KEY PROPERTY: 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
KEY PROPERTY
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€91,339
2024 · €244,550-€153,211
Equity
€2.3m
2024 · €2.2m+€76,084
Cash
€79,294
2024 · €48,721+€30,573
Balance sheet total
€5.0m
2024 · €4.2m+€749,712
Largest movements
Assets
- Tangible fixed assets +€717,278
up €717,278 (+17.4%), from €4.1m to €4.8m
of which Land and buildings: +€1.2m
Equity and liabilities
- Debts after one year +€908,152
up €908,152 (+100.2%), from €906,227 to €1.8m
of which Financial debts: +€936,003
- Short-term financial debts -€456,656
down €456,656 (-58.4%), from €782,543 to €325,887
of which Credit institutions: -€456,656
- Provisions +€92,831
up €92,831 (+57.9%), from €160,198 to €253,029
of which Provisions for liabilities and charges: +€100,808
- Reserves +€91,339
up €91,339 (+12.0%), from €764,100 to €855,439
of which Distributable reserves: +€52,120
- Current portion of long-term debt +€58,903
up €58,903 (+146.6%), from €40,182 to €99,085
Income statement
- Gross operating margin +€132,609
up €132,609 (+17.2%), from €768,903 to €901,512
- Depreciation +€107,176
up €107,176 (+33.1%), from €323,637 to €430,812
- Provisions +€100,808
new in 2025: €100,808
- Financial charges +€13,089
up €13,089 (+14.1%), from €92,823 to €105,913
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
€244,550
Gross operating margin
+€132,609
Depreciation
-€107,176
Provisions
-€100,808
Other operating charges
-€8,268
Financial income
-€1,569
Financial charges
-€13,089
Taxes
+€5,687
Deferred taxes and other
-€60,597
Result 2025
€91,339
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
+€683,521
Investment
-€1.1m
Financing
+€495,143
Cash 2024
€48,721
From operations (derived)
+€683,521
Net result for the year
+€91,339
Depreciation
+€430,812
Receivables within one year
+€4,864
Deferred charges and accrued income
-€6,725
Provisions
+€92,831
Trade debts
+€42,969
Tax, wage and social debts
-€16,466
Other debts
-€6,290
Accrued charges and deferred income
+€50,186
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
+€495,143
Debts after one year
+€908,152
Current portion of long-term debt
+€58,903
Short-term financial debts
-€456,656
Contributions, distributions and other
-€15,256
Cash 2025
€79,294
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,220,747 | €4,970,459 | +€749,712 | +17.8% |
| Fixed assets | 21/28 | €4,112,426 | €4,829,704 | +€717,278 | +17.4% |
| Tangible fixed assets | 22/27 | €4,111,731 | €4,829,010 | +€717,278 | +17.4% |
| Land and buildings | 22 | €3,567,195 | €4,792,178 | +€1.2m | +34.3% |
| Furniture and vehicles | 24 | €44,191 | €36,831 | -€7,360 | -16.7% |
| Assets under construction and advance payments | 27 | €500,345 | - | -€500,345 | |
| Financial fixed assets | 28 | €695 | €695 | = | 0.0% |
| Current assets | 29/58 | €108,321 | €140,755 | +€32,434 | +29.9% |
| Amounts receivable within one year | 40/41 | €50,026 | €45,162 | -€4,864 | -9.7% |
| Trade receivables | 40 | €23,804 | - | -€23,804 | |
| Other amounts receivable | 41 | €26,222 | €45,162 | +€18,941 | +72.2% |
| Cash at bank and in hand | 54/58 | €48,721 | €79,294 | +€30,573 | +62.8% |
| Deferred charges and accrued income | 490/1 | €9,574 | €16,299 | +€6,725 | +70.2% |
| Total equity and liabilities | 10/49 | €4,220,747 | €4,970,459 | +€749,712 | +17.8% |
| Equity | 10/15 | €2,181,057 | €2,257,141 | +€76,084 | +3.5% |
