MD-MANAGEMENT: 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.
MD-MANAGEMENT
Largest movements
- Tangible fixed assets -€24,142
down €24,142 (-7.5%), from €323,065 to €298,923
of which Land and buildings: -€12,293
- Cash +€20,051
up €20,051 (+21.2%), from €94,483 to €114,534
mainly Net result for the year (+€61,695) and Depreciation (+€30,023)
- Receivables within one year +€9,478
up €9,478 (+60.4%), from €15,687 to €25,165
of which Trade receivables: +€9,497
- Reserves -€27,361
down €27,361 (-10.3%), from €264,650 to €237,289
- Other debts +€18,863
up €18,863 (+140.6%), from €13,420 to €32,283
- Tax, wage and social debts +€18,312
up €18,312 (+243.9%), from €7,509 to €25,821
- Debts after one year -€10,067
down €10,067 (-7.5%), from €134,248 to €124,182
- Trade debts +€5,461
up €5,461 (+155.2%), from €3,520 to €8,981
- Taxes +€4,979
up €4,979 (+19.4%), from €25,635 to €30,613
- Gross operating margin -€3,766
down €3,766 (-2.9%), from €130,360 to €126,594
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 | €433,236 | €438,622 | +€5,387 | +1.2% |
| Fixed assets | 21/28 | €323,065 | €298,923 | -€24,142 | -7.5% |
| Tangible fixed assets | 22/27 | €323,065 | €298,923 | -€24,142 | -7.5% |
| Land and buildings | 22 | €260,260 | €247,967 | -€12,293 | -4.7% |
| Plant, machinery and equipment | 23 | €870 | €435 | -€435 | -50.0% |
| Furniture and vehicles | 24 | €61,935 | €50,520 | -€11,415 | -18.4% |
| Current assets | 29/58 | €110,170 | €139,699 | +€29,529 | +26.8% |
| Amounts receivable within one year | 40/41 | €15,687 | €25,165 | +€9,478 | +60.4% |
| Trade receivables | 40 | €14,915 | €24,412 | +€9,497 | +63.7% |
| Other amounts receivable | 41 | €772 | €753 | -€20 | -2.5% |
| Cash at bank and in hand | 54/58 | €94,483 | €114,534 | +€20,051 | +21.2% |
| Total equity and liabilities | 10/49 | €433,236 | €438,622 | +€5,387 | +1.2% |
| Equity | 10/15 | €264,650 | €237,289 | -€27,361 | -10.3% |
| Reserves | 13 | €264,650 | €237,289 | -€27,361 | -10.3% |
| Distributable reserves | 133 | €264,650 | €237,289 | -€27,361 | -10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €168,586 | €201,333 | +€32,747 | +19.4% |
| Amounts payable after more than one year | 17 | €134,248 | €124,182 | -€10,067 | -7.5% |
| Financial debts | 170/4 | €134,248 | €124,182 | -€10,067 | -7.5% |
| Amounts payable within one year | 42/48 | €34,337 | €77,151 | +€42,814 | +124.7% |
| Current portion of amounts payable after more than one year | 42 | €9,889 | €10,067 | +€178 | +1.8% |
| Trade debts | 44 | €3,520 | €8,981 | +€5,461 | +155.2% |
| Suppliers | 440/4 | €3,520 | €8,981 | +€5,461 | +155.2% |
| Taxes, remuneration and social security | 45 | €7,509 | €25,821 | +€18,312 | +243.9% |
| Taxes | 450/3 | €7,509 | €25,821 | +€18,312 | +243.9% |
| Other amounts payable | 47/48 | €13,420 | €32,283 | +€18,863 | +140.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,669 | €30,023 | +€355 | +1.2% |
| Other operating charges | 640/8 | €2,035 | €1,879 | -€156 | -7.7% |
| Gross operating margin | 9900 | €130,360 | €126,594 | -€3,766 | -2.9% |
| Operating profit (loss) | 9901 | €98,656 | €94,692 | -€3,965 | -4.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,667 | €2,384 | -€283 | -10.6% |
| Recurring financial charges | 65 | €2,667 | €2,384 | -€283 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €95,990 | €92,308 | -€3,682 | -3.8% |
| Income taxes | 67/77 | €25,635 | €30,613 | +€4,979 | +19.4% |
| Profit (loss) for the period | 9904 | €70,355 | €61,695 | -€8,660 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €70,355 | €61,695 | -€8,660 | -12.3% |
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.