Contrarian: 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
Contrarian
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€38,418
2024 · €65,145-€26,727
Equity
€525,500
2024 · €487,082+€38,418
Cash
€553
2024 · €40,386-€39,833
Balance sheet total
€1.1m
2024 · €1.1m-€13,670
Largest movements
Assets
- Cash -€39,833
down €39,833 (-98.6%), from €40,386 to €553
mainly Debts after one year (-€56,862) and Receivables within one year (-€32,818)
- Receivables within one year +€32,818
up €32,818 (+137%), from €23,982 to €56,799
of which Other amounts receivable: +€27,624
Equity and liabilities
- Debts after one year -€56,862
down €56,862 (-10.9%), from €519,767 to €462,905
- Profit (loss) carried forward +€38,418
new in 2025: €38,418
- Trade debts +€11,593
up €11,593 (+362%), from €3,205 to €14,798
Income statement
- Gross operating margin -€38,722
down €38,722 (-35.3%), from €109,757 to €71,036
- Taxes -€12,641
down €12,641 (-45.1%), from €28,013 to €15,373
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
€65,145
Gross operating margin
-€38,722
Depreciation
+€281
Other operating charges
-€692
Other operating items
-€2
Financial income
+€7
Financial charges
-€239
Taxes
+€12,641
Result 2025
€38,418
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
+€20,610
Investment
-€702
Financing
-€59,741
Cash 2024
€40,386
From operations (derived)
+€20,610
Net result for the year
+€38,418
Depreciation
+€1,634
Receivables within one year
-€32,818
Deferred charges and accrued income
+€5,723
Trade debts
+€11,593
Tax, wage and social debts
-€3,940
Investment (derived)
-€702
Investment in fixed assets (net)
-€702
Financing
-€59,741
Debts after one year
-€56,862
Current portion of long-term debt
-€6,058
Short-term financial debts
+€3,179
Cash 2025
€553
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,101,116 | €1,087,446 | -€13,670 | -1.2% |
| Fixed assets | 21/28 | €1,031,026 | €1,030,094 | -€932 | -0.1% |
| Tangible fixed assets | 22/27 | €16,497 | €15,565 | -€932 | -5.6% |
| Plant, machinery and equipment | 23 | €2,180 | €1,680 | -€500 | -22.9% |
| Furniture and vehicles | 24 | €1,867 | €1,435 | -€432 | -23.1% |
| Other tangible fixed assets | 26 | €12,450 | €12,450 | = | 0.0% |
| Financial fixed assets | 28 | €1,014,529 | €1,014,529 | = | 0.0% |
| Current assets | 29/58 | €70,090 | €57,352 | -€12,738 | -18.2% |
| Amounts receivable within one year | 40/41 | €23,982 | €56,799 | +€32,818 | +137% |
| Trade receivables | 40 | €15,125 | €20,318 | +€5,193 | +34.3% |
| Other amounts receivable | 41 | €8,857 | €36,481 | +€27,624 | +312% |
| Cash at bank and in hand | 54/58 | €40,386 | €553 | -€39,833 | -98.6% |
| Deferred charges and accrued income | 490/1 | €5,723 | €0 | -€5,723 | -100% |
| Total equity and liabilities | 10/49 | €1,101,116 | €1,087,446 | -€13,670 | -1.2% |
| Equity | 10/15 | €487,082 | €525,500 | +€38,418 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €276,529 | €276,529 | = | 0.0% |
| Reserves | 13 | €191,953 | €191,953 | = | 0.0% |
| Distributable reserves | 133 | €191,953 | €191,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €38,418 | +€38,418 | |
| Amounts payable | 17/49 | €614,034 | €561,946 | -€52,088 | -8.5% |
| Amounts payable after more than one year | 17 | €519,767 | €462,905 | -€56,862 | -10.9% |
| Financial debts | 170/4 | €519,767 | €462,905 | -€56,862 | -10.9% |
| Amounts payable within one year | 42/48 | €94,267 | €99,041 | +€4,774 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €63,286 | €57,228 | -€6,058 | -9.6% |
| Financial debts | 43 | €0 | €3,179 | +€3,179 | |
| Credit institutions | 430/8 | €0 | €3,179 | +€3,179 | |
| Trade debts | 44 | €3,205 | €14,798 | +€11,593 | +362% |
| Suppliers | 440/4 | €3,205 | €14,798 | +€11,593 | +362% |
| Taxes, remuneration and social security | 45 | €27,776 | €23,836 | -€3,940 | -14.2% |
| Taxes | 450/3 | €27,776 | €23,805 | -€3,970 | -14.3% |
| Remuneration and social security | 454/9 | - | €30 | +€30 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €702 | +€702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,915 | €1,634 | -€281 | -14.7% |
| Other operating charges | 640/8 | €3,915 | €4,607 | +€692 | +17.7% |
| Non-recurring operating charges | 66A | - | €2 | +€2 | |
| Gross operating margin | 9900 | €109,757 | €71,036 | -€38,722 | -35.3% |
| Operating profit (loss) | 9901 | €103,928 | €64,793 | -€39,135 | -37.7% |
| Financial income | 75/76B | €0 | €7 | +€7 | |
| Recurring financial income | 75 | €0 | €7 | +€7 | |
| Financial charges | 65/66B | €10,770 | €11,008 | +€239 | +2.2% |
| Recurring financial charges | 65 | €10,770 | €11,008 | +€239 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €93,158 | €53,791 | -€39,367 | -42.3% |
| Income taxes | 67/77 | €28,013 | €15,373 | -€12,641 | -45.1% |
| Profit (loss) for the period | 9904 | €65,145 | €38,418 | -€26,727 | -41.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,145 | €38,418 | -€26,727 | -41.0% |
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 20 October 2026 via checked.be.