FSD 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
FSD Group
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€41,723
2024 · €21,470-€63,193
Equity
€818,959
2024 · -€733,635+€1.6m
Cash
€25,365
2024 · €258,348-€232,984
Balance sheet total
€1.1m
2024 · €1.4m-€312,603
Largest movements
Assets
- Cash -€232,984
down €232,984 (-90.2%), from €258,348 to €25,365
mainly Other debts (-€1.5m) and Tax, wage and social debts (-€168,686)
- Deferred charges and accrued income -€65,766
down €65,766 (-18.6%), from €353,521 to €287,755
Equity and liabilities
- Other debts -€1.5m
down €1.5m (-99.7%), from €1.5m to €5,000
- Profit (loss) carried forward +€986,437
up €986,437 (+96.7%), from -€1.0m to -€33,423
- Contributions +€574,457
up €574,457 (+230%), from €250,000 to €824,457
- Tax, wage and social debts -€168,686
down €168,686 (-49.4%), from €341,324 to €172,639
of which Taxes: -€206,182
- Accrued charges and deferred income -€114,168
down €114,168 (-76.3%), from €149,677 to €35,509
Income statement
- Provisions +€423,549
up €423,549 (+91.1%), from -€465,000 to -€41,451
- Goods and materials -€356,679
down €356,679 (-100%), from €356,679 to €0
- Turnover +€280,307
up €280,307 (+20.1%), from €1.4m to €1.7m
- Staff costs +€256,896
up €256,896 (+44.4%), from €578,071 to €834,967
- Services and other goods -€174,270
down €174,270 (-18.6%), from €939,060 to €764,790
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
€21,470
Turnover
+€280,307
Other operating income
-€84,651
Goods and materials
+€356,679
Services and other goods
+€174,270
Staff costs
-€256,896
Depreciation
-€8,422
Provisions
-€423,549
Other operating charges
-€45,552
Financial income
-€3,536
Financial charges
-€1,385
Taxes
-€50,458
Result 2025
-€41,723
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
-€1.8m
Investment
-€15,998
Financing
+€1.6m
Cash 2024
€258,348
From operations (derived)
-€1.8m
Net result for the year
-€41,723
Depreciation
+€18,244
Receivables within one year
+€11,607
Deferred charges and accrued income
+€65,766
Provisions
-€58,319
Trade debts
-€526
Tax, wage and social debts
-€168,686
Other debts
-€1.5m
Accrued charges and deferred income
-€114,168
Investment (derived)
-€15,998
Investment in fixed assets (net)
-€15,998
Financing
+€1.6m
Contributions, distributions and other
+€1.6m
Cash 2025
€25,365
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,389,675 | €1,077,072 | -€312,603 | -22.5% |
| Formation expenses | 20 | - | €5,185 | +€5,185 | |
| Fixed assets | 21/28 | €738,733 | €731,302 | -€7,431 | -1.0% |
| Intangible fixed assets | 21 | €99 | €2,438 | +€2,339 | +2,371% |
| Tangible fixed assets | 22/27 | €45,196 | €35,426 | -€9,770 | -21.6% |
| Plant, machinery and equipment | 23 | €34,423 | €27,435 | -€6,989 | -20.3% |
| Other tangible fixed assets | 26 | €10,773 | €7,991 | -€2,782 | -25.8% |
| Financial fixed assets | 28 | €693,438 | €693,438 | = | 0.0% |
| Affiliated companies | 280/1 | €650,000 | €650,000 | = | 0.0% |
| Participating interests | 280 | €650,000 | €650,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €43,438 | €43,438 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €43,438 | €43,438 | = | 0.0% |
| Current assets | 29/58 | €650,942 | €340,585 | -€310,356 | -47.7% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €39,072 | €27,465 | -€11,607 | -29.7% |
| Trade receivables | 40 | €26,326 | €27,465 | +€1,139 | +4.3% |
| Other amounts receivable | 41 | €12,746 | €0 | -€12,746 | -100% |
