OBSERVATORIUM: 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
OBSERVATORIUM
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€16.9m
2024 · €952,118+€15.9m
Equity
€39.1m
2024 · €22.4m+€16.7m
Cash
€23.2m
2024 · €145,399+€23.0m
Balance sheet total
€47.0m
2024 · €35.5m+€11.5m
Largest movements
Assets
- Cash +€23.0m
up €23.0m (+15,848%), from €145,399 to €23.2m
mainly Net result for the year (+€16.9m) and Current investments (+€8.7m)
- Current investments -€8.7m
down €8.7m (-49.6%), from €17.5m to €8.8m
- Receivables within one year -€3.4m
down €3.4m (-73.4%), from €4.6m to €1.2m
of which Other amounts receivable: -€3.2m
- Financial fixed assets +€511,279
up €511,279 (+4.4%), from €11.7m to €12.2m
of which Affiliated companies: +€661,297
Equity and liabilities
- Profit (loss) carried forward +€16.7m
up €16.7m (+76.3%), from €21.9m to €38.6m
- Other debts -€5.4m
down €5.4m (-43.0%), from €12.5m to €7.1m
Income statement
- Financial income +€16.0m
up €16.0m (+1,360%), from €1.2m to €17.1m
of which Financial income: +€16.2m
- Services and other goods -€316,707
down €316,707 (-33.1%), from €956,935 to €640,227
- Turnover -€304,970
down €304,970 (-21.6%), from €1.4m to €1.1m
- Taxes -€87,877
down €87,877 (-36.0%), from €244,158 to €156,281
of which Taxes: -€104,660
- Financial charges +€45,433
up €45,433 (+14.5%), from €312,442 to €357,875
of which Non-recurring financial charges: +€35,132
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
€952,118
Turnover
-€304,970
Other operating income
+€36,763
Services and other goods
+€316,707
Staff costs
-€32,924
Depreciation
+€513
Other operating charges
-€411
Other operating items
+€161
Financial income
+€16.0m
Financial charges
-€45,433
Taxes
+€87,877
Deferred taxes and other
-€122,330
Result 2025
€16.9m
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
+€15.1m
Investment
+€8.1m
Financing
-€156,491
Cash 2024
€145,399
From operations (derived)
+€15.1m
Net result for the year
+€16.9m
Depreciation
+€149,516
Receivables within one year
+€3.4m
Smaller working-capital items
-€3,873
Trade debts
+€63,014
Tax, wage and social debts
+€57,187
Other debts
-€5.4m
Investment (derived)
+€8.1m
Investment in fixed assets (net)
-€633,855
Current investments
+€8.7m
Financing
-€156,491
Debts after one year
-€13,712
Current portion of long-term debt
-€4,624
Contributions, distributions and other
-€138,155
Cash 2025
€23.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,507,441 | €46,976,220 | +€11.5m | +32.3% |
| Fixed assets | 21/28 | €13,245,457 | €13,729,796 | +€484,339 | +3.7% |
| Intangible fixed assets | 21 | €3,506 | €1,753 | -€1,753 | -50.0% |
| Tangible fixed assets | 22/27 | €1,503,793 | €1,478,606 | -€25,187 | -1.7% |
| Land and buildings | 22 | €1,479,071 | €1,346,327 | -€132,744 | -9.0% |
| Furniture and vehicles | 24 | €23,043 | €131,109 | +€108,066 | +469% |
| Other tangible fixed assets | 26 | €1,678 | €1,170 | -€509 | -30.3% |
| Financial fixed assets | 28 | €11,738,157 | €12,249,437 | +€511,279 | +4.4% |
| Affiliated companies | 280/1 | €11,277,741 | €11,939,038 | +€661,297 | +5.9% |
| Participating interests | 280 | €6,487,398 | €6,907,121 | +€419,722 | +6.5% |
| Amounts receivable | 281 | €4,790,343 | €5,031,917 | +€241,575 | +5.0% |
| Other financial fixed assets | 284/8 | €460,417 | €310,399 | -€150,018 | -32.6% |
| Shares | 284 | €460,327 | €310,308 | -€150,019 | -32.6% |
| Amounts receivable and cash guarantees | 285/8 | €90 | €91 | +€1 | +1.1% |
| Current assets | 29/58 | €22,261,985 | €33,246,424 | +€11.0m | +49.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €4,586,964 | €1,218,855 | -€3.4m | -73.4% |
| Trade receivables | 40 | €163,564 | €5,035 | -€158,529 | -96.9% |
| Other amounts receivable | 41 | €4,423,400 | €1,213,820 | -€3.2m | -72.6% |
| Current investments | 50/53 | €17,526,419 | €8,830,426 | -€8.7m | -49.6% |
| Other investments | 51/53 | €17,526,419 | €8,830,426 | -€8.7m | -49.6% |
| Cash at bank and in hand | 54/58 | €145,399 | €23,188,138 | +€23.0m | +15,848% |
