Brecht Nyssen: 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.
Brecht Nyssen
Largest movements
- Cash +€98,326
up €98,326 (+102%), from €96,613 to €194,939
mainly Net result for the year (+€87,258) and Other debts (+€64,399)
- Tangible fixed assets -€23,050
down €23,050 (-29.9%), from €77,129 to €54,079
of which Furniture and vehicles: -€13,963
- Intangible fixed assets -€13,746
down €13,746 (-25.0%), from €54,983 to €41,237
- Other debts +€64,399
up €64,399, from €0 to €64,399
- Debts after one year -€8,144
down €8,144 (-43.8%), from €18,610 to €10,465
- Reserves +€6,859
up €6,859 (+3.3%), from €209,586 to €216,445
of which Distributable reserves: +€6,859
- Trade debts -€4,147
down €4,147 (-72.6%), from €5,708 to €1,561
- Gross operating margin +€29,262
up €29,262 (+19.4%), from €151,203 to €180,465
- Staff costs -€15,458
down €15,458 (-56.9%), from €27,177 to €11,719
- Taxes +€14,327
up €14,327 (+49.0%), from €29,252 to €43,579
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 | €260,505 | €320,335 | +€59,830 | +23.0% |
| Fixed assets | 21/28 | €135,112 | €98,316 | -€36,796 | -27.2% |
| Intangible fixed assets | 21 | €54,983 | €41,237 | -€13,746 | -25.0% |
| Tangible fixed assets | 22/27 | €77,129 | €54,079 | -€23,050 | -29.9% |
| Plant, machinery and equipment | 23 | €2,265 | €1,586 | -€679 | -30.0% |
| Furniture and vehicles | 24 | €41,234 | €27,271 | -€13,963 | -33.9% |
| Other tangible fixed assets | 26 | €33,629 | €25,222 | -€8,407 | -25.0% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €125,393 | €222,019 | +€96,626 | +77.1% |
| Amounts receivable within one year | 40/41 | €3,571 | €2,578 | -€993 | -27.8% |
| Trade receivables | 40 | €485 | €0 | -€485 | -100% |
| Other amounts receivable | 41 | €3,086 | €2,578 | -€508 | -16.5% |
| Current investments | 50/53 | €3,394 | €3,394 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €96,613 | €194,939 | +€98,326 | +102% |
| Deferred charges and accrued income | 490/1 | €21,815 | €21,108 | -€707 | -3.2% |
| Total equity and liabilities | 10/49 | €260,505 | €320,335 | +€59,830 | +23.0% |
| Equity | 10/15 | €215,786 | €222,645 | +€6,859 | +3.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €209,586 | €216,445 | +€6,859 | +3.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,300 | €22,300 | = | 0.0% |
| Distributable reserves | 133 | €185,426 | €192,285 | +€6,859 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €44,719 | €97,690 | +€52,971 | +118% |
| Amounts payable after more than one year | 17 | €18,610 | €10,465 | -€8,144 | -43.8% |
| Financial debts | 170/4 | €18,610 | €10,465 | -€8,144 | -43.8% |
| Amounts payable within one year | 42/48 | €26,109 | €87,225 | +€61,115 | +234% |
| Current portion of amounts payable after more than one year | 42 | €7,946 | €8,144 | +€198 | +2.5% |
| Financial debts | 43 | €28 | €0 | -€28 | -100% |
| Credit institutions | 430/8 | €28 | €0 | -€28 | -100% |
| Trade debts | 44 | €5,708 | €1,561 | -€4,147 | -72.6% |
| Suppliers | 440/4 | €5,708 | €1,561 | -€4,147 | -72.6% |
| Taxes, remuneration and social security | 45 | €12,427 | €13,120 | +€693 | +5.6% |
| Taxes | 450/3 | €9,199 | €13,041 | +€3,842 | +41.8% |
| Remuneration and social security | 454/9 | €3,228 | €79 | -€3,149 | -97.6% |
| Other amounts payable | 47/48 | €0 | €64,399 | +€64,399 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €27,177 | €11,719 | -€15,458 | -56.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,405 | €36,796 | -€609 | -1.6% |
| Other operating charges | 640/8 | €1,811 | €1,693 | -€118 | -6.5% |
| Gross operating margin | 9900 | €151,203 | €180,465 | +€29,262 | +19.4% |
| Operating profit (loss) | 9901 | €84,811 | €130,258 | +€45,447 | +53.6% |
| Financial income | 75/76B | €534 | €2,287 | +€1,753 | +328% |
| Recurring financial income | 75 | €534 | €2,287 | +€1,753 | +328% |
| Financial charges | 65/66B | €960 | €1,708 | +€749 | +78.0% |
| Recurring financial charges | 65 | €960 | €1,708 | +€749 | +78.0% |
| Profit (loss) for the period before taxes | 9903 | €84,386 | €130,837 | +€46,451 | +55.0% |
| Income taxes | 67/77 | €29,252 | €43,579 | +€14,327 | +49.0% |
| Profit (loss) for the period | 9904 | €55,134 | €87,258 | +€32,125 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €55,134 | €87,258 | +€32,125 | +58.3% |
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 24 October 2026 via checked.be.