MANAGEMENT DEVELOPMENT & CONSULTANCY: 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 DEVELOPMENT & CONSULTANCY
Largest movements
- Receivables within one year -€44,003
down €44,003 (-32.3%), from €136,269 to €92,266
of which Other amounts receivable: -€60,588
- Cash -€26,913
down €26,913 (-12.8%), from €209,464 to €182,550
mainly Contributions, distributions and other (-€127,700) and Other debts (-€36,054)
- Reserves -€40,565
down €40,565 (-11.6%), from €350,816 to €310,252
- Other debts -€36,054
down €36,054 (-22.0%), from €163,754 to €127,700
- Trade debts +€6,319
up €6,319 (+49.3%), from €12,827 to €19,145
- Gross operating margin -€31,423
down €31,423 (-17.8%), from €176,992 to €145,569
- Taxes -€9,150
down €9,150 (-20.5%), from €44,527 to €35,377
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €550,517 | €477,107 | -€73,410 | -13.3% |
| Fixed assets | 21/28 | €141,386 | €140,118 | -€1,268 | -0.9% |
| Tangible fixed assets | 22/27 | €141,386 | €140,118 | -€1,268 | -0.9% |
| Land and buildings | 22 | €123,015 | €123,691 | +€676 | +0.5% |
| Plant, machinery and equipment | 23 | €3,259 | €1,494 | -€1,765 | -54.2% |
| Furniture and vehicles | 24 | €1,878 | €3,695 | +€1,817 | +96.8% |
| Other tangible fixed assets | 26 | €13,235 | €11,238 | -€1,996 | -15.1% |
| Current assets | 29/58 | €409,131 | €336,989 | -€72,142 | -17.6% |
| Amounts receivable within one year | 40/41 | €136,269 | €92,266 | -€44,003 | -32.3% |
| Trade receivables | 40 | €42,081 | €58,666 | +€16,585 | +39.4% |
| Other amounts receivable | 41 | €94,188 | €33,599 | -€60,588 | -64.3% |
| Current investments | 50/53 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €209,464 | €182,550 | -€26,913 | -12.8% |
| Deferred charges and accrued income | 490/1 | €3,398 | €2,173 | -€1,225 | -36.1% |
| Total equity and liabilities | 10/49 | €550,517 | €477,107 | -€73,410 | -13.3% |
| Equity | 10/15 | €357,097 | €316,532 | -€40,565 | -11.4% |
| Contributions | 10/11 | €6,208 | €6,208 | = | 0.0% |
| Reserves | 13 | €350,816 | €310,252 | -€40,565 | -11.6% |
| Distributable reserves | 133 | €350,816 | €310,252 | -€40,565 | -11.6% |
| Profit (loss) carried forward | 14 | €72 | €72 | = | 0.0% |
| Amounts payable | 17/49 | €193,421 | €160,575 | -€32,845 | -17.0% |
| Amounts payable within one year | 42/48 | €193,421 | €160,575 | -€32,845 | -17.0% |
| Trade debts | 44 | €12,827 | €19,145 | +€6,319 | +49.3% |
| Suppliers | 440/4 | €12,827 | €19,145 | +€6,319 | +49.3% |
| Taxes, remuneration and social security | 45 | €16,840 | €13,730 | -€3,110 | -18.5% |
| Taxes | 450/3 | €14,020 | €10,910 | -€3,110 | -22.2% |
| Remuneration and social security | 454/9 | €2,820 | €2,820 | = | 0.0% |
| Other amounts payable | 47/48 | €163,754 | €127,700 | -€36,054 | -22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,477 | €28,071 | +€1,595 | +6.0% |
| Other operating charges | 640/8 | €3,279 | €3,008 | -€270 | -8.2% |
| Gross operating margin | 9900 | €176,992 | €145,569 | -€31,423 | -17.8% |
| Operating profit (loss) | 9901 | €147,237 | €114,489 | -€32,747 | -22.2% |
| Financial income | 75/76B | €6,762 | €8,521 | +€1,759 | +26.0% |
| Recurring financial income | 75 | €6,762 | €8,521 | +€1,759 | +26.0% |
| Financial charges | 65/66B | €831 | €498 | -€333 | -40.1% |
| Recurring financial charges | 65 | €831 | €498 | -€333 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €153,169 | €122,513 | -€30,656 | -20.0% |
| Income taxes | 67/77 | €44,527 | €35,377 | -€9,150 | -20.5% |
| Profit (loss) for the period | 9904 | €108,641 | €87,135 | -€21,506 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €108,641 | €87,135 | -€21,506 | -19.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.