mThe Consult: 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.
mThe Consult
Largest movements
- Tangible fixed assets +€55,707
up €55,707 (+16.4%), from €338,720 to €394,427
of which Land and buildings: +€254,332
- Receivables after one year -€6,000
down €6,000 (-10.6%), from €56,786 to €50,786
- Cash -€5,681
down €5,681 (-25.1%), from €22,659 to €16,978
mainly Investment in fixed assets (net) (-€57,160) and Debts after one year (-€39,130)
- Short-term financial debts +€50,207
up €50,207 (+1410.9%), from €3,558 to €53,766
of which Other loans: +€50,000
- Debts after one year -€39,130
down €39,130 (-12.1%), from €323,830 to €284,700
- Reserves +€28,353
up €28,353 (+29.5%), from €96,198 to €124,551
- Gross operating margin +€31,806
up €31,806 (+115.1%), from €27,643 to €59,448
- Depreciation -€16,106
down €16,106 (-91.7%), from €17,559 to €1,453
- Taxes +€10,747
up €10,747 (+269.9%), from €3,982 to €14,729
- Financial charges +€5,145
up €5,145 (+44.0%), from €11,706 to €16,851
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 | €452,885 | €498,003 | +€45,118 | +10.0% |
| Fixed assets | 21/28 | €338,720 | €394,427 | +€55,707 | +16.4% |
| Tangible fixed assets | 22/27 | €338,720 | €394,427 | +€55,707 | +16.4% |
| Land and buildings | 22 | €139,000 | €393,332 | +€254,332 | +183.0% |
| Plant, machinery and equipment | 23 | €1,436 | €1,095 | -€341 | -23.8% |
| Other tangible fixed assets | 26 | €610 | - | -€610 | |
| Assets under construction and advance payments | 27 | €197,675 | - | -€197,675 | |
| Current assets | 29/58 | €114,165 | €103,576 | -€10,589 | -9.3% |
| Amounts receivable after more than one year | 29 | €56,786 | €50,786 | -€6,000 | -10.6% |
| Other amounts receivable | 291 | €56,786 | €50,786 | -€6,000 | -10.6% |
| Amounts receivable within one year | 40/41 | €28,517 | €30,273 | +€1,756 | +6.2% |
| Trade receivables | 40 | €508 | - | -€508 | |
| Other amounts receivable | 41 | €28,009 | €30,273 | +€2,264 | +8.1% |
| Cash at bank and in hand | 54/58 | €22,659 | €16,978 | -€5,681 | -25.1% |
| Deferred charges and accrued income | 490/1 | €6,203 | €5,540 | -€663 | -10.7% |
| Total equity and liabilities | 10/49 | €452,885 | €498,003 | +€45,118 | +10.0% |
| Equity | 10/15 | €102,398 | €130,751 | +€28,353 | +27.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €96,198 | €124,551 | +€28,353 | +29.5% |
| Distributable reserves | 133 | €96,198 | €124,551 | +€28,353 | +29.5% |
| Amounts payable | 17/49 | €350,487 | €367,252 | +€16,765 | +4.8% |
| Amounts payable after more than one year | 17 | €323,830 | €284,700 | -€39,130 | -12.1% |
| Financial debts | 170/4 | €323,830 | €284,700 | -€39,130 | -12.1% |
| Amounts payable within one year | 42/48 | €26,656 | €82,552 | +€55,895 | +209.7% |
| Current portion of amounts payable after more than one year | 42 | €14,942 | €16,857 | +€1,915 | +12.8% |
| Financial debts | 43 | €3,558 | €53,766 | +€50,207 | +1410.9% |
| Credit institutions | 430/8 | €3,558 | €3,766 | +€207 | +5.8% |
| Other loans | 439 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €4,919 | €4,374 | -€545 | -11.1% |
| Suppliers | 440/4 | €4,919 | €4,374 | -€545 | -11.1% |
| Taxes, remuneration and social security | 45 | €3,237 | €7,555 | +€4,318 | +133.4% |
| Taxes | 450/3 | €3,237 | €7,555 | +€4,318 | +133.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,559 | €1,453 | -€16,106 | -91.7% |
| Other operating charges | 640/8 | €621 | €831 | +€210 | +33.7% |
| Gross operating margin | 9900 | €27,643 | €59,448 | +€31,806 | +115.1% |
| Operating profit (loss) | 9901 | €9,462 | €57,165 | +€47,702 | +504.1% |
| Financial income | 75/76B | €2,661 | €2,768 | +€107 | +4.0% |
| Recurring financial income | 75 | €2,661 | €2,768 | +€107 | +4.0% |
| Financial charges | 65/66B | €11,706 | €16,851 | +€5,145 | +44.0% |
| Recurring financial charges | 65 | €11,706 | €16,851 | +€5,145 | +44.0% |
| Profit (loss) for the period before taxes | 9903 | €417 | €43,082 | +€42,664 | +10225.1% |
| Income taxes | 67/77 | €3,982 | €14,729 | +€10,747 | +269.9% |
| Profit (loss) for the period | 9904 | -€3,564 | €28,353 | +€31,917 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,564 | €28,353 | +€31,917 |
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 10 October 2026 via checked.be.