MAN@THEWHEEL: 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
MAN@THEWHEEL
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8.0m
2024 · €10.3m-€2.2m
Equity
€188.5m
2024 · €265.8m-€77.3m
Cash
€2.3m
2024 · €1.6m+€672,562
Balance sheet total
€259.1m
2024 · €286.7m-€27.6m
Largest movements
Assets
- Receivables within one year -€45.7m
down €45.7m (-69.5%), from €65.7m to €20.1m
of which Other amounts receivable: -€45.7m
- Current investments +€22.3m
up €22.3m (+145%), from €15.4m to €37.7m
- Financial fixed assets -€3.9m
down €3.9m (-2.0%), from €194.0m to €190.1m
Equity and liabilities
- Contributions -€54.5m
down €54.5m (-31.2%), from €174.9m to €120.4m
- Other debts +€39.2m
up €39.2m (+395%), from €9.9m to €49.1m
- Reserves -€22.8m
down €22.8m (-25.1%), from €90.9m to €68.1m
- Debts after one year +€10.0m
up €10.0m (+154%), from €6.5m to €16.5m
Income statement
- Financial charges +€1.9m
up €1.9m (+125%), from €1.5m to €3.4m
of which Non-recurring financial charges: +€1.5m
- Services and other goods +€710,804
up €710,804 (+60.3%), from €1.2m to €1.9m
- Taxes -€352,182
down €352,182 (-82.1%), from €429,117 to €76,934
of which Taxes: -€341,103
- Turnover +€70,929
up €70,929 (+11.0%), from €642,798 to €713,727
- Financial income -€40,478
down €40,478 (-0.3%), from €13.3m to €13.3m
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
€10.3m
Turnover
+€70,929
Other operating income
-€3,425
Services and other goods
-€710,804
Staff costs
+€28,029
Depreciation
-€2,472
Other operating charges
-€11,162
Financial income
-€40,478
Financial charges
-€1.9m
Taxes
+€352,182
Result 2025
€8.0m
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
+€94.4m
Investment
-€18.4m
Financing
-€75.3m
Cash 2024
€1.6m
From operations (derived)
+€94.4m
Net result for the year
+€8.0m
Depreciation
+€120,214
Receivables after one year
+€864,496
Receivables within one year
+€45.7m
Smaller working-capital items
+€160,453
Trade debts
+€380,929
Other debts
+€39.2m
Investment (derived)
-€18.4m
Investment in fixed assets (net)
+€3.9m
Current investments
-€22.3m
Financing
-€75.3m
Debts after one year
+€10.0m
Contributions, distributions and other
-€85.3m
Cash 2025
€2.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €286,728,696 | €259,086,193 | -€27.6m | -9.6% |
| Fixed assets | 21/28 | €194,463,777 | €190,427,561 | -€4.0m | -2.1% |
| Tangible fixed assets | 22/27 | €435,622 | €315,409 | -€120,214 | -27.6% |
| Plant, machinery and equipment | 23 | €433,289 | €315,409 | -€117,880 | -27.2% |
| Furniture and vehicles | 24 | €2,333 | - | -€2,333 | |
| Financial fixed assets | 28 | €194,028,154 | €190,112,152 | -€3.9m | -2.0% |
| Affiliated companies | 280/1 | €194,028,154 | €190,112,152 | -€3.9m | -2.0% |
| Participating interests | 280 | €191,754,054 | €190,112,152 | -€1.6m | -0.9% |
| Amounts receivable | 281 | €2,274,100 | - | -€2.3m | |
| Current assets | 29/58 | €92,264,919 | €68,658,632 | -€23.6m | -25.6% |
| Amounts receivable after more than one year | 29 | €9,239,281 | €8,374,785 | -€864,496 | -9.4% |
| Other amounts receivable | 291 | €9,239,281 | €8,374,785 | -€864,496 | -9.4% |
| Amounts receivable within one year | 40/41 | €65,731,274 | €20,080,097 | -€45.7m | -69.5% |
| Trade receivables | 40 | €37,971 | €68,700 | +€30,728 | +80.9% |
| Other amounts receivable | 41 | €65,693,303 | €20,011,398 | -€45.7m | -69.5% |
| Current investments | 50/53 | €15,373,402 | €37,709,690 | +€22.3m | +145% |
| Other investments | 51/53 | €15,373,402 | €37,709,690 | +€22.3m | +145% |
| Cash at bank and in hand | 54/58 | €1,588,198 | €2,260,759 | +€672,562 | +42.3% |
