THINK 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.
THINK MANAGEMENT
Largest movements
- Tangible fixed assets -€284,178
down €284,178 (-78.1%), from €363,783 to €79,605
of which Land and buildings: -€266,116
- Cash +€56,243
up €56,243 (+587%), from €9,581 to €65,825
mainly Investment in fixed assets (net) (+€266,717) and Net result for the year (+€33,113)
- Receivables within one year +€42,199
up €42,199 (+182%), from €23,198 to €65,397
of which Other amounts receivable: +€42,210
- Debts after one year -€152,548
down €152,548 (-85.7%), from €178,012 to €25,464
- Reserves -€13,866
down €13,866 (-13.5%), from €102,918 to €89,052
- Current portion of long-term debt -€11,531
down €11,531 (-42.4%), from €27,169 to €15,638
- Tax, wage and social debts -€7,009
down €7,009 (-83.9%), from €8,358 to €1,350
of which Remuneration and social security: -€6,224
- Accrued charges and deferred income -€5,692
down €5,692 (-72.4%), from €7,859 to €2,166
- Gross operating margin +€13,389
up €13,389 (+18.7%), from €71,722 to €85,111
- Financial charges +€7,082
up €7,082 (+64.7%), from €10,945 to €18,027
- Taxes +€4,955
up €4,955 (+52.3%), from €9,473 to €14,427
- Depreciation -€4,464
down €4,464 (-20.4%), from €21,926 to €17,461
- Other operating charges -€4,142
down €4,142 (-45.4%), from €9,132 to €4,990
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 | €408,272 | €218,942 | -€189,330 | -46.4% |
| Fixed assets | 21/28 | €363,783 | €79,605 | -€284,178 | -78.1% |
| Tangible fixed assets | 22/27 | €363,783 | €79,605 | -€284,178 | -78.1% |
| Land and buildings | 22 | €301,137 | €35,021 | -€266,116 | -88.4% |
| Plant, machinery and equipment | 23 | €10,862 | €7,573 | -€3,289 | -30.3% |
| Furniture and vehicles | 24 | €6,816 | €2,480 | -€4,337 | -63.6% |
| Leasing and similar rights | 25 | €44,967 | €34,531 | -€10,436 | -23.2% |
| Current assets | 29/58 | €44,489 | €139,337 | +€94,848 | +213% |
| Amounts receivable after more than one year | 29 | €4,000 | €1,000 | -€3,000 | -75.0% |
| Other amounts receivable | 291 | €4,000 | €1,000 | -€3,000 | -75.0% |
| Amounts receivable within one year | 40/41 | €23,198 | €65,397 | +€42,199 | +182% |
| Trade receivables | 40 | €13,406 | €13,396 | -€11 | -0.1% |
| Other amounts receivable | 41 | €9,791 | €52,001 | +€42,210 | +431% |
| Cash at bank and in hand | 54/58 | €9,581 | €65,825 | +€56,243 | +587% |
| Deferred charges and accrued income | 490/1 | €7,710 | €7,116 | -€595 | -7.7% |
| Total equity and liabilities | 10/49 | €408,272 | €218,942 | -€189,330 | -46.4% |
| Equity | 10/15 | €175,318 | €161,452 | -€13,866 | -7.9% |
| Contributions | 10/11 | €72,400 | €72,400 | = | 0.0% |
| Reserves | 13 | €102,918 | €89,052 | -€13,866 | -13.5% |
| Distributable reserves | 133 | €102,918 | €89,052 | -€13,866 | -13.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €232,954 | €57,490 | -€175,464 | -75.3% |
| Amounts payable after more than one year | 17 | €178,012 | €25,464 | -€152,548 | -85.7% |
| Financial debts | 170/4 | €178,012 | €25,464 | -€152,548 | -85.7% |
| Amounts payable within one year | 42/48 | €47,084 | €29,860 | -€17,224 | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €27,169 | €15,638 | -€11,531 | -42.4% |
| Trade debts | 44 | €11,556 | €12,872 | +€1,316 | +11.4% |
| Suppliers | 440/4 | €11,556 | €12,872 | +€1,316 | +11.4% |
| Taxes, remuneration and social security | 45 | €8,358 | €1,350 | -€7,009 | -83.9% |
| Taxes | 450/3 | €2,135 | €1,350 | -€785 | -36.8% |
| Remuneration and social security | 454/9 | €6,224 | €0 | -€6,224 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €7,859 | €2,166 | -€5,692 | -72.4% |
| Non-recurring operating income | 76A | - | €53,495 | +€53,495 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,926 | €17,461 | -€4,464 | -20.4% |
| Other operating charges | 640/8 | €9,132 | €4,990 | -€4,142 | -45.4% |
| Gross operating margin | 9900 | €71,722 | €85,111 | +€13,389 | +18.7% |
| Operating profit (loss) | 9901 | €40,665 | €62,660 | +€21,995 | +54.1% |
| Financial income | 75/76B | €235 | €2,908 | +€2,672 | +1,136% |
| Recurring financial income | 75 | €235 | €2,908 | +€2,672 | +1,136% |
| Financial charges | 65/66B | €10,945 | €18,027 | +€7,082 | +64.7% |
| Recurring financial charges | 65 | €10,945 | €18,027 | +€7,082 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €29,955 | €47,541 | +€17,586 | +58.7% |
| Income taxes | 67/77 | €9,473 | €14,427 | +€4,955 | +52.3% |
| Profit (loss) for the period | 9904 | €20,483 | €33,113 | +€12,631 | +61.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,483 | €33,113 | +€12,631 | +61.7% |
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 17 October 2026 via checked.be.