The Middle Men: 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 Middle Men
Largest movements
- Cash +€291,407
up €291,407 (+167%), from €174,483 to €465,890
mainly Receivables within one year (+€238,077) and Trade debts (+€29,138)
- Receivables within one year -€238,077
down €238,077 (-39.9%), from €596,081 to €358,004
of which Trade receivables: -€229,214
- Trade debts +€29,138
up €29,138 (+5.2%), from €562,474 to €591,612
- Tax, wage and social debts +€16,916
up €16,916 (+11.7%), from €145,041 to €161,956
of which Taxes: +€30,302
- Gross operating margin +€72,231
up €72,231 (+17.1%), from €422,885 to €495,116
- Staff costs +€70,347
up €70,347 (+17.5%), from €401,241 to €471,588
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 | €789,506 | €843,501 | +€53,995 | +6.8% |
| Fixed assets | 21/28 | €18,586 | €16,792 | -€1,795 | -9.7% |
| Tangible fixed assets | 22/27 | €18,586 | €16,792 | -€1,795 | -9.7% |
| Furniture and vehicles | 24 | €18,586 | €16,792 | -€1,795 | -9.7% |
| Current assets | 29/58 | €770,920 | €826,709 | +€55,789 | +7.2% |
| Amounts receivable within one year | 40/41 | €596,081 | €358,004 | -€238,077 | -39.9% |
| Trade receivables | 40 | €578,048 | €348,834 | -€229,214 | -39.7% |
| Other amounts receivable | 41 | €18,033 | €9,171 | -€8,862 | -49.1% |
| Cash at bank and in hand | 54/58 | €174,483 | €465,890 | +€291,407 | +167% |
| Deferred charges and accrued income | 490/1 | €356 | €2,815 | +€2,459 | +691% |
| Total equity and liabilities | 10/49 | €789,506 | €843,501 | +€53,995 | +6.8% |
| Equity | 10/15 | €81,992 | €88,377 | +€6,385 | +7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,488 | €1,488 | = | 0.0% |
| Distributable reserves | 133 | €1,488 | €1,488 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,504 | €66,889 | +€6,385 | +10.6% |
| Amounts payable | 17/49 | €707,514 | €755,124 | +€47,610 | +6.7% |
| Amounts payable within one year | 42/48 | €707,514 | €755,124 | +€47,610 | +6.7% |
| Trade debts | 44 | €562,474 | €591,612 | +€29,138 | +5.2% |
| Suppliers | 440/4 | €562,474 | €591,612 | +€29,138 | +5.2% |
| Taxes, remuneration and social security | 45 | €145,041 | €161,956 | +€16,916 | +11.7% |
| Taxes | 450/3 | €66,758 | €97,060 | +€30,302 | +45.4% |
| Remuneration and social security | 454/9 | €78,283 | €64,896 | -€13,387 | -17.1% |
| Other amounts payable | 47/48 | - | €1,555 | +€1,555 | |
| Remuneration, social security and pensions | 62 | €401,241 | €471,588 | +€70,347 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,226 | €8,719 | +€1,493 | +20.7% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €422,885 | €495,116 | +€72,231 | +17.1% |
| Operating profit (loss) | 9901 | €14,030 | €14,409 | +€379 | +2.7% |
| Financial income | 75/76B | €207 | €130 | -€77 | -37.3% |
| Recurring financial income | 75 | €207 | €130 | -€77 | -37.3% |
| Financial charges | 65/66B | €1,005 | €898 | -€108 | -10.7% |
| Recurring financial charges | 65 | €1,005 | €898 | -€108 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €13,231 | €13,641 | +€410 | +3.1% |
| Income taxes | 67/77 | €6,279 | €7,256 | +€976 | +15.5% |
| Profit (loss) for the period | 9904 | €6,952 | €6,385 | -€566 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,952 | €6,385 | -€566 | -8.1% |
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 26 October 2026 via checked.be.