B. CONSULTING: 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.
B. CONSULTING
Largest movements
- Tangible fixed assets +€161,165
up €161,165 (+21.6%), from €746,431 to €907,596
of which Land and buildings: +€554,370
- Receivables within one year +€96,386
up €96,386 (+255%), from €37,825 to €134,210
of which Trade receivables: +€85,999
- Financial fixed assets +€67,850
up €67,850 (+138%), from €49,002 to €116,852
- Cash +€40,305
up €40,305 (+887%), from €4,544 to €44,849
mainly Other debts (+€203,979) and Advances received (+€110,000)
- Other debts +€203,979
up €203,979 (+128%), from €158,931 to €362,910
- Advances received +€110,000
new in 2025: €110,000
- Reserves +€65,821
up €65,821 (+9,695%), from €679 to €66,500
of which Distributable reserves: +€66,500
- Debts after one year +€49,176
up €49,176 (+13.4%), from €366,639 to €415,815
- Trade debts -€42,929
down €42,929 (-86.6%), from €49,553 to €6,625
- Gross operating margin +€188,244
up €188,244 (+217%), from €86,612 to €274,856
- Financial charges +€127,849
up €127,849 (+1,370%), from €9,330 to €137,180
- Taxes +€36,090
up €36,090 (+361%), from €10,010 to €46,100
- Other operating charges -€19,616
down €19,616 (-88.9%), from €22,066 to €2,450
- Depreciation +€10,513
up €10,513 (+84.7%), from €12,407 to €22,919
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 | €844,577 | €1,206,712 | +€362,135 | +42.9% |
| Fixed assets | 21/28 | €795,433 | €1,024,448 | +€229,015 | +28.8% |
| Tangible fixed assets | 22/27 | €746,431 | €907,596 | +€161,165 | +21.6% |
| Land and buildings | 22 | €352,090 | €906,459 | +€554,370 | +157% |
| Furniture and vehicles | 24 | €1,281 | €546 | -€736 | -57.4% |
| Other tangible fixed assets | 26 | €696 | €592 | -€105 | -15.0% |
| Assets under construction and advance payments | 27 | €392,364 | €0 | -€392,364 | -100% |
| Financial fixed assets | 28 | €49,002 | €116,852 | +€67,850 | +138% |
| Current assets | 29/58 | €49,145 | €182,264 | +€133,119 | +271% |
| Amounts receivable within one year | 40/41 | €37,825 | €134,210 | +€96,386 | +255% |
| Trade receivables | 40 | €30,893 | €116,892 | +€85,999 | +278% |
| Other amounts receivable | 41 | €6,932 | €17,319 | +€10,387 | +150% |
| Current investments | 50/53 | - | €256 | +€256 | |
| Cash at bank and in hand | 54/58 | €4,544 | €44,849 | +€40,305 | +887% |
| Deferred charges and accrued income | 490/1 | €6,776 | €2,948 | -€3,827 | -56.5% |
| Total equity and liabilities | 10/49 | €844,577 | €1,206,712 | +€362,135 | +42.9% |
| Equity | 10/15 | €188,821 | €255,495 | +€66,674 | +35.3% |
| Contributions | 10/11 | €18,600 | €19,279 | +€679 | +3.7% |
| Reserves | 13 | €679 | €66,500 | +€65,821 | +9,695% |
| Non-distributable reserves | 130/1 | €614 | €0 | -€614 | -100% |
| Reserves not available under the articles | 1311 | €614 | €0 | -€614 | -100% |
| Tax-exempt reserves | 132 | €65 | €0 | -€65 | -100% |
| Distributable reserves | 133 | - | €66,500 | +€66,500 | |
| Profit (loss) carried forward | 14 | €169,542 | €169,716 | +€174 | +0.1% |
| Amounts payable | 17/49 | €655,757 | €951,218 | +€295,461 | +45.1% |
| Amounts payable after more than one year | 17 | €366,639 | €415,815 | +€49,176 | +13.4% |
| Financial debts | 170/4 | €366,639 | €415,815 | +€49,176 | +13.4% |
| Amounts payable within one year | 42/48 | €260,601 | €532,193 | +€271,592 | +104% |
| Current portion of amounts payable after more than one year | 42 | €43,921 | €41,034 | -€2,887 | -6.6% |
| Trade debts | 44 | €49,553 | €6,625 | -€42,929 | -86.6% |
| Suppliers | 440/4 | €49,553 | €6,625 | -€42,929 | -86.6% |
| Advances received on contracts in progress | 46 | - | €110,000 | +€110,000 | |
| Taxes, remuneration and social security | 45 | €8,196 | €11,624 | +€3,428 | +41.8% |
| Taxes | 450/3 | €6,196 | €9,624 | +€3,428 | +55.3% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €158,931 | €362,910 | +€203,979 | +128% |
| Accrued charges and deferred income | 492/3 | €28,516 | €3,210 | -€25,306 | -88.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,407 | €22,919 | +€10,513 | +84.7% |
| Other operating charges | 640/8 | €22,066 | €2,450 | -€19,616 | -88.9% |
| Gross operating margin | 9900 | €86,612 | €274,856 | +€188,244 | +217% |
| Operating profit (loss) | 9901 | €52,140 | €249,487 | +€197,348 | +378% |
| Financial income | 75/76B | €26 | €466 | +€440 | +1,711% |
| Recurring financial income | 75 | €26 | €466 | +€440 | +1,711% |
| Financial charges | 65/66B | €9,330 | €137,180 | +€127,849 | +1,370% |
| Recurring financial charges | 65 | €9,330 | €137,180 | +€127,849 | +1,370% |
| Profit (loss) for the period before taxes | 9903 | €42,835 | €112,774 | +€69,939 | +163% |
| Income taxes | 67/77 | €10,010 | €46,100 | +€36,090 | +361% |
| Profit (loss) for the period | 9904 | €32,825 | €66,674 | +€33,849 | +103% |
| Profit (loss) for the period to be appropriated | 9905 | €32,825 | €66,674 | +€33,849 | +103% |
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 13 October 2026 via checked.be.