MGMTMENT: 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.
MGMTMENT
Largest movements
- Tangible fixed assets +€842,476
up €842,476 (+77.7%), from €1.1m to €1.9m
of which Land and buildings: +€857,344
- Receivables within one year +€23,436
up €23,436 (+55.4%), from €42,281 to €65,717
of which Trade receivables: +€23,523
- Debts after one year +€471,757
up €471,757 (+49.6%), from €951,400 to €1.4m
of which Other amounts payable: +€325,690
- Contributions +€318,435
up €318,435 (+21229.0%), from €1,500 to €319,935
- Current portion of long-term debt +€35,500
up €35,500 (+57.6%), from €61,600 to €97,100
- Gross operating margin +€60,620
up €60,620 (+37.0%), from €163,756 to €224,377
- Financial charges +€44,516
up €44,516 (+812.2%), from €5,481 to €49,997
- Depreciation +€8,679
up €8,679 (+5.4%), from €160,087 to €168,766
- Other operating charges +€3,953
up €3,953 (+424.0%), from €932 to €4,885
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 | €1,184,412 | €2,035,322 | +€850,910 | +71.8% |
| Fixed assets | 21/28 | €1,084,259 | €1,926,735 | +€842,476 | +77.7% |
| Tangible fixed assets | 22/27 | €1,084,259 | €1,926,735 | +€842,476 | +77.7% |
| Land and buildings | 22 | €1,049,225 | €1,906,570 | +€857,344 | +81.7% |
| Furniture and vehicles | 24 | €35,033 | €20,165 | -€14,868 | -42.4% |
| Current assets | 29/58 | €100,153 | €108,587 | +€8,434 | +8.4% |
| Amounts receivable within one year | 40/41 | €42,281 | €65,717 | +€23,436 | +55.4% |
| Trade receivables | 40 | €42,079 | €65,602 | +€23,523 | +55.9% |
| Other amounts receivable | 41 | €203 | €116 | -€87 | -42.9% |
| Current investments | 50/53 | €194 | €194 | +€1 | +0.3% |
| Cash at bank and in hand | 54/58 | €55,261 | €35,066 | -€20,195 | -36.5% |
| Deferred charges and accrued income | 490/1 | €2,417 | €7,609 | +€5,193 | +214.9% |
| Total equity and liabilities | 10/49 | €1,184,412 | €2,035,322 | +€850,910 | +71.8% |
| Equity | 10/15 | €116,039 | €433,321 | +€317,282 | +273.4% |
| Contributions | 10/11 | €1,500 | €319,935 | +€318,435 | +21229.0% |
| Reserves | 13 | €114,539 | €113,386 | -€1,153 | -1.0% |
| Distributable reserves | 133 | €114,539 | €113,386 | -€1,153 | -1.0% |
| Amounts payable | 17/49 | €1,068,373 | €1,602,001 | +€533,628 | +49.9% |
| Amounts payable after more than one year | 17 | €951,400 | €1,423,157 | +€471,757 | +49.6% |
| Financial debts | 170/4 | €862,400 | €1,008,467 | +€146,067 | +16.9% |
| Other amounts payable | 178/9 | €89,000 | €414,690 | +€325,690 | +365.9% |
| Amounts payable within one year | 42/48 | €114,170 | €157,678 | +€43,509 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €61,600 | €97,100 | +€35,500 | +57.6% |
| Trade debts | 44 | €1,891 | €5,501 | +€3,610 | +190.9% |
| Suppliers | 440/4 | €1,891 | €5,501 | +€3,610 | +190.9% |
| Taxes, remuneration and social security | 45 | €18,548 | €14,794 | -€3,754 | -20.2% |
| Taxes | 450/3 | €18,548 | €12,294 | -€6,254 | -33.7% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €32,131 | €40,283 | +€8,152 | +25.4% |
| Accrued charges and deferred income | 492/3 | €2,803 | €21,166 | +€18,363 | +655.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,087 | €168,766 | +€8,679 | +5.4% |
| Other operating charges | 640/8 | €932 | €4,885 | +€3,953 | +424.0% |
| Gross operating margin | 9900 | €163,756 | €224,377 | +€60,620 | +37.0% |
| Operating profit (loss) | 9901 | €2,737 | €50,725 | +€47,988 | +1753.3% |
| Financial income | 75/76B | €352 | €232 | -€120 | -34.0% |
| Recurring financial income | 75 | €352 | €232 | -€120 | -34.0% |
| Financial charges | 65/66B | €5,481 | €49,997 | +€44,516 | +812.2% |
| Recurring financial charges | 65 | €5,481 | €49,997 | +€44,516 | +812.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,392 | €960 | +€3,353 | |
| Income taxes | 67/77 | €753 | €1,280 | +€527 | +70.1% |
| Profit (loss) for the period | 9904 | -€3,145 | -€320 | +€2,825 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,145 | -€320 | +€2,825 | +89.8% |
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 10 October 2026 via checked.be.