EURESEARCH: 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
EURESEARCH
NACE 70.200, Business and other management consultancy
financial year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€165,927
2023 · -€1.9m+€2.1m
Equity
-€415,917
2023 · -€581,844+€165,927
Cash
€64,570
2023 · €67+€64,503
Balance sheet total
€2.1m
2023 · €3.4m-€1.3m
Largest movements
Assets
- Financial fixed assets -€1.0m
down €1.0m (-73.0%), from €1.4m to €374,039
of which Affiliated companies: -€1.4m
- Tangible fixed assets -€307,440
down €307,440 (-16.6%), from €1.8m to €1.5m
of which Land and buildings: -€1.2m
- Receivables within one year -€96,532
down €96,532 (-61.6%), from €156,643 to €60,111
of which Other amounts receivable: -€97,132
- Cash +€64,503
up €64,503 (+96749.9%), from €67 to €64,570
mainly Investment in fixed assets (net) (+€1.3m) and Net result for the year (+€165,927)
Equity and liabilities
- Short-term financial debts -€1.0m
down €1.0m (-83.6%), from €1.2m to €200,013
- Debts after one year -€539,086
down €539,086 (-24.1%), from €2.2m to €1.7m
of which Other amounts payable: -€414,611
- Reserves +€149,598
up €149,598 (+274.5%), from €54,500 to €204,098
of which Tax-exempt reserves: +€149,598
- Provisions +€49,866
up €49,866, from €0 to €49,866
Income statement
- Gross operating margin +€3.3m
new in 2024: €3.3m
- Financial charges -€395,131
down €395,131 (-20.3%), from €1.9m to €1.6m
of which Financial charges: -€1.4m
- Other operating income -€369,005
no longer reported in 2024 (was €369,005)
- Write-downs -€273,337
down €273,337 (-76.6%), from €357,068 to €83,731
- Turnover -€230,888
no longer reported in 2024 (was €230,888)
From the 2023 result to the 2024 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 2023
-€1.9m
Turnover
-€230,888
Other operating income
-€369,005
Services and other goods
+€56,795
Staff costs
+€112,326
Depreciation
+€31,163
Write-downs
+€273,337
Other operating charges
+€12,788
Other operating items
+€2.2m
Financial income
-€2,666
Financial charges
+€395,131
Taxes
-€169,644
Deferred taxes and other
-€262,381
Result 2024
€165,927
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€296,375
Investment
+€1.3m
Financing
-€1.5m
Cash 2023
€67
From operations (derived)
+€296,375
Net result for the year
+€165,927
Depreciation
+€22,545
Receivables after one year
-€2,806
Receivables within one year
+€96,532
Deferred charges and accrued income
-€16,596
Provisions
+€49,866
Trade debts
-€25,947
Tax, wage and social debts
+€17,337
Other debts
+€13,007
Accrued charges and deferred income
-€23,490
Investment (derived)
+€1.3m
Investment in fixed assets (net)
+€1.3m
Financing
-€1.5m
Debts after one year
-€539,086
Current portion of long-term debt
+€33,133
Short-term financial debts
-€1.0m
Cash 2024
€64,570
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,393,155 | €2,061,308 | -€1.3m | -39.3% |
| Fixed assets | 21/28 | €3,232,843 | €1,913,624 | -€1.3m | -40.8% |
| Tangible fixed assets | 22/27 | €1,847,025 | €1,539,585 | -€307,440 | -16.6% |
| Land and buildings | 22 | €1,847,025 | €624,585 | -€1.2m | -66.2% |
| Assets under construction and advance payments | 27 | - | €915,000 | +€915,000 | |
| Financial fixed assets | 28 | €1,385,818 | €374,039 | -€1.0m | -73.0% |
| Affiliated companies | 280/1 | €1,385,768 | - | -€1.4m | |
| Participating interests | 280 | €1,385,768 | - | -€1.4m | |
| Other financial fixed assets | 284/8 | €50 | - | -€50 | |
| Amounts receivable and cash guarantees | 285/8 | €50 | - | -€50 | |
| Current assets | 29/58 | €160,312 | €147,685 | -€12,627 | -7.9% |
| Amounts receivable after more than one year | 29 | €1,547 | €4,352 | +€2,806 | +181.4% |
| Other amounts receivable | 291 | €1,547 | €4,352 | +€2,806 | +181.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €156,643 | €60,111 | -€96,532 | -61.6% |
| Trade receivables | 40 | €33,504 | €34,104 | +€600 | +1.8% |
| Other amounts receivable | 41 | €123,139 | €26,007 | -€97,132 | -78.9% |
| Cash at bank and in hand | 54/58 | €67 | €64,570 | +€64,503 | +96749.9% |
| Deferred charges and accrued income | 490/1 | €2,056 | €18,652 | +€16,596 | +807.2% |
| Total equity and liabilities | 10/49 | €3,393,155 | €2,061,308 | -€1.3m | -39.3% |
| Equity | 10/15 | -€581,844 | -€415,917 | +€165,927 | +28.5% |
