TRANSITIVE 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.
TRANSITIVE MANAGEMENT
Largest movements
- Cash +€1.2m
up €1.2m (+123%), from €954,807 to €2.1m
mainly Net result for the year (+€975,795) and Tax, wage and social debts (+€221,657)
- Receivables within one year +€314,238
up €314,238 (+45.3%), from €693,250 to €1.0m
of which Trade receivables: +€301,648
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Reserves +€975,000
up €975,000 (+74.5%), from €1.3m to €2.3m
- Tax, wage and social debts +€221,657
up €221,657 (+16,246%), from €1,364 to €223,021
of which Taxes: +€217,657
- Trade debts +€111,361
up €111,361 (+42.9%), from €259,343 to €370,705
- Other debts -€32,565
down €32,565 (-64.3%), from €50,658 to €18,094
- Gross operating margin +€547,309
up €547,309 (+56.2%), from €974,706 to €1.5m
- Taxes +€165,293
up €165,293 (+54.4%), from €303,894 to €469,187
- Staff costs +€30,348
new in 2025: €30,348
- Write-downs +€20,000
new in 2025: €20,000
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.
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 | €1,987,316 | €3,248,920 | +€1.3m | +63.5% |
| Fixed assets | 21/28 | €136,825 | €112,412 | -€24,412 | -17.8% |
| Tangible fixed assets | 22/27 | €136,663 | €112,251 | -€24,412 | -17.9% |
| Land and buildings | 22 | €105,715 | €92,995 | -€12,719 | -12.0% |
| Furniture and vehicles | 24 | €25,329 | €14,239 | -€11,090 | -43.8% |
| Other tangible fixed assets | 26 | €5,620 | €5,017 | -€603 | -10.7% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €1,850,491 | €3,136,508 | +€1.3m | +69.5% |
| Amounts receivable within one year | 40/41 | €693,250 | €1,007,488 | +€314,238 | +45.3% |
| Trade receivables | 40 | €654,016 | €955,665 | +€301,648 | +46.1% |
| Other amounts receivable | 41 | €39,234 | €51,823 | +€12,590 | +32.1% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €954,807 | €2,126,899 | +€1.2m | +123% |
| Deferred charges and accrued income | 490/1 | €2,435 | €2,121 | -€313 | -12.9% |
| Total equity and liabilities | 10/49 | €1,987,316 | €3,248,920 | +€1.3m | +63.5% |
| Equity | 10/15 | €1,659,247 | €2,635,041 | +€975,795 | +58.8% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €1,308,100 | €2,283,100 | +€975,000 | +74.5% |
| Distributable reserves | 133 | €1,308,100 | €2,283,100 | +€975,000 | +74.5% |
| Profit (loss) carried forward | 14 | €330,147 | €330,941 | +€795 | +0.2% |
| Amounts payable | 17/49 | €328,069 | €613,879 | +€285,810 | +87.1% |
| Amounts payable after more than one year | 17 | €1,812 | - | -€1,812 | |
| Financial debts | 170/4 | €1,812 | - | -€1,812 | |
| Amounts payable within one year | 42/48 | €325,893 | €613,632 | +€287,738 | +88.3% |
| Current portion of amounts payable after more than one year | 42 | €14,528 | €1,812 | -€12,715 | -87.5% |
| Trade debts | 44 | €259,343 | €370,705 | +€111,361 | +42.9% |
| Suppliers | 440/4 | €259,343 | €370,705 | +€111,361 | +42.9% |
| Taxes, remuneration and social security | 45 | €1,364 | €223,021 | +€221,657 | +16,246% |
| Taxes | 450/3 | €1,364 | €219,021 | +€217,657 | +15,953% |
| Remuneration and social security | 454/9 | - | €4,000 | +€4,000 | |
| Other amounts payable | 47/48 | €50,658 | €18,094 | -€32,565 | -64.3% |
| Accrued charges and deferred income | 492/3 | €363 | €247 | -€116 | -31.9% |
| Remuneration, social security and pensions | 62 | - | €30,348 | +€30,348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,325 | €28,089 | +€2,764 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,000 | +€20,000 | |
| Other operating charges | 640/8 | €4,283 | €7,012 | +€2,729 | +63.7% |
| Gross operating margin | 9900 | €974,706 | €1,522,014 | +€547,309 | +56.2% |
| Operating profit (loss) | 9901 | €945,098 | €1,436,565 | +€491,467 | +52.0% |
| Financial income | 75/76B | €4,633 | €10,552 | +€5,919 | +128% |
| Recurring financial income | 75 | €4,633 | €10,552 | +€5,919 | +128% |
| Financial charges | 65/66B | €2,665 | €2,135 | -€531 | -19.9% |
| Recurring financial charges | 65 | €2,665 | €2,135 | -€531 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €947,066 | €1,444,982 | +€497,916 | +52.6% |
| Income taxes | 67/77 | €303,894 | €469,187 | +€165,293 | +54.4% |
| Profit (loss) for the period | 9904 | €643,172 | €975,795 | +€332,623 | +51.7% |
| Profit (loss) for the period to be appropriated | 9905 | €643,172 | €975,795 | +€332,623 | +51.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.