MANAGEMENT ADVICE GROUP: 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
MANAGEMENT ADVICE GROUP
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€50,301
2024 · -€33,491+€83,793
Equity
€2.1m
2024 · €2.1m+€50,301
Cash
€34,306
2024 · €111,447-€77,141
Balance sheet total
€9.5m
2024 · €9.9m-€373,442
Largest movements
Assets
- Receivables after one year -€266,592
no longer reported in 2025 (was €266,592)
Equity and liabilities
- Debts after one year -€285,853
down €285,853 (-12.4%), from €2.3m to €2.0m
of which Financial debts: -€338,600
- Other debts -€108,270
down €108,270 (-5.3%), from €2.1m to €1.9m
Income statement
- Gross operating margin +€52,790
up €52,790 (+29.6%), from €178,450 to €231,240
- Financial income +€40,000
up €40,000 (+50.0%), from €80,000 to €120,000
- Depreciation +€9,496
up €9,496 (+9.9%), from €95,577 to €105,073
- Other operating charges +€5,620
up €5,620 (+36.2%), from €15,514 to €21,134
- Financial charges -€3,765
down €3,765 (-1.5%), from €257,393 to €253,627
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
-€33,491
Gross operating margin
+€52,790
Depreciation
-€9,496
Provisions
+€1,934
Other operating charges
-€5,620
Financial income
+€40,000
Financial charges
+€3,765
Taxes
+€189
Deferred taxes and other
+€230
Result 2025
€50,301
raises the resultlowers the resultnot broken down further in the accounts
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
+€214,055
Investment
-€16,535
Financing
-€274,661
Cash 2024
€111,447
From operations (derived)
+€214,055
Net result for the year
+€50,301
Depreciation
+€105,073
Receivables after one year
+€266,592
Receivables within one year
-€58,821
Smaller working-capital items
-€342
Provisions
-€78,897
Other debts
-€108,270
Accrued charges and deferred income
+€38,419
Investment (derived)
-€16,535
Investment in fixed assets (net)
-€16,535
Financing
-€274,661
Debts after one year
-€285,853
Current portion of long-term debt
+€11,192
Cash 2025
€34,306
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,884,187 | €9,510,745 | -€373,442 | -3.8% |
| Fixed assets | 21/28 | €9,476,977 | €9,388,440 | -€88,538 | -0.9% |
| Tangible fixed assets | 22/27 | €2,534,315 | €2,445,777 | -€88,538 | -3.5% |
| Land and buildings | 22 | €812,262 | €786,961 | -€25,301 | -3.1% |
| Furniture and vehicles | 24 | €673 | €455 | -€217 | -32.3% |
| Leasing and similar rights | 25 | €1,706,233 | €1,645,061 | -€61,172 | -3.6% |
| Other tangible fixed assets | 26 | €15,148 | €13,300 | -€1,847 | -12.2% |
| Financial fixed assets | 28 | €6,942,662 | €6,942,662 | = | 0.0% |
| Current assets | 29/58 | €407,210 | €122,306 | -€284,904 | -70.0% |
| Amounts receivable after more than one year | 29 | €266,592 | - | -€266,592 | |
| Other amounts receivable | 291 | €266,592 | - | -€266,592 | |
| Amounts receivable within one year | 40/41 | €25,478 | €84,299 | +€58,821 | +231% |
| Trade receivables | 40 | €25,478 | €84,299 | +€58,821 | +231% |
| Cash at bank and in hand | 54/58 | €111,447 | €34,306 | -€77,141 | -69.2% |
| Deferred charges and accrued income | 490/1 | €3,693 | €3,700 | +€8 | +0.2% |
| Total equity and liabilities | 10/49 | €9,884,187 | €9,510,745 | -€373,442 | -3.8% |
| Equity | 10/15 | €2,067,972 | €2,118,273 | +€50,301 | +2.4% |
| Contributions | 10/11 | €1,255,539 | €1,255,539 | = | 0.0% |
| Contributions outside capital | 11 | €1,255,539 | €1,255,539 | = | 0.0% |
| Other | 1109/19 | €1,255,539 | €1,255,539 | = | 0.0% |
| Reserves | 13 | €1,070,463 | €1,025,262 | -€45,201 | -4.2% |
| Tax-exempt reserves | 132 | €1,055,472 | €1,010,271 | -€45,201 | -4.3% |
| Distributable reserves | 133 | €14,991 | €14,991 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€258,031 | -€162,529 | +€95,502 | +37.0% |
| Provisions and deferred taxes | 16 | €3,117,781 | €3,038,885 | -€78,897 | -2.5% |
| Provisions for liabilities and charges | 160/5 | €2,765,957 | €2,702,128 | -€63,830 | -2.3% |
| Environmental obligations | 163 | €2,765,957 | €2,702,128 | -€63,830 | -2.3% |
| Deferred taxes | 168 | €351,824 | €336,757 | -€15,067 | -4.3% |
| Amounts payable | 17/49 | €4,698,434 | €4,353,587 | -€344,847 | -7.3% |
| Amounts payable after more than one year | 17 | €2,304,588 | €2,018,735 | -€285,853 | -12.4% |
| Financial debts | 170/4 | €2,010,061 | €1,671,461 | -€338,600 | -16.8% |
| Other amounts payable | 178/9 | €294,527 | €347,274 | +€52,747 | +17.9% |
| Amounts payable within one year | 42/48 | €2,262,891 | €2,165,479 | -€97,412 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €196,846 | €208,039 | +€11,192 | +5.7% |
| Trade debts | 44 | €12,102 | €11,956 | -€146 | -1.2% |
| Suppliers | 440/4 | €12,102 | €11,956 | -€146 | -1.2% |
| Taxes, remuneration and social security | 45 | €189 | - | -€189 | |
| Taxes | 450/3 | €189 | - | -€189 | |
| Other amounts payable | 47/48 | €2,053,754 | €1,945,484 | -€108,270 | -5.3% |
| Accrued charges and deferred income | 492/3 | €130,955 | €169,374 | +€38,419 | +29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €95,577 | €105,073 | +€9,496 | +9.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€61,896 | -€63,830 | -€1,934 | -3.1% |
| Other operating charges | 640/8 | €15,514 | €21,134 | +€5,620 | +36.2% |
| Gross operating margin | 9900 | €178,450 | €231,240 | +€52,790 | +29.6% |
| Operating profit (loss) | 9901 | €129,254 | €168,862 | +€39,608 | +30.6% |
| Financial income | 75/76B | €80,000 | €120,000 | +€40,000 | +50.0% |
| Recurring financial income | 75 | €80,000 | €120,000 | +€40,000 | +50.0% |
| Financial charges | 65/66B | €257,393 | €253,627 | -€3,765 | -1.5% |
| Recurring financial charges | 65 | €257,393 | €253,627 | -€3,765 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€48,139 | €35,235 | +€83,374 | |
| Transfer from deferred taxes | 780 | €14,837 | €15,067 | +€230 | +1.6% |
| Income taxes | 67/77 | €189 | - | -€189 | |
| Profit (loss) for the period | 9904 | -€33,491 | €50,301 | +€83,793 | |
| Transfer from tax-exempt reserves | 789 | €44,510 | €45,201 | +€691 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,019 | €95,502 | +€84,483 | +767% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.