VAN MIDDELEM & PARTNERS: 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.
What changed
VAN MIDDELEM & PARTNERS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,437
2024 · -€19,035+€15,599
Equity
€1.2m
2024 · €1.2m-€3,437
Cash
€22,921
2024 · €6,758+€16,163
Balance sheet total
€1.3m
2024 · €1.3m-€877
Largest movements
Assets
- Cash +€16,163
up €16,163 (+239%), from €6,758 to €22,921
mainly Depreciation (+€55,382) and Other debts (+€31,858)
Equity and liabilities
- Other debts +€31,858
up €31,858 (+362%), from €8,794 to €40,652
- Debts after one year -€27,351
down €27,351 (-38.2%), from €71,624 to €44,273
Income statement
- Gross operating margin +€16,215
up €16,215 (+40.4%), from €40,138 to €56,352
- Other operating charges +€15,642
up €15,642 (+674%), from €2,320 to €17,962
- Write-downs -€12,765
new in 2025: -€12,765
- Depreciation -€1,655
down €1,655 (-2.9%), from €57,037 to €55,382
- Financial charges -€724
down €724 (-34.9%), from €2,073 to €1,349
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.
Result 2024
-€19,035
Gross operating margin
+€16,215
Depreciation
+€1,655
Write-downs
+€12,765
Other operating charges
-€15,642
Financial income
-€244
Financial charges
+€724
Taxes
+€126
Result 2025
-€3,437
raises the resultlowers the result
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.
From operations
+€103,902
Investment
-€51,996
Financing
-€35,743
Cash 2024
€6,758
From operations (derived)
+€103,902
Net result for the year
-€3,437
Depreciation
+€55,382
Receivables within one year
+€4,465
Deferred charges and accrued income
+€9,189
Provisions
-€1,497
Trade debts
+€6,180
Tax, wage and social debts
+€1,763
Other debts
+€31,858
Investment (derived)
-€51,996
Investment in fixed assets (net)
-€51,981
Current investments
-€15
Financing
-€35,743
Debts after one year
-€27,351
Current portion of long-term debt
-€8,392
Cash 2025
€22,921
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,331,861 | €1,330,984 | -€877 | -0.1% |
| Fixed assets | 21/28 | €1,227,099 | €1,223,698 | -€3,401 | -0.3% |
| Tangible fixed assets | 22/27 | €1,225,018 | €1,221,617 | -€3,401 | -0.3% |
| Land and buildings | 22 | €1,206,256 | €1,184,736 | -€21,521 | -1.8% |
| Plant, machinery and equipment | 23 | €479 | €240 | -€240 | -50.0% |
| Furniture and vehicles | 24 | €5,442 | €5,554 | +€112 | +2.1% |
| Other tangible fixed assets | 26 | €12,840 | €31,088 | +€18,247 | +142% |
| Financial fixed assets | 28 | €2,081 | €2,081 | = | 0.0% |
| Current assets | 29/58 | €104,761 | €107,286 | +€2,524 | +2.4% |
| Amounts receivable within one year | 40/41 | €5,465 | €1,000 | -€4,465 | -81.7% |
| Trade receivables | 40 | €5,465 | €1,000 | -€4,465 | -81.7% |
| Current investments | 50/53 | €80,140 | €80,155 | +€15 | 0.0% |
| Cash at bank and in hand | 54/58 | €6,758 | €22,921 | +€16,163 | +239% |
| Deferred charges and accrued income | 490/1 | €12,398 | €3,209 | -€9,189 | -74.1% |
| Total equity and liabilities | 10/49 | €1,331,861 | €1,330,984 | -€877 | -0.1% |
| Equity | 10/15 | €1,166,001 | €1,162,564 | -€3,437 | -0.3% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,244,464 | €1,240,901 | -€3,563 | -0.3% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €86,894 | €83,331 | -€3,563 | -4.1% |
| Distributable reserves | 133 | €1,151,373 | €1,151,373 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€140,437 | -€140,310 | +€127 | +0.1% |
| Provisions and deferred taxes | 16 | €36,500 | €35,003 | -€1,497 | -4.1% |
| Deferred taxes | 168 | €36,500 | €35,003 | -€1,497 | -4.1% |
| Amounts payable | 17/49 | €129,360 | €133,417 | +€4,057 | +3.1% |
| Amounts payable after more than one year | 17 | €71,624 | €44,273 | -€27,351 | -38.2% |
| Financial debts | 170/4 | €71,624 | €44,273 | -€27,351 | -38.2% |
| Amounts payable within one year | 42/48 | €57,736 | €89,144 | +€31,408 | +54.4% |
| Current portion of amounts payable after more than one year | 42 | €35,743 | €27,351 | -€8,392 | -23.5% |
| Trade debts | 44 | €10,725 | €16,904 | +€6,180 | +57.6% |
| Suppliers | 440/4 | €10,725 | €16,904 | +€6,180 | +57.6% |
| Taxes, remuneration and social security | 45 | €2,474 | €4,236 | +€1,763 | +71.2% |
| Taxes | 450/3 | €2,474 | €4,236 | +€1,763 | +71.2% |
| Other amounts payable | 47/48 | €8,794 | €40,652 | +€31,858 | +362% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,037 | €55,382 | -€1,655 | -2.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€12,765 | -€12,765 | |
| Other operating charges | 640/8 | €2,320 | €17,962 | +€15,642 | +674% |
| Gross operating margin | 9900 | €40,138 | €56,352 | +€16,215 | +40.4% |
| Operating profit (loss) | 9901 | -€19,220 | -€4,227 | +€14,993 | +78.0% |
| Financial income | 75/76B | €1,167 | €923 | -€244 | -20.9% |
| Recurring financial income | 75 | €1,167 | €923 | -€244 | -20.9% |
| Financial charges | 65/66B | €2,073 | €1,349 | -€724 | -34.9% |
| Recurring financial charges | 65 | €2,073 | €1,349 | -€724 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,126 | -€4,653 | +€15,473 | +76.9% |
| Transfer from deferred taxes | 780 | €1,497 | €1,497 | = | 0.0% |
| Income taxes | 67/77 | €406 | €280 | -€126 | -31.0% |
| Profit (loss) for the period | 9904 | -€19,035 | -€3,437 | +€15,599 | +81.9% |
| Transfer from tax-exempt reserves | 789 | €3,563 | €3,563 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,472 | €127 | +€15,599 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.