FRANÇOIS NICOLAS: 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.
FRANÇOIS NICOLAS
Largest movements
- Receivables within one year +€103,763
up €103,763 (+103%), from €100,473 to €204,236
of which Trade receivables: +€103,217
- Tangible fixed assets +€22,711
up €22,711 (+32.8%), from €69,232 to €91,944
of which Plant, machinery and equipment: +€28,745
- Stocks and contracts -€16,951
no longer reported in 2025 (was €16,951)
- Cash +€12,210
up €12,210 (+48.4%), from €25,234 to €37,444
mainly Trade debts (+€83,281) and Depreciation (+€34,570)
- Deferred charges and accrued income -€4,551
down €4,551 (-57.4%), from €7,923 to €3,373
- Trade debts +€83,281
up €83,281 (+278%), from €29,920 to €113,201
- Other debts -€34,658
down €34,658 (-42.5%), from €81,627 to €46,969
- Reserves +€33,000
up €33,000 (+68.2%), from €48,360 to €81,360
of which Distributable reserves: +€33,000
- Debts after one year +€23,224
up €23,224 (+107%), from €21,771 to €44,994
- Tax, wage and social debts +€13,356
up €13,356 (+205%), from €6,513 to €19,869
of which Taxes: +€14,994
- Staff costs +€51,032
up €51,032 (+18.1%), from €281,843 to €332,874
- Gross operating margin +€44,914
up €44,914 (+12.1%), from €370,284 to €415,198
- Taxes +€9,954
up €9,954 (+207%), from €4,804 to €14,757
- Financial income +€4,454
new in 2025: €4,454
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 | €220,529 | €337,711 | +€117,182 | +53.1% |
| Fixed assets | 21/28 | €69,947 | €92,658 | +€22,711 | +32.5% |
| Tangible fixed assets | 22/27 | €69,232 | €91,944 | +€22,711 | +32.8% |
| Plant, machinery and equipment | 23 | €54,847 | €83,592 | +€28,745 | +52.4% |
| Furniture and vehicles | 24 | €14,386 | €8,352 | -€6,034 | -41.9% |
| Financial fixed assets | 28 | €715 | €715 | = | 0.0% |
| Current assets | 29/58 | €150,581 | €245,052 | +€94,471 | +62.7% |
| Stocks and contracts in progress | 3 | €16,951 | - | -€16,951 | |
| Stocks | 30/36 | €16,951 | - | -€16,951 | |
| Amounts receivable within one year | 40/41 | €100,473 | €204,236 | +€103,763 | +103% |
| Trade receivables | 40 | €95,959 | €199,176 | +€103,217 | +108% |
| Other amounts receivable | 41 | €4,514 | €5,060 | +€546 | +12.1% |
| Cash at bank and in hand | 54/58 | €25,234 | €37,444 | +€12,210 | +48.4% |
| Deferred charges and accrued income | 490/1 | €7,923 | €3,373 | -€4,551 | -57.4% |
| Total equity and liabilities | 10/49 | €220,529 | €337,711 | +€117,182 | +53.1% |
| Equity | 10/15 | €54,222 | €87,857 | +€33,635 | +62.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,360 | €81,360 | +€33,000 | +68.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €46,500 | €79,500 | +€33,000 | +71.0% |
| Profit (loss) carried forward | 14 | -€338 | €297 | +€635 | |
| Amounts payable | 17/49 | €166,307 | €249,854 | +€83,547 | +50.2% |
| Amounts payable after more than one year | 17 | €21,771 | €44,994 | +€23,224 | +107% |
| Financial debts | 170/4 | €21,771 | €44,994 | +€23,224 | +107% |
| Amounts payable within one year | 42/48 | €144,536 | €204,860 | +€60,324 | +41.7% |
| Current portion of amounts payable after more than one year | 42 | €25,196 | €24,820 | -€376 | -1.5% |
| Financial debts | 43 | €1,280 | - | -€1,280 | |
| Credit institutions | 430/8 | €1,280 | - | -€1,280 | |
| Trade debts | 44 | €29,920 | €113,201 | +€83,281 | +278% |
| Suppliers | 440/4 | €29,920 | €113,201 | +€83,281 | +278% |
| Taxes, remuneration and social security | 45 | €6,513 | €19,869 | +€13,356 | +205% |
| Taxes | 450/3 | €300 | €15,293 | +€14,994 | +5,005% |
| Remuneration and social security | 454/9 | €6,213 | €4,576 | -€1,637 | -26.3% |
| Other amounts payable | 47/48 | €81,627 | €46,969 | -€34,658 | -42.5% |
| Remuneration, social security and pensions | 62 | €281,843 | €332,874 | +€51,032 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,632 | €34,570 | +€1,938 | +5.9% |
| Other operating charges | 640/8 | €728 | €1,063 | +€336 | +46.1% |
| Gross operating margin | 9900 | €370,284 | €415,198 | +€44,914 | +12.1% |
| Operating profit (loss) | 9901 | €55,081 | €46,690 | -€8,391 | -15.2% |
| Financial income | 75/76B | - | €4,454 | +€4,454 | |
| Recurring financial income | 75 | - | €4,454 | +€4,454 | |
| Financial charges | 65/66B | €3,752 | €2,752 | -€1,000 | -26.7% |
| Recurring financial charges | 65 | €3,752 | €2,752 | -€1,000 | -26.7% |
| Profit (loss) for the period before taxes | 9903 | €51,329 | €48,392 | -€2,937 | -5.7% |
| Income taxes | 67/77 | €4,804 | €14,757 | +€9,954 | +207% |
| Profit (loss) for the period | 9904 | €46,526 | €33,635 | -€12,891 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,526 | €33,635 | -€12,891 | -27.7% |
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 25 October 2026 via checked.be.