MODAL VOICE: 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
MODAL VOICE
NACE 73.300, Public relations and communication consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€39,132
2024 · €66,176-€105,308
Equity
€456,038
2024 · €495,169-€39,132
Cash
€1,359
2024 · €1,211+€148
Balance sheet total
€786,746
2024 · €865,472-€78,726
Largest movements
Assets
- Receivables within one year -€178,537
down €178,537 (-22.6%), from €789,406 to €610,869
of which Trade receivables: -€97,889
- Intangible fixed assets +€98,666
new in 2025: €98,666
Equity and liabilities
- Trade debts -€77,284
down €77,284 (-28.2%), from €273,689 to €196,405
- Reserves -€39,132
down €39,132 (-12.8%), from €306,577 to €267,446
- Short-term financial debts +€25,878
up €25,878 (+53.2%), from €48,638 to €74,516
Income statement
- Staff costs +€59,625
up €59,625 (+18.1%), from €329,224 to €388,849
- Gross operating margin -€49,048
down €49,048 (-11.8%), from €414,332 to €365,284
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
€66,176
Gross operating margin
-€49,048
Staff costs
-€59,625
Depreciation
-€3,801
Other operating charges
+€3,797
Financial income
-€1,758
Financial charges
+€2,867
Taxes
+€2,260
Result 2025
-€39,132
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
+€76,413
Investment
-€111,357
Financing
+€35,091
Cash 2024
€1,211
From operations (derived)
+€76,413
Net result for the year
-€39,132
Depreciation
+€4,380
Stocks and contracts
-€434
Receivables within one year
+€178,537
Deferred charges and accrued income
+€7,748
Trade debts
-€77,284
Tax, wage and social debts
+€3,072
Other debts
-€474
Investment (derived)
-€111,357
Investment in fixed assets (net)
-€111,357
Financing
+€35,091
Debts after one year
+€5,810
Current portion of long-term debt
+€3,403
Short-term financial debts
+€25,878
Cash 2025
€1,359
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €865,472 | €786,746 | -€78,726 | -9.1% |
| Fixed assets | 21/28 | €33,110 | €140,087 | +€106,977 | +323% |
| Intangible fixed assets | 21 | - | €98,666 | +€98,666 | |
| Tangible fixed assets | 22/27 | €2,756 | €10,992 | +€8,236 | +299% |
| Plant, machinery and equipment | 23 | €1,915 | €1,520 | -€395 | -20.6% |
| Furniture and vehicles | 24 | €841 | €9,472 | +€8,631 | +1,026% |
| Financial fixed assets | 28 | €30,354 | €30,429 | +€75 | +0.2% |
| Current assets | 29/58 | €832,362 | €646,659 | -€185,703 | -22.3% |
| Stocks and contracts in progress | 3 | €26,096 | €26,530 | +€434 | +1.7% |
| Stocks | 30/36 | €26,096 | €26,530 | +€434 | +1.7% |
| Amounts receivable within one year | 40/41 | €789,406 | €610,869 | -€178,537 | -22.6% |
| Trade receivables | 40 | €224,817 | €126,928 | -€97,889 | -43.5% |
| Other amounts receivable | 41 | €564,589 | €483,942 | -€80,647 | -14.3% |
| Cash at bank and in hand | 54/58 | €1,211 | €1,359 | +€148 | +12.2% |
| Deferred charges and accrued income | 490/1 | €15,649 | €7,901 | -€7,748 | -49.5% |
| Total equity and liabilities | 10/49 | €865,472 | €786,746 | -€78,726 | -9.1% |
| Equity | 10/15 | €495,169 | €456,038 | -€39,132 | -7.9% |
| Contributions | 10/11 | €188,592 | €188,592 | = | 0.0% |
| Reserves | 13 | €306,577 | €267,446 | -€39,132 | -12.8% |
| Distributable reserves | 133 | €306,577 | €267,446 | -€39,132 | -12.8% |
| Amounts payable | 17/49 | €370,303 | €330,708 | -€39,595 | -10.7% |
| Amounts payable after more than one year | 17 | - | €5,810 | +€5,810 | |
| Financial debts | 170/4 | - | €5,810 | +€5,810 | |
| Amounts payable within one year | 42/48 | €370,303 | €324,898 | -€45,405 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | - | €3,403 | +€3,403 | |
| Financial debts | 43 | €48,638 | €74,516 | +€25,878 | +53.2% |
| Credit institutions | 430/8 | €48,638 | €74,516 | +€25,878 | +53.2% |
| Trade debts | 44 | €273,689 | €196,405 | -€77,284 | -28.2% |
| Suppliers | 440/4 | €273,689 | €196,405 | -€77,284 | -28.2% |
| Taxes, remuneration and social security | 45 | €45,502 | €48,573 | +€3,072 | +6.8% |
| Taxes | 450/3 | €14,186 | €7,584 | -€6,602 | -46.5% |
| Remuneration and social security | 454/9 | €31,315 | €40,989 | +€9,674 | +30.9% |
| Other amounts payable | 47/48 | €2,474 | €2,000 | -€474 | -19.2% |
| Remuneration, social security and pensions | 62 | €329,224 | €388,849 | +€59,625 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €4,380 | +€3,801 | +657% |
| Other operating charges | 640/8 | €4,723 | €927 | -€3,797 | -80.4% |
| Gross operating margin | 9900 | €414,332 | €365,284 | -€49,048 | -11.8% |
| Operating profit (loss) | 9901 | €79,806 | -€28,872 | -€108,677 | |
| Financial income | 75/76B | €2,334 | €576 | -€1,758 | -75.3% |
| Recurring financial income | 75 | €2,334 | €576 | -€1,758 | -75.3% |
| Financial charges | 65/66B | €14,443 | €11,576 | -€2,867 | -19.9% |
| Recurring financial charges | 65 | €14,443 | €11,576 | -€2,867 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €67,696 | -€39,872 | -€107,568 | |
| Income taxes | 67/77 | €1,520 | -€740 | -€2,260 | |
| Profit (loss) for the period | 9904 | €66,176 | -€39,132 | -€105,308 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,176 | -€39,132 | -€105,308 |
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 13 October 2026 via checked.be.