Substation Consulting: 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.
Substation Consulting
Largest movements
- Receivables within one year -€16,806
down €16,806 (-47.4%), from €35,473 to €18,667
of which Trade receivables: -€17,403
- Cash +€9,928
up €9,928 (+10.6%), from €93,798 to €103,726
mainly Net result for the year (+€63,407) and Receivables within one year (+€16,806)
- Other debts -€24,586
down €24,586 (-26.0%), from €94,689 to €70,104
- Reserves +€23,407
up €23,407 (+109%), from €21,462 to €44,869
- Tax, wage and social debts -€6,144
down €6,144 (-100%), from €6,144 to €0
- Gross operating margin -€28,061
down €28,061 (-24.9%), from €112,790 to €84,729
- Taxes -€6,704
down €6,704 (-26.1%), from €25,727 to €19,023
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 | €141,368 | €134,307 | -€7,061 | -5.0% |
| Fixed assets | 21/28 | €1,319 | €869 | -€450 | -34.1% |
| Tangible fixed assets | 22/27 | €1,319 | €869 | -€450 | -34.1% |
| Plant, machinery and equipment | 23 | €1,319 | €869 | -€450 | -34.1% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €140,049 | €133,438 | -€6,611 | -4.7% |
| Amounts receivable within one year | 40/41 | €35,473 | €18,667 | -€16,806 | -47.4% |
| Trade receivables | 40 | €34,200 | €16,797 | -€17,403 | -50.9% |
| Other amounts receivable | 41 | €1,273 | €1,870 | +€597 | +46.9% |
| Cash at bank and in hand | 54/58 | €93,798 | €103,726 | +€9,928 | +10.6% |
| Deferred charges and accrued income | 490/1 | €10,779 | €11,046 | +€267 | +2.5% |
| Total equity and liabilities | 10/49 | €141,368 | €134,307 | -€7,061 | -5.0% |
| Equity | 10/15 | €40,062 | €63,469 | +€23,407 | +58.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,462 | €44,869 | +€23,407 | +109% |
| Distributable reserves | 133 | €21,462 | €44,869 | +€23,407 | +109% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €101,306 | €70,838 | -€30,468 | -30.1% |
| Amounts payable within one year | 42/48 | €101,306 | €70,838 | -€30,468 | -30.1% |
| Trade debts | 44 | €472 | €734 | +€262 | +55.5% |
| Suppliers | 440/4 | €472 | €734 | +€262 | +55.5% |
| Taxes, remuneration and social security | 45 | €6,144 | €0 | -€6,144 | -100% |
| Taxes | 450/3 | €6,144 | €0 | -€6,144 | -100% |
| Other amounts payable | 47/48 | €94,689 | €70,104 | -€24,586 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30 | €450 | +€420 | +1,395% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €112,790 | €84,729 | -€28,061 | -24.9% |
| Operating profit (loss) | 9901 | €112,255 | €83,760 | -€28,495 | -25.4% |
| Financial income | 75/76B | €1 | €482 | +€481 | +40,395% |
| Recurring financial income | 75 | €1 | €482 | +€481 | +40,395% |
| Financial charges | 65/66B | €1,927 | €1,812 | -€115 | -6.0% |
| Recurring financial charges | 65 | €1,927 | €1,812 | -€115 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | €110,329 | €82,430 | -€27,899 | -25.3% |
| Income taxes | 67/77 | €25,727 | €19,023 | -€6,704 | -26.1% |
| Profit (loss) for the period | 9904 | €84,602 | €63,407 | -€21,194 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €84,602 | €63,407 | -€21,194 | -25.1% |
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 30 October 2026 via checked.be.