PLUS MINUS: 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.
What changed
PLUS MINUS
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€190,059
2024 · -€41,383-€148,676
Equity
€4.7m
2024 · €3.7m+€997,889
Cash
€1,486
2024 · €11,491-€10,005
Balance sheet total
€5.7m
2024 · €4.8m+€917,167
Largest movements
Assets
- Financial fixed assets +€1.1m
up €1.1m (+28.9%), from €3.8m to €4.8m
- Receivables within one year -€120,818
down €120,818 (-17.6%), from €686,225 to €565,407
of which Other amounts receivable: -€110,376
Equity and liabilities
- Contributions +€1.2m
up €1.2m (+79.9%), from €1.5m to €2.7m
- Reserves -€190,059
down €190,059 (-8.6%), from €2.2m to €2.0m
of which Distributable reserves: -€190,059
Income statement
- Financial income -€373,225
down €373,225 (-100.0%), from €373,238 to €13
- Financial charges -€309,738
down €309,738 (-72.7%), from €425,936 to €116,199
of which Non-recurring financial charges: -€278,000
- Gross operating margin -€73,840
down €73,840, from €23,272 to -€50,568
- Write-downs +€10,801
new in 2025: €10,801
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
-€41,383
Gross operating margin
-€73,840
Depreciation
-€222
Write-downs
-€10,801
Other operating charges
-€485
Financial income
-€373,225
Financial charges
+€309,738
Taxes
+€160
Result 2025
-€190,059
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.
From operations
-€52,776
Investment
-€1.1m
Financing
+€1.1m
Cash 2024
€11,491
From operations (derived)
-€52,776
Net result for the year
-€190,059
Depreciation
+€9,862
Receivables within one year
+€120,818
Smaller working-capital items
-€1,709
Trade debts
+€19,346
Accrued charges and deferred income
-€11,034
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Current investments
+€31,354
Financing
+€1.1m
Debts after one year
-€56,935
Current portion of long-term debt
-€31,957
Short-term financial debts
+€1,969
Contributions, distributions and other
+€1.2m
Cash 2025
€1,486
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,801,658 | €5,718,824 | +€917,167 | +19.1% |
| Fixed assets | 21/28 | €4,069,240 | €5,148,986 | +€1.1m | +26.5% |
| Tangible fixed assets | 22/27 | €310,255 | €302,054 | -€8,201 | -2.6% |
| Land and buildings | 22 | €310,255 | €300,615 | -€9,640 | -3.1% |
| Furniture and vehicles | 24 | - | €1,440 | +€1,440 | |
| Financial fixed assets | 28 | €3,758,985 | €4,846,932 | +€1.1m | +28.9% |
| Current assets | 29/58 | €732,418 | €569,838 | -€162,580 | -22.2% |
| Amounts receivable within one year | 40/41 | €686,225 | €565,407 | -€120,818 | -17.6% |
| Trade receivables | 40 | €33,799 | €23,357 | -€10,441 | -30.9% |
| Other amounts receivable | 41 | €652,426 | €542,050 | -€110,376 | -16.9% |
| Current investments | 50/53 | €31,872 | €519 | -€31,354 | -98.4% |
| Cash at bank and in hand | 54/58 | €11,491 | €1,486 | -€10,005 | -87.1% |
| Deferred charges and accrued income | 490/1 | €2,830 | €2,427 | -€403 | -14.3% |
| Total equity and liabilities | 10/49 | €4,801,658 | €5,718,824 | +€917,167 | +19.1% |
| Equity | 10/15 | €3,687,414 | €4,685,302 | +€997,889 | +27.1% |
| Contributions | 10/11 | €1,487,400 | €2,675,347 | +€1.2m | +79.9% |
| Reserves | 13 | €2,200,014 | €2,009,955 | -€190,059 | -8.6% |
| Non-distributable reserves | 130/1 | €46,515 | €46,515 | = | 0.0% |
| Reserves not available under the articles | 1311 | €46,515 | €46,515 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,000 | €14,000 | = | 0.0% |
| Distributable reserves | 133 | €2,139,499 | €1,949,440 | -€190,059 | -8.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €363,208 | €363,208 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €363,208 | €363,208 | = | 0.0% |
| Pensions and similar obligations | 160 | €363,208 | €363,208 | = | 0.0% |
| Amounts payable | 17/49 | €751,036 | €670,314 | -€80,722 | -10.7% |
| Amounts payable after more than one year | 17 | €257,412 | €200,477 | -€56,935 | -22.1% |
| Financial debts | 170/4 | €257,412 | €200,477 | -€56,935 | -22.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €481,569 | €468,816 | -€12,753 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €88,891 | €56,935 | -€31,957 | -36.0% |
| Financial debts | 43 | €7 | €1,976 | +€1,969 | +28175.4% |
| Credit institutions | 430/8 | €7 | €1,976 | +€1,969 | +28175.4% |
| Trade debts | 44 | €22,667 | €42,014 | +€19,346 | +85.3% |
| Suppliers | 440/4 | €22,667 | €42,014 | +€19,346 | +85.3% |
| Taxes, remuneration and social security | 45 | €2,428 | €227 | -€2,201 | -90.6% |
| Taxes | 450/3 | €2,428 | €227 | -€2,201 | -90.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €367,576 | €367,664 | +€88 | 0.0% |
| Accrued charges and deferred income | 492/3 | €12,055 | €1,021 | -€11,034 | -91.5% |
| Non-recurring operating income | 76A | €2,909 | €0 | -€2,909 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,640 | €9,862 | +€222 | +2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,801 | +€10,801 | |
| Other operating charges | 640/8 | €1,925 | €2,410 | +€485 | +25.2% |
| Gross operating margin | 9900 | €23,272 | -€50,568 | -€73,840 | |
| Operating profit (loss) | 9901 | €11,707 | -€73,642 | -€85,349 | |
| Financial income | 75/76B | €373,238 | €13 | -€373,225 | -100.0% |
| Recurring financial income | 75 | €373,238 | €13 | -€373,225 | -100.0% |
| Financial charges | 65/66B | €425,936 | €116,199 | -€309,738 | -72.7% |
| Recurring financial charges | 65 | €47,936 | €16,199 | -€31,738 | -66.2% |
| Non-recurring financial charges | 66B | €378,000 | €100,000 | -€278,000 | -73.5% |
| Profit (loss) for the period before taxes | 9903 | -€40,991 | -€189,827 | -€148,836 | -363.1% |
| Income taxes | 67/77 | €391 | €231 | -€160 | -40.9% |
| Profit (loss) for the period | 9904 | -€41,383 | -€190,059 | -€148,676 | -359.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€41,383 | -€190,059 | -€148,676 | -359.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.