LES CONSTANTS: what changed
Two fiscal 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
LES CONSTANTS
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€179,328
2024 · -€136,611-€42,717
Equity
€3.5m
2024 · €3.7m-€179,328
Cash
€18,011
2024 · €25,936-€7,924
Balance sheet total
€3.9m
2024 · €4.1m-€200,443
Largest movements
Assets
- Receivables within one year -€701,372
down €701,372 (-90.9%), from €771,743 to €70,372
of which Other amounts receivable: -€697,652
- Current investments +€650,000
up €650,000 (+54.0%), from €1.2m to €1.9m
- Tangible fixed assets -€131,827
down €131,827 (-6.2%), from €2.1m to €2.0m
Equity and liabilities
- Profit (loss) carried forward -€158,344
down €158,344 (-30.8%), from -€513,585 to -€671,930
Income statement
- Financial income -€21,454
down €21,454 (-50.0%), from €42,899 to €21,446
of which Financial income: -€21,476
- Gross operating margin -€8,455
down €8,455 (-27.4%), from -€30,880 to -€39,336
- Financial charges +€6,990
up €6,990 (+1451.6%), from €482 to €7,471
of which Non-recurring financial charges: +€5,955
- Depreciation +€4,282
up €4,282 (+2.9%), from €146,802 to €151,084
- Other operating charges +€1,837
up €1,837 (+25.9%), from €7,098 to €8,935
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
-€136,611
Gross operating margin
-€8,455
Depreciation
-€4,282
Other operating charges
-€1,837
Financial income
-€21,454
Financial charges
-€6,990
Taxes
+€143
Deferred taxes and other
+€158
Result 2025
-€179,328
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
+€670,510
Investment
-€669,257
Financing
-€9,176
Cash 2024
€25,936
From operations (derived)
+€670,510
Net result for the year
-€179,328
Depreciation
+€151,084
Smaller working-capital items
+€1,296
Receivables within one year
+€701,372
Deferred charges and accrued income
+€8,342
Provisions
-€6,995
Tax, wage and social debts
-€5,263
Investment (derived)
-€669,257
Investment in fixed assets (net)
-€19,257
Current investments
-€650,000
Financing
-€9,176
Debts after one year
-€1,539
Current portion of long-term debt
-€7,637
Cash 2025
€18,011
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,143,730 | €3,943,288 | -€200,443 | -4.8% |
| Fixed assets | 21/28 | €2,133,013 | €2,001,187 | -€131,827 | -6.2% |
| Tangible fixed assets | 22/27 | €2,132,857 | €2,001,031 | -€131,827 | -6.2% |
| Land and buildings | 22 | €1,663,074 | €1,611,412 | -€51,661 | -3.1% |
| Plant, machinery and equipment | 23 | €3,407 | €2,627 | -€780 | -22.9% |
| Furniture and vehicles | 24 | €25,386 | €7,832 | -€17,554 | -69.1% |
| Other tangible fixed assets | 26 | €440,991 | €379,159 | -€61,832 | -14.0% |
| Financial fixed assets | 28 | €156 | €156 | = | 0.0% |
| Current assets | 29/58 | €2,010,717 | €1,942,101 | -€68,616 | -3.4% |
| Amounts receivable after more than one year | 29 | €978 | - | -€978 | |
| Other amounts receivable | 291 | €978 | - | -€978 | |
| Amounts receivable within one year | 40/41 | €771,743 | €70,372 | -€701,372 | -90.9% |
| Trade receivables | 40 | €5,118 | €1,399 | -€3,719 | -72.7% |
| Other amounts receivable | 41 | €766,626 | €68,973 | -€697,652 | -91.0% |
| Current investments | 50/53 | €1,203,718 | €1,853,718 | +€650,000 | +54.0% |
| Cash at bank and in hand | 54/58 | €25,936 | €18,011 | -€7,924 | -30.6% |
| Deferred charges and accrued income | 490/1 | €8,342 | €0 | -€8,342 | -100.0% |
| Total equity and liabilities | 10/49 | €4,143,730 | €3,943,288 | -€200,443 | -4.8% |
| Equity | 10/15 | €3,706,862 | €3,527,534 | -€179,328 | -4.8% |
| Contributions | 10/11 | €2,235,000 | €2,235,000 | = | 0.0% |
| Capital | 10 | €2,235,000 | €2,235,000 | = | 0.0% |
| Issued capital | 100 | €2,235,000 | €2,235,000 | = | 0.0% |
| Reserves | 13 | €1,985,447 | €1,964,464 | -€20,984 | -1.1% |
| Non-distributable reserves | 130/1 | €46,000 | €46,000 | = | 0.0% |
| Legal reserve | 130 | €46,000 | €46,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,262,000 | €1,241,016 | -€20,984 | -1.7% |
| Distributable reserves | 133 | €677,448 | €677,448 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€513,585 | -€671,930 | -€158,344 | -30.8% |
| Provisions and deferred taxes | 16 | €420,751 | €413,756 | -€6,995 | -1.7% |
| Deferred taxes | 168 | €420,751 | €413,756 | -€6,995 | -1.7% |
| Amounts payable | 17/49 | €16,118 | €1,998 | -€14,120 | -87.6% |
| Amounts payable after more than one year | 17 | €1,539 | €0 | -€1,539 | -100.0% |
| Financial debts | 170/4 | €1,539 | €0 | -€1,539 | -100.0% |
| Amounts payable within one year | 42/48 | €14,578 | €1,998 | -€12,581 | -86.3% |
| Current portion of amounts payable after more than one year | 42 | €9,176 | €1,539 | -€7,637 | -83.2% |
| Trade debts | 44 | - | €319 | +€319 | |
| Suppliers | 440/4 | - | €319 | +€319 | |
| Taxes, remuneration and social security | 45 | €5,402 | €140 | -€5,263 | -97.4% |
| Taxes | 450/3 | €5,402 | €140 | -€5,263 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,802 | €151,084 | +€4,282 | +2.9% |
| Other operating charges | 640/8 | €7,098 | €8,935 | +€1,837 | +25.9% |
| Gross operating margin | 9900 | -€30,880 | -€39,336 | -€8,455 | -27.4% |
| Operating profit (loss) | 9901 | -€184,780 | -€199,354 | -€14,574 | -7.9% |
| Financial income | 75/76B | €42,899 | €21,446 | -€21,454 | -50.0% |
| Recurring financial income | 75 | €42,896 | €21,420 | -€21,476 | -50.1% |
| Non-recurring financial income | 76B | €3 | €26 | +€23 | +687.0% |
| Financial charges | 65/66B | €482 | €7,471 | +€6,990 | +1451.6% |
| Recurring financial charges | 65 | €427 | €1,462 | +€1,035 | +242.5% |
| Non-recurring financial charges | 66B | €55 | €6,009 | +€5,955 | +10903.9% |
| Profit (loss) for the period before taxes | 9903 | -€142,362 | -€185,380 | -€43,018 | -30.2% |
| Transfer from deferred taxes | 780 | €6,837 | €6,995 | +€158 | +2.3% |
| Income taxes | 67/77 | €1,085 | €942 | -€143 | -13.1% |
| Profit (loss) for the period | 9904 | -€136,611 | -€179,328 | -€42,717 | -31.3% |
| Transfer from tax-exempt reserves | 789 | €20,384 | €20,984 | +€600 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,227 | -€158,344 | -€42,117 | -36.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.