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
- Cash +€53,405
up €53,405 (+94.7%), from €56,376 to €109,781
mainly Depreciation (+€58,020) and Trade debts (+€51,728)
- Tangible fixed assets +€46,936
up €46,936 (+44.0%), from €106,723 to €153,659
of which Plant, machinery and equipment: +€29,476
- Receivables within one year +€20,350
up €20,350 (+30.1%), from €67,673 to €88,022
of which Trade receivables: +€11,527
- Intangible fixed assets -€20,000
down €20,000 (-16.7%), from €120,000 to €100,000
- Trade debts +€51,728
up €51,728 (+104.0%), from €49,753 to €101,482
- Profit (loss) carried forward +€41,726
no longer reported in 2025 (was -€41,726)
- Other debts -€32,024
down €32,024 (-24.9%), from €128,644 to €96,621
- Debts after one year +€24,981
up €24,981 (+29.3%), from €85,345 to €110,325
- Tax, wage and social debts +€10,313
up €10,313 (+11.0%), from €93,999 to €104,312
of which Taxes: +€25,293
- Gross operating margin +€147,956
up €147,956 (+27.4%), from €540,872 to €688,828
- Staff costs +€80,980
up €80,980 (+17.4%), from €466,042 to €547,021
- Depreciation +€14,823
up €14,823 (+34.3%), from €43,196 to €58,020
- Taxes +€13,384
up €13,384 (+208.3%), from €6,424 to €19,808
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 | €372,200 | €471,223 | +€99,023 | +26.6% |
| Fixed assets | 21/28 | €226,723 | €253,659 | +€26,936 | +11.9% |
| Intangible fixed assets | 21 | €120,000 | €100,000 | -€20,000 | -16.7% |
| Tangible fixed assets | 22/27 | €106,723 | €153,659 | +€46,936 | +44.0% |
| Plant, machinery and equipment | 23 | €91,724 | €121,200 | +€29,476 | +32.1% |
| Furniture and vehicles | 24 | €14,998 | €32,459 | +€17,461 | +116.4% |
| Current assets | 29/58 | €145,478 | €217,564 | +€72,086 | +49.6% |
| Stocks and contracts in progress | 3 | €14,385 | €11,327 | -€3,058 | -21.3% |
| Stocks | 30/36 | €14,385 | €11,327 | -€3,058 | -21.3% |
| Amounts receivable within one year | 40/41 | €67,673 | €88,022 | +€20,350 | +30.1% |
| Trade receivables | 40 | €67,673 | €79,199 | +€11,527 | +17.0% |
| Other amounts receivable | 41 | - | €8,823 | +€8,823 | |
| Cash at bank and in hand | 54/58 | €56,376 | €109,781 | +€53,405 | +94.7% |
| Deferred charges and accrued income | 490/1 | €7,044 | €8,434 | +€1,390 | +19.7% |
| Total equity and liabilities | 10/49 | €372,200 | €471,223 | +€99,023 | +26.6% |
| Equity | 10/15 | -€41,226 | €10,126 | +€51,352 | |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | - | €9,626 | +€9,626 | |
| Distributable reserves | 133 | - | €9,626 | +€9,626 | |
| Profit (loss) carried forward | 14 | -€41,726 | - | +€41,726 | |
| Amounts payable | 17/49 | €413,427 | €461,097 | +€47,671 | +11.5% |
| Amounts payable after more than one year | 17 | €85,345 | €110,325 | +€24,981 | +29.3% |
| Financial debts | 170/4 | €85,345 | €110,325 | +€24,981 | +29.3% |
| Amounts payable within one year | 42/48 | €314,879 | €344,470 | +€29,591 | +9.4% |
| Current portion of amounts payable after more than one year | 42 | €42,482 | €42,055 | -€426 | -1.0% |
| Trade debts | 44 | €49,753 | €101,482 | +€51,728 | +104.0% |
| Suppliers | 440/4 | €49,753 | €101,482 | +€51,728 | +104.0% |
| Taxes, remuneration and social security | 45 | €93,999 | €104,312 | +€10,313 | +11.0% |
| Taxes | 450/3 | €28,408 | €53,700 | +€25,293 | +89.0% |
| Remuneration and social security | 454/9 | €65,591 | €50,611 | -€14,980 | -22.8% |
| Other amounts payable | 47/48 | €128,644 | €96,621 | -€32,024 | -24.9% |
| Accrued charges and deferred income | 492/3 | €13,204 | €6,302 | -€6,901 | -52.3% |
| Remuneration, social security and pensions | 62 | €466,042 | €547,021 | +€80,980 | +17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,196 | €58,020 | +€14,823 | +34.3% |
| Other operating charges | 640/8 | €3,040 | €1,260 | -€1,780 | -58.6% |
| Gross operating margin | 9900 | €540,872 | €688,828 | +€147,956 | +27.4% |
| Operating profit (loss) | 9901 | €28,594 | €82,527 | +€53,933 | +188.6% |
| Financial income | 75/76B | €50 | €133 | +€83 | +166.9% |
| Recurring financial income | 75 | €50 | €133 | +€83 | +166.9% |
| Financial charges | 65/66B | €13,318 | €11,500 | -€1,818 | -13.7% |
| Recurring financial charges | 65 | €13,318 | €11,500 | -€1,818 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €15,326 | €71,160 | +€55,834 | +364.3% |
| Income taxes | 67/77 | €6,424 | €19,808 | +€13,384 | +208.3% |
| Profit (loss) for the period | 9904 | €8,902 | €51,352 | +€42,450 | +476.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,902 | €51,352 | +€42,450 | +476.9% |
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 7 October 2026 via checked.be.