Robust 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.
Robust Management
Largest movements
- Receivables after one year +€27,000
up €27,000 (+43.2%), from €62,500 to €89,500
- Intangible fixed assets +€18,838
new in 2025: €18,838
- Cash -€8,773
down €8,773 (-50.2%), from €17,472 to €8,699
mainly Receivables after one year (-€27,000) and Investment in fixed assets (net) (-€24,750)
- Receivables within one year +€4,824
up €4,824 (+21.5%), from €22,413 to €27,237
of which Other amounts receivable: +€5,213
- Tangible fixed assets +€3,450
new in 2025: €3,450
of which Furniture and vehicles: +€1,962
- Reserves +€35,459
up €35,459 (+107%), from €33,002 to €68,461
- Short-term financial debts +€9,349
new in 2025: €9,349
- Debts after one year -€9,044
down €9,044 (-11.2%), from €80,826 to €71,782
of which Other amounts payable: -€9,044
- Trade debts +€4,903
new in 2025: €4,903
- Accrued charges and deferred income +€2,029
up €2,029 (+51.6%), from €3,935 to €5,964
- Gross operating margin +€38,379
up €38,379 (+95.2%), from €40,295 to €78,674
- Staff costs +€27,447
new in 2025: €27,447
- Taxes +€3,426
up €3,426 (+32.9%), from €10,419 to €13,845
- Depreciation +€985
up €985 (+207%), from €477 to €1,461
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 | €130,181 | €174,608 | +€44,427 | +34.1% |
| Fixed assets | 21/28 | €2,500 | €25,789 | +€23,289 | +932% |
| Intangible fixed assets | 21 | - | €18,838 | +€18,838 | |
| Tangible fixed assets | 22/27 | - | €3,450 | +€3,450 | |
| Furniture and vehicles | 24 | - | €1,962 | +€1,962 | |
| Other tangible fixed assets | 26 | - | €1,488 | +€1,488 | |
| Financial fixed assets | 28 | €2,500 | €3,500 | +€1,000 | +40.0% |
| Current assets | 29/58 | €127,681 | €148,820 | +€21,139 | +16.6% |
| Amounts receivable after more than one year | 29 | €62,500 | €89,500 | +€27,000 | +43.2% |
| Other amounts receivable | 291 | €62,500 | €89,500 | +€27,000 | +43.2% |
| Amounts receivable within one year | 40/41 | €22,413 | €27,237 | +€4,824 | +21.5% |
| Trade receivables | 40 | €20,046 | €19,657 | -€389 | -1.9% |
| Other amounts receivable | 41 | €2,367 | €7,580 | +€5,213 | +220% |
| Cash at bank and in hand | 54/58 | €17,472 | €8,699 | -€8,773 | -50.2% |
| Deferred charges and accrued income | 490/1 | €25,296 | €23,384 | -€1,912 | -7.6% |
| Total equity and liabilities | 10/49 | €130,181 | €174,608 | +€44,427 | +34.1% |
| Equity | 10/15 | €34,502 | €69,961 | +€35,459 | +103% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €33,002 | €68,461 | +€35,459 | +107% |
| Distributable reserves | 133 | €33,002 | €68,461 | +€35,459 | +107% |
| Amounts payable | 17/49 | €95,679 | €104,647 | +€8,968 | +9.4% |
| Amounts payable after more than one year | 17 | €80,826 | €71,782 | -€9,044 | -11.2% |
| Financial debts | 170/4 | €65,000 | €65,000 | = | 0.0% |
| Other amounts payable | 178/9 | €15,826 | €6,782 | -€9,044 | -57.1% |
| Amounts payable within one year | 42/48 | €10,918 | €26,901 | +€15,984 | +146% |
| Financial debts | 43 | - | €9,349 | +€9,349 | |
| Credit institutions | 430/8 | - | €9,349 | +€9,349 | |
| Trade debts | 44 | - | €4,903 | +€4,903 | |
| Suppliers | 440/4 | - | €4,903 | +€4,903 | |
| Taxes, remuneration and social security | 45 | €10,918 | €12,649 | +€1,731 | +15.9% |
| Taxes | 450/3 | €10,918 | €9,843 | -€1,074 | -9.8% |
| Remuneration and social security | 454/9 | - | €2,806 | +€2,806 | |
| Accrued charges and deferred income | 492/3 | €3,935 | €5,964 | +€2,029 | +51.6% |
| Remuneration, social security and pensions | 62 | - | €27,447 | +€27,447 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €477 | €1,461 | +€985 | +207% |
| Other operating charges | 640/8 | €214 | €683 | +€470 | +220% |
| Gross operating margin | 9900 | €40,295 | €78,674 | +€38,379 | +95.2% |
| Operating profit (loss) | 9901 | €39,605 | €49,082 | +€9,477 | +23.9% |
| Financial income | 75/76B | - | €500 | +€500 | |
| Recurring financial income | 75 | - | €500 | +€500 | |
| Financial charges | 65/66B | €47 | €277 | +€230 | +485% |
| Recurring financial charges | 65 | €47 | €277 | +€230 | +485% |
| Profit (loss) for the period before taxes | 9903 | €39,557 | €49,304 | +€9,747 | +24.6% |
| Income taxes | 67/77 | €10,419 | €13,845 | +€3,426 | +32.9% |
| Profit (loss) for the period | 9904 | €29,138 | €35,459 | +€6,321 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,138 | €35,459 | +€6,321 | +21.7% |
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 25 October 2026 via checked.be.