FINANCE & CONSULTING: 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.
FINANCE & CONSULTING
Largest movements
- Cash +€57,262
up €57,262 (+20.1%), from €285,341 to €342,603
mainly Investment in fixed assets (net) (+€25,510) and Net result for the year (+€20,103)
- Tangible fixed assets -€43,047
down €43,047 (-29.3%), from €146,791 to €103,743
of which Assets under construction and advance payments: -€51,500
- Receivables within one year -€14,381
down €14,381 (-95.6%), from €15,036 to €656
of which Trade receivables: -€15,004
- Reserves +€20,103
up €20,103 (+4.9%), from €413,799 to €433,902
- Tax, wage and social debts -€10,787
down €10,787 (-93.9%), from €11,487 to €700
- Trade debts -€5,723
no longer reported in 2025 (was €5,723)
- Gross operating margin -€49,973
down €49,973 (-59.8%), from €83,567 to €33,594
- Taxes -€19,463
down €19,463 (-76.6%), from €25,400 to €5,937
- Depreciation -€2,865
down €2,865 (-14.0%), from €20,403 to €17,537
- Other operating charges -€1,283
down €1,283 (-93.7%), from €1,369 to €86
- Financial charges -€1,151
down €1,151 (-83.5%), from €1,377 to €227
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,169 | €447,002 | -€166 | 0.0% |
| Fixed assets | 21/28 | €146,791 | €103,743 | -€43,047 | -29.3% |
| Tangible fixed assets | 22/27 | €146,791 | €103,743 | -€43,047 | -29.3% |
| Land and buildings | 22 | €56,469 | €79,366 | +€22,897 | +40.5% |
| Furniture and vehicles | 24 | €38,822 | €24,377 | -€14,445 | -37.2% |
| Assets under construction and advance payments | 27 | €51,500 | - | -€51,500 | |
| Current assets | 29/58 | €300,378 | €343,259 | +€42,881 | +14.3% |
| Amounts receivable within one year | 40/41 | €15,036 | €656 | -€14,381 | -95.6% |
| Trade receivables | 40 | €15,004 | - | -€15,004 | |
| Other amounts receivable | 41 | €32 | €656 | +€624 | +1,920% |
| Cash at bank and in hand | 54/58 | €285,341 | €342,603 | +€57,262 | +20.1% |
| Total equity and liabilities | 10/49 | €447,169 | €447,002 | -€166 | 0.0% |
| Equity | 10/15 | €426,199 | €446,302 | +€20,103 | +4.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €413,799 | €433,902 | +€20,103 | +4.9% |
| Distributable reserves | 133 | €413,799 | €433,902 | +€20,103 | +4.9% |
| Amounts payable | 17/49 | €20,969 | €700 | -€20,269 | -96.7% |
| Amounts payable within one year | 42/48 | €20,969 | €700 | -€20,269 | -96.7% |
| Trade debts | 44 | €5,723 | - | -€5,723 | |
| Suppliers | 440/4 | €5,723 | - | -€5,723 | |
| Taxes, remuneration and social security | 45 | €11,487 | €700 | -€10,787 | -93.9% |
| Taxes | 450/3 | €11,487 | €700 | -€10,787 | -93.9% |
| Other amounts payable | 47/48 | €3,759 | - | -€3,759 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,403 | €17,537 | -€2,865 | -14.0% |
| Other operating charges | 640/8 | €1,369 | €86 | -€1,283 | -93.7% |
| Gross operating margin | 9900 | €83,567 | €33,594 | -€49,973 | -59.8% |
| Operating profit (loss) | 9901 | €61,795 | €15,971 | -€45,824 | -74.2% |
| Financial income | 75/76B | €9,825 | €10,296 | +€471 | +4.8% |
| Recurring financial income | 75 | €9,825 | €10,296 | +€471 | +4.8% |
| Financial charges | 65/66B | €1,377 | €227 | -€1,151 | -83.5% |
| Recurring financial charges | 65 | €1,377 | €227 | -€1,151 | -83.5% |
| Profit (loss) for the period before taxes | 9903 | €70,243 | €26,040 | -€44,203 | -62.9% |
| Income taxes | 67/77 | €25,400 | €5,937 | -€19,463 | -76.6% |
| Profit (loss) for the period | 9904 | €44,843 | €20,103 | -€24,740 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,843 | €20,103 | -€24,740 | -55.2% |
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 18 October 2026 via checked.be.