CALMAN: 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
CALMAN
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.0m
2024 · €4.8m-€2.8m
Equity
€28.1m
2024 · €16.1m+€12.0m
Cash
€18.5m
2024 · €497,525+€18.0m
Balance sheet total
€110.0m
2024 · €18.1m+€91.9m
Largest movements
Assets
- Stocks and contracts +€41.9m
up €41.9m, from €0 to €41.9m
of which Contracts in progress: +€37.0m
- Receivables within one year +€23.2m
up €23.2m (+1,257%), from €1.8m to €25.1m
of which Trade receivables: +€19.9m
- Cash +€18.0m
up €18.0m (+3,614%), from €497,525 to €18.5m
mainly Total equity and liabilities (+€91.9m) and Net result for the year (+€2.0m)
- Fixed assets +€6.8m
up €6.8m (+48.1%), from €14.1m to €20.9m
of which Tangible fixed assets: +€16.7m
Equity and liabilities
- Total equity and liabilities +€91.9m
up €91.9m (+509%), from €18.1m to €110.0m
of which Debts: +€76.6m
Income statement
- Turnover -€6.8m
no longer reported in 2025 (was €6.8m)
- Taxes -€2.9m
down €2.9m, from €703,567 to -€2.2m
- Financial charges +€1.5m
up €1.5m (+10,144%), from €14,945 to €1.5m
- Services and other goods -€1.5m
no longer reported in 2025 (was €1.5m)
- Staff costs -€1.1m
no longer reported in 2025 (was €1.1m)
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
€4.8m
Turnover
-€6.8m
Other operating income
-€339,839
Services and other goods
+€1.5m
Staff costs
+€1.1m
Depreciation
+€1,363
Provisions
+€29,617
Other operating charges
+€8,355
Financial income
-€500,697
Financial charges
-€1.5m
Taxes
+€2.9m
Deferred taxes and other
-€4.4m
Not broken down
+€5.1m
Result 2025
€2.0m
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
+€27.5m
Investment
-€7.5m
Financing
-€2.0m
Cash 2024
€497,525
From operations (derived)
+€27.5m
Net result for the year
+€2.0m
Receivables after one year
-€496,000
Stocks and contracts
-€41.9m
Receivables within one year
-€23.2m
Deferred charges and accrued income
-€848,045
Total equity and liabilities
+€91.9m
Investment (derived)
-€7.5m
Investment in fixed assets (net)
-€6.8m
Current investments
-€710,450
Financing
-€2.0m
Contributions, distributions and other
-€2.0m
Cash 2025
€18.5m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €18,059,193 | €109,998,000 | +€91.9m | +509% |
| Formation expenses | 20 | - | €3,000 | +€3,000 | |
| Fixed assets | 21/28 | €14,139,421 | €20,935,000 | +€6.8m | +48.1% |
| Intangible fixed assets | 21 | - | €322,000 | +€322,000 | |
| Tangible fixed assets | 22/27 | €15,702 | €16,696,000 | +€16.7m | +106,232% |
| Land and buildings | 22 | - | €5,986,000 | +€6.0m | |
| Plant, machinery and equipment | 23 | - | €399,000 | +€399,000 | |
| Furniture and vehicles | 24 | €5,778 | €1,690,000 | +€1.7m | +29,149% |
| Leasing and similar rights | 25 | - | €684,000 | +€684,000 | |
| Other tangible fixed assets | 26 | €7,474 | €5,410,000 | +€5.4m | +72,286% |
| Assets under construction and advance payments | 27 | €2,450 | €2,527,000 | +€2.5m | +103,043% |
| Financial fixed assets | 28 | €14,123,719 | €60,000 | -€14.1m | -99.6% |
| Affiliated companies | 280/1 | €12,175,596 | - | -€12.2m | |
| Participating interests | 280 | €12,175,596 | - | -€12.2m | |
| Other financial fixed assets | 284/8 | €1,948,124 | - | -€1.9m | |
| Amounts receivable and cash guarantees | 285/8 | €1,948,124 | €60,000 | -€1.9m | -96.9% |
| Current assets | 29/58 | €3,919,772 | €89,060,000 | +€85.1m | +2,172% |
| Amounts receivable after more than one year | 29 | €0 | €496,000 | +€496,000 | |
| Other amounts receivable | 291 | €0 | €496,000 | +€496,000 | |
| Stocks and contracts in progress | 3 | €0 | €41,862,000 | +€41.9m | |
| Stocks | 30/36 | - | €4,814,000 | +€4.8m | |
| Raw materials and consumables | 30/31 | - | €3,301,000 | +€3.3m | |
| Finished goods | 33 | - | €111,000 | +€111,000 | |
| Goods purchased for resale | 34 | - | €744,000 | +€744,000 | |
| Advance payments | 36 | - | €658,000 | +€658,000 | |
| Contracts in progress | 37 | - | €37,048,000 | +€37.0m | |
| Amounts receivable within one year | 40/41 | €1,849,742 | €25,094,000 | +€23.2m | +1,257% |
| Trade receivables | 40 | €725,157 | €20,579,000 | +€19.9m | +2,738% |
| Other amounts receivable | 41 | €1,124,584 | €4,515,000 | +€3.4m | +301% |
| Current investments | 50/53 | €1,567,550 | €2,278,000 | +€710,450 | +45.3% |
| Other investments | 51/53 | €1,567,550 | €2,278,000 | +€710,450 | +45.3% |