| Deferred charges and accrued income | 490/1 | €332,764 | €233,300 | -€99,463 | -29.9% |
| Total equity and liabilities | 10/49 | €286,728,696 | €259,086,193 | -€27.6m | -9.6% |
| Equity | 10/15 | €265,774,230 | €188,487,432 | -€77.3m | -29.1% |
| Contributions | 10/11 | €174,913,633 | €120,413,857 | -€54.5m | -31.2% |
| Reserves | 13 | €90,860,597 | €68,073,575 | -€22.8m | -25.1% |
| Distributable reserves | 133 | €90,860,597 | €68,073,575 | -€22.8m | -25.1% |
| Amounts payable | 17/49 | €20,954,465 | €70,598,762 | +€49.6m | +237% |
| Amounts payable after more than one year | 17 | €6,500,000 | €16,500,000 | +€10.0m | +154% |
| Financial debts | 170/4 | €6,500,000 | €16,500,000 | +€10.0m | +154% |
| Credit institutions | 173 | €6,500,000 | €16,500,000 | +€10.0m | +154% |
| Amounts payable within one year | 42/48 | €10,158,747 | €49,927,432 | +€39.8m | +391% |
| Trade debts | 44 | €149,087 | €530,017 | +€380,929 | +256% |
| Suppliers | 440/4 | €149,087 | €530,017 | +€380,929 | +256% |
| Taxes, remuneration and social security | 45 | €85,547 | €270,926 | +€185,379 | +217% |
| Taxes | 450/3 | €31,534 | €226,549 | +€195,015 | +618% |
| Remuneration and social security | 454/9 | €54,013 | €44,377 | -€9,636 | -17.8% |
| Other amounts payable | 47/48 | €9,924,113 | €49,126,490 | +€39.2m | +395% |
| Accrued charges and deferred income | 492/3 | €4,295,719 | €4,171,330 | -€124,389 | -2.9% |
| Operating income | 70/76A | €782,560 | €850,064 | +€67,504 | +8.6% |
| Turnover | 70 | €642,798 | €713,727 | +€70,929 | +11.0% |
| Other operating income | 74 | €139,762 | €136,337 | -€3,425 | -2.5% |
| Operating charges | 60/66A | €1,857,657 | €2,554,066 | +€696,409 | +37.5% |
| Services and other goods | 61 | €1,178,451 | €1,889,255 | +€710,804 | +60.3% |
| Remuneration, social security and pensions | 62 | €444,828 | €416,799 | -€28,029 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,742 | €120,214 | +€2,472 | +2.1% |
| Other operating charges | 640/8 | €116,636 | €127,798 | +€11,162 | +9.6% |
| Operating profit (loss) | 9901 | -€1,075,097 | -€1,704,002 | -€628,905 | -58.5% |
| Financial income | 75/76B | €13,291,554 | €13,251,076 | -€40,478 | -0.3% |
| Recurring financial income | 75 | €13,291,554 | €13,251,076 | -€40,478 | -0.3% |
| Income from financial fixed assets | 750 | €9,911,321 | €9,638,743 | -€272,578 | -2.8% |
| Income from current assets | 751 | €3,271,271 | €2,380,468 | -€890,803 | -27.2% |
| Other financial income | 752/9 | €108,962 | €1,231,865 | +€1.1m | +1,031% |
| Financial charges | 65/66B | €1,530,754 | €3,444,130 | +€1.9m | +125% |
| Recurring financial charges | 65 | €1,530,754 | €1,929,215 | +€398,461 | +26.0% |
| Debt charges | 650 | €557,501 | €405,766 | -€151,735 | -27.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €959,695 | €1,093,372 | +€133,677 | +13.9% |
| Other financial charges | 652/9 | €13,557 | €430,077 | +€416,520 | +3,072% |
| Non-recurring financial charges | 66B | - | €1,514,915 | +€1.5m | |
| Profit (loss) for the period before taxes | 9903 | €10,685,703 | €8,102,945 | -€2.6m | -24.2% |
| Income taxes | 67/77 | €429,117 | €76,934 | -€352,182 | -82.1% |
| Taxes | 670/3 | €429,189 | €88,086 | -€341,103 | -79.5% |
| Tax adjustments and reversals of tax provisions | 77 | €73 | €11,152 | +€11,079 | +15,254% |
| Profit (loss) for the period | 9904 | €10,256,586 | €8,026,011 | -€2.2m | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,256,586 | €8,026,011 | -€2.2m | -21.7% |
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 17 October 2026 via checked.be.