4,450 | +€182 | +4.3% |
| Trade debts | 44 | €75,161 | €165,639 | +€90,477 | +120.4% |
| Suppliers | 440/4 | €75,161 | €165,639 | +€90,477 | +120.4% |
| Taxes, remuneration and social security | 45 | €90,438 | €72,816 | -€17,622 | -19.5% |
| Taxes | 450/3 | €44,746 | €39,770 | -€4,976 | -11.1% |
| Remuneration and social security | 454/9 | €45,692 | €33,046 | -€12,646 | -27.7% |
| Other amounts payable | 47/48 | €98,851 | €121,863 | +€23,012 | +23.3% |
| Accrued charges and deferred income | 492/3 | €18,853 | €23,977 | +€5,124 | +27.2% |
| Remuneration, social security and pensions | 62 | €311,841 | €231,846 | -€79,995 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,962 | €36,633 | -€3,329 | -8.3% |
| Other operating charges | 640/8 | €682 | €2,795 | +€2,114 | +310.0% |
| Gross operating margin | 9900 | €454,410 | €300,793 | -€153,616 | -33.8% |
| Operating profit (loss) | 9901 | €101,925 | €29,519 | -€72,406 | -71.0% |
| Financial income | 75/76B | €2,706 | €351 | -€2,356 | -87.0% |
| Recurring financial income | 75 | €2,706 | €351 | -€2,356 | -87.0% |
| Financial charges | 65/66B | €4,223 | €3,397 | -€826 | -19.6% |
| Recurring financial charges | 65 | €4,223 | €3,397 | -€826 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €100,408 | €26,473 | -€73,936 | -73.6% |
| Income taxes | 67/77 | €16,982 | €551 | -€16,431 | -96.8% |
| Profit (loss) for the period | 9904 | €83,426 | €25,921 | -€57,504 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €83,426 | €25,921 | -€57,504 | -68.9% |
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 12 October 2026 via checked.be.