| Deferred charges and accrued income | 490/1 | €3,203 | €9,005 | +€5,802 | +181% |
| Total equity and liabilities | 10/49 | €35,507,441 | €46,976,220 | +€11.5m | +32.3% |
| Equity | 10/15 | €22,360,334 | €39,083,945 | +€16.7m | +74.8% |
| Contributions | 10/11 | €398,026 | €398,026 | = | 0.0% |
| Capital | 10 | €398,026 | €398,026 | = | 0.0% |
| Issued capital | 100 | €398,026 | €398,026 | = | 0.0% |
| Reserves | 13 | €42,069 | €42,069 | = | 0.0% |
| Non-distributable reserves | 130/1 | €39,803 | €39,803 | = | 0.0% |
| Legal reserve | 130 | €39,803 | €39,803 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,266 | €2,266 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,920,240 | €38,643,851 | +€16.7m | +76.3% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €13,147,108 | €7,892,274 | -€5.3m | -40.0% |
| Amounts payable after more than one year | 17 | €13,712 | €0 | -€13,712 | -100% |
| Financial debts | 170/4 | €13,712 | €0 | -€13,712 | -100% |
| Credit institutions | 173 | €13,712 | €0 | -€13,712 | -100% |
| Amounts payable within one year | 42/48 | €13,133,335 | €7,890,284 | -€5.2m | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €18,336 | €13,712 | -€4,624 | -25.2% |
| Trade debts | 44 | €598,746 | €661,760 | +€63,014 | +10.5% |
| Suppliers | 440/4 | €598,746 | €661,760 | +€63,014 | +10.5% |
| Taxes, remuneration and social security | 45 | €41,141 | €98,328 | +€57,187 | +139% |
| Taxes | 450/3 | €8,118 | €59,124 | +€51,006 | +628% |
| Remuneration and social security | 454/9 | €33,024 | €39,204 | +€6,181 | +18.7% |
| Other amounts payable | 47/48 | €12,475,112 | €7,116,483 | -€5.4m | -43.0% |
| Accrued charges and deferred income | 492/3 | €61 | €1,991 | +€1,930 | +3,176% |
| Operating income | 70/76A | €1,618,529 | €1,350,484 | -€268,045 | -16.6% |
| Turnover | 70 | €1,413,801 | €1,108,831 | -€304,970 | -21.6% |
| Other operating income | 74 | €204,728 | €241,491 | +€36,763 | +18.0% |
| Non-recurring operating income | 76A | - | €161 | +€161 | |
| Operating charges | 60/66A | €1,406,729 | €1,122,844 | -€283,886 | -20.2% |
| Services and other goods | 61 | €956,935 | €640,227 | -€316,707 | -33.1% |
| Remuneration, social security and pensions | 62 | €262,196 | €295,119 | +€32,924 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €150,029 | €149,516 | -€513 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €37,569 | €37,981 | +€411 | +1.1% |
| Operating profit (loss) | 9901 | €211,800 | €227,640 | +€15,840 | +7.5% |
| Financial income | 75/76B | €1,174,588 | €17,148,283 | +€16.0m | +1,360% |
| Recurring financial income | 75 | €974,588 | €17,148,283 | +€16.2m | +1,660% |
| Income from financial fixed assets | 750 | €144,131 | €11,092,442 | +€10.9m | +7,596% |
| Income from current assets | 751 | €809,664 | €1,919,297 | +€1.1m | +137% |
| Other financial income | 752/9 | €20,793 | €4,136,544 | +€4.1m | +19,794% |
| Non-recurring financial income | 76B | €200,000 | €0 | -€200,000 | -100% |
| Financial charges | 65/66B | €312,442 | €357,875 | +€45,433 | +14.5% |
| Recurring financial charges | 65 | €172,442 | €182,743 | +€10,301 | +6.0% |
| Debt charges | 650 | €154,125 | €163,344 | +€9,219 | +6.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €18,317 | €19,399 | +€1,083 | +5.9% |
| Non-recurring financial charges | 66B | €140,000 | €175,132 | +€35,132 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €1,073,946 | €17,018,048 | +€15.9m | +1,485% |
| Transfer from deferred taxes | 780 | €122,330 | €0 | -€122,330 | -100% |
| Income taxes | 67/77 | €244,158 | €156,281 | -€87,877 | -36.0% |
| Taxes | 670/3 | €261,689 | €157,029 | -€104,660 | -40.0% |
| Tax adjustments and reversals of tax provisions | 77 | €17,532 | €748 | -€16,784 | -95.7% |
| Profit (loss) for the period | 9904 | €952,118 | €16,861,767 | +€15.9m | +1,671% |
| Transfer from tax-exempt reserves | 789 | €366,991 | €0 | -€366,991 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,319,109 | €16,861,767 | +€15.5m | +1,178% |
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 14 October 2026 via checked.be.