Alexandra Nollet: 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.
Alexandra Nollet
Largest movements
- Cash +€19,752
up €19,752 (+29.4%), from €67,190 to €86,942
mainly Net result for the year (+€80,551) and Other debts (+€62,904)
- Receivables within one year -€10,719
down €10,719 (-38.4%), from €27,895 to €17,176
of which Other amounts receivable: -€11,623
- Tangible fixed assets -€4,944
down €4,944 (-25.0%), from €19,748 to €14,805
of which Plant, machinery and equipment: -€4,786
- Other debts +€62,904
up €62,904 (+86.5%), from €72,699 to €135,603
- Reserves -€54,420
down €54,420 (-45.7%), from €119,070 to €64,650
- Tax, wage and social debts -€6,328
down €6,328 (-60.3%), from €10,500 to €4,172
- Gross operating margin +€54,106
up €54,106 (+94.5%), from €57,270 to €111,377
- Taxes +€12,777
up €12,777 (+107%), from €11,974 to €24,751
- Depreciation -€1,338
down €1,338 (-21.3%), from €6,282 to €4,944
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 | €221,921 | €225,323 | +€3,402 | +1.5% |
| Fixed assets | 21/28 | €19,748 | €14,805 | -€4,944 | -25.0% |
| Tangible fixed assets | 22/27 | €19,748 | €14,805 | -€4,944 | -25.0% |
| Plant, machinery and equipment | 23 | €16,474 | €11,688 | -€4,786 | -29.1% |
| Other tangible fixed assets | 26 | €3,274 | €3,116 | -€158 | -4.8% |
| Current assets | 29/58 | €202,173 | €210,519 | +€8,345 | +4.1% |
| Amounts receivable within one year | 40/41 | €27,895 | €17,176 | -€10,719 | -38.4% |
| Trade receivables | 40 | €15,895 | €16,799 | +€904 | +5.7% |
| Other amounts receivable | 41 | €12,000 | €377 | -€11,623 | -96.9% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €67,190 | €86,942 | +€19,752 | +29.4% |
| Deferred charges and accrued income | 490/1 | €7,088 | €6,401 | -€688 | -9.7% |
| Total equity and liabilities | 10/49 | €221,921 | €225,323 | +€3,402 | +1.5% |
| Equity | 10/15 | €137,637 | €83,200 | -€54,437 | -39.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €119,070 | €64,650 | -€54,420 | -45.7% |
| Distributable reserves | 133 | €119,070 | €64,650 | -€54,420 | -45.7% |
| Profit (loss) carried forward | 14 | €17 | €0 | -€17 | -100% |
| Amounts payable | 17/49 | €84,284 | €142,123 | +€57,839 | +68.6% |
| Amounts payable within one year | 42/48 | €84,284 | €142,123 | +€57,839 | +68.6% |
| Trade debts | 44 | €1,085 | €2,348 | +€1,263 | +116% |
| Suppliers | 440/4 | €1,085 | €2,348 | +€1,263 | +116% |
| Taxes, remuneration and social security | 45 | €10,500 | €4,172 | -€6,328 | -60.3% |
| Taxes | 450/3 | €10,500 | €4,172 | -€6,328 | -60.3% |
| Other amounts payable | 47/48 | €72,699 | €135,603 | +€62,904 | +86.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,282 | €4,944 | -€1,338 | -21.3% |
| Other operating charges | 640/8 | €1,187 | €797 | -€389 | -32.8% |
| Gross operating margin | 9900 | €57,270 | €111,377 | +€54,106 | +94.5% |
| Operating profit (loss) | 9901 | €49,802 | €105,636 | +€55,834 | +112% |
| Financial income | 75/76B | €1,430 | €427 | -€1,003 | -70.1% |
| Recurring financial income | 75 | €1,430 | €427 | -€1,003 | -70.1% |
| Financial charges | 65/66B | €982 | €761 | -€221 | -22.5% |
| Recurring financial charges | 65 | €982 | €761 | -€221 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €50,250 | €105,302 | +€55,052 | +110% |
| Income taxes | 67/77 | €11,974 | €24,751 | +€12,777 | +107% |
| Profit (loss) for the period | 9904 | €38,276 | €80,551 | +€42,275 | +110% |
| Profit (loss) for the period to be appropriated | 9905 | €38,276 | €80,551 | +€42,275 | +110% |
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 29 October 2026 via checked.be.