Turnaround 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.
Turnaround Management
Largest movements
- Receivables within one year -€39,786
down €39,786 (-99.4%), from €40,009 to €223
of which Trade receivables: -€39,786
- Deferred charges and accrued income +€25,287
up €25,287 (+4,234%), from €597 to €25,884
- Tangible fixed assets -€23,130
down €23,130 (-95.4%), from €24,250 to €1,120
of which Furniture and vehicles: -€21,836
- Profit (loss) carried forward -€101,942
down €101,942 (-87.2%), from -€116,915 to -€218,857
- Other debts +€74,573
up €74,573 (+17.1%), from €435,389 to €509,962
- Current portion of long-term debt -€25,975
down €25,975 (-56.3%), from €46,101 to €20,127
- Advances received +€25,591
new in 2025: €25,591
- Debts after one year -€20,127
down €20,127 (-33.5%), from €60,004 to €39,877
- Depreciation -€38,567
down €38,567 (-96.8%), from €39,861 to €1,294
- Gross operating margin -€16,785
down €16,785 (-23.6%), from -€71,078 to -€87,863
- Taxes -€4,566
down €4,566 (-86.4%), from €5,282 to €716
- Financial charges -€4,366
down €4,366 (-42.9%), from €10,174 to €5,808
- Other operating charges -€2,015
down €2,015 (-23.7%), from €8,511 to €6,497
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 | €487,252 | €452,349 | -€34,903 | -7.2% |
| Fixed assets | 21/28 | €26,250 | €3,120 | -€23,130 | -88.1% |
| Tangible fixed assets | 22/27 | €24,250 | €1,120 | -€23,130 | -95.4% |
| Plant, machinery and equipment | 23 | €255 | €0 | -€255 | -100% |
| Furniture and vehicles | 24 | €21,836 | €0 | -€21,836 | -100% |
| Other tangible fixed assets | 26 | €2,159 | €1,120 | -€1,039 | -48.1% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €461,002 | €449,229 | -€11,773 | -2.6% |
| Amounts receivable after more than one year | 29 | €407,500 | €407,500 | = | 0.0% |
| Other amounts receivable | 291 | €407,500 | €407,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €40,009 | €223 | -€39,786 | -99.4% |
| Trade receivables | 40 | €40,009 | €223 | -€39,786 | -99.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €12,896 | €15,623 | +€2,727 | +21.1% |
| Deferred charges and accrued income | 490/1 | €597 | €25,884 | +€25,287 | +4,234% |
| Total equity and liabilities | 10/49 | €487,252 | €452,349 | -€34,903 | -7.2% |
| Equity | 10/15 | -€66,217 | -€168,159 | -€101,942 | -154% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,098 | €32,098 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €30,238 | €32,098 | +€1,860 | +6.2% |
| Profit (loss) carried forward | 14 | -€116,915 | -€218,857 | -€101,942 | -87.2% |
| Amounts payable | 17/49 | €553,469 | €620,508 | +€67,039 | +12.1% |
| Amounts payable after more than one year | 17 | €60,004 | €39,877 | -€20,127 | -33.5% |
| Financial debts | 170/4 | €60,004 | €39,877 | -€20,127 | -33.5% |
| Amounts payable within one year | 42/48 | €492,497 | €580,631 | +€88,134 | +17.9% |
| Current portion of amounts payable after more than one year | 42 | €46,101 | €20,127 | -€25,975 | -56.3% |
| Financial debts | 43 | - | €5,161 | +€5,161 | |
| Credit institutions | 430/8 | - | €5,161 | +€5,161 | |
| Trade debts | 44 | €4,290 | €16,099 | +€11,809 | +275% |
| Suppliers | 440/4 | €4,290 | €16,099 | +€11,809 | +275% |
| Advances received on contracts in progress | 46 | - | €25,591 | +€25,591 | |
| Taxes, remuneration and social security | 45 | €6,717 | €3,691 | -€3,026 | -45.0% |
| Taxes | 450/3 | €6,717 | €3,691 | -€3,026 | -45.0% |
| Other amounts payable | 47/48 | €435,389 | €509,962 | +€74,573 | +17.1% |
| Accrued charges and deferred income | 492/3 | €968 | €0 | -€968 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,861 | €1,294 | -€38,567 | -96.8% |
| Other operating charges | 640/8 | €8,511 | €6,497 | -€2,015 | -23.7% |
| Gross operating margin | 9900 | -€71,078 | -€87,863 | -€16,785 | -23.6% |
| Operating profit (loss) | 9901 | -€119,450 | -€95,654 | +€23,796 | +19.9% |
| Financial income | 75/76B | €696 | €236 | -€460 | -66.1% |
| Recurring financial income | 75 | €696 | €236 | -€460 | -66.1% |
| Financial charges | 65/66B | €10,174 | €5,808 | -€4,366 | -42.9% |
| Recurring financial charges | 65 | €10,174 | €5,808 | -€4,366 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | -€128,928 | -€101,226 | +€27,702 | +21.5% |
| Income taxes | 67/77 | €5,282 | €716 | -€4,566 | -86.4% |
| Profit (loss) for the period | 9904 | -€134,210 | -€101,942 | +€32,268 | +24.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€134,210 | -€101,942 | +€32,268 | +24.0% |
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 22 October 2026 via checked.be.