GEARING INDUSTRY: 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
GEARING INDUSTRY
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 · €110,095-€1.4m
Equity
€981,622
2024 · €2.3m-€1.3m
Cash
€60,344
2024 · €33,644+€26,700
Balance sheet total
€5.0m
2024 · €5.4m-€376,433
Largest movements
Assets
- Financial fixed assets -€1.3m
down €1.3m (-42.4%), from €3.2m to €1.8m
- Tangible fixed assets +€1.0m
up €1.0m (+55.9%), from €1.8m to €2.9m
of which Land and buildings: +€2.7m
- Deferred charges and accrued income -€65,673
down €65,673 (-100%), from €65,673 to €0
Equity and liabilities
- Reserves -€1.3m
down €1.3m (-58.3%), from €2.2m to €909,252
of which Distributable reserves: -€1.3m
- Debts after one year +€990,539
up €990,539 (+59.4%), from €1.7m to €2.7m
- Current portion of long-term debt +€137,349
up €137,349 (+117%), from €117,571 to €254,919
- Trade debts -€115,306
down €115,306 (-41.5%), from €277,899 to €162,593
- Tax, wage and social debts -€81,325
down €81,325 (-100%), from €81,325 to €0
Income statement
- Financial charges +€1.4m
up €1.4m (+1,692%), from €85,036 to €1.5m
of which Non-recurring financial charges: +€1.4m
- Other operating income +€88,000
new in 2025: €88,000
- Financial income -€64,083
down €64,083 (-97.6%), from €65,673 to €1,590
- Depreciation +€44,400
new in 2025: €44,400
- Taxes -€39,107
down €39,107 (-98.6%), from €39,645 to €538
of which Taxes: -€39,107
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
€110,095
Turnover
+€18,000
Other operating income
+€88,000
Services and other goods
+€26,735
Depreciation
-€44,400
Other operating charges
-€4,119
Financial income
-€64,083
Financial charges
-€1.4m
Taxes
+€39,107
Result 2025
-€1.3m
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
-€1.4m
Investment
+€277,594
Financing
+€1.1m
Cash 2024
€33,644
From operations (derived)
-€1.4m
Net result for the year
-€1.3m
Depreciation
+€44,400
Receivables within one year
+€15,464
Deferred charges and accrued income
+€65,673
Trade debts
-€115,306
Tax, wage and social debts
-€81,325
Other debts
-€39,649
Accrued charges and deferred income
-€1,467
Investment (derived)
+€277,594
Investment in fixed assets (net)
+€277,594
Financing
+€1.1m
Debts after one year
+€990,539
Current portion of long-term debt
+€137,349
Short-term financial debts
+€2,693
Cash 2025
€60,344
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,420,611 | €5,044,178 | -€376,433 | -6.9% |
| Fixed assets | 21/28 | €4,999,100 | €4,677,105 | -€321,995 | -6.4% |
| Tangible fixed assets | 22/27 | €1,829,055 | €2,851,705 | +€1.0m | +55.9% |
| Land and buildings | 22 | €190,000 | €2,851,705 | +€2.7m | +1,401% |
| Assets under construction and advance payments | 27 | €1,639,055 | €0 | -€1.6m | -100% |
| Financial fixed assets | 28 | €3,170,044 | €1,825,400 | -€1.3m | -42.4% |
| Affiliated companies | 280/1 | €3,170,044 | €1,825,400 | -€1.3m | -42.4% |
| Participating interests | 280 | €1,925,400 | €1,825,400 | -€100,000 | -5.2% |
| Amounts receivable | 281 | €1,244,644 | €0 | -€1.2m | -100% |
| Current assets | 29/58 | €421,511 | €367,073 | -€54,438 | -12.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €72,193 | €56,729 | -€15,464 | -21.4% |
| Trade receivables | 40 | €40,000 | €42,000 | +€2,000 | +5.0% |
| Other amounts receivable | 41 | €32,193 | €14,729 | -€17,464 | -54.2% |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Own shares | 50 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,644 | €60,344 | +€26,700 | +79.4% |
| Deferred charges and accrued income | 490/1 | €65,673 | €0 | -€65,673 | -100% |
