Advestate: 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.
What changed
Advestate
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€489,727
2024 · -€331,081+€820,808
Equity
€8.0m
2024 · €7.6m+€489,727
Cash
€155,432
2024 · €218,127-€62,695
Balance sheet total
€12.0m
2024 · €9.6m+€2.4m
Largest movements
Assets
- Tangible fixed assets +€3.3m
up €3.3m (+118%), from €2.8m to €6.1m
of which Land and buildings: +€3.3m
- Financial fixed assets -€844,025
down €844,025 (-16.2%), from €5.2m to €4.4m
Equity and liabilities
- Debts after one year +€2.4m
up €2.4m (+176%), from €1.3m to €3.7m
of which Financial debts: +€2.4m
- Short-term financial debts -€500,000
no longer reported in 2025 (was €500,000)
- Reserves +€489,727
up €489,727 (+6.6%), from €7.5m to €7.9m
of which Distributable reserves: +€489,727
Income statement
- Financial charges -€1.1m
down €1.1m (-95.1%), from €1.2m to €56,584
- Gross operating margin -€227,114
down €227,114 (-73.0%), from €311,298 to €84,184
- Depreciation +€204,341
up €204,341 (+171%), from €119,724 to €324,065
- Financial income +€160,846
up €160,846 (+23.6%), from €681,347 to €842,193
- Taxes +€39,608
up €39,608 (+6,450%), from €614 to €40,222
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.
Result 2024
-€331,081
Gross operating margin
-€227,114
Depreciation
-€204,341
Other operating charges
-€354
Other operating items
+€25,156
Financial income
+€160,846
Financial charges
+€1.1m
Taxes
-€39,608
Result 2025
€489,727
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€821,547
Investment
-€2.8m
Financing
+€1.9m
Cash 2024
€218,127
From operations (derived)
+€821,547
Net result for the year
+€489,727
Depreciation
+€324,065
Smaller working-capital items
-€8,463
Tax, wage and social debts
-€9,661
Other debts
+€25,879
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Current investments
-€11,446
Financing
+€1.9m
Debts after one year
+€2.4m
Current portion of long-term debt
+€37,329
Short-term financial debts
-€500,000
Cash 2025
€155,432
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,573,111 | €11,993,689 | +€2.4m | +25.3% |
| Fixed assets | 21/28 | €8,018,100 | €10,482,629 | +€2.5m | +30.7% |
| Tangible fixed assets | 22/27 | €2,803,254 | €6,111,809 | +€3.3m | +118% |
| Land and buildings | 22 | €2,647,537 | €5,973,070 | +€3.3m | +126% |
| Plant, machinery and equipment | 23 | €374 | €0 | -€374 | -100.0% |
| Furniture and vehicles | 24 | €61,924 | €45,320 | -€16,604 | -26.8% |
| Other tangible fixed assets | 26 | €93,419 | €93,419 | = | 0.0% |
| Financial fixed assets | 28 | €5,214,846 | €4,370,821 | -€844,025 | -16.2% |
| Current assets | 29/58 | €1,555,012 | €1,511,059 | -€43,952 | -2.8% |
| Amounts receivable after more than one year | 29 | €348 | - | -€348 | |
| Other amounts receivable | 291 | €348 | - | -€348 | |
| Amounts receivable within one year | 40/41 | €5,954 | €8,527 | +€2,573 | +43.2% |
| Trade receivables | 40 | €500 | €3,073 | +€2,573 | +515% |
| Other amounts receivable | 41 | €5,454 | €5,454 | = | 0.0% |
| Current investments | 50/53 | €1,326,819 | €1,338,265 | +€11,446 | +0.9% |
| Cash at bank and in hand | 54/58 | €218,127 | €155,432 | -€62,695 | -28.7% |
| Deferred charges and accrued income | 490/1 | €3,764 | €8,835 | +€5,071 | +135% |
| Total equity and liabilities | 10/49 | €9,573,111 | €11,993,689 | +€2.4m | +25.3% |
| Equity | 10/15 | €7,552,404 | €8,042,130 | +€489,727 | +6.5% |
| Contributions | 10/11 | €102,400 | €102,400 | = | 0.0% |
| Reserves | 13 | €7,450,004 | €7,939,730 | +€489,727 | +6.6% |
| Non-distributable reserves | 130/1 | €10,240 | €10,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,240 | €10,240 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €7,421,014 | €7,910,740 | +€489,727 | +6.6% |
| Amounts payable | 17/49 | €2,020,707 | €3,951,558 | +€1.9m | +95.6% |
| Amounts payable after more than one year | 17 | €1,347,867 | €3,726,338 | +€2.4m | +176% |
| Financial debts | 170/4 | €697,979 | €3,100,697 | +€2.4m | +344% |
| Other amounts payable | 178/9 | €649,889 | €625,640 | -€24,248 | -3.7% |
| Amounts payable within one year | 42/48 | €672,840 | €225,221 | -€447,619 | -66.5% |
| Current portion of amounts payable after more than one year | 42 | €131,785 | €169,114 | +€37,329 | +28.3% |
| Financial debts | 43 | €500,000 | - | -€500,000 | |
| Credit institutions | 430/8 | €500,000 | - | -€500,000 | |
| Trade debts | 44 | €1,105 | €1,341 | +€236 | +21.4% |
| Suppliers | 440/4 | €1,105 | €1,341 | +€236 | +21.4% |
| Advances received on contracts in progress | 46 | €1,402 | - | -€1,402 | |
| Taxes, remuneration and social security | 45 | €36,758 | €27,097 | -€9,661 | -26.3% |
| Taxes | 450/3 | €36,758 | €27,097 | -€9,661 | -26.3% |
| Other amounts payable | 47/48 | €1,790 | €27,669 | +€25,879 | +1,446% |
| Non-recurring operating income | 76A | €33,774 | €61,486 | +€27,711 | +82.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,724 | €324,065 | +€204,341 | +171% |
| Other operating charges | 640/8 | €15,426 | €15,780 | +€354 | +2.3% |
| Non-recurring operating charges | 66A | €25,156 | - | -€25,156 | |
| Gross operating margin | 9900 | €311,298 | €84,184 | -€227,114 | -73.0% |
| Operating profit (loss) | 9901 | €150,993 | -€255,661 | -€406,653 | |
| Financial income | 75/76B | €681,347 | €842,193 | +€160,846 | +23.6% |
| Recurring financial income | 75 | €681,347 | €842,193 | +€160,846 | +23.6% |
| Financial charges | 65/66B | €1,162,806 | €56,584 | -€1.1m | -95.1% |
| Recurring financial charges | 65 | €1,162,806 | €56,584 | -€1.1m | -95.1% |
| Profit (loss) for the period before taxes | 9903 | -€330,467 | €529,948 | +€860,415 | |
| Income taxes | 67/77 | €614 | €40,222 | +€39,608 | +6,450% |
| Profit (loss) for the period | 9904 | -€331,081 | €489,727 | +€820,808 | |
| Profit (loss) for the period to be appropriated | 9905 | -€331,081 | €489,727 | +€820,808 |
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 25 October 2026 via checked.be.