Danny Nouwen: 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.
Danny Nouwen
Largest movements
- Tangible fixed assets +€35,391
up €35,391 (+454%), from €7,803 to €43,195
of which Furniture and vehicles: +€35,841
- Receivables within one year +€22,024
up €22,024 (+399%), from €5,520 to €27,545
of which Trade receivables: +€21,342
- Cash +€6,738
up €6,738 (+3.7%), from €183,534 to €190,272
mainly Net result for the year (+€57,559) and Depreciation (+€6,073)
- Reserves +€57,559
up €57,559 (+36.7%), from €156,966 to €214,525
- Tax, wage and social debts +€5,756
up €5,756 (+104%), from €5,515 to €11,271
- Gross operating margin +€1,715
up €1,715 (+1.9%), from €92,025 to €93,740
- Depreciation -€1,459
down €1,459 (-19.4%), from €7,532 to €6,073
- Taxes +€1,124
up €1,124 (+4.3%), from €26,043 to €27,167
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 | €198,567 | €263,003 | +€64,436 | +32.5% |
| Fixed assets | 21/28 | €7,803 | €43,195 | +€35,391 | +454% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €7,803 | €43,195 | +€35,391 | +454% |
| Land and buildings | 22 | €2,250 | €1,800 | -€450 | -20.0% |
| Furniture and vehicles | 24 | €5,553 | €41,395 | +€35,841 | +645% |
| Current assets | 29/58 | €190,764 | €219,808 | +€29,045 | +15.2% |
| Stocks and contracts in progress | 3 | €1,710 | €1,992 | +€282 | +16.5% |
| Stocks | 30/36 | €1,710 | €1,992 | +€282 | +16.5% |
| Amounts receivable within one year | 40/41 | €5,520 | €27,545 | +€22,024 | +399% |
| Trade receivables | 40 | €3,374 | €24,716 | +€21,342 | +633% |
| Other amounts receivable | 41 | €2,147 | €2,829 | +€682 | +31.8% |
| Cash at bank and in hand | 54/58 | €183,534 | €190,272 | +€6,738 | +3.7% |
| Total equity and liabilities | 10/49 | €198,567 | €263,003 | +€64,436 | +32.5% |
| Equity | 10/15 | €163,466 | €221,025 | +€57,559 | +35.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €156,966 | €214,525 | +€57,559 | +36.7% |
| Distributable reserves | 133 | €156,966 | €214,525 | +€57,559 | +36.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,100 | €41,978 | +€6,877 | +19.6% |
| Amounts payable after more than one year | 17 | €26,628 | €26,635 | +€7 | 0.0% |
| Other amounts payable | 178/9 | €26,628 | €26,635 | +€7 | 0.0% |
| Amounts payable within one year | 42/48 | €8,472 | €15,342 | +€6,870 | +81.1% |
| Trade debts | 44 | €2,958 | €4,072 | +€1,114 | +37.7% |
| Suppliers | 440/4 | €2,958 | €4,072 | +€1,114 | +37.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €5,515 | €11,271 | +€5,756 | +104% |
| Taxes | 450/3 | €5,515 | €11,271 | +€5,756 | +104% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,532 | €6,073 | -€1,459 | -19.4% |
| Other operating charges | 640/8 | €926 | €995 | +€69 | +7.4% |
| Gross operating margin | 9900 | €92,025 | €93,740 | +€1,715 | +1.9% |
| Operating profit (loss) | 9901 | €83,567 | €86,672 | +€3,105 | +3.7% |
| Financial income | 75/76B | €24 | €0 | -€24 | -100% |
| Recurring financial income | 75 | €24 | €0 | -€24 | -100% |
| Financial charges | 65/66B | €2,651 | €1,946 | -€705 | -26.6% |
| Recurring financial charges | 65 | €2,651 | €1,946 | -€705 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €80,940 | €84,726 | +€3,786 | +4.7% |
| Income taxes | 67/77 | €26,043 | €27,167 | +€1,124 | +4.3% |
| Profit (loss) for the period | 9904 | €54,897 | €57,559 | +€2,661 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,897 | €57,559 | +€2,661 | +4.8% |
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 28 October 2026 via checked.be.