M. DUBOURG: 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
M. DUBOURG
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€59,195
2024 · €13,118+€46,077
Equity
€4.0m
2024 · €4.0m+€59,195
Cash
€120,435
2024 · €66,968+€53,466
Balance sheet total
€8.8m
2024 · €8.5m+€226,609
Largest movements
Assets
- Current investments +€274,060
up €274,060 (+16.8%), from €1.6m to €1.9m
Equity and liabilities
- Debts after one year +€170,967
up €170,967 (+4.2%), from €4.1m to €4.3m
Income statement
- Gross operating margin +€66,618
up €66,618 (+870%), from €7,655 to €74,274
- Financial charges +€31,226
up €31,226 (+655%), from €4,765 to €35,991
- Financial income +€10,103
up €10,103 (+8.6%), from €118,092 to €128,195
- Taxes -€886
down €886 (-42.4%), from €2,089 to €1,203
- Depreciation +€844
up €844 (+0.9%), from €92,183 to €93,027
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
€13,118
Gross operating margin
+€66,618
Depreciation
-€844
Other operating charges
+€540
Financial income
+€10,103
Financial charges
-€31,226
Taxes
+€886
Result 2025
€59,195
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
+€210,492
Investment
-€314,246
Financing
+€157,221
Cash 2024
€66,968
From operations (derived)
+€210,492
Net result for the year
+€59,195
Depreciation
+€93,027
Receivables within one year
+€39,625
Deferred charges and accrued income
+€8,451
Trade debts
-€15,453
Tax, wage and social debts
+€2,817
Other debts
+€28,600
Accrued charges and deferred income
-€5,770
Investment (derived)
-€314,246
Investment in fixed assets (net)
-€40,186
Current investments
-€274,060
Financing
+€157,221
Debts after one year
+€170,967
Current portion of long-term debt
-€13,746
Cash 2025
€120,435
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,541,362 | €8,767,971 | +€226,609 | +2.7% |
| Fixed assets | 21/28 | €3,581,278 | €3,528,438 | -€52,840 | -1.5% |
| Tangible fixed assets | 22/27 | €2,979,100 | €2,926,260 | -€52,840 | -1.8% |
| Land and buildings | 22 | €2,911,644 | €2,875,100 | -€36,544 | -1.3% |
| Plant, machinery and equipment | 23 | €5,606 | €2,611 | -€2,996 | -53.4% |
| Furniture and vehicles | 24 | €61,850 | €48,549 | -€13,300 | -21.5% |
| Financial fixed assets | 28 | €602,178 | €602,178 | = | 0.0% |
| Current assets | 29/58 | €4,960,083 | €5,239,533 | +€279,450 | +5.6% |
| Amounts receivable within one year | 40/41 | €3,252,505 | €3,212,880 | -€39,625 | -1.2% |
| Trade receivables | 40 | €51,377 | €20,238 | -€31,139 | -60.6% |
| Other amounts receivable | 41 | €3,201,127 | €3,192,641 | -€8,486 | -0.3% |
| Current investments | 50/53 | €1,628,203 | €1,902,263 | +€274,060 | +16.8% |
| Cash at bank and in hand | 54/58 | €66,968 | €120,435 | +€53,466 | +79.8% |
| Deferred charges and accrued income | 490/1 | €12,408 | €3,956 | -€8,451 | -68.1% |
| Total equity and liabilities | 10/49 | €8,541,362 | €8,767,971 | +€226,609 | +2.7% |
| Equity | 10/15 | €3,953,719 | €4,012,915 | +€59,195 | +1.5% |
| Contributions | 10/11 | €4,018,600 | €4,018,600 | = | 0.0% |
| Reserves | 13 | €667,384 | €667,384 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €667,384 | €667,384 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€732,265 | -€673,069 | +€59,195 | +8.1% |
| Amounts payable | 17/49 | €4,587,642 | €4,755,056 | +€167,414 | +3.6% |
| Amounts payable after more than one year | 17 | €4,098,177 | €4,269,144 | +€170,967 | +4.2% |
| Financial debts | 170/4 | €4,098,177 | €4,269,144 | +€170,967 | +4.2% |
| Amounts payable within one year | 42/48 | €483,695 | €485,912 | +€2,217 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €42,779 | €29,033 | -€13,746 | -32.1% |
| Trade debts | 44 | €15,915 | €462 | -€15,453 | -97.1% |
| Suppliers | 440/4 | €15,915 | €462 | -€15,453 | -97.1% |
| Taxes, remuneration and social security | 45 | €0 | €2,817 | +€2,817 | |
| Taxes | 450/3 | €0 | €2,817 | +€2,817 | |
| Other amounts payable | 47/48 | €425,000 | €453,600 | +€28,600 | +6.7% |
| Accrued charges and deferred income | 492/3 | €5,770 | - | -€5,770 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,183 | €93,027 | +€844 | +0.9% |
| Other operating charges | 640/8 | €13,592 | €13,052 | -€540 | -4.0% |
| Gross operating margin | 9900 | €7,655 | €74,274 | +€66,618 | +870% |
| Operating profit (loss) | 9901 | -€98,120 | -€31,806 | +€66,315 | +67.6% |
| Financial income | 75/76B | €118,092 | €128,195 | +€10,103 | +8.6% |
| Recurring financial income | 75 | €118,092 | €128,195 | +€10,103 | +8.6% |
| Financial charges | 65/66B | €4,765 | €35,991 | +€31,226 | +655% |
| Recurring financial charges | 65 | €4,765 | €35,991 | +€31,226 | +655% |
| Profit (loss) for the period before taxes | 9903 | €15,207 | €60,398 | +€45,191 | +297% |
| Income taxes | 67/77 | €2,089 | €1,203 | -€886 | -42.4% |
| Profit (loss) for the period | 9904 | €13,118 | €59,195 | +€46,077 | +351% |
| Profit (loss) for the period to be appropriated | 9905 | €13,118 | €59,195 | +€46,077 | +351% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.