"POSITIVE 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.
"POSITIVE MANAGEMENT"
Largest movements
- Current investments -€188,309
down €188,309 (-96.7%), from €194,810 to €6,501
- Intangible fixed assets -€6,400
down €6,400 (-27.4%), from €23,321 to €16,921
- Reserves -€140,089
no longer reported in 2025 (was €140,089)
of which Distributable reserves: -€138,229
- Profit (loss) carried forward -€55,966
new in 2025: -€55,966
- Other debts +€32,957
up €32,957 (+137%), from €24,111 to €57,068
- Trade debts -€30,868
down €30,868 (-98.0%), from €31,488 to €620
- Tax, wage and social debts -€7,564
down €7,564 (-98.3%), from €7,694 to €131
- Financial charges +€187,390
up €187,390 (+13,834%), from €1,355 to €188,745
- Financial income -€10,764
down €10,764 (-100.0%), from €10,765 to €1
- Gross operating margin +€2,476
up €2,476, from -€1,747 to €729
- Other operating charges -€666
down €666 (-59.9%), from €1,113 to €447
- Taxes -€38
down €38 (-79.6%), from €48 to €10
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 | €221,981 | €25,271 | -€196,711 | -88.6% |
| Fixed assets | 21/28 | €26,347 | €18,763 | -€7,584 | -28.8% |
| Intangible fixed assets | 21 | €23,321 | €16,921 | -€6,400 | -27.4% |
| Tangible fixed assets | 22/27 | €3,026 | €1,842 | -€1,184 | -39.1% |
| Furniture and vehicles | 24 | €1,084 | €100 | -€984 | -90.8% |
| Other tangible fixed assets | 26 | €1,942 | €1,742 | -€200 | -10.3% |
| Current assets | 29/58 | €195,635 | €6,508 | -€189,127 | -96.7% |
| Amounts receivable within one year | 40/41 | €591 | - | -€591 | |
| Other amounts receivable | 41 | €591 | - | -€591 | |
| Current investments | 50/53 | €194,810 | €6,501 | -€188,309 | -96.7% |
| Cash at bank and in hand | 54/58 | €233 | €7 | -€226 | -96.9% |
| Total equity and liabilities | 10/49 | €221,981 | €25,271 | -€196,711 | -88.6% |
| Equity | 10/15 | €158,689 | -€37,366 | -€196,055 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,089 | - | -€140,089 | |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €138,229 | - | -€138,229 | |
| Profit (loss) carried forward | 14 | - | -€55,966 | -€55,966 | |
| Amounts payable | 17/49 | €63,293 | €62,637 | -€656 | -1.0% |
| Amounts payable within one year | 42/48 | €63,293 | €62,637 | -€656 | -1.0% |
| Financial debts | 43 | - | €4,819 | +€4,819 | |
| Credit institutions | 430/8 | - | €4,819 | +€4,819 | |
| Trade debts | 44 | €31,488 | €620 | -€30,868 | -98.0% |
| Suppliers | 440/4 | €31,488 | €620 | -€30,868 | -98.0% |
| Taxes, remuneration and social security | 45 | €7,694 | €131 | -€7,564 | -98.3% |
| Taxes | 450/3 | €7,694 | €131 | -€7,564 | -98.3% |
| Other amounts payable | 47/48 | €24,111 | €57,068 | +€32,957 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,577 | €7,584 | +€7 | +0.1% |
| Other operating charges | 640/8 | €1,113 | €447 | -€666 | -59.9% |
| Gross operating margin | 9900 | -€1,747 | €729 | +€2,476 | |
| Operating profit (loss) | 9901 | -€10,436 | -€7,302 | +€3,135 | +30.0% |
| Financial income | 75/76B | €10,765 | €1 | -€10,764 | -100.0% |
| Recurring financial income | 75 | €10,765 | €1 | -€10,764 | -100.0% |
| Financial charges | 65/66B | €1,355 | €188,745 | +€187,390 | +13,834% |
| Recurring financial charges | 65 | €1,355 | €188,745 | +€187,390 | +13,834% |
| Profit (loss) for the period before taxes | 9903 | -€1,026 | -€196,045 | -€195,020 | -19,011% |
| Income taxes | 67/77 | €48 | €10 | -€38 | -79.6% |
| Profit (loss) for the period | 9904 | -€1,073 | -€196,055 | -€194,982 | -18,164% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,073 | -€196,055 | -€194,982 | -18,164% |
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 15 October 2026 via checked.be.