MANAGEMENT ADVICE & DEVELOPMENT: 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.
MANAGEMENT ADVICE & DEVELOPMENT
Largest movements
- Current investments +€83,500
up €83,500 (+268.1%), from €31,140 to €114,640
- Cash -€52,380
down €52,380 (-33.2%), from €157,774 to €105,394
mainly Current investments (-€83,500) and Contributions, distributions and other (-€33,393)
- Other debts +€24,181
up €24,181 (+492.1%), from €4,914 to €29,095
- Tax, wage and social debts +€5,429
up €5,429 (+72.5%), from €7,486 to €12,915
- Reserves +€4,816
up €4,816 (+3.3%), from €146,861 to €151,677
of which Distributable reserves: +€4,816
- Short-term financial debts -€2,398
no longer reported in 2025 (was €2,398)
- Gross operating margin +€14,440
up €14,440 (+35.6%), from €40,568 to €55,007
- Taxes +€4,337
up €4,337 (+35.4%), from €12,259 to €16,596
- Financial income +€1,220
up €1,220 (+145.1%), from €841 to €2,061
- Other operating charges +€873
up €873 (+82.0%), from €1,064 to €1,936
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 | €207,968 | €239,132 | +€31,164 | +15.0% |
| Fixed assets | 21/28 | €331 | €74 | -€257 | -77.5% |
| Tangible fixed assets | 22/27 | €257 | - | -€257 | |
| Furniture and vehicles | 24 | €257 | - | -€257 | |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €207,637 | €239,058 | +€31,421 | +15.1% |
| Amounts receivable within one year | 40/41 | €17,309 | €17,243 | -€66 | -0.4% |
| Trade receivables | 40 | €14,326 | €17,243 | +€2,916 | +20.4% |
| Other amounts receivable | 41 | €2,982 | - | -€2,982 | |
| Current investments | 50/53 | €31,140 | €114,640 | +€83,500 | +268.1% |
| Cash at bank and in hand | 54/58 | €157,774 | €105,394 | -€52,380 | -33.2% |
| Deferred charges and accrued income | 490/1 | €1,413 | €1,781 | +€367 | +26.0% |
| Total equity and liabilities | 10/49 | €207,968 | €239,132 | +€31,164 | +15.0% |
| Equity | 10/15 | €187,156 | €191,972 | +€4,816 | +2.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €146,861 | €151,677 | +€4,816 | +3.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €145,001 | €149,817 | +€4,816 | +3.3% |
| Profit (loss) carried forward | 14 | €21,696 | €21,696 | = | 0.0% |
| Amounts payable | 17/49 | €20,812 | €47,160 | +€26,348 | +126.6% |
| Amounts payable within one year | 42/48 | €20,812 | €47,092 | +€26,280 | +126.3% |
| Financial debts | 43 | €2,398 | - | -€2,398 | |
| Credit institutions | 430/8 | €2,398 | - | -€2,398 | |
| Trade debts | 44 | €6,014 | €5,082 | -€933 | -15.5% |
| Suppliers | 440/4 | €6,014 | €5,082 | -€933 | -15.5% |
| Taxes, remuneration and social security | 45 | €7,486 | €12,915 | +€5,429 | +72.5% |
| Taxes | 450/3 | €7,486 | €12,915 | +€5,429 | +72.5% |
| Other amounts payable | 47/48 | €4,914 | €29,095 | +€24,181 | +492.1% |
| Accrued charges and deferred income | 492/3 | - | €68 | +€68 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €292 | €257 | -€35 | -12.0% |
| Other operating charges | 640/8 | €1,064 | €1,936 | +€873 | +82.0% |
| Gross operating margin | 9900 | €40,568 | €55,007 | +€14,440 | +35.6% |
| Operating profit (loss) | 9901 | €39,212 | €52,814 | +€13,602 | +34.7% |
| Financial income | 75/76B | €841 | €2,061 | +€1,220 | +145.1% |
| Recurring financial income | 75 | €841 | €2,061 | +€1,220 | +145.1% |
| Financial charges | 65/66B | €261 | €71 | -€190 | -72.7% |
| Recurring financial charges | 65 | €261 | €71 | -€190 | -72.7% |
| Profit (loss) for the period before taxes | 9903 | €39,792 | €54,804 | +€15,012 | +37.7% |
| Income taxes | 67/77 | €12,259 | €16,596 | +€4,337 | +35.4% |
| Profit (loss) for the period | 9904 | €27,533 | €38,209 | +€10,675 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,533 | €38,209 | +€10,675 | +38.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.