Finance & Management Executives: 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
Finance & Management Executives
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.3m
2024 · €12.7m-€11.4m
Equity
€36.0m
2024 · €34.7m+€1.3m
Cash
€4.8m
2024 · €6.7m-€1.9m
Balance sheet total
€59.3m
2024 · €49.0m+€10.3m
Largest movements
Assets
- Receivables within one year +€5.7m
up €5.7m (+49.8%), from €11.5m to €17.2m
of which Trade receivables: +€3.4m
- Financial fixed assets +€3.5m
up €3.5m (+12.7%), from €27.2m to €30.7m
- Tangible fixed assets +€3.0m
up €3.0m (+83.6%), from €3.6m to €6.6m
of which Land and buildings: +€3.0m
- Cash -€1.9m
down €1.9m (-28.7%), from €6.7m to €4.8m
mainly Investment in fixed assets (net) (-€6.6m) and Receivables within one year (-€5.7m)
Equity and liabilities
- Debts after one year +€7.1m
up €7.1m (+137%), from €5.2m to €12.3m
- Short-term financial debts +€1.5m
up €1.5m (+21.5%), from €6.9m to €8.3m
- Profit (loss) carried forward +€655,162
up €655,162 (+3.0%), from €21.8m to €22.5m
- Reserves +€638,852
up €638,852 (+15.9%), from €4.0m to €4.7m
of which Tax-exempt reserves: +€638,852
Income statement
- Financial income -€14.0m
down €14.0m (-99.3%), from €14.1m to €91,986
of which Financial income: -€13.1m
- Financial charges -€2.5m
down €2.5m (-74.5%), from €3.3m to €850,091
of which Non-recurring financial charges: -€1.5m
- Turnover -€970,159
down €970,159 (-22.3%), from €4.3m to €3.4m
- Services and other goods -€913,317
down €913,317 (-63.5%), from €1.4m to €524,685
- Staff costs -€259,997
down €259,997 (-55.3%), from €470,154 to €210,157
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
€12.7m
Turnover
-€970,159
Other operating income
-€1,389
Services and other goods
+€913,317
Staff costs
+€259,997
Depreciation
-€10,172
Other operating charges
+€38,450
Other operating items
-€232
Financial income
-€14.0m
Financial charges
+€2.5m
Taxes
-€161,834
Deferred taxes and other
+€31,495
Result 2025
€1.3m
raises the resultlowers the resultnot broken down further in the accounts
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
-€3.9m
Investment
-€6.6m
Financing
+€8.5m
Cash 2024
€6.7m
From operations (derived)
-€3.9m
Net result for the year
+€1.3m
Depreciation
+€139,006
Receivables within one year
-€5.7m
Deferred charges and accrued income
-€95,905
Provisions
-€5,437
Trade debts
+€89,826
Tax, wage and social debts
+€243,157
Other debts
+€196,883
Accrued charges and deferred income
-€20,167
Investment (derived)
-€6.6m
Investment in fixed assets (net)
-€6.6m
Financing
+€8.5m
Debts after one year
+€7.1m
Current portion of long-term debt
+€383
Short-term financial debts
+€1.5m
Cash 2025
€4.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €48,964,214 | €59,310,328 | +€10.3m | +21.1% |
| Fixed assets | 21/28 | €30,788,922 | €37,243,164 | +€6.5m | +21.0% |
| Tangible fixed assets | 22/27 | €3,570,245 | €6,554,921 | +€3.0m | +83.6% |
| Land and buildings | 22 | €3,477,178 | €6,464,281 | +€3.0m | +85.9% |
| Furniture and vehicles | 24 | €48,287 | €45,861 | -€2,426 | -5.0% |
| Other tangible fixed assets | 26 | €44,780 | €44,780 | = | 0.0% |
| Financial fixed assets | 28 | €27,218,677 | €30,688,242 | +€3.5m | +12.7% |
| Affiliated companies | 280/1 | €27,218,677 | €30,688,242 | +€3.5m | +12.7% |
| Participating interests | 280 | €27,218,677 | €30,688,242 | +€3.5m | +12.7% |
| Current assets | 29/58 | €18,175,292 | €22,067,164 | +€3.9m | +21.4% |
| Amounts receivable within one year | 40/41 | €11,484,322 | €17,199,991 | +€5.7m | +49.8% |
| Trade receivables | 40 | €74,034 | €3,432,821 | +€3.4m | +4,537% |
| Other amounts receivable | 41 | €11,410,289 | €13,767,170 | +€2.4m | +20.7% |
| Cash at bank and in hand | 54/58 | €6,682,250 | €4,762,549 | -€1.9m | -28.7% |
| Deferred charges and accrued income | 490/1 | €8,719 | €104,624 | +€95,905 | +1,100% |
| Total equity and liabilities | 10/49 | €48,964,214 | €59,310,328 | +€10.3m | +21.1% |
| Equity | 10/15 | €34,731,285 | €36,025,300 | +€1.3m | +3.7% |
| Contributions | 10/11 | €8,864,229 | €8,864,229 | = | 0.0% |
| Reserves | 13 | €4,017,950 | €4,656,803 | +€638,852 | +15.9% |
