Expertum Group: 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
Expertum Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€566,890
2024 · €3.2m-€2.6m
Equity
€45.3m
2024 · €41.4m+€3.9m
Cash
€83,140
2024 · €30,890+€52,250
Balance sheet total
€56.5m
2024 · €53.2m+€3.3m
Largest movements
Assets
- Receivables after one year +€3.3m
up €3.3m (+28.6%), from €11.5m to €14.9m
Equity and liabilities
- Contributions +€3.3m
up €3.3m (+8.6%), from €38.2m to €41.5m
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Reserves +€566,890
up €566,890 (+17.7%), from €3.2m to €3.8m
Income statement
- Financial income -€2.6m
down €2.6m (-79.4%), from €3.3m to €677,141
- Turnover -€423,529
down €423,529 (-13.2%), from €3.2m to €2.8m
- Financial charges -€302,093
down €302,093 (-32.7%), from €923,508 to €621,414
- Services and other goods -€269,876
down €269,876 (-12.1%), from €2.2m to €2.0m
- Taxes +€120,554
up €120,554 (+176%), from €68,459 to €189,013
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
€3.2m
Turnover
-€423,529
Goods and materials
-€17,501
Services and other goods
+€269,876
Depreciation
-€37,414
Other operating charges
-€68
Financial income
-€2.6m
Financial charges
+€302,093
Taxes
-€120,554
Result 2025
€566,890
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
-€2.3m
Investment
-€4,440
Financing
+€2.4m
Cash 2024
€30,890
From operations (derived)
-€2.3m
Net result for the year
+€566,890
Depreciation
+€108,157
Receivables after one year
-€3.3m
Receivables within one year
-€256,703
Deferred charges and accrued income
+€191,289
Trade debts
-€212,160
Tax, wage and social debts
+€187,700
Other debts
+€450,131
Accrued charges and deferred income
-€31,665
Investment (derived)
-€4,440
Investment in fixed assets (net)
-€4,440
Financing
+€2.4m
Debts after one year
+€53,051
Short-term financial debts
-€1.0m
Contributions, distributions and other
+€3.3m
Cash 2025
€83,140
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,186,125 | €56,505,072 | +€3.3m | +6.2% |
| Formation expenses | 20 | €215,344 | €158,126 | -€57,218 | -26.6% |
| Fixed assets | 21/28 | €39,439,452 | €39,392,953 | -€46,500 | -0.1% |
| Intangible fixed assets | 21 | €254,286 | €203,429 | -€50,857 | -20.0% |
| Tangible fixed assets | 22/27 | - | €4,357 | +€4,357 | |
| Furniture and vehicles | 24 | - | €4,357 | +€4,357 | |
| Financial fixed assets | 28 | €39,185,166 | €39,185,166 | = | 0.0% |
| Affiliated companies | 280/1 | €39,185,166 | €39,185,166 | = | 0.0% |
| Participating interests | 280 | €39,185,166 | €39,185,166 | = | 0.0% |
| Current assets | 29/58 | €13,531,329 | €16,953,994 | +€3.4m | +25.3% |
| Amounts receivable after more than one year | 29 | €11,546,000 | €14,851,000 | +€3.3m | +28.6% |
| Other amounts receivable | 291 | €11,546,000 | €14,851,000 | +€3.3m | +28.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,674,129 | €1,930,832 | +€256,703 | +15.3% |
| Trade receivables | 40 | €1,074,311 | €1,096,268 | +€21,957 | +2.0% |
| Other amounts receivable | 41 | €599,818 | €834,564 | +€234,746 | +39.1% |
| Cash at bank and in hand | 54/58 | €30,890 | €83,140 | +€52,250 | +169% |
| Deferred charges and accrued income | 490/1 | €280,310 | €89,022 | -€191,289 | -68.2% |
