COLTHOM DEFENDER: 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
COLTHOM DEFENDER
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,398
2024 · -€195,687+€250,085
Equity
€1.1m
2024 · €1.1m+€54,398
Cash
€5,912
2024 · €1,881+€4,031
Balance sheet total
€4.8m
2024 · €4.6m+€218,714
Largest movements
Assets
- Stocks and contracts +€401,700
new in 2025: €401,700
- Tangible fixed assets -€150,720
down €150,720 (-3.7%), from €4.1m to €4.0m
of which Land and buildings: -€122,957
Equity and liabilities
- Short-term financial debts +€379,710
up €379,710 (+167%), from €226,990 to €606,700
of which Other loans: +€389,710
- Other debts -€134,656
no longer reported in 2025 (was €134,656)
- Debts after one year -€105,661
down €105,661 (-3.6%), from €3.0m to €2.9m
- Profit (loss) carried forward +€54,398
up €54,398 (+11.0%), from -€496,652 to -€442,254
Income statement
- Gross operating margin +€326,669
up €326,669 (+372%), from €87,823 to €414,492
- Financial charges +€71,931
up €71,931 (+69.8%), from €103,007 to €174,938
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
-€195,687
Gross operating margin
+€326,669
Depreciation
+€257
Other operating charges
-€3,129
Financial income
-€1,623
Financial charges
-€71,931
Taxes
-€158
Result 2025
€54,398
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
-€269,174
Investment
-€6,520
Financing
+€279,725
Cash 2024
€1,881
From operations (derived)
-€269,174
Net result for the year
+€54,398
Depreciation
+€157,240
Stocks and contracts
-€401,700
Receivables within one year
+€34,721
Deferred charges and accrued income
+€1,576
Trade debts
+€19,160
Tax, wage and social debts
+€1,148
Other debts
-€134,656
Accrued charges and deferred income
-€1,061
Investment (derived)
-€6,520
Investment in fixed assets (net)
-€6,520
Financing
+€279,725
Debts after one year
-€105,661
Current portion of long-term debt
+€5,677
Short-term financial debts
+€379,710
Cash 2025
€5,912
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,569,744 | €4,788,458 | +€218,714 | +4.8% |
| Fixed assets | 21/28 | €4,118,949 | €3,968,229 | -€150,720 | -3.7% |
| Tangible fixed assets | 22/27 | €4,118,949 | €3,968,229 | -€150,720 | -3.7% |
| Land and buildings | 22 | €3,923,504 | €3,800,547 | -€122,957 | -3.1% |
| Plant, machinery and equipment | 23 | €187,055 | €160,936 | -€26,118 | -14.0% |
| Furniture and vehicles | 24 | €8,391 | €6,746 | -€1,645 | -19.6% |
| Current assets | 29/58 | €450,795 | €820,229 | +€369,434 | +82.0% |
| Stocks and contracts in progress | 3 | - | €401,700 | +€401,700 | |
| Stocks | 30/36 | - | €401,700 | +€401,700 | |
| Amounts receivable within one year | 40/41 | €441,756 | €407,035 | -€34,721 | -7.9% |
| Trade receivables | 40 | €26,959 | €19,334 | -€7,625 | -28.3% |
| Other amounts receivable | 41 | €414,798 | €387,702 | -€27,096 | -6.5% |
| Cash at bank and in hand | 54/58 | €1,881 | €5,912 | +€4,031 | +214% |
| Deferred charges and accrued income | 490/1 | €7,158 | €5,582 | -€1,576 | -22.0% |
| Total equity and liabilities | 10/49 | €4,569,744 | €4,788,458 | +€218,714 | +4.8% |
| Equity | 10/15 | €1,067,948 | €1,122,346 | +€54,398 | +5.1% |
| Contributions | 10/11 | €1,360,000 | €1,360,000 | = | 0.0% |
| Reserves | 13 | €204,600 | €204,600 | = | 0.0% |
| Distributable reserves | 133 | €204,600 | €204,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€496,652 | -€442,254 | +€54,398 | +11.0% |
| Amounts payable | 17/49 | €3,501,796 | €3,666,112 | +€164,316 | +4.7% |
| Amounts payable after more than one year | 17 | €2,969,784 | €2,864,123 | -€105,661 | -3.6% |
| Financial debts | 170/4 | €2,969,784 | €2,864,123 | -€105,661 | -3.6% |
| Amounts payable within one year | 42/48 | €520,441 | €791,480 | +€271,038 | +52.1% |
| Current portion of amounts payable after more than one year | 42 | €105,630 | €111,307 | +€5,677 | +5.4% |
| Financial debts | 43 | €226,990 | €606,700 | +€379,710 | +167% |
| Credit institutions | 430/8 | €46,000 | €36,000 | -€10,000 | -21.7% |
| Other loans | 439 | €180,990 | €570,700 | +€389,710 | +215% |
| Trade debts | 44 | €52,172 | €71,332 | +€19,160 | +36.7% |
| Suppliers | 440/4 | €52,172 | €71,332 | +€19,160 | +36.7% |
| Taxes, remuneration and social security | 45 | €993 | €2,141 | +€1,148 | +116% |
| Taxes | 450/3 | €993 | €2,141 | +€1,148 | +116% |
| Other amounts payable | 47/48 | €134,656 | - | -€134,656 | |
| Accrued charges and deferred income | 492/3 | €11,571 | €10,510 | -€1,061 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157,497 | €157,240 | -€257 | -0.2% |
| Other operating charges | 640/8 | €44,703 | €47,832 | +€3,129 | +7.0% |
| Gross operating margin | 9900 | €87,823 | €414,492 | +€326,669 | +372% |
| Operating profit (loss) | 9901 | -€114,377 | €209,420 | +€323,797 | |
| Financial income | 75/76B | €22,698 | €21,075 | -€1,623 | -7.2% |
| Recurring financial income | 75 | €22,698 | €21,075 | -€1,623 | -7.2% |
| Financial charges | 65/66B | €103,007 | €174,938 | +€71,931 | +69.8% |
| Recurring financial charges | 65 | €103,007 | €174,938 | +€71,931 | +69.8% |
| Profit (loss) for the period before taxes | 9903 | -€194,687 | €55,556 | +€250,243 | |
| Income taxes | 67/77 | €1,000 | €1,159 | +€158 | +15.8% |
| Profit (loss) for the period | 9904 | -€195,687 | €54,398 | +€250,085 | |
| Profit (loss) for the period to be appropriated | 9905 | -€195,687 | €54,398 | +€250,085 |
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 15 October 2026 via checked.be.