Network and 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.
Network and Management
Largest movements
- Tangible fixed assets +€71,451
up €71,451 (+63.0%), from €113,459 to €184,910
of which Furniture and vehicles: +€40,929
- Cash +€54,068
up €54,068 (+13.3%), from €405,746 to €459,814
mainly Net result for the year (+€110,326) and Tax, wage and social debts (+€53,283)
- Receivables within one year +€20,927
up €20,927 (+79.7%), from €26,267 to €47,194
of which Trade receivables: +€10,643
- Reserves +€108,925
up €108,925 (+58.4%), from €186,360 to €295,285
of which Distributable reserves: +€70,000
- Tax, wage and social debts +€53,283
up €53,283 (+262%), from €20,354 to €73,637
- Other debts -€27,500
down €27,500 (-75.2%), from €36,553 to €9,053
- Debts after one year +€24,147
up €24,147 (+205%), from €11,776 to €35,923
- Trade debts -€23,182
down €23,182 (-54.9%), from €42,256 to €19,074
- Gross operating margin -€211,588
down €211,588 (-54.7%), from €386,916 to €175,328
- Taxes -€44,883
down €44,883 (-47.1%), from €95,268 to €50,386
- Other operating charges +€15,914
up €15,914 (+2,903%), from €548 to €16,462
- Write-downs -€12,306
new in 2025: -€12,306
- Depreciation +€8,541
up €8,541 (+527%), from €1,621 to €10,163
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 | €545,955 | €691,918 | +€145,963 | +26.7% |
| Fixed assets | 21/28 | €113,459 | €184,910 | +€71,451 | +63.0% |
| Tangible fixed assets | 22/27 | €113,459 | €184,910 | +€71,451 | +63.0% |
| Land and buildings | 22 | €592 | €550 | -€42 | -7.1% |
| Furniture and vehicles | 24 | €5,251 | €46,180 | +€40,929 | +779% |
| Assets under construction and advance payments | 27 | €107,616 | €138,180 | +€30,564 | +28.4% |
| Current assets | 29/58 | €432,496 | €507,008 | +€74,513 | +17.2% |
| Amounts receivable within one year | 40/41 | €26,267 | €47,194 | +€20,927 | +79.7% |
| Trade receivables | 40 | €16,173 | €26,817 | +€10,643 | +65.8% |
| Other amounts receivable | 41 | €10,094 | €20,378 | +€10,284 | +102% |
| Cash at bank and in hand | 54/58 | €405,746 | €459,814 | +€54,068 | +13.3% |
| Deferred charges and accrued income | 490/1 | €483 | €0 | -€483 | -100% |
| Total equity and liabilities | 10/49 | €545,955 | €691,918 | +€145,963 | +26.7% |
| Equity | 10/15 | €421,574 | €531,899 | +€110,326 | +26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €186,360 | €295,285 | +€108,925 | +58.4% |
| Tax-exempt reserves | 132 | €184,500 | €223,425 | +€38,925 | +21.1% |
| Distributable reserves | 133 | €1,860 | €71,860 | +€70,000 | +3,763% |
| Profit (loss) carried forward | 14 | €229,014 | €230,414 | +€1,401 | +0.6% |
| Amounts payable | 17/49 | €124,381 | €160,019 | +€35,638 | +28.7% |
| Amounts payable after more than one year | 17 | €11,776 | €35,923 | +€24,147 | +205% |
| Financial debts | 170/4 | €11,776 | €35,923 | +€24,147 | +205% |
| Amounts payable within one year | 42/48 | €112,605 | €124,096 | +€11,491 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €13,442 | €22,331 | +€8,889 | +66.1% |
| Trade debts | 44 | €42,256 | €19,074 | -€23,182 | -54.9% |
| Suppliers | 440/4 | €42,256 | €19,074 | -€23,182 | -54.9% |
| Taxes, remuneration and social security | 45 | €20,354 | €73,637 | +€53,283 | +262% |
| Taxes | 450/3 | €20,354 | €73,637 | +€53,283 | +262% |
| Other amounts payable | 47/48 | €36,553 | €9,053 | -€27,500 | -75.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,621 | €10,163 | +€8,541 | +527% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€12,306 | -€12,306 | |
| Other operating charges | 640/8 | €548 | €16,462 | +€15,914 | +2,903% |
| Gross operating margin | 9900 | €386,916 | €175,328 | -€211,588 | -54.7% |
| Operating profit (loss) | 9901 | €384,747 | €161,009 | -€223,738 | -58.2% |
| Financial income | 75/76B | €177 | €3,760 | +€3,583 | +2,029% |
| Recurring financial income | 75 | €177 | €3,760 | +€3,583 | +2,029% |
| Financial charges | 65/66B | €2,622 | €4,057 | +€1,435 | +54.7% |
| Recurring financial charges | 65 | €2,622 | €4,057 | +€1,435 | +54.7% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €382,302 | €160,711 | -€221,590 | -58.0% |
| Income taxes | 67/77 | €95,268 | €50,386 | -€44,883 | -47.1% |
| Profit (loss) for the period | 9904 | €287,033 | €110,326 | -€176,707 | -61.6% |
| Transfer to tax-exempt reserves | 689 | €143,500 | €38,925 | -€104,575 | -72.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,533 | €71,401 | -€72,132 | -50.3% |
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 19 October 2026 via checked.be.