MANIFESTATION: 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.
MANIFESTATION
Largest movements
- Receivables within one year +€42,306
up €42,306 (+48.2%), from €87,782 to €130,088
of which Other amounts receivable: +€49,014
- Tangible fixed assets -€8,678
down €8,678 (-49.4%), from €17,566 to €8,888
- Cash +€5,155
up €5,155 (+21.4%), from €24,115 to €29,269
mainly Net result for the year (+€68,682) and Depreciation (+€10,089)
- Profit (loss) carried forward +€68,682
up €68,682 (+113.7%), from €60,410 to €129,092
- Advances received -€27,563
no longer reported in 2025 (was €27,563)
- Trade debts -€12,430
down €12,430 (-91.3%), from €13,615 to €1,184
- Tax, wage and social debts +€9,943
up €9,943 (+39.7%), from €25,026 to €34,969
- Gross operating margin +€17,226
up €17,226 (+19.8%), from €86,822 to €104,048
- Taxes +€3,633
up €3,633 (+23.7%), from €15,299 to €18,932
- Financial charges +€1,181
up €1,181 (+225.5%), from €524 to €1,705
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 | €129,613 | €168,246 | +€38,632 | +29.8% |
| Fixed assets | 21/28 | €17,566 | €8,888 | -€8,678 | -49.4% |
| Tangible fixed assets | 22/27 | €17,566 | €8,888 | -€8,678 | -49.4% |
| Furniture and vehicles | 24 | €17,566 | €8,888 | -€8,678 | -49.4% |
| Current assets | 29/58 | €112,047 | €159,357 | +€47,311 | +42.2% |
| Amounts receivable within one year | 40/41 | €87,782 | €130,088 | +€42,306 | +48.2% |
| Trade receivables | 40 | €48,673 | €41,966 | -€6,708 | -13.8% |
| Other amounts receivable | 41 | €39,109 | €88,122 | +€49,014 | +125.3% |
| Cash at bank and in hand | 54/58 | €24,115 | €29,269 | +€5,155 | +21.4% |
| Deferred charges and accrued income | 490/1 | €150 | - | -€150 | |
| Total equity and liabilities | 10/49 | €129,613 | €168,246 | +€38,632 | +29.8% |
| Equity | 10/15 | €63,410 | €132,092 | +€68,682 | +108.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,410 | €129,092 | +€68,682 | +113.7% |
| Amounts payable | 17/49 | €66,203 | €36,153 | -€30,050 | -45.4% |
| Amounts payable within one year | 42/48 | €66,203 | €36,153 | -€30,050 | -45.4% |
| Trade debts | 44 | €13,615 | €1,184 | -€12,430 | -91.3% |
| Suppliers | 440/4 | €13,615 | €1,184 | -€12,430 | -91.3% |
| Advances received on contracts in progress | 46 | €27,563 | - | -€27,563 | |
| Taxes, remuneration and social security | 45 | €25,026 | €34,969 | +€9,943 | +39.7% |
| Taxes | 450/3 | €25,026 | €34,969 | +€9,943 | +39.7% |
| Remuneration, social security and pensions | 62 | - | €927 | +€927 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,202 | €10,089 | -€113 | -1.1% |
| Other operating charges | 640/8 | €387 | €1,063 | +€675 | +174.3% |
| Non-recurring operating charges | 66A | - | €2,650 | +€2,650 | |
| Gross operating margin | 9900 | €86,822 | €104,048 | +€17,226 | +19.8% |
| Operating profit (loss) | 9901 | €76,233 | €89,320 | +€13,087 | +17.2% |
| Financial charges | 65/66B | €524 | €1,705 | +€1,181 | +225.5% |
| Recurring financial charges | 65 | €524 | €1,705 | +€1,181 | +225.5% |
| Profit (loss) for the period before taxes | 9903 | €75,709 | €87,615 | +€11,906 | +15.7% |
| Income taxes | 67/77 | €15,299 | €18,932 | +€3,633 | +23.7% |
| Profit (loss) for the period | 9904 | €60,410 | €68,682 | +€8,272 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,410 | €68,682 | +€8,272 | +13.7% |
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.