FTenX: 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
FTenX
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€104,172
2024 · €75,595+€28,577
Equity
€1.2m
2024 · €1.3m-€121,493
Cash
€40,637
2024 · €114,589-€73,952
Balance sheet total
€1.3m
2024 · €1.5m-€129,776
Largest movements
Assets
- Receivables within one year -€98,590
down €98,590 (-62.2%), from €158,453 to €59,862
of which Other amounts receivable: -€140,209
- Cash -€73,952
down €73,952 (-64.5%), from €114,589 to €40,637
mainly Contributions, distributions and other (-€225,665) and Receivables after one year (-€39,735)
- Receivables after one year +€39,735
up €39,735 (+4.2%), from €940,706 to €980,441
Equity and liabilities
- Reserves -€121,493
down €121,493 (-17.4%), from €699,983 to €578,490
of which Distributable reserves: -€119,886
Income statement
- Gross operating margin +€43,850
up €43,850 (+35.2%), from €124,432 to €168,282
- Taxes +€16,136
up €16,136 (+45.1%), from €35,762 to €51,898
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
€75,595
Gross operating margin
+€43,850
Depreciation
-€144
Other operating charges
-€197
Financial income
+€121
Financial charges
+€1,084
Taxes
-€16,136
Result 2025
€104,172
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.
From operations
+€169,053
Investment
-€13,822
Financing
-€229,183
Cash 2024
€114,589
From operations (derived)
+€169,053
Net result for the year
+€104,172
Depreciation
+€10,341
Receivables after one year
-€39,735
Receivables within one year
+€98,590
Smaller working-capital items
-€182
Tax, wage and social debts
-€4,134
Investment (derived)
-€13,822
Investment in fixed assets (net)
-€13,822
Financing
-€229,183
Debts after one year
-€3,425
Current portion of long-term debt
+€424
Short-term financial debts
-€516
Contributions, distributions and other
-€225,665
Cash 2025
€40,637
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,451,432 | €1,321,656 | -€129,776 | -8.9% |
| Fixed assets | 21/28 | €235,482 | €238,964 | +€3,481 | +1.5% |
| Tangible fixed assets | 22/27 | €223,482 | €226,964 | +€3,481 | +1.6% |
| Land and buildings | 22 | €222,884 | €222,913 | +€30 | 0.0% |
| Furniture and vehicles | 24 | €599 | €4,050 | +€3,451 | +576.3% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €1,215,949 | €1,082,692 | -€133,257 | -11.0% |
| Amounts receivable after more than one year | 29 | €940,706 | €980,441 | +€39,735 | +4.2% |
| Other amounts receivable | 291 | €940,706 | €980,441 | +€39,735 | +4.2% |
| Amounts receivable within one year | 40/41 | €158,453 | €59,862 | -€98,590 | -62.2% |
| Trade receivables | 40 | €17,722 | €59,340 | +€41,618 | +234.8% |
| Other amounts receivable | 41 | €140,731 | €522 | -€140,209 | -99.6% |
| Cash at bank and in hand | 54/58 | €114,589 | €40,637 | -€73,952 | -64.5% |
| Deferred charges and accrued income | 490/1 | €2,202 | €1,752 | -€450 | -20.4% |
| Total equity and liabilities | 10/49 | €1,451,432 | €1,321,656 | -€129,776 | -8.9% |
| Equity | 10/15 | €1,282,140 | €1,160,648 | -€121,493 | -9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €699,983 | €578,490 | -€121,493 | -17.4% |
| Tax-exempt reserves | 132 | €36,969 | €35,361 | -€1,607 | -4.3% |
| Distributable reserves | 133 | €663,014 | €543,128 | -€119,886 | -18.1% |
| Profit (loss) carried forward | 14 | €569,758 | €569,758 | = | 0.0% |
| Provisions and deferred taxes | 16 | €12,323 | €11,787 | -€536 | -4.3% |
| Deferred taxes | 168 | €12,323 | €11,787 | -€536 | -4.3% |
| Amounts payable | 17/49 | €156,969 | €149,221 | -€7,748 | -4.9% |
| Amounts payable after more than one year | 17 | €94,215 | €90,790 | -€3,425 | -3.6% |
| Financial debts | 170/4 | €94,215 | €76,262 | -€17,953 | -19.1% |
| Other amounts payable | 178/9 | - | €14,528 | +€14,528 | |
| Amounts payable within one year | 42/48 | €61,393 | €57,071 | -€4,322 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €17,529 | €17,953 | +€424 | +2.4% |
| Financial debts | 43 | €2,692 | €2,176 | -€516 | -19.2% |
| Credit institutions | 430/8 | €2,692 | €2,176 | -€516 | -19.2% |
| Trade debts | 44 | €5,662 | €5,566 | -€96 | -1.7% |
| Suppliers | 440/4 | €5,662 | €5,566 | -€96 | -1.7% |
| Taxes, remuneration and social security | 45 | €34,355 | €30,221 | -€4,134 | -12.0% |
| Taxes | 450/3 | €34,355 | €30,221 | -€4,134 | -12.0% |
| Other amounts payable | 47/48 | €1,155 | €1,155 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,360 | €1,360 | = | 0.0% |
| Non-recurring operating income | 76A | - | €4,485 | +€4,485 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,197 | €10,341 | +€144 | +1.4% |
| Other operating charges | 640/8 | €4,062 | €4,260 | +€197 | +4.9% |
| Gross operating margin | 9900 | €124,432 | €168,282 | +€43,850 | +35.2% |
| Operating profit (loss) | 9901 | €110,172 | €153,681 | +€43,509 | +39.5% |
| Financial income | 75/76B | €5,270 | €5,391 | +€121 | +2.3% |
| Recurring financial income | 75 | €5,270 | €5,391 | +€121 | +2.3% |
| Financial charges | 65/66B | €4,622 | €3,538 | -€1,084 | -23.4% |
| Recurring financial charges | 65 | €4,622 | €3,538 | -€1,084 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €110,821 | €155,534 | +€44,713 | +40.3% |
| Transfer from deferred taxes | 780 | €536 | €536 | = | 0.0% |
| Income taxes | 67/77 | €35,762 | €51,898 | +€16,136 | +45.1% |
| Profit (loss) for the period | 9904 | €75,595 | €104,172 | +€28,577 | +37.8% |
| Transfer from tax-exempt reserves | 789 | €1,607 | €1,607 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €77,202 | €105,779 | +€28,577 | +37.0% |
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 10 October 2026 via checked.be.