| Non-distributable reserves | 130/1 | €70,276 | €70,276 | = | 0.0% |
| Reserves not available under the articles | 1311 | €70,276 | €70,276 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,406,471 | €2,045,323 | +€638,852 | +45.4% |
| Distributable reserves | 133 | €2,541,204 | €2,541,204 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,849,106 | €22,504,268 | +€655,162 | +3.0% |
| Provisions and deferred taxes | 16 | €133,928 | €128,492 | -€5,437 | -4.1% |
| Deferred taxes | 168 | €133,928 | €128,492 | -€5,437 | -4.1% |
| Amounts payable | 17/49 | €14,099,001 | €23,156,536 | +€9.1m | +64.2% |
| Amounts payable after more than one year | 17 | €5,178,455 | €12,251,954 | +€7.1m | +137% |
| Financial debts | 170/4 | €5,178,455 | €12,251,954 | +€7.1m | +137% |
| Unsubordinated bonds | 171 | €2,000,000 | €2,500,000 | +€500,000 | +25.0% |
| Credit institutions | 173 | €35,914 | €27,954 | -€7,960 | -22.2% |
| Other loans | 174 | €3,142,541 | €9,724,000 | +€6.6m | +209% |
| Amounts payable within one year | 42/48 | €8,850,546 | €10,854,749 | +€2.0m | +22.6% |
| Current portion of amounts payable after more than one year | 42 | €7,577 | €7,960 | +€383 | +5.1% |
| Financial debts | 43 | €6,864,250 | €8,338,205 | +€1.5m | +21.5% |
| Other loans | 439 | €6,864,250 | €8,338,205 | +€1.5m | +21.5% |
| Trade debts | 44 | €39,893 | €129,718 | +€89,826 | +225% |
| Suppliers | 440/4 | €39,893 | €129,718 | +€89,826 | +225% |
| Taxes, remuneration and social security | 45 | €128,354 | €371,511 | +€243,157 | +189% |
| Taxes | 450/3 | €86,269 | €325,476 | +€239,207 | +277% |
| Remuneration and social security | 454/9 | €42,085 | €46,035 | +€3,950 | +9.4% |
| Other amounts payable | 47/48 | €1,810,472 | €2,007,354 | +€196,883 | +10.9% |
| Accrued charges and deferred income | 492/3 | €70,000 | €49,833 | -€20,167 | -28.8% |
| Operating income | 70/76A | €4,396,621 | €3,424,840 | -€971,781 | -22.1% |
| Turnover | 70 | €4,341,915 | €3,371,756 | -€970,159 | -22.3% |
| Other operating income | 74 | €46,736 | €45,347 | -€1,389 | -3.0% |
| Non-recurring operating income | 76A | €7,970 | €7,737 | -€232 | -2.9% |
| Operating charges | 60/66A | €2,103,875 | €902,283 | -€1.2m | -57.1% |
| Services and other goods | 61 | €1,438,002 | €524,685 | -€913,317 | -63.5% |
| Remuneration, social security and pensions | 62 | €470,154 | €210,157 | -€259,997 | -55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,834 | €139,006 | +€10,172 | +7.9% |
| Other operating charges | 640/8 | €66,885 | €28,435 | -€38,450 | -57.5% |
| Operating profit (loss) | 9901 | €2,292,746 | €2,522,557 | +€229,811 | +10.0% |
| Financial income | 75/76B | €14,065,504 | €91,986 | -€14.0m | -99.3% |
| Recurring financial income | 75 | €13,238,659 | €91,986 | -€13.1m | -99.3% |
| Income from financial fixed assets | 750 | €13,176,958 | €19,638 | -€13.2m | -99.9% |
| Income from current assets | 751 | €61,701 | €72,348 | +€10,647 | +17.3% |
| Non-recurring financial income | 76B | €826,845 | - | -€826,845 | |
| Financial charges | 65/66B | €3,338,087 | €850,091 | -€2.5m | -74.5% |
| Recurring financial charges | 65 | €1,883,163 | €850,091 | -€1.0m | -54.9% |
| Debt charges | 650 | €1,883,163 | €850,091 | -€1.0m | -54.9% |
| Non-recurring financial charges | 66B | €1,454,924 | - | -€1.5m | |
| Profit (loss) for the period before taxes | 9903 | €13,020,163 | €1,764,452 | -€11.3m | -86.4% |
| Transfer from deferred taxes | 780 | €1,581 | €5,437 | +€3,856 | +244% |
| Transfer to deferred taxes | 680 | €27,639 | - | -€27,639 | |
| Income taxes | 67/77 | €314,040 | €475,874 | +€161,834 | +51.5% |
| Taxes | 670/3 | €314,040 | €475,874 | +€161,834 | +51.5% |
| Profit (loss) for the period | 9904 | €12,680,064 | €1,294,014 | -€11.4m | -89.8% |
| Transfer from tax-exempt reserves | 789 | €4,743 | €16,310 | +€11,567 | +244% |
| Transfer to tax-exempt reserves | 689 | €1,082,915 | €655,162 | -€427,753 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €11,601,892 | €655,162 | -€10.9m | -94.4% |
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 16 October 2026 via checked.be.