Ann Van Nuffelen: 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.
Ann Van Nuffelen
Largest movements
- Cash +€181,314
up €181,314 (+110%), from €164,862 to €346,176
mainly Contributions, distributions and other (+€325,000) and Depreciation (+€14,935)
- Tangible fixed assets +€120,329
up €120,329 (+40.7%), from €295,969 to €416,298
of which Land and buildings: +€106,572
- Receivables within one year +€19,107
up €19,107 (+6,172%), from €310 to €19,417
of which Trade receivables: +€19,417
- Contributions +€325,000
up €325,000 (+13,000%), from €2,500 to €327,500
- Gross operating margin -€43,542
down €43,542 (-72.0%), from €60,511 to €16,970
- Depreciation -€33,966
down €33,966 (-69.5%), from €48,902 to €14,935
- Financial income -€4,069
no longer reported in 2025 (was €4,069)
- Taxes -€3,481
down €3,481 (-95.2%), from €3,657 to €176
- Other operating charges +€941
up €941 (+72.8%), from €1,294 to €2,235
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 | €466,578 | €782,886 | +€316,308 | +67.8% |
| Fixed assets | 21/28 | €295,969 | €416,298 | +€120,329 | +40.7% |
| Tangible fixed assets | 22/27 | €295,969 | €416,298 | +€120,329 | +40.7% |
| Land and buildings | 22 | €288,759 | €395,332 | +€106,572 | +36.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €7,209 | €966 | -€6,243 | -86.6% |
| Assets under construction and advance payments | 27 | - | €20,000 | +€20,000 | |
| Current assets | 29/58 | €170,609 | €366,588 | +€195,979 | +115% |
| Amounts receivable within one year | 40/41 | €310 | €19,417 | +€19,107 | +6,172% |
| Trade receivables | 40 | - | €19,417 | +€19,417 | |
| Other amounts receivable | 41 | €310 | - | -€310 | |
| Cash at bank and in hand | 54/58 | €164,862 | €346,176 | +€181,314 | +110% |
| Deferred charges and accrued income | 490/1 | €5,438 | €996 | -€4,442 | -81.7% |
| Total equity and liabilities | 10/49 | €466,578 | €782,886 | +€316,308 | +67.8% |
| Equity | 10/15 | €400,446 | €721,136 | +€320,690 | +80.1% |
| Contributions | 10/11 | €2,500 | €327,500 | +€325,000 | +13,000% |
| Reserves | 13 | €397,946 | €393,636 | -€4,310 | -1.1% |
| Distributable reserves | 133 | €397,946 | €393,636 | -€4,310 | -1.1% |
| Amounts payable | 17/49 | €66,131 | €61,750 | -€4,381 | -6.6% |
| Amounts payable after more than one year | 17 | €59,089 | €54,777 | -€4,312 | -7.3% |
| Financial debts | 170/4 | €59,089 | €54,777 | -€4,312 | -7.3% |
| Amounts payable within one year | 42/48 | €7,042 | €5,773 | -€1,270 | -18.0% |
| Trade debts | 44 | €2,443 | €1,297 | -€1,146 | -46.9% |
| Suppliers | 440/4 | €2,443 | €1,297 | -€1,146 | -46.9% |
| Taxes, remuneration and social security | 45 | €4,599 | €4,475 | -€124 | -2.7% |
| Taxes | 450/3 | €4,599 | €4,475 | -€124 | -2.7% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,902 | €14,935 | -€33,966 | -69.5% |
| Other operating charges | 640/8 | €1,294 | €2,235 | +€941 | +72.8% |
| Gross operating margin | 9900 | €60,511 | €16,970 | -€43,542 | -72.0% |
| Operating profit (loss) | 9901 | €10,316 | -€201 | -€10,517 | |
| Financial income | 75/76B | €4,069 | - | -€4,069 | |
| Recurring financial income | 75 | €4,069 | - | -€4,069 | |
| Financial charges | 65/66B | €3,184 | €3,933 | +€749 | +23.5% |
| Recurring financial charges | 65 | €3,184 | €3,933 | +€749 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | €11,201 | -€4,134 | -€15,335 | |
| Income taxes | 67/77 | €3,657 | €176 | -€3,481 | -95.2% |
| Profit (loss) for the period | 9904 | €7,543 | -€4,310 | -€11,854 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,543 | -€4,310 | -€11,854 |
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 26 October 2026 via checked.be.