| Cash at bank and in hand | 54/58 | €258,348 | €25,365 | -€232,984 | -90.2% |
| Deferred charges and accrued income | 490/1 | €353,521 | €287,755 | -€65,766 | -18.6% |
| Total equity and liabilities | 10/49 | €1,389,675 | €1,077,072 | -€312,603 | -22.5% |
| Equity | 10/15 | -€733,635 | €818,959 | +€1.6m | |
| Contributions | 10/11 | €250,000 | €824,457 | +€574,457 | +230% |
| Reserves | 13 | €36,225 | €27,925 | -€8,300 | -22.9% |
| Tax-exempt reserves | 132 | €36,225 | €27,925 | -€8,300 | -22.9% |
| Profit (loss) carried forward | 14 | -€1,019,860 | -€33,423 | +€986,437 | +96.7% |
| Provisions and deferred taxes | 16 | €75,000 | €16,681 | -€58,319 | -77.8% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €16,681 | -€58,319 | -77.8% |
| Other liabilities and charges | 164/5 | €75,000 | €16,681 | -€58,319 | -77.8% |
| Amounts payable | 17/49 | €2,048,310 | €241,431 | -€1.8m | -88.2% |
| Amounts payable within one year | 42/48 | €1,898,633 | €205,923 | -€1.7m | -89.2% |
| Trade debts | 44 | €28,810 | €28,284 | -€526 | -1.8% |
| Suppliers | 440/4 | €28,810 | €28,284 | -€526 | -1.8% |
| Taxes, remuneration and social security | 45 | €341,324 | €172,639 | -€168,686 | -49.4% |
| Taxes | 450/3 | €274,416 | €68,234 | -€206,182 | -75.1% |
| Remuneration and social security | 454/9 | €66,908 | €104,405 | +€37,496 | +56.0% |
| Other amounts payable | 47/48 | €1,528,499 | €5,000 | -€1.5m | -99.7% |
| Accrued charges and deferred income | 492/3 | €149,677 | €35,509 | -€114,168 | -76.3% |
| Operating income | 70/76A | €1,496,081 | €1,691,737 | +€195,657 | +13.1% |
| Turnover | 70 | €1,395,467 | €1,675,774 | +€280,307 | +20.1% |
| Other operating income | 74 | €100,614 | €15,963 | -€84,651 | -84.1% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Operating charges | 60/66A | €1,449,968 | €1,653,439 | +€203,471 | +14.0% |
| Goods for resale, raw materials and consumables | 60 | €356,679 | €0 | -€356,679 | -100% |
| Purchases | 600/8 | €356,679 | €0 | -€356,679 | -100% |
| Services and other goods | 61 | €939,060 | €764,790 | -€174,270 | -18.6% |
| Remuneration, social security and pensions | 62 | €578,071 | €834,967 | +€256,896 | +44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,822 | €18,244 | +€8,422 | +85.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€465,000 | -€41,451 | +€423,549 | +91.1% |
| Other operating charges | 640/8 | €31,336 | €76,888 | +€45,552 | +145% |
| Operating profit (loss) | 9901 | €46,112 | €38,299 | -€7,814 | -16.9% |
| Financial income | 75/76B | €4,155 | €619 | -€3,536 | -85.1% |
| Recurring financial income | 75 | €4,155 | €619 | -€3,536 | -85.1% |
| Income from current assets | 751 | €372 | €49 | -€323 | -86.9% |
| Other financial income | 752/9 | €3,783 | €570 | -€3,213 | -84.9% |
| Financial charges | 65/66B | €19,570 | €20,955 | +€1,385 | +7.1% |
| Recurring financial charges | 65 | €19,570 | €20,955 | +€1,385 | +7.1% |
| Debt charges | 650 | €18,934 | €20,952 | +€2,019 | +10.7% |
| Other financial charges | 652/9 | €636 | €2 | -€634 | -99.7% |
| Profit (loss) for the period before taxes | 9903 | €30,698 | €17,963 | -€12,735 | -41.5% |
| Income taxes | 67/77 | €9,228 | €59,686 | +€50,458 | +547% |
| Taxes | 670/3 | €9,228 | €59,686 | +€50,458 | +547% |
| Profit (loss) for the period | 9904 | €21,470 | -€41,723 | -€63,193 | |
| Transfer from tax-exempt reserves | 789 | - | €8,300 | +€8,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,470 | -€33,423 | -€54,893 |
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.