Dr BART NONNEMAN: 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.
Dr BART NONNEMAN
Largest movements
- Receivables within one year +€627,574
new in 2025: €627,574
- Receivables after one year -€573,099
no longer reported in 2025 (was €573,099)
of which Trade receivables: -€571,443
- Cash +€261,359
up €261,359 (+95.4%), from €274,094 to €535,453
mainly Receivables after one year (+€573,099) and Net result for the year (+€147,735)
- Current investments -€135,028
no longer reported in 2025 (was €135,028)
- Tangible fixed assets -€50,910
down €50,910 (-8.4%), from €609,366 to €558,456
- Debts after one year +€76,778
new in 2025: €76,778
- Current portion of long-term debt +€63,222
new in 2025: €63,222
- Reserves -€32,265
down €32,265 (-3.0%), from €1.1m to €1.1m
of which Distributable reserves: -€32,265
- Gross operating margin +€32,042
up €32,042 (+13.1%), from €243,735 to €275,777
- Other operating charges +€9,576
up €9,576 (+305%), from €3,135 to €12,711
- Taxes +€9,196
up €9,196 (+16.3%), from €56,404 to €65,600
- Financial income +€3,317
up €3,317 (+167%), from €1,988 to €5,305
of which Financial income: +€3,317
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 | €1,598,693 | €1,721,983 | +€123,290 | +7.7% |
| Fixed assets | 21/28 | €609,866 | €558,956 | -€50,910 | -8.3% |
| Tangible fixed assets | 22/27 | €609,366 | €558,456 | -€50,910 | -8.4% |
| Land and buildings | 22 | €609,366 | €558,456 | -€50,910 | -8.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €988,827 | €1,163,027 | +€174,200 | +17.6% |
| Amounts receivable after more than one year | 29 | €573,099 | - | -€573,099 | |
| Trade receivables | 290 | €571,443 | - | -€571,443 | |
| Other amounts receivable | 291 | €1,656 | - | -€1,656 | |
| Amounts receivable within one year | 40/41 | - | €627,574 | +€627,574 | |
| Trade receivables | 40 | - | €627,574 | +€627,574 | |
| Current investments | 50/53 | €135,028 | - | -€135,028 | |
| Cash at bank and in hand | 54/58 | €274,094 | €535,453 | +€261,359 | +95.4% |
| Deferred charges and accrued income | 490/1 | €6,606 | - | -€6,606 | |
| Total equity and liabilities | 10/49 | €1,598,693 | €1,721,983 | +€123,290 | +7.7% |
| Equity | 10/15 | €1,583,576 | €1,551,311 | -€32,265 | -2.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,087,898 | €1,055,633 | -€32,265 | -3.0% |
| Non-distributable reserves | 130/1 | €18,550 | €18,550 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,550 | €18,550 | = | 0.0% |
| Distributable reserves | 133 | €1,069,348 | €1,037,083 | -€32,265 | -3.0% |
| Profit (loss) carried forward | 14 | €477,128 | €477,128 | = | 0.0% |
| Amounts payable | 17/49 | €15,117 | €170,672 | +€155,555 | +1,029% |
| Amounts payable after more than one year | 17 | - | €76,778 | +€76,778 | |
| Financial debts | 170/4 | - | €76,778 | +€76,778 | |
| Amounts payable within one year | 42/48 | €15,117 | €93,894 | +€78,777 | +521% |
| Current portion of amounts payable after more than one year | 42 | - | €63,222 | +€63,222 | |
| Trade debts | 44 | €4,301 | €10,822 | +€6,521 | +152% |
| Suppliers | 440/4 | €4,301 | €10,822 | +€6,521 | +152% |
| Taxes, remuneration and social security | 45 | €10,816 | €19,850 | +€9,034 | +83.5% |
| Taxes | 450/3 | €10,816 | €19,850 | +€9,034 | +83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,910 | €50,910 | = | 0.0% |
| Other operating charges | 640/8 | €3,135 | €12,711 | +€9,576 | +305% |
| Gross operating margin | 9900 | €243,735 | €275,777 | +€32,042 | +13.1% |
| Operating profit (loss) | 9901 | €189,690 | €212,156 | +€22,466 | +11.8% |
| Financial income | 75/76B | €1,988 | €5,305 | +€3,317 | +167% |
| Recurring financial income | 75 | €1,988 | €5,305 | +€3,317 | +167% |
| Non-recurring financial income | 76B | €1,988 | - | -€1,988 | |
| Financial charges | 65/66B | €3,671 | €4,126 | +€455 | +12.4% |
| Recurring financial charges | 65 | €3,671 | €4,126 | +€455 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €188,007 | €213,335 | +€25,328 | +13.5% |
| Income taxes | 67/77 | €56,404 | €65,600 | +€9,196 | +16.3% |
| Profit (loss) for the period | 9904 | €131,603 | €147,735 | +€16,132 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €131,603 | €147,735 | +€16,132 | +12.3% |
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 19 October 2026 via checked.be.