PHASE 23: 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
PHASE 23
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€37,598
2024 · €778-€38,376
Equity
€1.9m
2024 · €1.9m-€37,598
Cash
€363,817
2024 · €272,345+€91,472
Balance sheet total
€2.0m
2024 · €2.1m-€60,740
Largest movements
Assets
- Tangible fixed assets -€173,063
down €173,063 (-9.7%), from €1.8m to €1.6m
of which Land and buildings: -€148,505
- Cash +€91,472
up €91,472 (+33.6%), from €272,345 to €363,817
mainly Depreciation (+€187,379)
Equity and liabilities
- Reserves -€37,598
down €37,598 (-4.2%), from €885,952 to €848,354
of which Tax-exempt reserves: -€52,988
Income statement
- Gross operating margin -€41,185
down €41,185 (-19.9%), from €206,864 to €165,679
- Taxes -€8,411
down €8,411 (-36.2%), from €23,211 to €14,800
- Depreciation +€3,722
up €3,722 (+2.0%), from €183,657 to €187,379
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
€778
Gross operating margin
-€41,185
Depreciation
-€3,722
Other operating charges
-€538
Financial income
-€1,210
Financial charges
-€132
Taxes
+€8,411
Result 2025
-€37,598
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
+€105,788
Investment
-€14,316
Financing
€0
Cash 2024
€272,345
From operations (derived)
+€105,788
Net result for the year
-€37,598
Depreciation
+€187,379
Receivables within one year
-€18,843
Deferred charges and accrued income
-€2,009
Provisions
-€13,247
Trade debts
-€2,391
Tax, wage and social debts
-€4,750
Other debts
-€374
Accrued charges and deferred income
-€2,380
Investment (derived)
-€14,316
Investment in fixed assets (net)
-€14,316
Cash 2025
€363,817
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,077,153 | €2,016,413 | -€60,740 | -2.9% |
| Fixed assets | 21/28 | €1,778,217 | €1,605,154 | -€173,063 | -9.7% |
| Tangible fixed assets | 22/27 | €1,778,217 | €1,605,154 | -€173,063 | -9.7% |
| Land and buildings | 22 | €1,634,968 | €1,486,464 | -€148,505 | -9.1% |
| Plant, machinery and equipment | 23 | €1,919 | €1,649 | -€269 | -14.0% |
| Furniture and vehicles | 24 | €133,149 | €109,164 | -€23,985 | -18.0% |
| Other tangible fixed assets | 26 | €8,182 | €7,877 | -€304 | -3.7% |
| Current assets | 29/58 | €298,936 | €411,259 | +€112,323 | +37.6% |
| Amounts receivable within one year | 40/41 | €20,512 | €39,355 | +€18,843 | +91.9% |
| Trade receivables | 40 | €19,887 | €33,155 | +€13,268 | +66.7% |
| Other amounts receivable | 41 | €625 | €6,200 | +€5,575 | +892% |
| Cash at bank and in hand | 54/58 | €272,345 | €363,817 | +€91,472 | +33.6% |
| Deferred charges and accrued income | 490/1 | €6,078 | €8,087 | +€2,009 | +33.0% |
| Total equity and liabilities | 10/49 | €2,077,153 | €2,016,413 | -€60,740 | -2.9% |
| Equity | 10/15 | €1,949,112 | €1,911,513 | -€37,598 | -1.9% |
| Contributions | 10/11 | €647,000 | €647,000 | = | 0.0% |
| Reserves | 13 | €885,952 | €848,354 | -€37,598 | -4.2% |
| Non-distributable reserves | 130/1 | €27,910 | €27,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €27,910 | €27,910 | = | 0.0% |
| Tax-exempt reserves | 132 | €354,617 | €301,630 | -€52,988 | -14.9% |
| Distributable reserves | 133 | €503,425 | €518,815 | +€15,390 | +3.1% |
| Profit (loss) carried forward | 14 | €416,159 | €416,159 | = | 0.0% |
| Provisions and deferred taxes | 16 | €88,654 | €75,407 | -€13,247 | -14.9% |
| Deferred taxes | 168 | €88,654 | €75,407 | -€13,247 | -14.9% |
| Amounts payable | 17/49 | €39,387 | €29,492 | -€9,895 | -25.1% |
| Amounts payable within one year | 42/48 | €35,682 | €28,167 | -€7,515 | -21.1% |
| Trade debts | 44 | €11,257 | €8,866 | -€2,391 | -21.2% |
| Suppliers | 440/4 | €11,257 | €8,866 | -€2,391 | -21.2% |
| Taxes, remuneration and social security | 45 | €24,051 | €19,301 | -€4,750 | -19.8% |
| Taxes | 450/3 | €18,244 | €19,301 | +€1,057 | +5.8% |
| Remuneration and social security | 454/9 | €5,807 | €0 | -€5,807 | -100% |
| Other amounts payable | 47/48 | €374 | €0 | -€374 | -100% |
| Accrued charges and deferred income | 492/3 | €3,705 | €1,325 | -€2,380 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,657 | €187,379 | +€3,722 | +2.0% |
| Other operating charges | 640/8 | €15,470 | €16,008 | +€538 | +3.5% |
| Gross operating margin | 9900 | €206,864 | €165,679 | -€41,185 | -19.9% |
| Operating profit (loss) | 9901 | €7,737 | -€37,708 | -€45,445 | |
| Financial income | 75/76B | €3,198 | €1,988 | -€1,210 | -37.8% |
| Recurring financial income | 75 | €3,198 | €1,988 | -€1,210 | -37.8% |
| Financial charges | 65/66B | €193 | €326 | +€132 | +68.3% |
| Recurring financial charges | 65 | €193 | €326 | +€132 | +68.3% |
| Profit (loss) for the period before taxes | 9903 | €10,741 | -€36,045 | -€46,786 | |
| Transfer from deferred taxes | 780 | €13,247 | €13,247 | = | 0.0% |
| Income taxes | 67/77 | €23,211 | €14,800 | -€8,411 | -36.2% |
| Profit (loss) for the period | 9904 | €778 | -€37,598 | -€38,376 | |
| Transfer from tax-exempt reserves | 789 | €52,988 | €52,988 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €53,765 | €15,390 | -€38,376 | -71.4% |
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 18 October 2026 via checked.be.