TRAFALGAR 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.
TRAFALGAR CONSULTING
Largest movements
- Current investments +€99,986
new in 2025: €99,986
- Cash -€78,008
down €78,008 (-81.7%), from €95,449 to €17,441
mainly Current investments (-€99,986) and Contributions, distributions and other (-€84,106)
- Receivables within one year -€37,216
down €37,216 (-44.4%), from €83,741 to €46,525
of which Trade receivables: -€37,211
- Advances received -€65,788
no longer reported in 2025 (was €65,788)
- Tax, wage and social debts +€29,428
up €29,428 (+44.4%), from €66,324 to €95,752
- Other debts +€15,000
new in 2025: €15,000
- Reserves +€14,675
up €14,675 (+24.3%), from €60,298 to €74,973
of which Distributable reserves: +€14,675
- Current portion of long-term debt -€10,472
down €10,472 (-21.0%), from €49,750 to €39,278
- Turnover +€56,227
up €56,227 (+12.2%), from €460,713 to €516,940
- Gross operating margin +€33,899
up €33,899 (+22.8%), from €148,912 to €182,811
- Purchases and services +€22,328
up €22,328 (+7.2%), from €311,801 to €334,129
- Taxes +€17,104
up €17,104 (+38.5%), from €44,477 to €61,581
- Depreciation -€6,930
down €6,930 (-26.3%), from €26,372 to €19,442
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 | €293,138 | €279,282 | -€13,856 | -4.7% |
| Fixed assets | 21/28 | €107,857 | €109,008 | +€1,151 | +1.1% |
| Tangible fixed assets | 22/27 | €48,403 | €49,554 | +€1,151 | +2.4% |
| Furniture and vehicles | 24 | €8,633 | €504 | -€8,129 | -94.2% |
| Other tangible fixed assets | 26 | €39,770 | €49,050 | +€9,280 | +23.3% |
| Financial fixed assets | 28 | €59,454 | €59,454 | = | 0.0% |
| Current assets | 29/58 | €185,281 | €170,274 | -€15,007 | -8.1% |
| Amounts receivable within one year | 40/41 | €83,741 | €46,525 | -€37,216 | -44.4% |
| Trade receivables | 40 | €79,129 | €41,918 | -€37,211 | -47.0% |
| Other amounts receivable | 41 | €4,612 | €4,607 | -€5 | -0.1% |
| Current investments | 50/53 | - | €99,986 | +€99,986 | |
| Cash at bank and in hand | 54/58 | €95,449 | €17,441 | -€78,008 | -81.7% |
| Deferred charges and accrued income | 490/1 | €6,091 | €6,322 | +€231 | +3.8% |
| Total equity and liabilities | 10/49 | €293,138 | €279,282 | -€13,856 | -4.7% |
| Equity | 10/15 | €80,996 | €95,671 | +€14,675 | +18.1% |
| Contributions | 10/11 | €13,000 | €13,000 | = | 0.0% |
| Reserves | 13 | €60,298 | €74,973 | +€14,675 | +24.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €58,438 | €73,113 | +€14,675 | +25.1% |
| Profit (loss) carried forward | 14 | €7,698 | €7,698 | = | 0.0% |
| Amounts payable | 17/49 | €212,142 | €183,611 | -€28,531 | -13.4% |
| Amounts payable within one year | 42/48 | €212,142 | €183,611 | -€28,531 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €49,750 | €39,278 | -€10,472 | -21.0% |
| Trade debts | 44 | €30,280 | €33,581 | +€3,301 | +10.9% |
| Suppliers | 440/4 | €30,280 | €33,581 | +€3,301 | +10.9% |
| Advances received on contracts in progress | 46 | €65,788 | - | -€65,788 | |
| Taxes, remuneration and social security | 45 | €66,324 | €95,752 | +€29,428 | +44.4% |
| Taxes | 450/3 | €66,324 | €95,752 | +€29,428 | +44.4% |
| Other amounts payable | 47/48 | - | €15,000 | +€15,000 | |
| Turnover | 70 | €460,713 | €516,940 | +€56,227 | +12.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €311,801 | €334,129 | +€22,328 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,372 | €19,442 | -€6,930 | -26.3% |
| Other operating charges | 640/8 | €1,013 | €1,022 | +€9 | +0.9% |
| Non-recurring operating charges | 66A | - | €94 | +€94 | |
| Gross operating margin | 9900 | €148,912 | €182,811 | +€33,899 | +22.8% |
| Operating profit (loss) | 9901 | €121,527 | €162,253 | +€40,726 | +33.5% |
| Financial income | 75/76B | €540 | €1,025 | +€485 | +89.8% |
| Recurring financial income | 75 | €540 | €1,025 | +€485 | +89.8% |
| Financial charges | 65/66B | €2,304 | €2,916 | +€612 | +26.6% |
| Recurring financial charges | 65 | €2,178 | €2,916 | +€738 | +33.9% |
| Non-recurring financial charges | 66B | €126 | - | -€126 | |
| Profit (loss) for the period before taxes | 9903 | €119,763 | €160,362 | +€40,599 | +33.9% |
| Income taxes | 67/77 | €44,477 | €61,581 | +€17,104 | +38.5% |
| Profit (loss) for the period | 9904 | €75,286 | €98,781 | +€23,495 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €75,286 | €98,781 | +€23,495 | +31.2% |
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.