M&A Consult: 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.
M&A Consult
Largest movements
- Cash -€13,587
down €13,587 (-14.7%), from €92,679 to €79,093
mainly Contributions, distributions and other (-€37,423) and Tax, wage and social debts (-€12,593)
- Tangible fixed assets -€7,169
down €7,169 (-34.8%), from €20,588 to €13,419
of which Other tangible fixed assets: -€5,717
- Receivables within one year -€1,558
down €1,558 (-7.3%), from €21,456 to €19,898
of which Trade receivables: -€5,552
- Tax, wage and social debts -€12,593
down €12,593 (-36.0%), from €35,007 to €22,414
- Trade debts -€7,095
down €7,095 (-80.6%), from €8,801 to €1,705
- Other debts -€2,626
down €2,626 (-3.6%), from €72,315 to €69,690
- Gross operating margin +€9,024
up €9,024 (+18.0%), from €50,066 to €59,090
- Taxes +€699
up €699 (+7.3%), from €9,612 to €10,310
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €134,723 | €112,409 | -€22,314 | -16.6% |
| Fixed assets | 21/28 | €20,588 | €13,419 | -€7,169 | -34.8% |
| Tangible fixed assets | 22/27 | €20,588 | €13,419 | -€7,169 | -34.8% |
| Plant, machinery and equipment | 23 | €1,711 | €259 | -€1,452 | -84.9% |
| Other tangible fixed assets | 26 | €18,877 | €13,161 | -€5,717 | -30.3% |
| Current assets | 29/58 | €114,135 | €98,990 | -€15,145 | -13.3% |
| Amounts receivable within one year | 40/41 | €21,456 | €19,898 | -€1,558 | -7.3% |
| Trade receivables | 40 | €20,449 | €14,898 | -€5,552 | -27.1% |
| Other amounts receivable | 41 | €1,007 | €5,000 | +€3,993 | +396.7% |
| Cash at bank and in hand | 54/58 | €92,679 | €79,093 | -€13,587 | -14.7% |
| Total equity and liabilities | 10/49 | €134,723 | €112,409 | -€22,314 | -16.6% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €116,123 | €93,809 | -€22,314 | -19.2% |
| Amounts payable within one year | 42/48 | €116,123 | €93,809 | -€22,314 | -19.2% |
| Trade debts | 44 | €8,801 | €1,705 | -€7,095 | -80.6% |
| Suppliers | 440/4 | €8,801 | €1,705 | -€7,095 | -80.6% |
| Taxes, remuneration and social security | 45 | €35,007 | €22,414 | -€12,593 | -36.0% |
| Taxes | 450/3 | €35,007 | €22,414 | -€12,593 | -36.0% |
| Other amounts payable | 47/48 | €72,315 | €69,690 | -€2,626 | -3.6% |
| Remuneration, social security and pensions | 62 | €582 | €433 | -€149 | -25.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,168 | €7,169 | +€0 | 0.0% |
| Other operating charges | 640/8 | €999 | €1,005 | +€6 | +0.6% |
| Non-recurring operating charges | 66A | - | €2,214 | +€2,214 | |
| Gross operating margin | 9900 | €50,066 | €59,090 | +€9,024 | +18.0% |
| Operating profit (loss) | 9901 | €41,316 | €48,269 | +€6,952 | +16.8% |
| Financial charges | 65/66B | €203 | €536 | +€333 | +164.5% |
| Recurring financial charges | 65 | €203 | €536 | +€333 | +164.5% |
| Profit (loss) for the period before taxes | 9903 | €41,114 | €47,733 | +€6,619 | +16.1% |
| Income taxes | 67/77 | €9,612 | €10,310 | +€699 | +7.3% |
| Profit (loss) for the period | 9904 | €31,502 | €37,423 | +€5,921 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,502 | €37,423 | +€5,921 | +18.8% |
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.