Alexander Nulens: 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.
Alexander Nulens
Largest movements
- Cash +€163,438
up €163,438 (+164%), from €99,723 to €263,160
mainly Net result for the year (+€159,574) and Tax, wage and social debts (+€27,920)
- Receivables within one year +€32,784
up €32,784 (+231%), from €14,218 to €47,001
of which Trade receivables: +€28,816
- Tangible fixed assets -€10,637
down €10,637 (-31.5%), from €33,795 to €23,158
- Reserves +€159,574
up €159,574 (+179%), from €89,358 to €248,933
- Tax, wage and social debts +€27,920
up €27,920 (+153%), from €18,273 to €46,193
- Gross operating margin +€153,379
up €153,379 (+230%), from €66,714 to €220,093
- Taxes +€36,215
up €36,215 (+333%), from €10,874 to €47,089
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 | €152,598 | €338,206 | +€185,608 | +122% |
| Fixed assets | 21/28 | €33,795 | €23,158 | -€10,637 | -31.5% |
| Tangible fixed assets | 22/27 | €33,795 | €23,158 | -€10,637 | -31.5% |
| Furniture and vehicles | 24 | €33,795 | €23,158 | -€10,637 | -31.5% |
| Current assets | 29/58 | €118,803 | €315,048 | +€196,245 | +165% |
| Amounts receivable after more than one year | 29 | €4,000 | €4,000 | = | 0.0% |
| Other amounts receivable | 291 | €4,000 | €4,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €14,218 | €47,001 | +€32,784 | +231% |
| Trade receivables | 40 | €14,218 | €43,033 | +€28,816 | +203% |
| Other amounts receivable | 41 | - | €3,968 | +€3,968 | |
| Cash at bank and in hand | 54/58 | €99,723 | €263,160 | +€163,438 | +164% |
| Deferred charges and accrued income | 490/1 | €862 | €887 | +€24 | +2.8% |
| Total equity and liabilities | 10/49 | €152,598 | €338,206 | +€185,608 | +122% |
| Equity | 10/15 | €90,358 | €249,933 | +€159,574 | +177% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €89,358 | €248,933 | +€159,574 | +179% |
| Distributable reserves | 133 | €89,358 | €248,933 | +€159,574 | +179% |
| Amounts payable | 17/49 | €62,239 | €88,273 | +€26,034 | +41.8% |
| Amounts payable after more than one year | 17 | €40,000 | €40,000 | = | 0.0% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €21,689 | €47,723 | +€26,034 | +120% |
| Trade debts | 44 | €1,913 | €1,530 | -€384 | -20.1% |
| Suppliers | 440/4 | €1,913 | €1,530 | -€384 | -20.1% |
| Taxes, remuneration and social security | 45 | €18,273 | €46,193 | +€27,920 | +153% |
| Taxes | 450/3 | €18,273 | €46,193 | +€27,920 | +153% |
| Other amounts payable | 47/48 | €1,503 | - | -€1,503 | |
| Accrued charges and deferred income | 492/3 | €550 | €550 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,599 | €10,637 | +€38 | +0.4% |
| Other operating charges | 640/8 | €213 | €108 | -€105 | -49.3% |
| Gross operating margin | 9900 | €66,714 | €220,093 | +€153,379 | +230% |
| Operating profit (loss) | 9901 | €55,902 | €209,348 | +€153,446 | +274% |
| Financial income | 75/76B | €135 | €203 | +€67 | +49.9% |
| Recurring financial income | 75 | €135 | €203 | +€67 | +49.9% |
| Financial charges | 65/66B | €3,279 | €2,887 | -€392 | -12.0% |
| Recurring financial charges | 65 | €3,279 | €2,887 | -€392 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €52,757 | €206,663 | +€153,906 | +292% |
| Income taxes | 67/77 | €10,874 | €47,089 | +€36,215 | +333% |
| Profit (loss) for the period | 9904 | €41,883 | €159,574 | +€117,691 | +281% |
| Profit (loss) for the period to be appropriated | 9905 | €41,883 | €159,574 | +€117,691 | +281% |
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 20 October 2026 via checked.be.