| Total equity and liabilities | 10/49 | €5,420,611 | €5,044,178 | -€376,433 | -6.9% |
| Equity | 10/15 | €2,250,887 | €981,622 | -€1.3m | -56.4% |
| Contributions | 10/11 | €72,370 | €72,370 | = | 0.0% |
| Capital | 10 | €72,370 | €72,370 | = | 0.0% |
| Issued capital | 100 | €72,370 | €72,370 | = | 0.0% |
| Reserves | 13 | €2,178,517 | €909,252 | -€1.3m | -58.3% |
| Non-distributable reserves | 130/1 | €259,605 | €259,605 | = | 0.0% |
| Legal reserve | 130 | €7,237 | €7,237 | = | 0.0% |
| Own shares acquired | 1312 | €252,368 | €252,368 | = | 0.0% |
| Tax-exempt reserves | 132 | €52,625 | €52,625 | = | 0.0% |
| Distributable reserves | 133 | €1,866,287 | €597,022 | -€1.3m | -68.0% |
| Amounts payable | 17/49 | €3,169,724 | €4,062,557 | +€892,833 | +28.2% |
| Amounts payable after more than one year | 17 | €1,667,777 | €2,658,316 | +€990,539 | +59.4% |
| Financial debts | 170/4 | €1,667,777 | €2,658,316 | +€990,539 | +59.4% |
| Subordinated loans | 170 | €85,714 | €57,143 | -€28,571 | -33.3% |
| Credit institutions | 173 | €1,502,173 | €2,550,443 | +€1.0m | +69.8% |
| Other loans | 174 | €79,890 | €50,730 | -€29,160 | -36.5% |
| Amounts payable within one year | 42/48 | €1,486,628 | €1,390,389 | -€96,239 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €117,571 | €254,919 | +€137,349 | +117% |
| Financial debts | 43 | €672,307 | €675,000 | +€2,693 | +0.4% |
| Credit institutions | 430/8 | €672,307 | €675,000 | +€2,693 | +0.4% |
| Trade debts | 44 | €277,899 | €162,593 | -€115,306 | -41.5% |
| Suppliers | 440/4 | €277,899 | €162,593 | -€115,306 | -41.5% |
| Taxes, remuneration and social security | 45 | €81,325 | €0 | -€81,325 | -100% |
| Taxes | 450/3 | €81,325 | €0 | -€81,325 | -100% |
| Other amounts payable | 47/48 | €337,526 | €297,877 | -€39,649 | -11.7% |
| Accrued charges and deferred income | 492/3 | €15,319 | €13,852 | -€1,467 | -9.6% |
| Operating income | 70/76A | €462,000 | €568,000 | +€106,000 | +22.9% |
| Turnover | 70 | €462,000 | €480,000 | +€18,000 | +3.9% |
| Other operating income | 74 | - | €88,000 | +€88,000 | |
| Operating charges | 60/66A | €292,897 | €314,681 | +€21,784 | +7.4% |
| Services and other goods | 61 | €291,834 | €265,098 | -€26,735 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €44,400 | +€44,400 | |
| Other operating charges | 640/8 | €1,064 | €5,182 | +€4,119 | +387% |
| Operating profit (loss) | 9901 | €169,103 | €253,319 | +€84,216 | +49.8% |
| Financial income | 75/76B | €65,673 | €1,590 | -€64,083 | -97.6% |
| Recurring financial income | 75 | €65,673 | €1,590 | -€64,083 | -97.6% |
| Income from financial fixed assets | 750 | €65,673 | €0 | -€65,673 | -100% |
| Other financial income | 752/9 | - | €1,590 | +€1,590 | |
| Financial charges | 65/66B | €85,036 | €1,523,637 | +€1.4m | +1,692% |
| Recurring financial charges | 65 | €85,036 | €158,353 | +€73,317 | +86.2% |
| Debt charges | 650 | €72,848 | €128,476 | +€55,628 | +76.4% |
| Other financial charges | 652/9 | €12,188 | €29,877 | +€17,689 | +145% |
| Non-recurring financial charges | 66B | - | €1,365,284 | +€1.4m | |
| Profit (loss) for the period before taxes | 9903 | €149,740 | -€1,268,728 | -€1.4m | |
| Income taxes | 67/77 | €39,645 | €538 | -€39,107 | -98.6% |
| Taxes | 670/3 | €39,645 | €538 | -€39,107 | -98.6% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €110,095 | -€1,269,266 | -€1.4m | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €110,095 | -€1,269,266 | -€1.4m |
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 28 October 2026 via checked.be.