The Advisory Group: 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.
The Advisory Group
Largest movements
- Cash -€137,096
down €137,096 (-69.0%), from €198,748 to €61,652
mainly Investment in fixed assets (net) (-€90,682) and Debts after one year (-€69,079)
- Tangible fixed assets +€57,474
up €57,474 (+9.9%), from €578,068 to €635,541
of which Land and buildings: +€39,326
- Stocks and contracts -€17,997
down €17,997 (-88.5%), from €20,331 to €2,335
- Debts after one year -€69,079
down €69,079 (-12.1%), from €568,806 to €499,727
- Other debts -€44,845
down €44,845 (-69.3%), from €64,751 to €19,906
- Reserves +€17,659
up €17,659 (+12.8%), from €138,021 to €155,681
of which Distributable reserves: +€20,492
- Depreciation -€27,767
down €27,767 (-45.5%), from €60,976 to €33,208
- Taxes +€18,013
up €18,013 (+301%), from €5,991 to €24,004
- Financial charges +€5,953
up €5,953 (+36.3%), from €16,410 to €22,363
- Gross operating margin -€5,377
down €5,377 (-3.1%), from €171,099 to €165,722
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €838,966 | €747,706 | -€91,260 | -10.9% |
| Fixed assets | 21/28 | €578,068 | €635,541 | +€57,474 | +9.9% |
| Tangible fixed assets | 22/27 | €578,068 | €635,541 | +€57,474 | +9.9% |
| Land and buildings | 22 | €570,118 | €609,444 | +€39,326 | +6.9% |
| Plant, machinery and equipment | 23 | €6,427 | €22,642 | +€16,215 | +252% |
| Furniture and vehicles | 24 | €1,523 | €3,455 | +€1,932 | +127% |
| Current assets | 29/58 | €260,899 | €112,164 | -€148,734 | -57.0% |
| Stocks and contracts in progress | 3 | €20,331 | €2,335 | -€17,997 | -88.5% |
| Stocks | 30/36 | €20,331 | €2,335 | -€17,997 | -88.5% |
| Amounts receivable within one year | 40/41 | €40,595 | €46,943 | +€6,348 | +15.6% |
| Trade receivables | 40 | €27,777 | €46,943 | +€19,165 | +69.0% |
| Other amounts receivable | 41 | €12,818 | - | -€12,818 | |
| Cash at bank and in hand | 54/58 | €198,748 | €61,652 | -€137,096 | -69.0% |
| Deferred charges and accrued income | 490/1 | €1,224 | €1,235 | +€11 | +0.9% |
| Total equity and liabilities | 10/49 | €838,966 | €747,706 | -€91,260 | -10.9% |
| Equity | 10/15 | €156,571 | €174,231 | +€17,659 | +11.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €138,021 | €155,681 | +€17,659 | +12.8% |
| Tax-exempt reserves | 132 | €55,042 | €52,209 | -€2,833 | -5.1% |
| Distributable reserves | 133 | €82,979 | €103,472 | +€20,492 | +24.7% |
| Provisions and deferred taxes | 16 | €13,760 | €13,052 | -€708 | -5.1% |
| Deferred taxes | 168 | €13,760 | €13,052 | -€708 | -5.1% |
| Amounts payable | 17/49 | €668,634 | €560,423 | -€108,212 | -16.2% |
| Amounts payable after more than one year | 17 | €568,806 | €499,727 | -€69,079 | -12.1% |
| Financial debts | 170/4 | €568,806 | €499,727 | -€69,079 | -12.1% |
| Amounts payable within one year | 42/48 | €99,829 | €60,696 | -€39,133 | -39.2% |
| Current portion of amounts payable after more than one year | 42 | €20,929 | €23,013 | +€2,084 | +10.0% |
| Financial debts | 43 | €345 | - | -€345 | |
| Credit institutions | 430/8 | €345 | - | -€345 | |
| Trade debts | 44 | €1,353 | €415 | -€938 | -69.4% |
| Suppliers | 440/4 | €1,353 | €415 | -€938 | -69.4% |
| Taxes, remuneration and social security | 45 | €12,451 | €17,362 | +€4,911 | +39.4% |
| Taxes | 450/3 | €12,451 | €17,362 | +€4,911 | +39.4% |
| Other amounts payable | 47/48 | €64,751 | €19,906 | -€44,845 | -69.3% |
| Non-recurring operating income | 76A | €70,820 | - | -€70,820 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,976 | €33,208 | -€27,767 | -45.5% |
| Other operating charges | 640/8 | €1,676 | €3,220 | +€1,544 | +92.1% |
| Gross operating margin | 9900 | €171,099 | €165,722 | -€5,377 | -3.1% |
| Operating profit (loss) | 9901 | €108,447 | €129,294 | +€20,847 | +19.2% |
| Financial income | 75/76B | €2,975 | €2,022 | -€953 | -32.0% |
| Recurring financial income | 75 | €2,975 | €2,022 | -€953 | -32.0% |
| Financial charges | 65/66B | €16,410 | €22,363 | +€5,953 | +36.3% |
| Recurring financial charges | 65 | €16,410 | €22,363 | +€5,953 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €95,011 | €108,953 | +€13,941 | +14.7% |
| Transfer from deferred taxes | 780 | €404 | €708 | +€305 | +75.5% |
| Transfer to deferred taxes | 680 | €14,164 | - | -€14,164 | |
| Income taxes | 67/77 | €5,991 | €24,004 | +€18,013 | +301% |
| Profit (loss) for the period | 9904 | €75,260 | €85,657 | +€10,397 | +13.8% |
| Transfer from tax-exempt reserves | 789 | €1,614 | €2,833 | +€1,219 | +75.5% |
| Transfer to tax-exempt reserves | 689 | €56,656 | - | -€56,656 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,218 | €88,490 | +€68,272 | +338% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.