| Total equity and liabilities | 10/49 | €53,186,125 | €56,505,072 | +€3.3m | +6.2% |
| Equity | 10/15 | €41,425,057 | €45,296,947 | +€3.9m | +9.3% |
| Contributions | 10/11 | €38,220,001 | €41,525,001 | +€3.3m | +8.6% |
| Reserves | 13 | €3,205,056 | €3,771,946 | +€566,890 | +17.7% |
| Distributable reserves | 133 | €3,205,056 | €3,771,946 | +€566,890 | +17.7% |
| Amounts payable | 17/49 | €11,761,068 | €11,208,126 | -€552,942 | -4.7% |
| Amounts payable after more than one year | 17 | €10,077,500 | €10,130,551 | +€53,051 | +0.5% |
| Financial debts | 170/4 | €10,077,500 | €10,130,551 | +€53,051 | +0.5% |
| Subordinated loans | 170 | - | €5,105,551 | +€5.1m | |
| Credit institutions | 173 | €5,025,000 | €5,025,000 | = | 0.0% |
| Other loans | 174 | €5,052,500 | - | -€5.1m | |
| Amounts payable within one year | 42/48 | €1,479,144 | €904,815 | -€574,328 | -38.8% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €409,337 | €197,178 | -€212,160 | -51.8% |
| Suppliers | 440/4 | €409,337 | €197,178 | -€212,160 | -51.8% |
| Taxes, remuneration and social security | 45 | €69,807 | €257,507 | +€187,700 | +269% |
| Taxes | 450/3 | €69,807 | €257,507 | +€187,700 | +269% |
| Other amounts payable | 47/48 | - | €450,131 | +€450,131 | |
| Accrued charges and deferred income | 492/3 | €204,424 | €172,759 | -€31,665 | -15.5% |
| Operating income | 70/76A | €3,208,874 | €2,785,344 | -€423,529 | -13.2% |
| Turnover | 70 | €3,208,874 | €2,785,344 | -€423,529 | -13.2% |
| Operating charges | 60/66A | €2,300,059 | €2,085,167 | -€214,892 | -9.3% |
| Goods for resale, raw materials and consumables | 60 | €6,330 | €23,832 | +€17,501 | +276% |
| Purchases | 600/8 | €6,330 | €23,832 | +€17,501 | +276% |
| Services and other goods | 61 | €2,222,214 | €1,952,338 | -€269,876 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,743 | €108,157 | +€37,414 | +52.9% |
| Other operating charges | 640/8 | €772 | €840 | +€68 | +8.9% |
| Operating profit (loss) | 9901 | €908,814 | €700,177 | -€208,637 | -23.0% |
| Financial income | 75/76B | €3,288,208 | €677,141 | -€2.6m | -79.4% |
| Recurring financial income | 75 | €3,288,208 | €677,141 | -€2.6m | -79.4% |
| Income from financial fixed assets | 750 | €3,000,000 | €0 | -€3.0m | -100% |
| Income from current assets | 751 | €288,074 | €677,139 | +€389,065 | +135% |
| Other financial income | 752/9 | €134 | €2 | -€132 | -98.7% |
| Financial charges | 65/66B | €923,508 | €621,414 | -€302,093 | -32.7% |
| Recurring financial charges | 65 | €923,508 | €621,414 | -€302,093 | -32.7% |
| Debt charges | 650 | €908,881 | €617,884 | -€290,997 | -32.0% |
| Other financial charges | 652/9 | €14,626 | €3,530 | -€11,096 | -75.9% |
| Profit (loss) for the period before taxes | 9903 | €3,273,515 | €755,904 | -€2.5m | -76.9% |
| Income taxes | 67/77 | €68,459 | €189,013 | +€120,554 | +176% |
| Taxes | 670/3 | €68,459 | €189,013 | +€120,554 | +176% |
| Profit (loss) for the period | 9904 | €3,205,056 | €566,890 | -€2.6m | -82.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,205,056 | €566,890 | -€2.6m | -82.3% |
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 17 October 2026 via checked.be.