D.F.M.: 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
D.F.M.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €2.2m-€113,475
Equity
€55.5m
2024 · €53.4m+€2.1m
Cash
€26,194
2024 · €238,456-€212,262
Balance sheet total
€55.6m
2024 · €53.4m+€2.1m
Largest movements
Assets
- Financial fixed assets +€7.3m
up €7.3m (+111%), from €6.6m to €14.0m
- Current investments -€4.7m
down €4.7m (-22.5%), from €20.9m to €16.2m
Equity and liabilities
- Reserves +€2.1m
up €2.1m (+3.9%), from €53.1m to €55.2m
of which Distributable reserves: +€2.1m
Income statement
- Financial income -€580,684
down €580,684 (-23.4%), from €2.5m to €1.9m
- Gross operating margin +€470,657
up €470,657 (+54.0%), from €870,958 to €1.3m
- Depreciation -€154,143
down €154,143 (-26.0%), from €592,344 to €438,201
- Write-downs +€92,256
new in 2025: €92,256
- Financial charges +€53,320
up €53,320 (+356%), from €14,968 to €68,289
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
€2.2m
Gross operating margin
+€470,657
Depreciation
+€154,143
Write-downs
-€92,256
Other operating charges
-€6,083
Financial income
-€580,684
Financial charges
-€53,320
Taxes
-€5,931
Result 2025
€2.1m
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
+€2.4m
Investment
-€2.6m
Financing
-€3,650
Cash 2024
€238,456
From operations (derived)
+€2.4m
Net result for the year
+€2.1m
Depreciation
+€438,201
Receivables after one year
-€25,285
Stocks and contracts
+€115,205
Receivables within one year
-€245,787
Deferred charges and accrued income
+€37,634
Smaller working-capital items
+€19,512
Other debts
+€19,778
Investment (derived)
-€2.6m
Investment in fixed assets (net)
-€7.3m
Current investments
+€4.7m
Financing
-€3,650
Debts after one year
-€3,650
Cash 2025
€26,194
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,444,517 | €55,554,038 | +€2.1m | +3.9% |
| Fixed assets | 21/28 | €19,997,574 | €26,895,590 | +€6.9m | +34.5% |
| Intangible fixed assets | 21 | €145 | - | -€145 | |
| Tangible fixed assets | 22/27 | €13,367,489 | €12,929,433 | -€438,056 | -3.3% |
| Land and buildings | 22 | €13,366,890 | €12,929,352 | -€437,538 | -3.3% |
| Furniture and vehicles | 24 | €599 | €81 | -€518 | -86.5% |
| Financial fixed assets | 28 | €6,629,939 | €13,966,157 | +€7.3m | +111% |
| Current assets | 29/58 | €33,446,944 | €28,658,448 | -€4.8m | -14.3% |
| Amounts receivable after more than one year | 29 | €10,901,015 | €10,926,300 | +€25,285 | +0.2% |
| Other amounts receivable | 291 | €10,901,015 | €10,926,300 | +€25,285 | +0.2% |
| Stocks and contracts in progress | 3 | €1,281,660 | €1,166,455 | -€115,205 | -9.0% |
| Stocks | 30/36 | €1,281,660 | €1,166,455 | -€115,205 | -9.0% |
| Amounts receivable within one year | 40/41 | €107,262 | €353,049 | +€245,787 | +229% |
| Trade receivables | 40 | €52,642 | €93,421 | +€40,779 | +77.5% |
| Other amounts receivable | 41 | €54,620 | €259,627 | +€205,007 | +375% |
| Current investments | 50/53 | €20,860,136 | €16,165,670 | -€4.7m | -22.5% |
| Cash at bank and in hand | 54/58 | €238,456 | €26,194 | -€212,262 | -89.0% |
| Deferred charges and accrued income | 490/1 | €58,415 | €20,780 | -€37,634 | -64.4% |
| Total equity and liabilities | 10/49 | €53,444,517 | €55,554,038 | +€2.1m | +3.9% |
| Equity | 10/15 | €53,402,721 | €55,476,603 | +€2.1m | +3.9% |
| Contributions | 10/11 | €322,262 | €322,262 | = | 0.0% |
| Capital | 10 | €322,262 | €322,262 | = | 0.0% |
| Issued capital | 100 | €322,262 | €322,262 | = | 0.0% |
| Reserves | 13 | €53,080,460 | €55,154,341 | +€2.1m | +3.9% |
| Non-distributable reserves | 130/1 | €32,226 | €32,226 | = | 0.0% |
| Legal reserve | 130 | €32,226 | €32,226 | = | 0.0% |
| Distributable reserves | 133 | €53,048,233 | €55,122,115 | +€2.1m | +3.9% |
| Amounts payable | 17/49 | €41,796 | €77,436 | +€35,640 | +85.3% |
| Amounts payable after more than one year | 17 | €29,150 | €25,500 | -€3,650 | -12.5% |
| Other amounts payable | 178/9 | €29,150 | €25,500 | -€3,650 | -12.5% |
| Amounts payable within one year | 42/48 | €6,844 | €45,896 | +€39,052 | +571% |
| Trade debts | 44 | €2,812 | €4,724 | +€1,912 | +68.0% |
| Suppliers | 440/4 | €2,812 | €4,724 | +€1,912 | +68.0% |
| Taxes, remuneration and social security | 45 | €4,032 | €21,394 | +€17,362 | +431% |
| Taxes | 450/3 | €4,032 | €21,394 | +€17,362 | +431% |
| Other amounts payable | 47/48 | - | €19,778 | +€19,778 | |
| Accrued charges and deferred income | 492/3 | €5,802 | €6,040 | +€238 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €592,344 | €438,201 | -€154,143 | -26.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €92,256 | +€92,256 | |
| Other operating charges | 640/8 | €155,594 | €161,677 | +€6,083 | +3.9% |
| Gross operating margin | 9900 | €870,958 | €1,341,615 | +€470,657 | +54.0% |
| Operating profit (loss) | 9901 | €123,021 | €649,481 | +€526,460 | +428% |
| Financial income | 75/76B | €2,477,245 | €1,896,560 | -€580,684 | -23.4% |
| Recurring financial income | 75 | €2,477,245 | €1,896,560 | -€580,684 | -23.4% |
| Financial charges | 65/66B | €14,968 | €68,289 | +€53,320 | +356% |
| Recurring financial charges | 65 | €14,968 | €68,289 | +€53,320 | +356% |
| Profit (loss) for the period before taxes | 9903 | €2,585,297 | €2,477,753 | -€107,544 | -4.2% |
| Income taxes | 67/77 | €397,941 | €403,871 | +€5,931 | +1.5% |
| Profit (loss) for the period | 9904 | €2,187,356 | €2,073,881 | -€113,475 | -5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,187,356 | €2,073,881 | -€113,475 | -5.2% |
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 23 October 2026 via checked.be.