| Cash at bank and in hand | 54/58 | €497,525 | €18,477,000 | +€18.0m | +3,614% |
| Deferred charges and accrued income | 490/1 | €4,955 | €853,000 | +€848,045 | +17,114% |
| Total equity and liabilities | 10/49 | €18,059,193 | €109,998,000 | +€91.9m | +509% |
| Equity | 10/15 | €16,097,842 | €28,089,000 | +€12.0m | +74.5% |
| Contributions | 10/11 | €2,987,145 | €3,413,000 | +€425,855 | +14.3% |
| Contributions outside capital | 11 | - | €3,413,000 | +€3.4m | |
| Other | 1109/19 | - | €1,991,000 | +€2.0m | |
| Reserves | 13 | €1,150,680 | - | -€1.2m | |
| Tax-exempt reserves | 132 | €999,997 | - | -€999,997 | |
| Distributable reserves | 133 | €150,683 | - | -€150,683 | |
| Profit (loss) carried forward | 14 | €11,960,017 | - | -€12.0m | |
| Provisions and deferred taxes | 16 | €68,800 | €2,802,000 | +€2.7m | +3,973% |
| Provisions for liabilities and charges | 160/5 | €68,800 | €2,802,000 | +€2.7m | +3,973% |
| Pensions and similar obligations | 160 | €1,250 | €73,000 | +€71,750 | +5,739% |
| Other liabilities and charges | 164/5 | €67,550 | €2,729,000 | +€2.7m | +3,940% |
| Amounts payable | 17/49 | €1,892,551 | €78,483,000 | +€76.6m | +4,047% |
| Amounts payable after more than one year | 17 | - | €3,197,000 | +€3.2m | |
| Financial debts | 170/4 | - | €3,197,000 | +€3.2m | |
| Leasing and similar obligations | 172 | - | €297,000 | +€297,000 | |
| Credit institutions | 173 | - | €2,900,000 | +€2.9m | |
| Amounts payable within one year | 42/48 | €1,892,551 | €73,609,000 | +€71.7m | +3,789% |
| Current portion of amounts payable after more than one year | 42 | - | €868,000 | +€868,000 | |
| Trade debts | 44 | €11,982 | €5,260,000 | +€5.2m | +43,800% |
| Suppliers | 440/4 | €11,982 | €5,260,000 | +€5.2m | +43,800% |
| Advances received on contracts in progress | 46 | - | €58,038,000 | +€58.0m | |
| Taxes, remuneration and social security | 45 | €199,944 | €4,105,000 | +€3.9m | +1,953% |
| Taxes | 450/3 | €64,977 | €1,195,000 | +€1.1m | +1,739% |
| Remuneration and social security | 454/9 | €134,967 | €2,910,000 | +€2.8m | +2,056% |
| Other amounts payable | 47/48 | €1,680,625 | €5,338,000 | +€3.7m | +218% |
| Accrued charges and deferred income | 492/3 | - | €1,677,000 | +€1.7m | |
| Operating income | 70/76A | €7,094,769 | - | -€7.1m | |
| Turnover | 70 | €6,754,930 | - | -€6.8m | |
| Other operating income | 74 | €339,839 | - | -€339,839 | |
| Non-recurring operating income | 76A | - | €97,000 | +€97,000 | |
| Operating charges | 60/66A | €2,614,948 | - | -€2.6m | |
| Services and other goods | 61 | €1,482,050 | - | -€1.5m | |
| Remuneration, social security and pensions | 62 | €1,093,562 | - | -€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,363 | - | -€1,363 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €29,617 | - | -€29,617 | |
| Other operating charges | 640/8 | €8,355 | - | -€8,355 | |
| Non-recurring operating charges | 66A | - | €5,000 | +€5,000 | |
| Operating profit (loss) | 9901 | €4,479,821 | - | -€4.5m | |
| Financial income | 75/76B | €1,065,697 | €565,000 | -€500,697 | -47.0% |
| Recurring financial income | 75 | €1,065,697 | €565,000 | -€500,697 | -47.0% |
| Income from financial fixed assets | 750 | €1,005,600 | - | -€1.0m | |
| Income from current assets | 751 | €60,097 | €413,000 | +€352,903 | +587% |
| Other financial income | 752/9 | €0 | €152,000 | +€152,000 | +506,666,567% |
| Financial charges | 65/66B | €14,945 | €1,531,000 | +€1.5m | +10,144% |
| Recurring financial charges | 65 | €14,945 | €1,531,000 | +€1.5m | +10,144% |
| Debt charges | 650 | €11,906 | €254,000 | +€242,094 | +2,033% |
| Other financial charges | 652/9 | €3,039 | €79,000 | +€75,961 | +2,500% |
| Profit (loss) for the period before taxes | 9903 | €5,530,574 | €4,127,000 | -€1.4m | -25.4% |
| Transfer from deferred taxes | 780 | - | €507,000 | +€507,000 | |
| Transfer to deferred taxes | 680 | - | €380,000 | +€380,000 | |
| Income taxes | 67/77 | €703,567 | -€2,241,000 | -€2.9m | |
| Taxes | 670/3 | €703,567 | €2,241,000 | +€1.5m | +219% |
| Profit (loss) for the period | 9904 | €4,827,007 | €2,013,000 | -€2.8m | -58.3% |
| Transfer to tax-exempt reserves | 689 | €999,997 | - | -€999,997 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,827,010 | - | -€3.8m |
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.