Frédéric Nolf: 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.
Frédéric Nolf
Largest movements
- Cash -€331,904
down €331,904 (-70.2%), from €473,114 to €141,210
mainly Accrued charges and deferred income (-€213,101) and Contributions, distributions and other (-€200,000)
- Receivables within one year +€130,658
up €130,658 (+1393.7%), from €9,375 to €140,033
- Tangible fixed assets +€59,978
up €59,978 (+93.4%), from €64,199 to €124,178
of which Plant, machinery and equipment: +€67,500
- Accrued charges and deferred income -€213,101
down €213,101 (-97.4%), from €218,712 to €5,611
- Other debts +€191,085
up €191,085 (+595.6%), from €32,085 to €223,170
- Profit (loss) carried forward -€117,151
down €117,151 (-57.7%), from €203,002 to €85,851
- Tax, wage and social debts -€30,129
down €30,129 (-47.4%), from €63,515 to €33,385
of which Taxes: -€32,415
- Trade debts +€28,181
up €28,181 (+92.8%), from €30,359 to €58,539
- Gross operating margin -€96,150
down €96,150 (-43.6%), from €220,391 to €124,241
- Taxes -€20,101
down €20,101 (-42.8%), from €46,951 to €26,850
- Financial charges -€11,615
down €11,615 (-93.7%), from €12,390 to €775
of which Non-recurring financial charges: -€12,135
- Depreciation +€8,880
up €8,880 (+105.0%), from €8,457 to €17,338
- Financial income +€3,193
up €3,193 (+467.5%), from €683 to €3,876
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 | €549,672 | €408,556 | -€141,116 | -25.7% |
| Fixed assets | 21/28 | €64,199 | €124,178 | +€59,978 | +93.4% |
| Tangible fixed assets | 22/27 | €64,199 | €124,178 | +€59,978 | +93.4% |
| Plant, machinery and equipment | 23 | - | €67,500 | +€67,500 | |
| Furniture and vehicles | 24 | €11,795 | €10,538 | -€1,257 | -10.7% |
| Other tangible fixed assets | 26 | €52,405 | €46,140 | -€6,265 | -12.0% |
| Current assets | 29/58 | €485,473 | €284,378 | -€201,094 | -41.4% |
| Stocks and contracts in progress | 3 | €456 | €456 | = | 0.0% |
| Stocks | 30/36 | €456 | €456 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,375 | €140,033 | +€130,658 | +1393.7% |
| Trade receivables | 40 | €9,375 | €140,033 | +€130,658 | +1393.7% |
| Cash at bank and in hand | 54/58 | €473,114 | €141,210 | -€331,904 | -70.2% |
| Deferred charges and accrued income | 490/1 | €2,528 | €2,680 | +€152 | +6.0% |
| Total equity and liabilities | 10/49 | €549,672 | €408,556 | -€141,116 | -25.7% |
| Equity | 10/15 | €205,002 | €87,851 | -€117,151 | -57.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203,002 | €85,851 | -€117,151 | -57.7% |
| Amounts payable | 17/49 | €344,670 | €320,705 | -€23,965 | -7.0% |
| Amounts payable within one year | 42/48 | €125,958 | €315,095 | +€189,136 | +150.2% |
| Trade debts | 44 | €30,359 | €58,539 | +€28,181 | +92.8% |
| Suppliers | 440/4 | €30,359 | €58,539 | +€28,181 | +92.8% |
| Taxes, remuneration and social security | 45 | €63,515 | €33,385 | -€30,129 | -47.4% |
| Taxes | 450/3 | €62,254 | €29,838 | -€32,415 | -52.1% |
| Remuneration and social security | 454/9 | €1,261 | €3,547 | +€2,286 | +181.2% |
| Other amounts payable | 47/48 | €32,085 | €223,170 | +€191,085 | +595.6% |
| Accrued charges and deferred income | 492/3 | €218,712 | €5,611 | -€213,101 | -97.4% |
| Remuneration, social security and pensions | 62 | €110 | - | -€110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,457 | €17,338 | +€8,880 | +105.0% |
| Other operating charges | 640/8 | €977 | €306 | -€671 | -68.7% |
| Non-recurring operating charges | 66A | €3,068 | - | -€3,068 | |
| Gross operating margin | 9900 | €220,391 | €124,241 | -€96,150 | -43.6% |
| Operating profit (loss) | 9901 | €207,780 | €106,598 | -€101,181 | -48.7% |
| Financial income | 75/76B | €683 | €3,876 | +€3,193 | +467.5% |
| Recurring financial income | 75 | €683 | €3,876 | +€3,193 | +467.5% |
| Financial charges | 65/66B | €12,390 | €775 | -€11,615 | -93.7% |
| Recurring financial charges | 65 | €255 | €775 | +€520 | +203.6% |
| Non-recurring financial charges | 66B | €12,135 | - | -€12,135 | |
| Profit (loss) for the period before taxes | 9903 | €196,072 | €109,699 | -€86,373 | -44.1% |
| Income taxes | 67/77 | €46,951 | €26,850 | -€20,101 | -42.8% |
| Profit (loss) for the period | 9904 | €149,121 | €82,849 | -€66,272 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €149,121 | €82,849 | -€66,272 | -44.4% |
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 2 October 2026 via checked.be.