The Management Corner: 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.
The Management Corner
Largest movements
- Receivables within one year -€178,655
down €178,655 (-55.2%), from €323,735 to €145,080
of which Trade receivables: -€125,474
- Tangible fixed assets +€160,648
up €160,648 (+20.1%), from €797,364 to €958,013
of which Furniture and vehicles: +€194,913
- Cash +€132,082
up €132,082 (+46.7%), from €282,961 to €415,043
mainly Net result for the year (+€332,654) and Receivables within one year (+€178,655)
- Reserves +€332,654
up €332,654 (+53.1%), from €626,170 to €958,824
of which Distributable reserves: +€332,654
- Debts after one year -€300,324
down €300,324 (-26.0%), from €1.2m to €856,133
of which Other amounts payable: -€250,000
- Tax, wage and social debts +€100,567
up €100,567 (+360%), from €27,946 to €128,513
- Gross operating margin +€310,599
up €310,599 (+86.0%), from €361,019 to €671,618
- Taxes +€85,174
up €85,174 (+92.9%), from €91,709 to €176,883
- Depreciation +€33,380
up €33,380 (+52.0%), from €64,139 to €97,520
- Other operating charges +€30,665
up €30,665 (+204%), from €15,018 to €45,683
- Financial charges -€10,258
down €10,258 (-16.8%), from €60,997 to €50,738
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,919,213 | €2,050,725 | +€131,512 | +6.9% |
| Fixed assets | 21/28 | €1,295,565 | €1,458,130 | +€162,565 | +12.5% |
| Tangible fixed assets | 22/27 | €797,364 | €958,013 | +€160,648 | +20.1% |
| Land and buildings | 22 | €686,275 | €652,853 | -€33,422 | -4.9% |
| Furniture and vehicles | 24 | €108,895 | €303,808 | +€194,913 | +179% |
| Other tangible fixed assets | 26 | €2,195 | €1,352 | -€843 | -38.4% |
| Financial fixed assets | 28 | €498,201 | €500,118 | +€1,917 | +0.4% |
| Current assets | 29/58 | €623,648 | €592,594 | -€31,054 | -5.0% |
| Stocks and contracts in progress | 3 | - | €3,543 | +€3,543 | |
| Stocks | 30/36 | - | €3,543 | +€3,543 | |
| Amounts receivable within one year | 40/41 | €323,735 | €145,080 | -€178,655 | -55.2% |
| Trade receivables | 40 | €189,354 | €63,880 | -€125,474 | -66.3% |
| Other amounts receivable | 41 | €134,381 | €81,200 | -€53,181 | -39.6% |
| Cash at bank and in hand | 54/58 | €282,961 | €415,043 | +€132,082 | +46.7% |
| Deferred charges and accrued income | 490/1 | €16,952 | €28,929 | +€11,977 | +70.7% |
| Total equity and liabilities | 10/49 | €1,919,213 | €2,050,725 | +€131,512 | +6.9% |
| Equity | 10/15 | €644,770 | €977,424 | +€332,654 | +51.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €626,170 | €958,824 | +€332,654 | +53.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €624,310 | €956,964 | +€332,654 | +53.3% |
| Amounts payable | 17/49 | €1,274,443 | €1,073,300 | -€201,143 | -15.8% |
| Amounts payable after more than one year | 17 | €1,156,457 | €856,133 | -€300,324 | -26.0% |
| Financial debts | 170/4 | €130,994 | €80,670 | -€50,324 | -38.4% |
| Other amounts payable | 178/9 | €1,025,463 | €775,463 | -€250,000 | -24.4% |
| Amounts payable within one year | 42/48 | €98,220 | €191,356 | +€93,136 | +94.8% |
| Current portion of amounts payable after more than one year | 42 | €61,286 | €50,324 | -€10,962 | -17.9% |
| Trade debts | 44 | €8,727 | €12,339 | +€3,612 | +41.4% |
| Suppliers | 440/4 | €8,727 | €12,339 | +€3,612 | +41.4% |
| Taxes, remuneration and social security | 45 | €27,946 | €128,513 | +€100,567 | +360% |
| Taxes | 450/3 | €27,946 | €128,513 | +€100,567 | +360% |
| Other amounts payable | 47/48 | €261 | €180 | -€81 | -31.1% |
| Accrued charges and deferred income | 492/3 | €19,766 | €25,812 | +€6,045 | +30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,139 | €97,520 | +€33,380 | +52.0% |
| Other operating charges | 640/8 | €15,018 | €45,683 | +€30,665 | +204% |
| Non-recurring operating charges | 66A | - | €93 | +€93 | |
| Gross operating margin | 9900 | €361,019 | €671,618 | +€310,599 | +86.0% |
| Operating profit (loss) | 9901 | €281,862 | €528,323 | +€246,461 | +87.4% |
| Financial income | 75/76B | €25,107 | €31,953 | +€6,846 | +27.3% |
| Recurring financial income | 75 | €25,107 | €31,953 | +€6,846 | +27.3% |
| Financial charges | 65/66B | €60,997 | €50,738 | -€10,258 | -16.8% |
| Recurring financial charges | 65 | €60,997 | €50,738 | -€10,258 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €245,972 | €509,538 | +€263,565 | +107% |
| Income taxes | 67/77 | €91,709 | €176,883 | +€85,174 | +92.9% |
| Profit (loss) for the period | 9904 | €154,263 | €332,654 | +€178,391 | +116% |
| Profit (loss) for the period to be appropriated | 9905 | €154,263 | €332,654 | +€178,391 | +116% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.