PERMANCO: 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
PERMANCO
NACE 70.200, Business and other management consultancy
financial year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
€9.0m
31-12-2024 · €328,574+€8.6m
Equity
€10.9m
31-12-2024 · €2.2m+€8.7m
Cash
€235,218
31-12-2024 · €120,560+€114,658
Balance sheet total
€12.9m
31-12-2024 · €3.2m+€9.7m
Largest movements
Assets
- Tangible fixed assets +€9.7m
up €9.7m (+4496.8%), from €214,870 to €9.9m
of which Land and buildings: +€9.7m
- Financial fixed assets -€2.8m
down €2.8m (-99.6%), from €2.8m to €12,145
- Current investments +€2.5m
up €2.5m (+33425.4%), from €7,479 to €2.5m
- Receivables after one year +€220,000
new in 2025: €220,000
Equity and liabilities
- Reserves +€8.7m
up €8.7m (+402.9%), from €2.2m to €10.8m
of which Distributable reserves: +€4.8m
- Provisions +€1.2m
up €1.2m (+381.8%), from €318,359 to €1.5m
- Other debts -€282,628
down €282,628 (-50.4%), from €561,088 to €278,460
Income statement
- Gross operating margin +€5.2m
up €5.2m (+3866.0%), from €135,294 to €5.4m
- Financial income +€5.1m
up €5.1m (+2007.6%), from €256,436 to €5.4m
of which Non-recurring financial income: +€5.4m
- Depreciation +€428,053
up €428,053 (+4957.0%), from €8,635 to €436,688
- Taxes +€98,164
up €98,164 (+297.0%), from €33,050 to €131,214
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
€328,574
Gross operating margin
+€5.2m
Depreciation
-€428,053
Other operating charges
-€30,263
Financial income
+€5.1m
Financial charges
-€43,328
Taxes
-€98,164
Deferred taxes and other
-€1.1m
Result 31-12-2025
€9.0m
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€10.2m
Investment
-€9.8m
Financing
-€276,408
Cash 31-12-2024
€120,560
From operations (derived)
+€10.2m
Net result for the year
+€9.0m
Depreciation
+€436,688
Receivables after one year
-€220,000
Smaller working-capital items
+€14,151
Provisions
+€1.2m
Tax, wage and social debts
+€64,373
Other debts
-€282,628
Investment (derived)
-€9.8m
Investment in fixed assets (net)
-€7.3m
Current investments
-€2.5m
Financing
-€276,408
Short-term financial debts
+€2,052
Contributions, distributions and other
-€278,460
Cash 31-12-2025
€235,218
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,182,907 | €12,865,076 | +€9.7m | +304.2% |
| Fixed assets | 21/28 | €3,027,476 | €9,889,345 | +€6.9m | +226.7% |
| Tangible fixed assets | 22/27 | €214,870 | €9,877,201 | +€9.7m | +4496.8% |
| Land and buildings | 22 | - | €9,671,881 | +€9.7m | |
| Plant, machinery and equipment | 23 | €1,563 | €17,286 | +€15,723 | +1006.2% |
| Furniture and vehicles | 24 | €124,416 | €98,151 | -€26,265 | -21.1% |
| Other tangible fixed assets | 26 | €88,891 | €89,883 | +€992 | +1.1% |
| Financial fixed assets | 28 | €2,812,606 | €12,145 | -€2.8m | -99.6% |
| Current assets | 29/58 | €155,431 | €2,975,731 | +€2.8m | +1814.5% |
| Amounts receivable after more than one year | 29 | - | €220,000 | +€220,000 | |
| Trade receivables | 290 | - | €220,000 | +€220,000 | |
| Stocks and contracts in progress | 3 | - | €5,563 | +€5,563 | |
| Stocks | 30/36 | - | €5,563 | +€5,563 | |
| Amounts receivable within one year | 40/41 | €21,201 | €3,425 | -€17,776 | -83.8% |
| Trade receivables | 40 | €4,533 | €331 | -€4,202 | -92.7% |
