Executive Search Belgium: what changed
What changed
Executive Search Belgium
NACE 78.100, Employment placement agencies
filed annual accounts (NBB)
Net result for the year
-€77,705
2024 · -€22,224-€55,481
Equity
-€320,475
2024 · -€242,770-€77,705
Cash
€633
2024 · €265+€368
Balance sheet total
€203,278
2024 · €205,319-€2,041
Largest movements
Assets
- Tangible fixed assets -€2,080
no longer reported in 2025 (was €2,080)
Equity and liabilities
- Profit (loss) carried forward -€77,705
down €77,705 (-25.5%), from -€304,718 to -€382,423
- Debts after one year +€40,208
up €40,208 (+9.0%), from €448,089 to €488,297
- Trade debts +€35,456
new in 2025: €35,456
Income statement
- Gross operating margin -€54,984
down €54,984 (-280%), from -€19,667 to -€74,651
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
-€22,224
Gross operating margin
-€54,984
Depreciation
-€584
Other operating charges
-€503
Financial charges
+€590
Result 2025
-€77,705
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
-€39,839
Investment
-€1
Financing
+€40,208
Cash 2024
€265
From operations (derived)
-€39,839
Net result for the year
-€77,705
Depreciation
+€2,081
Receivables within one year
+€329
Trade debts
+€35,456
Investment (derived)
-€1
Investment in fixed assets (net)
-€1
Financing
+€40,208
Debts after one year
+€40,208
Cash 2025
€633
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €205,319 | €203,278 | -€2,041 | -1.0% |
| Fixed assets | 21/28 | €2,080 | - | -€2,080 | |
| Tangible fixed assets | 22/27 | €2,080 | - | -€2,080 | |
| Furniture and vehicles | 24 | €2,080 | - | -€2,080 | |
| Current assets | 29/58 | €203,239 | €203,278 | +€39 | 0.0% |
| Amounts receivable within one year | 40/41 | €202,974 | €202,645 | -€329 | -0.2% |
| Trade receivables | 40 | €202,164 | €202,164 | = | 0.0% |
| Other amounts receivable | 41 | €810 | €481 | -€329 | -40.6% |
| Cash at bank and in hand | 54/58 | €265 | €633 | +€368 | +139% |
| Total equity and liabilities | 10/49 | €205,319 | €203,278 | -€2,041 | -1.0% |
| Equity | 10/15 | -€242,770 | -€320,475 | -€77,705 | -32.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | - | €61,500 | +€61,500 | |
| Issued capital | 100 | - | €61,500 | +€61,500 | |
| Reserves | 13 | €448 | €448 | = | 0.0% |
| Non-distributable reserves | 130/1 | €448 | €448 | = | 0.0% |
| Reserves not available under the articles | 1311 | €448 | €448 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€304,718 | -€382,423 | -€77,705 | -25.5% |
| Amounts payable | 17/49 | €448,089 | €523,753 | +€75,664 | +16.9% |
| Amounts payable after more than one year | 17 | €448,089 | €488,297 | +€40,208 | +9.0% |
| Financial debts | 170/4 | €448,089 | €488,297 | +€40,208 | +9.0% |
| Amounts payable within one year | 42/48 | - | €35,456 | +€35,456 | |
| Trade debts | 44 | - | €35,456 | +€35,456 | |
| Suppliers | 440/4 | - | €35,456 | +€35,456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,497 | €2,081 | +€584 | +39.0% |
| Other operating charges | 640/8 | €390 | €893 | +€503 | +129% |
| Gross operating margin | 9900 | -€19,667 | -€74,651 | -€54,984 | -280% |
| Operating profit (loss) | 9901 | -€21,554 | -€77,625 | -€56,071 | -260% |
| Financial charges | 65/66B | €670 | €80 | -€590 | -88.1% |
| Recurring financial charges | 65 | €670 | €80 | -€590 | -88.1% |
| Profit (loss) for the period before taxes | 9903 | -€22,224 | -€77,705 | -€55,481 | -250% |
| Profit (loss) for the period | 9904 | -€22,224 | -€77,705 | -€55,481 | -250% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,224 | -€77,705 | -€55,481 | -250% |
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 3 November 2026 via checked.be.