Dr. Nando De Blende: 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. Nando De Blende
Largest movements
- Cash +€87,043
up €87,043 (+84.2%), from €103,317 to €190,361
mainly Net result for the year (+€86,721) and Debts after one year (+€33,353)
- Tangible fixed assets +€37,887
up €37,887 (+318%), from €11,899 to €49,787
of which Leasing and similar rights: +€39,933
- Deferred charges and accrued income +€4,704
up €4,704 (+74.0%), from €6,360 to €11,063
- Reserves +€85,888
up €85,888 (+92.7%), from €92,607 to €178,495
- Debts after one year +€33,353
new in 2025: €33,353
- Current portion of long-term debt +€7,193
new in 2025: €7,193
- Trade debts +€3,462
up €3,462 (+211%), from €1,639 to €5,101
- Depreciation +€8,757
up €8,757 (+130%), from €6,732 to €15,489
- Gross operating margin +€2,559
up €2,559 (+2.0%), from €124,969 to €127,528
- Taxes -€1,559
down €1,559 (-6.1%), from €25,715 to €24,156
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 | €123,461 | €252,632 | +€129,171 | +105% |
| Fixed assets | 21/28 | €12,499 | €50,387 | +€37,887 | +303% |
| Tangible fixed assets | 22/27 | €11,899 | €49,787 | +€37,887 | +318% |
| Plant, machinery and equipment | 23 | €4,183 | €6,583 | +€2,400 | +57.4% |
| Furniture and vehicles | 24 | €7,716 | €3,271 | -€4,445 | -57.6% |
| Leasing and similar rights | 25 | - | €39,933 | +€39,933 | |
| Financial fixed assets | 28 | €600 | €600 | = | 0.0% |
| Current assets | 29/58 | €110,962 | €202,245 | +€91,283 | +82.3% |
| Amounts receivable within one year | 40/41 | €1,284 | €821 | -€464 | -36.1% |
| Other amounts receivable | 41 | €1,284 | €821 | -€464 | -36.1% |
| Cash at bank and in hand | 54/58 | €103,317 | €190,361 | +€87,043 | +84.2% |
| Deferred charges and accrued income | 490/1 | €6,360 | €11,063 | +€4,704 | +74.0% |
| Total equity and liabilities | 10/49 | €123,461 | €252,632 | +€129,171 | +105% |
| Equity | 10/15 | €96,107 | €181,995 | +€85,888 | +89.4% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €92,607 | €178,495 | +€85,888 | +92.7% |
| Distributable reserves | 133 | €92,607 | €178,495 | +€85,888 | +92.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €27,354 | €70,636 | +€43,282 | +158% |
| Amounts payable after more than one year | 17 | - | €33,353 | +€33,353 | |
| Financial debts | 170/4 | - | €33,353 | +€33,353 | |
| Amounts payable within one year | 42/48 | €27,354 | €37,283 | +€9,929 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,193 | +€7,193 | |
| Trade debts | 44 | €1,639 | €5,101 | +€3,462 | +211% |
| Suppliers | 440/4 | €1,639 | €5,101 | +€3,462 | +211% |
| Taxes, remuneration and social security | 45 | €25,715 | €24,406 | -€1,309 | -5.1% |
| Taxes | 450/3 | €25,715 | €24,406 | -€1,309 | -5.1% |
| Other amounts payable | 47/48 | - | €583 | +€583 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,732 | €15,489 | +€8,757 | +130% |
| Gross operating margin | 9900 | €124,969 | €127,528 | +€2,559 | +2.0% |
| Operating profit (loss) | 9901 | €118,237 | €112,039 | -€6,198 | -5.2% |
| Financial income | 75/76B | €175 | €0 | -€175 | -100% |
| Recurring financial income | 75 | €175 | €0 | -€175 | -100% |
| Financial charges | 65/66B | €90 | €1,162 | +€1,071 | +1,187% |
| Recurring financial charges | 65 | €90 | €1,162 | +€1,071 | +1,187% |
| Profit (loss) for the period before taxes | 9903 | €118,322 | €110,877 | -€7,445 | -6.3% |
| Income taxes | 67/77 | €25,715 | €24,156 | -€1,559 | -6.1% |
| Profit (loss) for the period | 9904 | €92,607 | €86,721 | -€5,885 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €92,607 | €86,721 | -€5,885 | -6.4% |
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 27 October 2026 via checked.be.