PSD & C°: what changed
What changed
PSD & C°
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€71,914
2024 · €85,913-€13,999
Equity
€797,590
2024 · €1.0m-€232,307
Cash
€263,659
2024 · €19,353+€244,306
Balance sheet total
€1.6m
2024 · €1.8m-€265,459
Largest movements
Assets
- Tangible fixed assets -€510,040
down €510,040 (-28.0%), from €1.8m to €1.3m
of which Land and buildings: -€369,624
- Cash +€244,306
up €244,306 (+1,262%), from €19,353 to €263,659
mainly Investment in fixed assets (net) (+€425,463) and Depreciation (+€84,578)
Equity and liabilities
- Reserves -€206,369
down €206,369 (-25.0%), from €824,034 to €617,665
of which Distributable reserves: -€202,497
- Current portion of long-term debt -€33,981
down €33,981 (-39.5%), from €86,017 to €52,036
- Revaluation surpluses -€25,938
down €25,938 (-58.5%), from €44,364 to €18,425
Income statement
- Gross operating margin +€19,108
up €19,108 (+7.9%), from €242,734 to €261,842
- Financial charges +€6,722
up €6,722 (+31.2%), from €21,543 to €28,265
- Depreciation -€3,512
down €3,512 (-4.0%), from €88,090 to €84,578
- Taxes -€2,845
down €2,845 (-7.3%), from €39,008 to €36,163
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€85,913
Gross operating margin
+€19,108
Depreciation
+€3,512
Other operating charges
+€847
Other operating items
-€33,299
Financial income
-€225
Financial charges
-€6,722
Taxes
+€2,845
Deferred taxes and other
-€66
Result 2025
€71,914
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€150,503
Investment
+€425,463
Financing
-€331,659
Cash 2024
€19,353
From operations (derived)
+€150,503
Net result for the year
+€71,914
Depreciation
+€84,578
Smaller working-capital items
-€1,267
Trade debts
-€13,080
Tax, wage and social debts
-€11,242
Other debts
+€18,446
Accrued charges and deferred income
+€1,154
Investment (derived)
+€425,463
Investment in fixed assets (net)
+€425,463
Financing
-€331,659
Debts after one year
+€6,543
Current portion of long-term debt
-€33,981
Contributions, distributions and other
-€304,221
Cash 2025
€263,659
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,848,169 | €1,582,710 | -€265,459 | -14.4% |
| Fixed assets | 21/28 | €1,823,651 | €1,313,610 | -€510,040 | -28.0% |
| Tangible fixed assets | 22/27 | €1,823,651 | €1,313,610 | -€510,040 | -28.0% |
| Land and buildings | 22 | €962,162 | €592,538 | -€369,624 | -38.4% |
| Furniture and vehicles | 24 | €3,385 | €41,160 | +€37,775 | +1,116% |
| Other tangible fixed assets | 26 | €821,204 | €679,912 | -€141,292 | -17.2% |
| Assets under construction and advance payments | 27 | €36,900 | €0 | -€36,900 | -100% |
| Current assets | 29/58 | €24,519 | €269,100 | +€244,581 | +998% |
| Cash at bank and in hand | 54/58 | €19,353 | €263,659 | +€244,306 | +1,262% |
| Deferred charges and accrued income | 490/1 | €5,166 | €5,441 | +€275 | +5.3% |
| Total equity and liabilities | 10/49 | €1,848,169 | €1,582,710 | -€265,459 | -14.4% |
| Equity | 10/15 | €1,029,898 | €797,590 | -€232,307 | -22.6% |
| Contributions | 10/11 | €161,500 | €161,500 | = | 0.0% |
| Capital | 10 | €161,500 | €161,500 | = | 0.0% |
| Issued capital | 100 | €161,500 | €161,500 | = | 0.0% |
| Revaluation surpluses | 12 | €44,364 | €18,425 | -€25,938 | -58.5% |
| Reserves | 13 | €824,034 | €617,665 | -€206,369 | -25.0% |
| Non-distributable reserves | 130/1 | €16,150 | €16,150 | = | 0.0% |
| Legal reserve | 130 | €16,150 | €16,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €153,304 | €149,432 | -€3,872 | -2.5% |
| Distributable reserves | 133 | €654,580 | €452,083 | -€202,497 | -30.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €28,500 | €27,507 | -€992 | -3.5% |
| Deferred taxes | 168 | €28,500 | €27,507 | -€992 | -3.5% |
| Amounts payable | 17/49 | €789,772 | €757,612 | -€32,160 | -4.1% |
| Amounts payable after more than one year | 17 | €476,123 | €482,666 | +€6,543 | +1.4% |
| Financial debts | 170/4 | €476,123 | €482,666 | +€6,543 | +1.4% |
| Amounts payable within one year | 42/48 | €302,471 | €262,614 | -€39,857 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €86,017 | €52,036 | -€33,981 | -39.5% |
| Trade debts | 44 | €22,084 | €9,005 | -€13,080 | -59.2% |
| Suppliers | 440/4 | €22,084 | €9,005 | -€13,080 | -59.2% |
| Taxes, remuneration and social security | 45 | €42,071 | €30,829 | -€11,242 | -26.7% |
| Taxes | 450/3 | €42,071 | €30,829 | -€11,242 | -26.7% |
| Other amounts payable | 47/48 | €152,299 | €170,745 | +€18,446 | +12.1% |
| Accrued charges and deferred income | 492/3 | €11,178 | €12,333 | +€1,154 | +10.3% |
| Non-recurring operating income | 76A | - | €36,787 | +€36,787 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,090 | €84,578 | -€3,512 | -4.0% |
| Other operating charges | 640/8 | €9,749 | €8,903 | -€847 | -8.7% |
| Non-recurring operating charges | 66A | - | €33,299 | +€33,299 | |
| Gross operating margin | 9900 | €242,734 | €261,842 | +€19,108 | +7.9% |
| Operating profit (loss) | 9901 | €144,894 | €135,063 | -€9,832 | -6.8% |
| Financial income | 75/76B | €511 | €286 | -€225 | -44.0% |
| Recurring financial income | 75 | €511 | €286 | -€225 | -44.0% |
| Financial charges | 65/66B | €21,543 | €28,265 | +€6,722 | +31.2% |
| Recurring financial charges | 65 | €21,543 | €28,265 | +€6,722 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €123,862 | €107,084 | -€16,778 | -13.5% |
| Transfer from deferred taxes | 780 | €1,058 | €992 | -€66 | -6.2% |
| Income taxes | 67/77 | €39,008 | €36,163 | -€2,845 | -7.3% |
| Profit (loss) for the period | 9904 | €85,913 | €71,914 | -€13,999 | -16.3% |
| Transfer from tax-exempt reserves | 789 | €4,130 | €3,872 | -€258 | -6.2% |
| Transfer to tax-exempt reserves | 689 | €42,100 | €0 | -€42,100 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €47,943 | €75,786 | +€27,843 | +58.1% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.