TECHNICAL MANAGEMENT & HOLDING: 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.
TECHNICAL MANAGEMENT & HOLDING
Largest movements
- Current investments +€2.6m
up €2.6m (+299.2%), from €855,503 to €3.4m
- Financial fixed assets +€256,960
up €256,960 (+9.1%), from €2.8m to €3.1m
- Cash +€138,281
up €138,281 (+79.3%), from €174,282 to €312,563
mainly Net result for the year (+€3.2m) and Depreciation (+€101,484)
- Receivables within one year +€118,054
up €118,054 (+32.2%), from €366,912 to €484,965
of which Other amounts receivable: +€117,980
- Tangible fixed assets -€99,128
down €99,128 (-18.4%), from €539,778 to €440,650
of which Land and buildings: -€100,744
- Profit (loss) carried forward +€3.2m
up €3.2m (+293.9%), from €1.1m to €4.3m
- Debts after one year -€109,926
down €109,926 (-4.7%), from €2.3m to €2.2m
- Other debts -€98,114
down €98,114 (-30.5%), from €321,530 to €223,417
- Financial income +€2.8m
up €2.8m (+10228.5%), from €27,364 to €2.8m
- Financial charges -€72,461
down €72,461 (-29.2%), from €248,201 to €175,740
of which Non-recurring financial charges: -€60,000
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 | €4,826,708 | €7,804,117 | +€3.0m | +61.7% |
| Fixed assets | 21/28 | €3,374,159 | €3,531,992 | +€157,832 | +4.7% |
| Tangible fixed assets | 22/27 | €539,778 | €440,650 | -€99,128 | -18.4% |
| Land and buildings | 22 | €538,179 | €437,436 | -€100,744 | -18.7% |
| Furniture and vehicles | 24 | €1,599 | €3,214 | +€1,616 | +101.1% |
| Financial fixed assets | 28 | €2,834,382 | €3,091,342 | +€256,960 | +9.1% |
| Current assets | 29/58 | €1,452,549 | €4,272,125 | +€2.8m | +194.1% |
| Amounts receivable after more than one year | 29 | €5,000 | €5,000 | = | 0.0% |
| Other amounts receivable | 291 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €366,912 | €484,965 | +€118,054 | +32.2% |
| Trade receivables | 40 | €359,072 | €359,146 | +€74 | 0.0% |
| Other amounts receivable | 41 | €7,839 | €125,819 | +€117,980 | +1505.0% |
| Current investments | 50/53 | €855,503 | €3,415,211 | +€2.6m | +299.2% |
| Cash at bank and in hand | 54/58 | €174,282 | €312,563 | +€138,281 | +79.3% |
| Deferred charges and accrued income | 490/1 | €50,852 | €54,387 | +€3,534 | +7.0% |
| Total equity and liabilities | 10/49 | €4,826,708 | €7,804,117 | +€3.0m | +61.7% |
| Equity | 10/15 | €1,880,262 | €5,079,025 | +€3.2m | +170.1% |
| Contributions | 10/11 | €708,448 | €708,448 | = | 0.0% |
| Reserves | 13 | €83,315 | €83,315 | = | 0.0% |
| Distributable reserves | 133 | €83,315 | €83,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,088,499 | €4,287,262 | +€3.2m | +293.9% |
| Amounts payable | 17/49 | €2,946,446 | €2,725,092 | -€221,354 | -7.5% |
| Amounts payable after more than one year | 17 | €2,332,822 | €2,222,896 | -€109,926 | -4.7% |
| Financial debts | 170/4 | €2,332,822 | €2,222,896 | -€109,926 | -4.7% |
| Amounts payable within one year | 42/48 | €450,353 | €348,473 | -€101,879 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €109,537 | €113,636 | +€4,099 | +3.7% |
| Trade debts | 44 | €4,178 | €1,483 | -€2,695 | -64.5% |
| Suppliers | 440/4 | €4,178 | €1,483 | -€2,695 | -64.5% |
| Taxes, remuneration and social security | 45 | €15,107 | €9,938 | -€5,170 | -34.2% |
| Taxes | 450/3 | €11,222 | €6,052 | -€5,170 | -46.1% |
| Remuneration and social security | 454/9 | €3,886 | €3,886 | = | 0.0% |
| Other amounts payable | 47/48 | €321,530 | €223,417 | -€98,114 | -30.5% |
| Accrued charges and deferred income | 492/3 | €163,271 | €153,722 | -€9,549 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,922 | €101,484 | +€562 | +0.6% |
| Other operating charges | 640/8 | €1,318 | €1,265 | -€52 | -4.0% |
| Gross operating margin | 9900 | €786,454 | €783,939 | -€2,514 | -0.3% |
| Operating profit (loss) | 9901 | €684,215 | €681,190 | -€3,025 | -0.4% |
| Financial income | 75/76B | €27,364 | €2,826,288 | +€2.8m | +10228.5% |
| Recurring financial income | 75 | €27,364 | €2,826,288 | +€2.8m | +10228.5% |
| Financial charges | 65/66B | €248,201 | €175,740 | -€72,461 | -29.2% |
| Recurring financial charges | 65 | €188,201 | €175,740 | -€12,461 | -6.6% |
| Non-recurring financial charges | 66B | €60,000 | €0 | -€60,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €463,378 | €3,331,738 | +€2.9m | +619.0% |
| Income taxes | 67/77 | €131,068 | €132,975 | +€1,907 | +1.5% |
| Profit (loss) for the period | 9904 | €332,309 | €3,198,763 | +€2.9m | +862.6% |
| Profit (loss) for the period to be appropriated | 9905 | €332,309 | €3,198,763 | +€2.9m | +862.6% |
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.