Alan Nicasio: 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.
Alan Nicasio
Largest movements
- Receivables within one year -€16,755
down €16,755 (-45.6%), from €36,757 to €20,002
of which Trade receivables: -€18,352
- Cash -€5,529
down €5,529 (-46.2%), from €11,979 to €6,449
mainly Other debts (-€9,775) and Net result for the year (-€9,213)
- Tangible fixed assets -€2,227
down €2,227 (-79.1%), from €2,815 to €588
of which Plant, machinery and equipment: -€1,125
- Receivables after one year -€2,067
down €2,067 (-18.7%), from €11,051 to €8,984
- Other debts -€9,775
no longer reported in 2025 (was €9,775)
- Reserves -€9,213
down €9,213 (-23.8%), from €38,751 to €29,538
- Tax, wage and social debts -€5,215
down €5,215 (-45.4%), from €11,479 to €6,264
- Current portion of long-term debt -€1,501
no longer reported in 2025 (was €1,501)
- Gross operating margin -€37,661
down €37,661, from €30,945 to -€6,716
- Taxes -€6,087
no longer reported in 2025 (was €6,087)
- Depreciation -€2,204
down €2,204 (-49.7%), from €4,431 to €2,227
- Financial charges -€370
down €370 (-71.2%), from €519 to €149
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.
Cash bridge derived
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 | €62,601 | €36,517 | -€26,084 | -41.7% |
| Fixed assets | 21/28 | €2,815 | €588 | -€2,227 | -79.1% |
| Tangible fixed assets | 22/27 | €2,815 | €588 | -€2,227 | -79.1% |
| Plant, machinery and equipment | 23 | €1,713 | €588 | -€1,125 | -65.7% |
| Furniture and vehicles | 24 | €1,101 | - | -€1,101 | |
| Current assets | 29/58 | €59,786 | €35,929 | -€23,858 | -39.9% |
| Amounts receivable after more than one year | 29 | €11,051 | €8,984 | -€2,067 | -18.7% |
| Other amounts receivable | 291 | €11,051 | €8,984 | -€2,067 | -18.7% |
| Amounts receivable within one year | 40/41 | €36,757 | €20,002 | -€16,755 | -45.6% |
| Trade receivables | 40 | €26,900 | €8,547 | -€18,352 | -68.2% |
| Other amounts receivable | 41 | €9,857 | €11,455 | +€1,598 | +16.2% |
| Cash at bank and in hand | 54/58 | €11,979 | €6,449 | -€5,529 | -46.2% |
| Deferred charges and accrued income | 490/1 | - | €494 | +€494 | |
| Total equity and liabilities | 10/49 | €62,601 | €36,517 | -€26,084 | -41.7% |
| Equity | 10/15 | €39,251 | €30,038 | -€9,213 | -23.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €38,751 | €29,538 | -€9,213 | -23.8% |
| Distributable reserves | 133 | €38,751 | €29,538 | -€9,213 | -23.8% |
| Amounts payable | 17/49 | €23,350 | €6,478 | -€16,871 | -72.3% |
| Amounts payable within one year | 42/48 | €23,350 | €6,478 | -€16,871 | -72.3% |
| Current portion of amounts payable after more than one year | 42 | €1,501 | - | -€1,501 | |
| Trade debts | 44 | €595 | €214 | -€381 | -64.0% |
| Suppliers | 440/4 | €595 | €214 | -€381 | -64.0% |
| Taxes, remuneration and social security | 45 | €11,479 | €6,264 | -€5,215 | -45.4% |
| Taxes | 450/3 | €11,479 | €6,264 | -€5,215 | -45.4% |
| Other amounts payable | 47/48 | €9,775 | - | -€9,775 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,431 | €2,227 | -€2,204 | -49.7% |
| Other operating charges | 640/8 | €441 | €617 | +€175 | +39.8% |
| Non-recurring operating charges | 66A | €273 | - | -€273 | |
| Gross operating margin | 9900 | €30,945 | -€6,716 | -€37,661 | |
| Operating profit (loss) | 9901 | €25,799 | -€9,560 | -€35,359 | |
| Financial income | 75/76B | €662 | €496 | -€166 | -25.0% |
| Recurring financial income | 75 | €662 | €496 | -€166 | -25.0% |
| Financial charges | 65/66B | €519 | €149 | -€370 | -71.2% |
| Recurring financial charges | 65 | €519 | €149 | -€370 | -71.2% |
| Profit (loss) for the period before taxes | 9903 | €25,942 | -€9,213 | -€35,155 | |
| Income taxes | 67/77 | €6,087 | - | -€6,087 | |
| Profit (loss) for the period | 9904 | €19,856 | -€9,213 | -€29,069 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,856 | -€9,213 | -€29,069 |
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 10 October 2026 via checked.be.