MGMT: 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.
MGMT
Largest movements
- Cash +€113,749
up €113,749 (+510%), from €22,313 to €136,062
mainly Receivables after one year (+€100,000) and Net result for the year (+€65,666)
- Receivables after one year -€100,000
down €100,000 (-100%), from €100,000 to €0
- Receivables within one year -€6,917
down €6,917 (-5.0%), from €137,877 to €130,960
of which Other amounts receivable: -€7,682
- Reserves +€30,479
up €30,479 (+8.1%), from €378,012 to €408,491
of which Distributable reserves: +€30,479
- Other debts -€15,654
down €15,654 (-30.8%), from €50,841 to €35,187
- Gross operating margin -€12,678
down €12,678 (-10.5%), from €120,373 to €107,695
- Taxes -€8,160
down €8,160 (-23.6%), from €34,574 to €26,414
- Financial income -€4,679
down €4,679 (-74.3%), from €6,300 to €1,621
- Financial charges +€3,706
up €3,706 (+162%), from €2,288 to €5,994
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.
Derived cash bridge
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 | €488,091 | €500,616 | +€12,524 | +2.6% |
| Fixed assets | 21/28 | €26,606 | €30,600 | +€3,993 | +15.0% |
| Tangible fixed assets | 22/27 | €23,156 | €27,150 | +€3,993 | +17.2% |
| Furniture and vehicles | 24 | €18,917 | €24,796 | +€5,878 | +31.1% |
| Other tangible fixed assets | 26 | €4,239 | €2,354 | -€1,885 | -44.5% |
| Financial fixed assets | 28 | €3,450 | €3,450 | = | 0.0% |
| Current assets | 29/58 | €461,485 | €470,016 | +€8,531 | +1.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100% |
| Amounts receivable within one year | 40/41 | €137,877 | €130,960 | -€6,917 | -5.0% |
| Trade receivables | 40 | €113,877 | €114,643 | +€766 | +0.7% |
| Other amounts receivable | 41 | €24,000 | €16,318 | -€7,682 | -32.0% |
| Current investments | 50/53 | €197,000 | €202,000 | +€5,000 | +2.5% |
| Cash at bank and in hand | 54/58 | €22,313 | €136,062 | +€113,749 | +510% |
| Deferred charges and accrued income | 490/1 | €4,295 | €994 | -€3,301 | -76.9% |
| Total equity and liabilities | 10/49 | €488,091 | €500,616 | +€12,524 | +2.6% |
| Equity | 10/15 | €390,412 | €420,891 | +€30,479 | +7.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €378,012 | €408,491 | +€30,479 | +8.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €376,152 | €406,631 | +€30,479 | +8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €97,679 | €79,724 | -€17,955 | -18.4% |
| Amounts payable within one year | 42/48 | €97,679 | €79,724 | -€17,955 | -18.4% |
| Trade debts | 44 | €4,325 | €3,769 | -€555 | -12.8% |
| Suppliers | 440/4 | €4,325 | €3,769 | -€555 | -12.8% |
| Taxes, remuneration and social security | 45 | €42,514 | €40,768 | -€1,746 | -4.1% |
| Taxes | 450/3 | €38,989 | €37,243 | -€1,746 | -4.5% |
| Remuneration and social security | 454/9 | €3,525 | €3,525 | = | 0.0% |
| Other amounts payable | 47/48 | €50,841 | €35,187 | -€15,654 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,710 | €10,711 | +€0 | 0.0% |
| Other operating charges | 640/8 | €517 | €532 | +€14 | +2.7% |
| Gross operating margin | 9900 | €120,373 | €107,695 | -€12,678 | -10.5% |
| Operating profit (loss) | 9901 | €109,145 | €96,453 | -€12,692 | -11.6% |
| Financial income | 75/76B | €6,300 | €1,621 | -€4,679 | -74.3% |
| Recurring financial income | 75 | €6,300 | €1,621 | -€4,679 | -74.3% |
| Financial charges | 65/66B | €2,288 | €5,994 | +€3,706 | +162% |
| Recurring financial charges | 65 | €2,288 | €5,994 | +€3,706 | +162% |
| Profit (loss) for the period before taxes | 9903 | €113,158 | €92,080 | -€21,077 | -18.6% |
| Income taxes | 67/77 | €34,574 | €26,414 | -€8,160 | -23.6% |
| Profit (loss) for the period | 9904 | €78,583 | €65,666 | -€12,917 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,583 | €65,666 | -€12,917 | -16.4% |
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 30 October 2026 via checked.be.