| Contributions | 10/11 | €756,075 | €756,075 | = | 0.0% |
| Capital | 10 | €756,075 | €756,075 | = | 0.0% |
| Issued capital | 100 | €756,075 | €756,075 | = | 0.0% |
| Reserves | 13 | €764,100 | €855,439 | +€91,339 | +12.0% |
| Non-distributable reserves | 130/1 | €75,608 | €75,608 | = | 0.0% |
| Legal reserve | 130 | €75,608 | €75,608 | = | 0.0% |
| Tax-exempt reserves | 132 | €543,743 | €582,962 | +€39,219 | +7.2% |
| Distributable reserves | 133 | €144,749 | €196,869 | +€52,120 | +36.0% |
| Profit (loss) carried forward | 14 | €645,626 | €645,626 | = | 0.0% |
| Investment grants | 15 | €15,256 | - | -€15,256 | |
| Provisions and deferred taxes | 16 | €160,198 | €253,029 | +€92,831 | +57.9% |
| Provisions for liabilities and charges | 160/5 | - | €100,808 | +€100,808 | |
| Other liabilities and charges | 164/5 | - | €100,808 | +€100,808 | |
| Deferred taxes | 168 | €160,198 | €152,221 | -€7,977 | -5.0% |
| Amounts payable | 17/49 | €1,879,492 | €2,460,289 | +€580,797 | +30.9% |
| Amounts payable after more than one year | 17 | €906,227 | €1,814,379 | +€908,152 | +100.2% |
| Financial debts | 170/4 | €207,774 | €1,143,778 | +€936,003 | +450.5% |
| Other amounts payable | 178/9 | €698,453 | €670,601 | -€27,852 | -4.0% |
| Amounts payable within one year | 42/48 | €902,327 | €524,786 | -€377,540 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €40,182 | €99,085 | +€58,903 | +146.6% |
| Financial debts | 43 | €782,543 | €325,887 | -€456,656 | -58.4% |
| Credit institutions | 430/8 | €782,543 | €325,887 | -€456,656 | -58.4% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €21,469 | €64,438 | +€42,969 | +200.2% |
| Suppliers | 440/4 | €21,469 | €64,438 | +€42,969 | +200.2% |
| Taxes, remuneration and social security | 45 | €28,682 | €12,215 | -€16,466 | -57.4% |
| Taxes | 450/3 | €28,682 | €12,215 | -€16,466 | -57.4% |
| Other amounts payable | 47/48 | €29,452 | €23,162 | -€6,290 | -21.4% |
| Accrued charges and deferred income | 492/3 | €70,939 | €121,124 | +€50,186 | +70.7% |
| Non-recurring operating income | 76A | €2,270 | - | -€2,270 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €323,637 | €430,812 | +€107,176 | +33.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €100,808 | +€100,808 | |
| Other operating charges | 640/8 | €95,491 | €103,759 | +€8,268 | +8.7% |
| Gross operating margin | 9900 | €768,903 | €901,512 | +€132,609 | +17.2% |
| Operating profit (loss) | 9901 | €349,775 | €266,133 | -€83,643 | -23.9% |
| Financial income | 75/76B | €3,722 | €2,154 | -€1,569 | -42.1% |
| Recurring financial income | 75 | €3,722 | €2,154 | -€1,569 | -42.1% |
| Financial charges | 65/66B | €92,823 | €105,913 | +€13,089 | +14.1% |
| Recurring financial charges | 65 | €92,823 | €105,913 | +€13,089 | +14.1% |
| Profit (loss) for the period before taxes | 9903 | €260,674 | €162,374 | -€98,301 | -37.7% |
| Transfer from deferred taxes | 780 | €68,574 | €7,977 | -€60,597 | -88.4% |
| Income taxes | 67/77 | €84,699 | €79,012 | -€5,687 | -6.7% |
| Profit (loss) for the period | 9904 | €244,550 | €91,339 | -€153,211 | -62.7% |
| Transfer from tax-exempt reserves | 789 | €23,943 | €23,931 | -€12 | -0.1% |
| Transfer to tax-exempt reserves | 689 | €123,743 | €63,150 | -€60,593 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,749 | €52,120 | -€92,629 | -64.0% |
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 9 October 2026 via checked.be.