| Other amounts receivable | 41 | €16,669 | €3,095 | -€13,574 | -81.4% |
| Current investments | 50/53 | €7,479 | €2,507,479 | +€2.5m | +33425.4% |
| Cash at bank and in hand | 54/58 | €120,560 | €235,218 | +€114,658 | +95.1% |
| Deferred charges and accrued income | 490/1 | €6,190 | €4,045 | -€2,145 | -34.7% |
| Total equity and liabilities | 10/49 | €3,182,907 | €12,865,076 | +€9.7m | +304.2% |
| Equity | 10/15 | €2,248,104 | €10,931,338 | +€8.7m | +386.2% |
| Contributions | 10/11 | €92,985 | €92,985 | = | 0.0% |
| Capital | 10 | €92,985 | €92,985 | = | 0.0% |
| Issued capital | 100 | €92,985 | €92,985 | = | 0.0% |
| Reserves | 13 | €2,155,119 | €10,838,353 | +€8.7m | +402.9% |
| Non-distributable reserves | 130/1 | €9,298 | €9,298 | = | 0.0% |
| Legal reserve | 130 | €9,298 | €9,298 | = | 0.0% |
| Tax-exempt reserves | 132 | €955,078 | €4,788,317 | +€3.8m | +401.4% |
| Distributable reserves | 133 | €1,190,742 | €6,040,738 | +€4.8m | +407.3% |
| Provisions and deferred taxes | 16 | €318,359 | €1,533,704 | +€1.2m | +381.8% |
| Deferred taxes | 168 | €318,359 | €1,533,704 | +€1.2m | +381.8% |
| Amounts payable | 17/49 | €616,444 | €400,034 | -€216,410 | -35.1% |
| Amounts payable within one year | 42/48 | €597,038 | €382,201 | -€214,837 | -36.0% |
| Financial debts | 43 | - | €2,052 | +€2,052 | |
| Credit institutions | 430/8 | - | €2,052 | +€2,052 | |
| Trade debts | 44 | €1,975 | €3,341 | +€1,366 | +69.2% |
| Suppliers | 440/4 | €1,975 | €3,341 | +€1,366 | +69.2% |
| Taxes, remuneration and social security | 45 | €33,975 | €98,348 | +€64,373 | +189.5% |
| Taxes | 450/3 | €33,975 | €98,348 | +€64,373 | +189.5% |
| Other amounts payable | 47/48 | €561,088 | €278,460 | -€282,628 | -50.4% |
| Accrued charges and deferred income | 492/3 | €19,406 | €17,832 | -€1,573 | -8.1% |
| Non-recurring operating income | 76A | €1,071 | €5,143,993 | +€5.1m | +480045.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,635 | €436,688 | +€428,053 | +4957.0% |
| Other operating charges | 640/8 | €1,980 | €32,243 | +€30,263 | +1528.1% |
| Gross operating margin | 9900 | €135,294 | €5,365,790 | +€5.2m | +3866.0% |
| Operating profit (loss) | 9901 | €124,678 | €4,896,858 | +€4.8m | +3827.6% |
| Financial income | 75/76B | €256,436 | €5,404,661 | +€5.1m | +2007.6% |
| Recurring financial income | 75 | €256,436 | €18,880 | -€237,556 | -92.6% |
| Non-recurring financial income | 76B | - | €5,385,782 | +€5.4m | |
| Financial charges | 65/66B | €19,491 | €62,819 | +€43,328 | +222.3% |
| Recurring financial charges | 65 | €19,491 | €62,819 | +€43,328 | +222.3% |
| Profit (loss) for the period before taxes | 9903 | €361,624 | €10,238,701 | +€9.9m | +2731.3% |
| Transfer from deferred taxes | 780 | - | €140,205 | +€140,205 | |
| Transfer to deferred taxes | 680 | - | €1,285,998 | +€1.3m | |
| Income taxes | 67/77 | €33,050 | €131,214 | +€98,164 | +297.0% |
| Profit (loss) for the period | 9904 | €328,574 | €8,961,694 | +€8.6m | +2627.5% |
| Transfer from tax-exempt reserves | 789 | - | €420,614 | +€420,614 | |
| Transfer to tax-exempt reserves | 689 | - | €4,253,853 | +€4.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €328,574 | €5,128,456 | +€4.8m | +1460.8% |
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 12 October 2026 via checked.be.