B'con: what changed
Two fiscal 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
B'con
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€134,706
2024 · €228,685-€93,979
Equity
€784,979
2024 · €650,273+€134,706
Cash
€88,455
2024 · €140,895-€52,440
Balance sheet total
€1.9m
2024 · €1.9m+€34,747
Largest movements
Assets
- Tangible fixed assets +€100,709
up €100,709 (+6.1%), from €1.7m to €1.8m
- Cash -€52,440
down €52,440 (-37.2%), from €140,895 to €88,455
mainly Investment in fixed assets (net) (-€210,305) and Debts after one year (-€112,979)
Equity and liabilities
- Reserves +€134,700
up €134,700 (+20.9%), from €643,816 to €778,516
- Debts after one year -€112,979
down €112,979 (-10.6%), from €1.1m to €957,574
Income statement
- Gross operating margin -€121,917
down €121,917 (-26.3%), from €463,568 to €341,651
- Taxes -€45,250
down €45,250 (-44.7%), from €101,212 to €55,962
- Depreciation +€14,604
up €14,604 (+15.4%), from €94,991 to €109,595
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
€228,685
Gross operating margin
-€121,917
Depreciation
-€14,604
Other operating charges
-€1,543
Financial income
+€2,159
Financial charges
-€3,324
Taxes
+€45,250
Result 2025
€134,706
Cash bridge derived
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
+€267,858
Investment
-€210,307
Financing
-€109,991
Cash 2024
€140,895
From operations (derived)
+€267,858
Net result for the year
+€134,706
Depreciation
+€109,595
Stocks and contracts
+€7,314
Smaller working-capital items
-€119
Deferred charges and accrued income
+€6,333
Trade debts
-€7,255
Other debts
+€17,283
Investment (derived)
-€210,307
Investment in fixed assets (net)
-€210,305
Current investments
-€3
Financing
-€109,991
Debts after one year
-€112,979
Current portion of long-term debt
+€3,090
Short-term financial debts
-€102
Cash 2025
€88,455
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,888,427 | €1,923,174 | +€34,747 | +1.8% |
| Fixed assets | 21/28 | €1,664,265 | €1,764,974 | +€100,709 | +6.1% |
| Tangible fixed assets | 22/27 | €1,663,665 | €1,764,374 | +€100,709 | +6.1% |
| Land and buildings | 22 | €1,621,018 | €1,667,432 | +€46,414 | +2.9% |
| Plant, machinery and equipment | 23 | €0 | €39,425 | +€39,425 | |
| Furniture and vehicles | 24 | €7,205 | €3,972 | -€3,233 | -44.9% |
| Other tangible fixed assets | 26 | €35,442 | €53,545 | +€18,103 | +51.1% |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €224,162 | €158,199 | -€65,962 | -29.4% |
| Stocks and contracts in progress | 3 | €15,550 | €8,235 | -€7,314 | -47.0% |
| Stocks | 30/36 | €15,550 | €8,235 | -€7,314 | -47.0% |
| Amounts receivable within one year | 40/41 | €58,034 | €58,157 | +€123 | +0.2% |
| Trade receivables | 40 | €51,648 | €58,157 | +€6,509 | +12.6% |
| Other amounts receivable | 41 | €6,386 | €0 | -€6,386 | -100.0% |
| Current investments | 50/53 | €652 | €654 | +€3 | +0.4% |
| Cash at bank and in hand | 54/58 | €140,895 | €88,455 | -€52,440 | -37.2% |
| Deferred charges and accrued income | 490/1 | €9,031 | €2,697 | -€6,333 | -70.1% |
| Total equity and liabilities | 10/49 | €1,888,427 | €1,923,174 | +€34,747 | +1.8% |
| Equity | 10/15 | €650,273 | €784,979 | +€134,706 | +20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €643,816 | €778,516 | +€134,700 | +20.9% |
| Distributable reserves | 133 | €643,816 | €778,516 | +€134,700 | +20.9% |
| Profit (loss) carried forward | 14 | €258 | €264 | +€6 | +2.4% |
| Amounts payable | 17/49 | €1,238,153 | €1,138,194 | -€99,959 | -8.1% |
| Amounts payable after more than one year | 17 | €1,070,553 | €957,574 | -€112,979 | -10.6% |
| Financial debts | 170/4 | €1,070,553 | €957,574 | -€112,979 | -10.6% |
| Amounts payable within one year | 42/48 | €167,600 | €180,620 | +€13,020 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €109,889 | €112,979 | +€3,090 | +2.8% |
| Financial debts | 43 | €102 | €0 | -€102 | -100.0% |
| Credit institutions | 430/8 | €102 | €0 | -€102 | -100.0% |
| Trade debts | 44 | €13,907 | €6,652 | -€7,255 | -52.2% |
| Suppliers | 440/4 | €13,907 | €6,652 | -€7,255 | -52.2% |
| Taxes, remuneration and social security | 45 | €38,663 | €38,667 | +€4 | 0.0% |
| Taxes | 450/3 | €38,663 | €38,667 | +€4 | 0.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,039 | €22,322 | +€17,283 | +343.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,991 | €109,595 | +€14,604 | +15.4% |
| Other operating charges | 640/8 | €10,047 | €11,590 | +€1,543 | +15.4% |
| Gross operating margin | 9900 | €463,568 | €341,651 | -€121,917 | -26.3% |
| Operating profit (loss) | 9901 | €358,530 | €220,466 | -€138,064 | -38.5% |
| Financial income | 75/76B | €1,026 | €3,185 | +€2,159 | +210.4% |
| Recurring financial income | 75 | €1,026 | €3,185 | +€2,159 | +210.4% |
| Financial charges | 65/66B | €29,659 | €32,983 | +€3,324 | +11.2% |
| Recurring financial charges | 65 | €29,659 | €32,983 | +€3,324 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | €329,897 | €190,668 | -€139,229 | -42.2% |
| Income taxes | 67/77 | €101,212 | €55,962 | -€45,250 | -44.7% |
| Profit (loss) for the period | 9904 | €228,685 | €134,706 | -€93,979 | -41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €228,685 | €134,706 | -€93,979 | -41.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.