RUN MGMT: what changed
Two fiscal 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.
RUN MGMT
Largest movements
- Tangible fixed assets +€857,209
up €857,209 (+27180.9%), from €3,154 to €860,363
of which Land and buildings: +€808,890
- Cash -€144,689
down €144,689 (-25.3%), from €571,478 to €426,788
mainly Investment in fixed assets (net) (-€900,277) and Contributions, distributions and other (-€460,300)
- Receivables within one year +€125,407
up €125,407 (+45.6%), from €275,269 to €400,676
of which Trade receivables: +€83,214
- Debts after one year +€560,241
new in 2025: €560,241
- Other debts +€408,128
up €408,128 (+122.6%), from €332,958 to €741,086
- Profit (loss) carried forward -€182,407
down €182,407 (-77.1%), from €236,478 to €54,071
- Trade debts +€79,275
up €79,275 (+42.5%), from €186,529 to €265,804
- Tax, wage and social debts -€52,784
down €52,784 (-76.8%), from €68,686 to €15,902
of which Taxes: -€52,937
- Gross operating margin +€85,459
up €85,459 (+16.9%), from €505,899 to €591,358
- Financial charges +€69,591
up €69,591 (+2469.7%), from €2,818 to €72,409
- Write-downs -€48,283
no longer reported in 2025 (was €48,283)
- Depreciation +€39,928
up €39,928 (+1067.5%), from €3,740 to €43,668
- Provisions -€38,869
down €38,869 (-91.7%), from €42,365 to €3,495
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 | €870,357 | €1,720,494 | +€850,137 | +97.7% |
| Fixed assets | 21/28 | €8,574 | €865,184 | +€856,609 | +9990.3% |
| Intangible fixed assets | 21 | €1,668 | €1,068 | -€600 | -36.0% |
| Tangible fixed assets | 22/27 | €3,154 | €860,363 | +€857,209 | +27180.9% |
| Land and buildings | 22 | - | €808,890 | +€808,890 | |
| Furniture and vehicles | 24 | €3,154 | €51,473 | +€48,319 | +1532.1% |
| Financial fixed assets | 28 | €3,753 | €3,753 | = | 0.0% |
| Current assets | 29/58 | €861,782 | €855,310 | -€6,472 | -0.8% |
| Amounts receivable within one year | 40/41 | €275,269 | €400,676 | +€125,407 | +45.6% |
| Trade receivables | 40 | €275,167 | €358,381 | +€83,214 | +30.2% |
| Other amounts receivable | 41 | €102 | €42,295 | +€42,193 | +41240.3% |
| Current investments | 50/53 | €12,000 | €24,000 | +€12,000 | +100.0% |
| Cash at bank and in hand | 54/58 | €571,478 | €426,788 | -€144,689 | -25.3% |
| Deferred charges and accrued income | 490/1 | €3,035 | €3,846 | +€811 | +26.7% |
| Total equity and liabilities | 10/49 | €870,357 | €1,720,494 | +€850,137 | +97.7% |
| Equity | 10/15 | €239,578 | €56,871 | -€182,707 | -76.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €236,478 | €54,071 | -€182,407 | -77.1% |
| Investment grants | 15 | €600 | €300 | -€300 | -50.0% |
| Provisions and deferred taxes | 16 | €42,605 | €46,040 | +€3,435 | +8.1% |
| Provisions for liabilities and charges | 160/5 | €42,365 | €45,860 | +€3,495 | +8.3% |
| Other liabilities and charges | 164/5 | €42,365 | €45,860 | +€3,495 | +8.3% |
| Deferred taxes | 168 | €240 | €180 | -€60 | -25.0% |
| Amounts payable | 17/49 | €588,173 | €1,617,582 | +€1.0m | +175.0% |
| Amounts payable after more than one year | 17 | - | €560,241 | +€560,241 | |
| Financial debts | 170/4 | - | €560,241 | +€560,241 | |
| Amounts payable within one year | 42/48 | €588,173 | €1,057,341 | +€469,167 | +79.8% |
| Current portion of amounts payable after more than one year | 42 | - | €34,549 | +€34,549 | |
| Trade debts | 44 | €186,529 | €265,804 | +€79,275 | +42.5% |
| Suppliers | 440/4 | €186,529 | €265,804 | +€79,275 | +42.5% |
| Taxes, remuneration and social security | 45 | €68,686 | €15,902 | -€52,784 | -76.8% |
| Taxes | 450/3 | €55,833 | €2,896 | -€52,937 | -94.8% |
| Remuneration and social security | 454/9 | €12,853 | €13,006 | +€153 | +1.2% |
| Other amounts payable | 47/48 | €332,958 | €741,086 | +€408,128 | +122.6% |
| Remuneration, social security and pensions | 62 | €97,992 | €101,809 | +€3,817 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,740 | €43,668 | +€39,928 | +1067.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €48,283 | - | -€48,283 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €42,365 | €3,495 | -€38,869 | -91.7% |
| Other operating charges | 640/8 | - | €1,632 | +€1,632 | |
| Gross operating margin | 9900 | €505,899 | €591,358 | +€85,459 | +16.9% |
| Operating profit (loss) | 9901 | €313,519 | €440,754 | +€127,235 | +40.6% |
| Financial income | 75/76B | €853 | €345 | -€508 | -59.6% |
| Recurring financial income | 75 | €853 | €345 | -€508 | -59.6% |
| Financial charges | 65/66B | €2,818 | €72,409 | +€69,591 | +2469.7% |
| Recurring financial charges | 65 | €2,818 | €72,409 | +€69,591 | +2469.7% |
| Profit (loss) for the period before taxes | 9903 | €311,555 | €368,689 | +€57,135 | +18.3% |
| Transfer from deferred taxes | 780 | €60 | €60 | = | 0.0% |
| Income taxes | 67/77 | €91,783 | €91,156 | -€627 | -0.7% |
| Profit (loss) for the period | 9904 | €219,832 | €277,593 | +€57,761 | +26.3% |
| Profit (loss) for the period to be appropriated | 9905 | €219,832 | €277,593 | +€57,761 | +26.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.