Core Equity Holdings: what changed
What changed
Core Equity Holdings
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€115,603
2024 · €126,477-€10,874
Equity
€137,029
2024 · €116,121+€20,908
Cash
€563,459
2024 · €60,990+€502,469
Balance sheet total
€2.3m
2024 · €2.9m-€608,628
Largest movements
Assets
- Receivables within one year -€844,316
down €844,316 (-40.7%), from €2.1m to €1.2m
of which Trade receivables: -€885,965
- Cash +€502,469
up €502,469 (+824%), from €60,990 to €563,459
mainly Receivables within one year (+€844,316) and Depreciation (+€297,908)
- Tangible fixed assets -€279,230
down €279,230 (-48.0%), from €582,294 to €303,064
of which Other tangible fixed assets: -€197,451
Equity and liabilities
- Accrued charges and deferred income -€453,605
down €453,605 (-23.6%), from €1.9m to €1.5m
- Provisions -€163,197
no longer reported in 2025 (was €163,197)
- Trade debts +€44,378
up €44,378 (+16.8%), from €264,805 to €309,183
- Tax, wage and social debts -€34,157
down €34,157 (-11.3%), from €302,340 to €268,183
of which Remuneration and social security: -€34,715
Income statement
- Gross operating margin -€676,869
down €676,869 (-26.7%), from €2.5m to €1.9m
- Staff costs -€446,894
down €446,894 (-22.7%), from €2.0m to €1.5m
- Provisions -€140,130
down €140,130 (-607%), from -€23,067 to -€163,197
- Depreciation -€48,361
down €48,361 (-14.0%), from €346,269 to €297,908
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€126,477
Gross operating margin
-€676,869
Staff costs
+€446,894
Depreciation
+€48,361
Provisions
+€140,130
Other operating charges
-€1,794
Financial income
-€132
Financial charges
+€10,161
Taxes
+€22,375
Result 2025
€115,603
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€620,308
Investment
-€23,144
Financing
-€94,695
Cash 2024
€60,990
From operations (derived)
+€620,308
Net result for the year
+€115,603
Depreciation
+€297,908
Receivables within one year
+€844,316
Deferred charges and accrued income
-€7,983
Provisions
-€163,197
Trade debts
+€44,378
Tax, wage and social debts
-€34,157
Other debts
-€22,956
Accrued charges and deferred income
-€453,605
Investment (derived)
-€23,144
Investment in fixed assets (net)
-€23,144
Financing
-€94,695
Contributions, distributions and other
-€94,695
Cash 2025
€563,459
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,889,123 | €2,280,495 | -€608,628 | -21.1% |
| Fixed assets | 21/28 | €582,294 | €307,530 | -€274,764 | -47.2% |
| Intangible fixed assets | 21 | - | €4,466 | +€4,466 | |
| Tangible fixed assets | 22/27 | €582,294 | €303,064 | -€279,230 | -48.0% |
| Furniture and vehicles | 24 | €292,095 | €210,316 | -€81,779 | -28.0% |
| Other tangible fixed assets | 26 | €290,199 | €92,748 | -€197,451 | -68.0% |
| Current assets | 29/58 | €2,306,829 | €1,972,965 | -€333,864 | -14.5% |
| Amounts receivable within one year | 40/41 | €2,075,410 | €1,231,094 | -€844,316 | -40.7% |
| Trade receivables | 40 | €1,820,741 | €934,776 | -€885,965 | -48.7% |
| Other amounts receivable | 41 | €254,669 | €296,318 | +€41,649 | +16.4% |
| Cash at bank and in hand | 54/58 | €60,990 | €563,459 | +€502,469 | +824% |
| Deferred charges and accrued income | 490/1 | €170,429 | €178,412 | +€7,983 | +4.7% |
| Total equity and liabilities | 10/49 | €2,889,123 | €2,280,495 | -€608,628 | -21.1% |
| Equity | 10/15 | €116,121 | €137,029 | +€20,908 | +18.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,921 | €68,829 | +€20,908 | +43.6% |
| Provisions and deferred taxes | 16 | €163,197 | - | -€163,197 | |
| Provisions for liabilities and charges | 160/5 | €163,197 | - | -€163,197 | |
| Major repairs and maintenance | 162 | €134,350 | - | -€134,350 | |
| Other liabilities and charges | 164/5 | €28,847 | - | -€28,847 | |
| Amounts payable | 17/49 | €2,609,805 | €2,143,465 | -€466,340 | -17.9% |
| Amounts payable within one year | 42/48 | €684,796 | €672,061 | -€12,735 | -1.9% |
| Trade debts | 44 | €264,805 | €309,183 | +€44,378 | +16.8% |
| Suppliers | 440/4 | €264,805 | €309,183 | +€44,378 | +16.8% |
| Taxes, remuneration and social security | 45 | €302,340 | €268,183 | -€34,157 | -11.3% |
| Taxes | 450/3 | - | €558 | +€558 | |
| Remuneration and social security | 454/9 | €302,340 | €267,625 | -€34,715 | -11.5% |
| Other amounts payable | 47/48 | €117,651 | €94,695 | -€22,956 | -19.5% |
| Accrued charges and deferred income | 492/3 | €1,925,009 | €1,471,405 | -€453,605 | -23.6% |
| Remuneration, social security and pensions | 62 | €1,969,304 | €1,522,410 | -€446,894 | -22.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €346,269 | €297,908 | -€48,361 | -14.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€23,067 | -€163,197 | -€140,130 | -607% |
| Other operating charges | 640/8 | €2,312 | €4,106 | +€1,794 | +77.6% |
| Gross operating margin | 9900 | €2,539,730 | €1,862,861 | -€676,869 | -26.7% |
| Operating profit (loss) | 9901 | €244,912 | €201,634 | -€43,278 | -17.7% |
| Financial income | 75/76B | €248 | €116 | -€132 | -53.2% |
| Recurring financial income | 75 | €248 | €116 | -€132 | -53.2% |
| Financial charges | 65/66B | €33,576 | €23,415 | -€10,161 | -30.3% |
| Recurring financial charges | 65 | €33,576 | €23,415 | -€10,161 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €211,584 | €178,334 | -€33,249 | -15.7% |
| Income taxes | 67/77 | €85,106 | €62,731 | -€22,375 | -26.3% |
| Profit (loss) for the period | 9904 | €126,477 | €115,603 | -€10,874 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €126,477 | €115,603 | -€10,874 | -8.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.