Services Expertise & Management: 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.
Services Expertise & Management
Largest movements
- Current investments +€408,582
up €408,582 (+121%), from €336,675 to €745,257
- Receivables within one year -€156,836
down €156,836 (-50.7%), from €309,294 to €152,458
of which Other amounts receivable: -€154,547
- Cash +€155,338
up €155,338 (+278%), from €55,903 to €211,241
mainly Net result for the year (+€399,407) and Other debts (+€385,000)
- Other debts +€385,000
up €385,000 (+358%), from €107,627 to €492,627
- Reserves -€300,000
down €300,000 (-60.0%), from €500,100 to €200,100
of which Distributable reserves: -€300,000
- Profit (loss) carried forward +€299,407
up €299,407 (+70.5%), from €424,834 to €724,241
- Financial income +€303,005
up €303,005 (+13,957%), from €2,171 to €305,176
of which Financial income: +€303,202
- Taxes +€18,605
up €18,605 (+31.3%), from €59,352 to €77,957
- Gross operating margin -€14,345
down €14,345 (-6.1%), from €234,060 to €219,715
- Staff costs -€6,877
down €6,877 (-15.4%), from €44,688 to €37,811
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,476,714 | €2,853,688 | +€376,973 | +15.2% |
| Fixed assets | 21/28 | €1,751,758 | €1,744,731 | -€7,027 | -0.4% |
| Tangible fixed assets | 22/27 | €8,594 | €1,567 | -€7,027 | -81.8% |
| Plant, machinery and equipment | 23 | €620 | €388 | -€232 | -37.4% |
| Furniture and vehicles | 24 | €7,974 | €1,179 | -€6,795 | -85.2% |
| Financial fixed assets | 28 | €1,743,164 | €1,743,164 | = | 0.0% |
| Current assets | 29/58 | €724,956 | €1,108,957 | +€384,001 | +53.0% |
| Amounts receivable within one year | 40/41 | €309,294 | €152,458 | -€156,836 | -50.7% |
| Trade receivables | 40 | €38,992 | €36,703 | -€2,289 | -5.9% |
| Other amounts receivable | 41 | €270,303 | €115,756 | -€154,547 | -57.2% |
| Current investments | 50/53 | €336,675 | €745,257 | +€408,582 | +121% |
| Cash at bank and in hand | 54/58 | €55,903 | €211,241 | +€155,338 | +278% |
| Deferred charges and accrued income | 490/1 | €23,084 | - | -€23,084 | |
| Total equity and liabilities | 10/49 | €2,476,714 | €2,853,688 | +€376,973 | +15.2% |
| Equity | 10/15 | €2,304,377 | €2,303,784 | -€593 | 0.0% |
| Contributions | 10/11 | €1,379,443 | €1,379,443 | = | 0.0% |
| Reserves | 13 | €500,100 | €200,100 | -€300,000 | -60.0% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Profit (loss) carried forward | 14 | €424,834 | €724,241 | +€299,407 | +70.5% |
| Amounts payable | 17/49 | €172,337 | €549,904 | +€377,567 | +219% |
| Amounts payable within one year | 42/48 | €172,337 | €549,904 | +€377,567 | +219% |
| Trade debts | 44 | €3,933 | €292 | -€3,642 | -92.6% |
| Suppliers | 440/4 | €3,933 | €292 | -€3,642 | -92.6% |
| Advances received on contracts in progress | 46 | €60 | - | -€60 | |
| Taxes, remuneration and social security | 45 | €60,717 | €56,985 | -€3,732 | -6.1% |
| Taxes | 450/3 | €48,201 | €53,485 | +€5,284 | +11.0% |
| Remuneration and social security | 454/9 | €12,516 | €3,500 | -€9,016 | -72.0% |
| Other amounts payable | 47/48 | €107,627 | €492,627 | +€385,000 | +358% |
| Remuneration, social security and pensions | 62 | €44,688 | €37,811 | -€6,877 | -15.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,941 | €8,126 | -€1,815 | -18.3% |
| Other operating charges | 640/8 | €1,255 | €1,521 | +€266 | +21.2% |
| Gross operating margin | 9900 | €234,060 | €219,715 | -€14,345 | -6.1% |
| Operating profit (loss) | 9901 | €178,176 | €172,258 | -€5,917 | -3.3% |
| Financial income | 75/76B | €2,171 | €305,176 | +€303,005 | +13,957% |
| Recurring financial income | 75 | €1,974 | €305,176 | +€303,202 | +15,358% |
| Non-recurring financial income | 76B | €197 | - | -€197 | |
| Financial charges | 65/66B | €435 | €70 | -€365 | -83.8% |
| Recurring financial charges | 65 | €435 | €70 | -€365 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | €179,911 | €477,364 | +€297,452 | +165% |
| Income taxes | 67/77 | €59,352 | €77,957 | +€18,605 | +31.3% |
| Profit (loss) for the period | 9904 | €120,560 | €399,407 | +€278,847 | +231% |
| Profit (loss) for the period to be appropriated | 9905 | €120,560 | €399,407 | +€278,847 | +231% |
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 24 October 2026 via checked.be.