MGMT: what changed
Two fiscal 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.
MGMT
Largest movements
- Tangible fixed assets -€1,620
down €1,620 (-100.0%), from €1,620 to €0
- Cash -€1,226
down €1,226 (-44.7%), from €2,742 to €1,516
mainly Net result for the year (-€39,499) and Deferred charges and accrued income (-€402)
- Deferred charges and accrued income +€402
up €402 (+33.7%), from €1,194 to €1,596
- Receivables within one year +€331
up €331, from €0 to €331
- Profit (loss) carried forward -€39,499
down €39,499 (-23.2%), from -€170,187 to -€209,686
- Other debts +€35,061
up €35,061 (+21.0%), from €166,672 to €201,732
- Trade debts +€2,346
up €2,346 (+308.3%), from €761 to €3,107
- Gross operating margin -€6,773
down €6,773 (-26.7%), from -€25,323 to -€32,096
- Other operating charges +€1,955
up €1,955 (+323.7%), from €604 to €2,559
- Taxes +€1,060
up €1,060, from -€831 to €229
- Financial charges -€405
down €405 (-16.1%), from €2,519 to €2,114
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 | €5,556 | €3,442 | -€2,113 | -38.0% |
| Fixed assets | 21/28 | €1,620 | €0 | -€1,620 | -100.0% |
| Tangible fixed assets | 22/27 | €1,620 | €0 | -€1,620 | -100.0% |
| Other tangible fixed assets | 26 | €1,620 | €0 | -€1,620 | -100.0% |
| Current assets | 29/58 | €3,936 | €3,442 | -€493 | -12.5% |
| Amounts receivable within one year | 40/41 | €0 | €331 | +€331 | |
| Trade receivables | 40 | €0 | €331 | +€331 | |
| Cash at bank and in hand | 54/58 | €2,742 | €1,516 | -€1,226 | -44.7% |
| Deferred charges and accrued income | 490/1 | €1,194 | €1,596 | +€402 | +33.7% |
| Total equity and liabilities | 10/49 | €5,556 | €3,442 | -€2,113 | -38.0% |
| Equity | 10/15 | -€162,127 | -€201,626 | -€39,499 | -24.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€170,187 | -€209,686 | -€39,499 | -23.2% |
| Amounts payable | 17/49 | €167,683 | €205,068 | +€37,385 | +22.3% |
| Amounts payable within one year | 42/48 | €167,683 | €205,068 | +€37,385 | +22.3% |
| Trade debts | 44 | €761 | €3,107 | +€2,346 | +308.3% |
| Suppliers | 440/4 | €761 | €3,107 | +€2,346 | +308.3% |
| Taxes, remuneration and social security | 45 | €250 | €229 | -€21 | -8.6% |
| Taxes | 450/3 | €250 | €229 | -€21 | -8.6% |
| Other amounts payable | 47/48 | €166,672 | €201,732 | +€35,061 | +21.0% |
| Non-recurring operating income | 76A | €110 | €331 | +€221 | +201.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €302 | €0 | -€302 | -100.0% |
| Other operating charges | 640/8 | €604 | €2,559 | +€1,955 | +323.7% |
| Non-recurring operating charges | 66A | - | €2,501 | +€2,501 | |
| Gross operating margin | 9900 | -€25,323 | -€32,096 | -€6,773 | -26.7% |
| Operating profit (loss) | 9901 | -€26,229 | -€37,156 | -€10,927 | -41.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €2,519 | €2,114 | -€405 | -16.1% |
| Recurring financial charges | 65 | €2,519 | €2,114 | -€405 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | -€28,748 | -€39,270 | -€10,522 | -36.6% |
| Income taxes | 67/77 | -€831 | €229 | +€1,060 | |
| Profit (loss) for the period | 9904 | -€27,916 | -€39,499 | -€11,582 | -41.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,916 | -€39,499 | -€11,582 | -41.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.