NEW MANAGEMENT PROJECTS: 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.
NEW MANAGEMENT PROJECTS
Largest movements
- Cash +€30,683
up €30,683 (+22.2%), from €138,514 to €169,198
mainly Net result for the year (+€92,326) and Receivables within one year (+€26,117)
- Receivables within one year -€26,117
down €26,117 (-31.8%), from €82,123 to €56,006
of which Other amounts receivable: -€19,327
- Tangible fixed assets -€20,438
down €20,438 (-22.5%), from €90,813 to €70,375
of which Furniture and vehicles: -€16,752
- Contributions +€225,000
new in 2025: €225,000
- Reserves -€199,993
down €199,993 (-29.1%), from €687,148 to €487,154
of which Distributable reserves: -€192,903
- Debts after one year -€25,681
down €25,681 (-13.3%), from €193,116 to €167,435
of which Financial debts: -€25,681
- Tax, wage and social debts -€14,938
down €14,938 (-60.3%), from €24,771 to €9,833
- Current portion of long-term debt -€12,348
down €12,348 (-32.5%), from €38,029 to €25,681
- Gross operating margin +€17,577
up €17,577 (+10.8%), from €162,133 to €179,711
- Depreciation +€5,303
up €5,303 (+32.1%), from €16,542 to €21,846
- Taxes +€4,577
up €4,577 (+10.5%), from €43,620 to €48,197
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 | €1,066,330 | €1,051,680 | -€14,650 | -1.4% |
| Fixed assets | 21/28 | €842,913 | €822,475 | -€20,438 | -2.4% |
| Tangible fixed assets | 22/27 | €90,813 | €70,375 | -€20,438 | -22.5% |
| Plant, machinery and equipment | 23 | €14,813 | €11,127 | -€3,686 | -24.9% |
| Furniture and vehicles | 24 | €76,001 | €59,248 | -€16,752 | -22.0% |
| Financial fixed assets | 28 | €752,100 | €752,100 | = | 0.0% |
| Current assets | 29/58 | €223,417 | €229,205 | +€5,788 | +2.6% |
| Amounts receivable within one year | 40/41 | €82,123 | €56,006 | -€26,117 | -31.8% |
| Trade receivables | 40 | €56,731 | €49,941 | -€6,790 | -12.0% |
| Other amounts receivable | 41 | €25,392 | €6,065 | -€19,327 | -76.1% |
| Cash at bank and in hand | 54/58 | €138,514 | €169,198 | +€30,683 | +22.2% |
| Deferred charges and accrued income | 490/1 | €2,780 | €4,001 | +€1,221 | +43.9% |
| Total equity and liabilities | 10/49 | €1,066,330 | €1,051,680 | -€14,650 | -1.4% |
| Equity | 10/15 | €687,148 | €712,154 | +€25,007 | +3.6% |
| Contributions | 10/11 | - | €225,000 | +€225,000 | |
| Reserves | 13 | €687,148 | €487,154 | -€199,993 | -29.1% |
| Non-distributable reserves | 130/1 | €9,743 | €2,653 | -€7,090 | -72.8% |
| Reserves not available under the articles | 1311 | €9,743 | €2,653 | -€7,090 | -72.8% |
| Distributable reserves | 133 | €677,405 | €484,501 | -€192,903 | -28.5% |
| Amounts payable | 17/49 | €379,183 | €339,526 | -€39,656 | -10.5% |
| Amounts payable after more than one year | 17 | €193,116 | €167,435 | -€25,681 | -13.3% |
| Financial debts | 170/4 | €43,116 | €17,435 | -€25,681 | -59.6% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €160,125 | €144,109 | -€16,016 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €38,029 | €25,681 | -€12,348 | -32.5% |
| Trade debts | 44 | €2,530 | €6,090 | +€3,561 | +140.8% |
| Suppliers | 440/4 | €2,530 | €6,090 | +€3,561 | +140.8% |
| Taxes, remuneration and social security | 45 | €24,771 | €9,833 | -€14,938 | -60.3% |
| Taxes | 450/3 | €24,771 | €9,833 | -€14,938 | -60.3% |
| Other amounts payable | 47/48 | €94,796 | €102,505 | +€7,710 | +8.1% |
| Accrued charges and deferred income | 492/3 | €25,942 | €27,982 | +€2,041 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,542 | €21,846 | +€5,303 | +32.1% |
| Other operating charges | 640/8 | €1,553 | €1,636 | +€83 | +5.3% |
| Non-recurring operating charges | 66A | €490 | €127 | -€363 | -74.1% |
| Gross operating margin | 9900 | €162,133 | €179,711 | +€17,577 | +10.8% |
| Operating profit (loss) | 9901 | €143,548 | €156,102 | +€12,554 | +8.7% |
| Financial income | 75/76B | €97 | €99 | +€1 | +1.4% |
| Recurring financial income | 75 | €97 | €99 | +€1 | +1.4% |
| Financial charges | 65/66B | €15,220 | €15,678 | +€458 | +3.0% |
| Recurring financial charges | 65 | €15,220 | €15,678 | +€458 | +3.0% |
| Profit (loss) for the period before taxes | 9903 | €128,426 | €140,523 | +€12,097 | +9.4% |
| Income taxes | 67/77 | €43,620 | €48,197 | +€4,577 | +10.5% |
| Profit (loss) for the period | 9904 | €84,806 | €92,326 | +€7,520 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €84,806 | €92,326 | +€7,520 | +8.9% |
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.