EX-NIHILO: what changed
Two fiscal 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.
EX-NIHILO
Largest movements
- Cash -€23,960
down €23,960 (-71.0%), from €33,748 to €9,788
mainly Tax, wage and social debts (-€70,273) and Trade debts (-€16,195)
- Tangible fixed assets -€6,162
down €6,162 (-6.1%), from €101,194 to €95,032
of which Land and buildings: -€5,702
- Receivables within one year +€2,820
up €2,820 (+4.8%), from €59,129 to €61,949
of which Trade receivables: +€5,608
- Deferred charges and accrued income +€2,507
up €2,507 (+304.2%), from €824 to €3,330
- Tax, wage and social debts -€70,273
down €70,273 (-72.5%), from €96,938 to €26,665
of which Remuneration and social security: -€45,065
- Profit (loss) carried forward +€53,965
up €53,965, from -€53,965 to €0
- Trade debts -€16,195
down €16,195 (-71.1%), from €22,769 to €6,575
- Reserves +€14,083
up €14,083 (+20.5%), from €68,860 to €82,943
of which Distributable reserves: +€14,083
- Other debts -€3,952
down €3,952 (-25.1%), from €15,720 to €11,768
- Staff costs -€100,486
down €100,486 (-71.7%), from €140,238 to €39,752
- Gross operating margin -€76,162
down €76,162 (-38.2%), from €199,518 to €123,356
- Other operating charges -€6,455
down €6,455 (-50.6%), from €12,767 to €6,312
- Financial charges -€4,565
down €4,565 (-78.0%), from €5,851 to €1,286
- Financial income -€2,356
down €2,356 (-97.6%), from €2,413 to €57
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.
Cash bridge derived
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 | €196,347 | €171,551 | -€24,796 | -12.6% |
| Fixed assets | 21/28 | €102,646 | €96,483 | -€6,162 | -6.0% |
| Tangible fixed assets | 22/27 | €101,194 | €95,032 | -€6,162 | -6.1% |
| Land and buildings | 22 | €100,142 | €94,440 | -€5,702 | -5.7% |
| Furniture and vehicles | 24 | €1,052 | €592 | -€460 | -43.7% |
| Financial fixed assets | 28 | €1,452 | €1,452 | = | 0.0% |
| Current assets | 29/58 | €93,701 | €75,068 | -€18,634 | -19.9% |
| Amounts receivable within one year | 40/41 | €59,129 | €61,949 | +€2,820 | +4.8% |
| Trade receivables | 40 | €56,008 | €61,616 | +€5,608 | +10.0% |
| Other amounts receivable | 41 | €3,121 | €333 | -€2,788 | -89.3% |
| Cash at bank and in hand | 54/58 | €33,748 | €9,788 | -€23,960 | -71.0% |
| Deferred charges and accrued income | 490/1 | €824 | €3,330 | +€2,507 | +304.2% |
| Total equity and liabilities | 10/49 | €196,347 | €171,551 | -€24,796 | -12.6% |
| Equity | 10/15 | €33,495 | €101,543 | +€68,048 | +203.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,860 | €82,943 | +€14,083 | +20.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €50,110 | €64,193 | +€14,083 | +28.1% |
| Profit (loss) carried forward | 14 | -€53,965 | €0 | +€53,965 | |
| Amounts payable | 17/49 | €162,852 | €70,008 | -€92,844 | -57.0% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €137,852 | €45,008 | -€92,844 | -67.4% |
| Current portion of amounts payable after more than one year | 42 | €2,425 | €0 | -€2,425 | -100.0% |
| Trade debts | 44 | €22,769 | €6,575 | -€16,195 | -71.1% |
| Suppliers | 440/4 | €22,769 | €6,575 | -€16,195 | -71.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €96,938 | €26,665 | -€70,273 | -72.5% |
| Taxes | 450/3 | €45,291 | €20,084 | -€25,207 | -55.7% |
| Remuneration and social security | 454/9 | €51,647 | €6,582 | -€45,065 | -87.3% |
| Other amounts payable | 47/48 | €15,720 | €11,768 | -€3,952 | -25.1% |
| Remuneration, social security and pensions | 62 | €140,238 | €39,752 | -€100,486 | -71.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,030 | €6,162 | +€132 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €840 | €0 | -€840 | -100.0% |
| Other operating charges | 640/8 | €12,767 | €6,312 | -€6,455 | -50.6% |
| Gross operating margin | 9900 | €199,518 | €123,356 | -€76,162 | -38.2% |
| Operating profit (loss) | 9901 | €39,643 | €71,130 | +€31,487 | +79.4% |
| Financial income | 75/76B | €2,413 | €57 | -€2,356 | -97.6% |
| Recurring financial income | 75 | €2,413 | €57 | -€2,356 | -97.6% |
| Financial charges | 65/66B | €5,851 | €1,286 | -€4,565 | -78.0% |
| Recurring financial charges | 65 | €5,851 | €1,286 | -€4,565 | -78.0% |
| Profit (loss) for the period before taxes | 9903 | €36,205 | €69,901 | +€33,696 | +93.1% |
| Income taxes | 67/77 | €482 | €1,853 | +€1,371 | +284.4% |
| Profit (loss) for the period | 9904 | €35,723 | €68,048 | +€32,325 | +90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €35,723 | €68,048 | +€32,325 | +90.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.