Chapter George: 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
Chapter George
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€1,882
2024 · €1.2m-€1.2m
Equity
€14.6m
2024 · €14.6m-€1,882
Cash
€2,527
2024 · €130,262-€127,735
Balance sheet total
€22.0m
2024 · €19.5m+€2.5m
Largest movements
Assets
- Receivables within one year +€2.1m
up €2.1m (+108%), from €1.9m to €4.0m
of which Other amounts receivable: +€2.0m
- Financial fixed assets +€686,000
up €686,000 (+4.1%), from €16.6m to €17.3m
of which Companies linked by participating interests: +€686,000
Equity and liabilities
- Current portion of long-term debt +€2.1m
new in 2025: €2.1m
- Debts after one year +€842,832
up €842,832 (+20.8%), from €4.0m to €4.9m
- Short-term financial debts -€318,556
down €318,556 (-60.8%), from €523,556 to €205,000
Income statement
- Financial income -€1.3m
down €1.3m (-91.0%), from €1.4m to €128,857
- Turnover +€146,968
up €146,968 (+143%), from €102,806 to €249,774
- Goods and materials +€118,861
up €118,861 (+173%), from €68,680 to €187,542
- Financial charges -€61,592
down €61,592 (-26.1%), from €236,040 to €174,448
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
€1.2m
Turnover
+€146,968
Goods and materials
-€118,861
Services and other goods
-€300
Other operating charges
-€33
Financial income
-€1.3m
Financial charges
+€61,592
Result 2025
-€1,882
raises the resultlowers the result
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
-€2.0m
Investment
-€686,000
Financing
+€2.6m
Cash 2024
€130,262
From operations (derived)
-€2.0m
Net result for the year
-€1,882
Stocks and contracts
+€187,542
Receivables within one year
-€2.1m
Deferred charges and accrued income
-€38,814
Trade debts
+€66,718
Other debts
-€45,937
Accrued charges and deferred income
-€124,082
Investment (derived)
-€686,000
Investment in fixed assets (net)
-€686,000
Financing
+€2.6m
Debts after one year
+€842,832
Current portion of long-term debt
+€2.1m
Short-term financial debts
-€318,556
Cash 2025
€2,527
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,535,582 | €22,004,675 | +€2.5m | +12.6% |
| Fixed assets | 21/28 | €16,618,141 | €17,304,141 | +€686,000 | +4.1% |
| Financial fixed assets | 28 | €16,618,141 | €17,304,141 | +€686,000 | +4.1% |
| Affiliated companies | 280/1 | €10,591,736 | €10,591,736 | = | 0.0% |
| Participating interests | 280 | €10,591,736 | €10,591,736 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €6,026,405 | €6,712,405 | +€686,000 | +11.4% |
| Participating interests | 282 | €6,026,405 | €6,712,405 | +€686,000 | +11.4% |
| Current assets | 29/58 | €2,917,441 | €4,700,534 | +€1.8m | +61.1% |
| Stocks and contracts in progress | 3 | €791,494 | €603,952 | -€187,542 | -23.7% |
| Stocks | 30/36 | €791,494 | €603,952 | -€187,542 | -23.7% |
| Property held for sale | 35 | €791,494 | €603,952 | -€187,542 | -23.7% |
| Amounts receivable within one year | 40/41 | €1,915,642 | €3,975,198 | +€2.1m | +108% |
| Trade receivables | 40 | - | €66,198 | +€66,198 | |
| Other amounts receivable | 41 | €1,915,642 | €3,909,000 | +€2.0m | +104% |
| Cash at bank and in hand | 54/58 | €130,262 | €2,527 | -€127,735 | -98.1% |
| Deferred charges and accrued income | 490/1 | €80,043 | €118,857 | +€38,814 | +48.5% |
| Total equity and liabilities | 10/49 | €19,535,582 | €22,004,675 | +€2.5m | +12.6% |
| Equity | 10/15 | €14,608,385 | €14,606,502 | -€1,882 | 0.0% |
| Contributions | 10/11 | €11,008,500 | €11,008,500 | = | 0.0% |
| Capital | 10 | €11,008,500 | €11,008,500 | = | 0.0% |
| Issued capital | 100 | €11,008,500 | €11,008,500 | = | 0.0% |
| Reserves | 13 | €179,994 | €179,994 | = | 0.0% |
| Non-distributable reserves | 130/1 | €179,994 | €179,994 | = | 0.0% |
| Legal reserve | 130 | €179,994 | €179,994 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,419,890 | €3,418,008 | -€1,882 | -0.1% |
| Amounts payable | 17/49 | €4,927,197 | €7,398,173 | +€2.5m | +50.1% |
| Amounts payable after more than one year | 17 | €4,046,177 | €4,889,009 | +€842,832 | +20.8% |
| Financial debts | 170/4 | €4,046,177 | €4,889,009 | +€842,832 | +20.8% |
| Other loans | 174 | €4,046,177 | €4,889,009 | +€842,832 | +20.8% |
| Amounts payable within one year | 42/48 | €675,012 | €2,427,238 | +€1.8m | +260% |
| Current portion of amounts payable after more than one year | 42 | - | €2,050,000 | +€2.1m | |
| Financial debts | 43 | €523,556 | €205,000 | -€318,556 | -60.8% |
| Credit institutions | 430/8 | €523,556 | €205,000 | -€318,556 | -60.8% |
| Trade debts | 44 | €10,456 | €77,175 | +€66,718 | +638% |
| Suppliers | 440/4 | €10,456 | €77,175 | +€66,718 | +638% |
| Other amounts payable | 47/48 | €141,000 | €95,063 | -€45,937 | -32.6% |
| Accrued charges and deferred income | 492/3 | €206,008 | €81,926 | -€124,082 | -60.2% |
| Operating income | 70/76A | €102,806 | €249,774 | +€146,968 | +143% |
| Turnover | 70 | €102,806 | €249,774 | +€146,968 | +143% |
| Operating charges | 60/66A | €86,870 | €206,065 | +€119,195 | +137% |
| Goods for resale, raw materials and consumables | 60 | €68,680 | €187,542 | +€118,861 | +173% |
| Change in stocks: decrease (increase) | 609 | €68,680 | €187,542 | +€118,861 | +173% |
| Services and other goods | 61 | €17,075 | €17,375 | +€300 | +1.8% |
| Other operating charges | 640/8 | €1,115 | €1,148 | +€33 | +3.0% |
| Operating profit (loss) | 9901 | €15,936 | €43,709 | +€27,773 | +174% |
| Financial income | 75/76B | €1,430,534 | €128,857 | -€1.3m | -91.0% |
| Recurring financial income | 75 | €1,430,534 | €128,857 | -€1.3m | -91.0% |
| Income from financial fixed assets | 750 | €1,364,601 | €10,000 | -€1.4m | -99.3% |
| Income from current assets | 751 | €65,933 | €118,857 | +€52,924 | +80.3% |
| Other financial income | 752/9 | €0 | - | -€0 | |
| Financial charges | 65/66B | €236,040 | €174,448 | -€61,592 | -26.1% |
| Recurring financial charges | 65 | €236,040 | €174,448 | -€61,592 | -26.1% |
| Debt charges | 650 | €233,337 | €172,289 | -€61,048 | -26.2% |
| Other financial charges | 652/9 | €2,703 | €2,159 | -€543 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €1,210,431 | -€1,882 | -€1.2m | |
| Profit (loss) for the period | 9904 | €1,210,431 | -€1,882 | -€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,210,431 | -€1,882 | -€1.2m |
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 29 October 2026 via checked.be.