| Contributions | 10/11 | €795,000 | €795,000 | = | 0.0% |
| Capital | 10 | €795,000 | €795,000 | = | 0.0% |
| Issued capital | 100 | €795,000 | €795,000 | = | 0.0% |
| Reserves | 13 | €54,500 | €204,098 | +€149,598 | +274.5% |
| Non-distributable reserves | 130/1 | €54,500 | €54,500 | = | 0.0% |
| Legal reserve | 130 | €54,500 | €54,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | €149,598 | +€149,598 | |
| Profit (loss) carried forward | 14 | -€1,431,344 | -€1,415,015 | +€16,329 | +1.1% |
| Provisions and deferred taxes | 16 | €0 | €49,866 | +€49,866 | |
| Deferred taxes | 168 | €0 | €49,866 | +€49,866 | |
| Amounts payable | 17/49 | €3,974,999 | €2,427,359 | -€1.5m | -38.9% |
| Amounts payable after more than one year | 17 | €2,238,856 | €1,699,770 | -€539,086 | -24.1% |
| Financial debts | 170/4 | €785,606 | €661,131 | -€124,474 | -15.8% |
| Subordinated loans | 170 | €380,000 | - | -€380,000 | |
| Credit institutions | 173 | €5,606 | - | -€5,606 | |
| Other loans | 174 | €400,000 | - | -€400,000 | |
| Other amounts payable | 178/9 | €1,453,250 | €1,038,639 | -€414,611 | -28.5% |
| Amounts payable within one year | 42/48 | €1,657,886 | €672,822 | -€985,064 | -59.4% |
| Current portion of amounts payable after more than one year | 42 | €166,867 | €200,000 | +€33,133 | +19.9% |
| Financial debts | 43 | €1,222,606 | €200,013 | -€1.0m | -83.6% |
| Credit institutions | 430/8 | €1,222,606 | €200,013 | -€1.0m | -83.6% |
| Trade debts | 44 | €91,940 | €65,993 | -€25,947 | -28.2% |
| Suppliers | 440/4 | €91,940 | €65,993 | -€25,947 | -28.2% |
| Taxes, remuneration and social security | 45 | €167,495 | €184,831 | +€17,337 | +10.4% |
| Taxes | 450/3 | €61,081 | €181,651 | +€120,571 | +197.4% |
| Remuneration and social security | 454/9 | €106,414 | €3,180 | -€103,234 | -97.0% |
| Other amounts payable | 47/48 | €8,978 | €21,985 | +€13,007 | +144.9% |
| Accrued charges and deferred income | 492/3 | €78,257 | €54,767 | -€23,490 | -30.0% |
| Operating income | 70/76A | €599,893 | - | -€599,893 | |
| Turnover | 70 | €230,888 | - | -€230,888 | |
| Other operating income | 74 | €369,005 | - | -€369,005 | |
| Non-recurring operating income | 76A | - | €2,996,047 | +€3.0m | |
| Operating charges | 60/66A | €790,258 | - | -€790,258 | |
| Services and other goods | 61 | €56,795 | - | -€56,795 | |
| Remuneration, social security and pensions | 62 | €266,579 | €154,253 | -€112,326 | -42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,708 | €22,545 | -€31,163 | -58.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €357,068 | €83,731 | -€273,337 | -76.6% |
| Other operating charges | 640/8 | €56,108 | €43,320 | -€12,788 | -22.8% |
| Non-recurring operating charges | 66A | - | €1,044,131 | +€1.0m | |
| Gross operating margin | 9900 | - | €3,284,166 | +€3.3m | |
| Operating profit (loss) | 9901 | -€190,365 | €1,936,185 | +€2.1m | |
| Financial income | 75/76B | €2,867 | €201 | -€2,666 | -93.0% |
| Recurring financial income | 75 | €2,867 | €201 | -€2,666 | -93.0% |
| Income from current assets | 751 | €2,830 | - | -€2,830 | |
| Other financial income | 752/9 | €37 | - | -€37 | |
| Financial charges | 65/66B | €1,945,667 | €1,550,537 | -€395,131 | -20.3% |
| Recurring financial charges | 65 | €1,945,667 | €536,610 | -€1.4m | -72.4% |
| Debt charges | 650 | €146,608 | - | -€146,608 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €1,788,473 | - | -€1.8m | |
| Other financial charges | 652/9 | €10,586 | - | -€10,586 | |
| Non-recurring financial charges | 66B | - | €1,013,927 | +€1.0m | |
| Profit (loss) for the period before taxes | 9903 | -€2,133,165 | €385,849 | +€2.5m | |
| Transfer from deferred taxes | 780 | €212,515 | €0 | -€212,515 | -100.0% |
| Transfer to deferred taxes | 680 | - | €49,866 | +€49,866 | |
| Income taxes | 67/77 | €412 | €170,056 | +€169,644 | +41211.9% |
| Taxes | 670/3 | €412 | - | -€412 | |
| Profit (loss) for the period | 9904 | -€1,921,062 | €165,927 | +€2.1m | |
| Transfer from tax-exempt reserves | 789 | €520,957 | €0 | -€520,957 | -100.0% |
| Transfer to tax-exempt reserves | 689 | - | €149,598 | +€149,598 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,400,105 | €16,329 | +€1.4m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.