ACTIVMASTER: what changed
ACTIVMASTER
Largest movements
- Stocks and contracts +€45,133
up €45,133 (+46.6%), from €96,902 to €142,035
- Receivables within one year +€44,373
up €44,373 (+25.1%), from €177,071 to €221,444
of which Trade receivables: +€45,773
- Cash -€17,152
down €17,152 (-70.3%), from €24,406 to €7,254
mainly Stocks and contracts (-€45,133) and Receivables within one year (-€44,373)
- Other debts +€80,541
up €80,541 (+19.6%), from €410,421 to €490,962
- Trade debts -€17,482
no longer reported in 2025 (was €17,482)
- Gross operating margin +€1,029
up €1,029 (+10.5%), from €9,796 to €10,825
- Depreciation -€506
down €506 (-6.3%), from €8,000 to €7,494
- Other operating charges -€387
no longer reported in 2025 (was €387)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €339,450 | €408,416 | +€68,966 | +20.3% |
| Fixed assets | 21/28 | €41,071 | €37,683 | -€3,388 | -8.2% |
| Tangible fixed assets | 22/27 | €40,897 | €37,509 | -€3,388 | -8.3% |
| Plant, machinery and equipment | 23 | €39,119 | €35,921 | -€3,198 | -8.2% |
| Furniture and vehicles | 24 | €1,778 | €1,588 | -€190 | -10.7% |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €298,379 | €370,733 | +€72,354 | +24.2% |
| Stocks and contracts in progress | 3 | €96,902 | €142,035 | +€45,133 | +46.6% |
| Stocks | 30/36 | €96,902 | €142,035 | +€45,133 | +46.6% |
| Amounts receivable within one year | 40/41 | €177,071 | €221,444 | +€44,373 | +25.1% |
| Trade receivables | 40 | €81,855 | €127,628 | +€45,773 | +55.9% |
| Other amounts receivable | 41 | €95,216 | €93,816 | -€1,400 | -1.5% |
| Cash at bank and in hand | 54/58 | €24,406 | €7,254 | -€17,152 | -70.3% |
| Total equity and liabilities | 10/49 | €339,450 | €408,416 | +€68,966 | +20.3% |
| Equity | 10/15 | -€90,254 | -€87,057 | +€3,197 | +3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,846 | -€105,649 | +€3,197 | +2.9% |
| Amounts payable | 17/49 | €429,704 | €495,473 | +€65,769 | +15.3% |
| Amounts payable within one year | 42/48 | €429,704 | €495,473 | +€65,769 | +15.3% |
| Trade debts | 44 | €17,482 | - | -€17,482 | |
| Suppliers | 440/4 | €17,482 | - | -€17,482 | |
| Taxes, remuneration and social security | 45 | €1,801 | €4,511 | +€2,710 | +150% |
| Taxes | 450/3 | €1,801 | €4,511 | +€2,710 | +150% |
| Other amounts payable | 47/48 | €410,421 | €490,962 | +€80,541 | +19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €7,494 | -€506 | -6.3% |
| Other operating charges | 640/8 | €387 | - | -€387 | |
| Gross operating margin | 9900 | €9,796 | €10,825 | +€1,029 | +10.5% |
| Operating profit (loss) | 9901 | €1,409 | €3,331 | +€1,922 | +136% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €165 | €134 | -€31 | -18.8% |
| Recurring financial charges | 65 | €103 | €134 | +€31 | +30.1% |
| Non-recurring financial charges | 66B | €62 | - | -€62 | |
| Profit (loss) for the period before taxes | 9903 | €1,252 | €3,197 | +€1,945 | +155% |
| Profit (loss) for the period | 9904 | €1,252 | €3,197 | +€1,945 | +155% |
| Profit (loss) for the period to be appropriated | 9905 | €1,252 | €3,197 | +€1,945 | +155% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.