Expansion Partners: what changed
What changed
Expansion Partners
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€808
2024 · €6,409-€5,601
Equity
€825,511
2024 · €824,703+€808
Cash
€88,970
2024 · €301,004-€212,034
Balance sheet total
€2.4m
2024 · €2.5m-€188,477
Largest movements
Assets
- Cash -€212,034
down €212,034 (-70.4%), from €301,004 to €88,970
mainly Receivables within one year (-€154,221) and Trade debts (-€152,067)
- Receivables within one year +€154,221
up €154,221 (+12.1%), from €1.3m to €1.4m
of which Trade receivables: +€191,119
- Tangible fixed assets -€66,218
down €66,218 (-28.8%), from €230,160 to €163,942
of which Furniture and vehicles: -€78,229
- Receivables after one year -€30,317
down €30,317 (-10.4%), from €290,120 to €259,803
- Deferred charges and accrued income -€29,071
down €29,071 (-31.6%), from €92,058 to €62,987
Equity and liabilities
- Trade debts -€152,067
down €152,067 (-14.9%), from €1.0m to €870,513
- Debts after one year -€35,856
down €35,856 (-51.2%), from €69,990 to €34,134
- Tax, wage and social debts +€30,250
up €30,250 (+7.3%), from €416,497 to €446,747
of which Remuneration and social security: +€27,438
Income statement
- Staff costs +€31,207
up €31,207 (+2.0%), from €1.6m to €1.6m
- Gross operating margin +€22,890
up €22,890 (+1.3%), from €1.7m to €1.8m
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
€6,409
Gross operating margin
+€22,890
Staff costs
-€31,207
Depreciation
-€5,655
Write-downs
+€11,012
Other operating charges
-€15,530
Financial income
+€15,015
Financial charges
-€896
Taxes
-€1,230
Result 2025
€808
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
-€129,768
Investment
-€28,018
Financing
-€54,248
Cash 2024
€301,004
From operations (derived)
-€129,768
Net result for the year
+€808
Depreciation
+€99,294
Receivables after one year
+€30,317
Receivables within one year
-€154,221
Deferred charges and accrued income
+€29,071
Trade debts
-€152,067
Tax, wage and social debts
+€30,250
Accrued charges and deferred income
-€13,220
Investment (derived)
-€28,018
Investment in fixed assets (net)
-€28,011
Current investments
-€7
Financing
-€54,248
Debts after one year
-€35,856
Current portion of long-term debt
-€18,392
Cash 2025
€88,970
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,539,370 | €2,350,893 | -€188,477 | -7.4% |
| Fixed assets | 21/28 | €404,554 | €333,271 | -€71,283 | -17.6% |
| Intangible fixed assets | 21 | €166 | €100 | -€66 | -39.8% |
| Tangible fixed assets | 22/27 | €230,160 | €163,942 | -€66,218 | -28.8% |
| Plant, machinery and equipment | 23 | €30,495 | €42,506 | +€12,011 | +39.4% |
| Furniture and vehicles | 24 | €199,665 | €121,436 | -€78,229 | -39.2% |
| Financial fixed assets | 28 | €174,228 | €169,229 | -€4,999 | -2.9% |
| Current assets | 29/58 | €2,134,816 | €2,017,622 | -€117,194 | -5.5% |
| Amounts receivable after more than one year | 29 | €290,120 | €259,803 | -€30,317 | -10.4% |
| Other amounts receivable | 291 | €290,120 | €259,803 | -€30,317 | -10.4% |
| Amounts receivable within one year | 40/41 | €1,274,133 | €1,428,354 | +€154,221 | +12.1% |
| Trade receivables | 40 | €1,143,340 | €1,334,459 | +€191,119 | +16.7% |
| Other amounts receivable | 41 | €130,793 | €93,895 | -€36,898 | -28.2% |
| Current investments | 50/53 | €177,501 | €177,508 | +€7 | 0.0% |
| Cash at bank and in hand | 54/58 | €301,004 | €88,970 | -€212,034 | -70.4% |
| Deferred charges and accrued income | 490/1 | €92,058 | €62,987 | -€29,071 | -31.6% |
| Total equity and liabilities | 10/49 | €2,539,370 | €2,350,893 | -€188,477 | -7.4% |
| Equity | 10/15 | €824,703 | €825,511 | +€808 | +0.1% |
| 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 | €190,647 | €190,647 | = | 0.0% |
| Non-distributable reserves | 130/1 | €181,700 | €181,700 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €175,500 | €175,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,397 | €8,397 | = | 0.0% |
| Distributable reserves | 133 | €550 | €550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €572,056 | €572,864 | +€808 | +0.1% |
| Amounts payable | 17/49 | €1,714,667 | €1,525,382 | -€189,285 | -11.0% |
| Amounts payable after more than one year | 17 | €69,990 | €34,134 | -€35,856 | -51.2% |
| Financial debts | 170/4 | €69,990 | €34,134 | -€35,856 | -51.2% |
| Amounts payable within one year | 42/48 | €1,593,324 | €1,453,115 | -€140,209 | -8.8% |
| Current portion of amounts payable after more than one year | 42 | €54,247 | €35,855 | -€18,392 | -33.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | - | -€100,000 | |
| Other loans | 439 | - | €100,000 | +€100,000 | |
| Trade debts | 44 | €1,022,580 | €870,513 | -€152,067 | -14.9% |
| Suppliers | 440/4 | €1,022,580 | €870,513 | -€152,067 | -14.9% |
| Taxes, remuneration and social security | 45 | €416,497 | €446,747 | +€30,250 | +7.3% |
| Taxes | 450/3 | €207,919 | €210,731 | +€2,812 | +1.4% |
| Remuneration and social security | 454/9 | €208,578 | €236,016 | +€27,438 | +13.2% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €51,353 | €38,133 | -€13,220 | -25.7% |
| Remuneration, social security and pensions | 62 | €1,578,010 | €1,609,217 | +€31,207 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,639 | €99,294 | +€5,655 | +6.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,539 | -€4,473 | -€11,012 | |
| Other operating charges | 640/8 | €17,106 | €32,636 | +€15,530 | +90.8% |
| Gross operating margin | 9900 | €1,730,599 | €1,753,489 | +€22,890 | +1.3% |
| Operating profit (loss) | 9901 | €35,305 | €16,815 | -€18,490 | -52.4% |
| Financial income | 75/76B | €19,947 | €34,962 | +€15,015 | +75.3% |
| Recurring financial income | 75 | €19,947 | €34,962 | +€15,015 | +75.3% |
| Financial charges | 65/66B | €16,508 | €17,404 | +€896 | +5.4% |
| Recurring financial charges | 65 | €16,508 | €12,405 | -€4,103 | -24.9% |
| Non-recurring financial charges | 66B | - | €4,999 | +€4,999 | |
| Profit (loss) for the period before taxes | 9903 | €38,744 | €34,373 | -€4,371 | -11.3% |
| Income taxes | 67/77 | €32,335 | €33,565 | +€1,230 | +3.8% |
| Profit (loss) for the period | 9904 | €6,409 | €808 | -€5,601 | -87.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,409 | €808 | -€5,601 | -87.4% |
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 6 November 2026 via checked.be.