FAZ CONSULT: what changed
Two fiscal 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.
FAZ CONSULT
Largest movements
- Receivables after one year +€518,574
new in 2025: €518,574
- Cash -€502,002
down €502,002 (-71.9%), from €697,798 to €195,796
mainly Receivables after one year (-€518,574) and Receivables within one year (-€49,845)
- Receivables within one year +€49,845
up €49,845 (+9.7%), from €511,869 to €561,715
of which Trade receivables: +€77,958
- Financial fixed assets -€25,000
down €25,000 (-17.2%), from €145,607 to €120,607
of which Other financial fixed assets: -€25,000
- Profit (loss) carried forward +€100,880
up €100,880 (+5.5%), from €1.8m to €1.9m
- Tax, wage and social debts -€42,441
down €42,441 (-24.1%), from €175,929 to €133,488
of which Taxes: -€42,954
- Trade debts -€38,628
down €38,628 (-55.4%), from €69,667 to €31,039
- Turnover -€60,000
down €60,000 (-16.7%), from €360,000 to €300,000
- Other operating charges -€27,742
down €27,742 (-88.8%), from €31,248 to €3,506
- Depreciation -€12,745
down €12,745 (-52.4%), from €24,319 to €11,575
- Write-downs -€12,042
down €12,042 (-24.6%), from €49,050 to €37,008
- Other operating income +€7,999
up €7,999 (+127.2%), from €6,289 to €14,288
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.
Cash bridge derived
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,082,031 | €2,100,945 | +€18,914 | +0.9% |
| Fixed assets | 21/28 | €811,172 | €766,860 | -€44,312 | -5.5% |
| Tangible fixed assets | 22/27 | €665,565 | €646,253 | -€19,312 | -2.9% |
| Land and buildings | 22 | €525,465 | €486,071 | -€39,394 | -7.5% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €24,847 | €2,346 | -€22,501 | -90.6% |
| Assets under construction and advance payments | 27 | €115,253 | €157,836 | +€42,583 | +36.9% |
| Financial fixed assets | 28 | €145,607 | €120,607 | -€25,000 | -17.2% |
| Affiliated companies | 280/1 | €120,607 | €120,607 | = | 0.0% |
| Participating interests | 280 | €120,607 | €120,607 | = | 0.0% |
| Other financial fixed assets | 284/8 | €25,000 | €0 | -€25,000 | -100.0% |
| Amounts receivable and cash guarantees | 285/8 | €25,000 | €0 | -€25,000 | -100.0% |
| Current assets | 29/58 | €1,270,859 | €1,334,085 | +€63,226 | +5.0% |
| Amounts receivable after more than one year | 29 | - | €518,574 | +€518,574 | |
| Other amounts receivable | 291 | - | €518,574 | +€518,574 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €511,869 | €561,715 | +€49,845 | +9.7% |
| Trade receivables | 40 | €132,053 | €210,010 | +€77,958 | +59.0% |
| Other amounts receivable | 41 | €379,817 | €351,704 | -€28,112 | -7.4% |
| Current investments | 50/53 | €58,000 | €58,000 | = | 0.0% |
| Other investments | 51/53 | €58,000 | €58,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €697,798 | €195,796 | -€502,002 | -71.9% |
| Deferred charges and accrued income | 490/1 | €3,191 | €0 | -€3,191 | -100.0% |
| Total equity and liabilities | 10/49 | €2,082,031 | €2,100,945 | +€18,914 | +0.9% |
| Equity | 10/15 | €1,835,539 | €1,936,419 | +€100,880 | +5.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,832,539 | €1,933,419 | +€100,880 | +5.5% |
| Amounts payable | 17/49 | €246,492 | €164,526 | -€81,966 | -33.3% |
| Amounts payable within one year | 42/48 | €245,595 | €164,526 | -€81,069 | -33.0% |
| Trade debts | 44 | €69,667 | €31,039 | -€38,628 | -55.4% |
| Suppliers | 440/4 | €69,667 | €31,039 | -€38,628 | -55.4% |
| Taxes, remuneration and social security | 45 | €175,929 | €133,488 | -€42,441 | -24.1% |
| Taxes | 450/3 | €172,929 | €129,975 | -€42,954 | -24.8% |
| Remuneration and social security | 454/9 | €3,000 | €3,513 | +€513 | +17.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €897 | €0 | -€897 | -100.0% |
| Operating income | 70/76A | €366,289 | €314,288 | -€52,001 | -14.2% |
| Turnover | 70 | €360,000 | €300,000 | -€60,000 | -16.7% |
| Other operating income | 74 | €6,289 | €14,288 | +€7,999 | +127.2% |
| Operating charges | 60/66A | €244,362 | €177,330 | -€67,032 | -27.4% |
| Services and other goods | 61 | €131,332 | €125,241 | -€6,090 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,319 | €11,575 | -€12,745 | -52.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €49,050 | €37,008 | -€12,042 | -24.6% |
| Other operating charges | 640/8 | €31,248 | €3,506 | -€27,742 | -88.8% |
| Non-recurring operating charges | 66A | €8,413 | €0 | -€8,413 | -100.0% |
| Operating profit (loss) | 9901 | €121,927 | €136,958 | +€15,031 | +12.3% |
| Financial income | 75/76B | €3,191 | €5,769 | +€2,578 | +80.8% |
| Recurring financial income | 75 | €3,191 | €5,769 | +€2,578 | +80.8% |
| Income from current assets | 751 | €3,191 | €5,769 | +€2,578 | +80.8% |
| Other financial income | 752/9 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €365 | €435 | +€70 | +19.1% |
| Recurring financial charges | 65 | €365 | €435 | +€70 | +19.1% |
| Debt charges | 650 | €188 | €258 | +€70 | +37.3% |
| Other financial charges | 652/9 | €177 | €177 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €124,753 | €142,293 | +€17,540 | +14.1% |
| Income taxes | 67/77 | €41,167 | €41,413 | +€246 | +0.6% |
| Taxes | 670/3 | €41,167 | €41,413 | +€246 | +0.6% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €83,587 | €100,880 | +€17,294 | +20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,587 | €100,880 | +€17,294 | +20.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.