GEOFFROY 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.
GEOFFROY NICOLAS
Largest movements
- Tangible fixed assets -€56,424
down €56,424 (-33.0%), from €170,780 to €114,356
of which Plant, machinery and equipment: -€28,692
- Receivables within one year -€28,357
down €28,357 (-50.4%), from €56,248 to €27,892
of which Trade receivables: -€39,080
- Stocks and contracts -€3,248
down €3,248 (-15.6%), from €20,776 to €17,528
- Other debts -€65,080
down €65,080 (-95.6%), from €68,080 to €3,000
- Debts after one year -€20,619
down €20,619 (-31.0%), from €66,544 to €45,925
- Short-term financial debts +€13,409
new in 2025: €13,409
- Current portion of long-term debt -€5,847
down €5,847 (-22.1%), from €26,466 to €20,619
- Trade debts -€4,618
down €4,618 (-10.6%), from €43,475 to €38,857
- Depreciation +€7,058
up €7,058 (+14.3%), from €49,367 to €56,424
- Gross operating margin +€5,410
up €5,410 (+9.6%), from €56,101 to €61,511
- Staff costs +€1,637
up €1,637 (+95.7%), from €1,711 to €3,348
- Financial charges +€681
up €681 (+19.3%), from €3,527 to €4,208
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 | €249,345 | €161,626 | -€87,719 | -35.2% |
| Fixed assets | 21/28 | €170,780 | €114,356 | -€56,424 | -33.0% |
| Tangible fixed assets | 22/27 | €170,780 | €114,356 | -€56,424 | -33.0% |
| Plant, machinery and equipment | 23 | €96,076 | €67,384 | -€28,692 | -29.9% |
| Furniture and vehicles | 24 | €64,577 | €40,557 | -€24,020 | -37.2% |
| Other tangible fixed assets | 26 | €10,127 | €6,415 | -€3,712 | -36.7% |
| Current assets | 29/58 | €78,565 | €47,270 | -€31,295 | -39.8% |
| Stocks and contracts in progress | 3 | €20,776 | €17,528 | -€3,248 | -15.6% |
| Stocks | 30/36 | €20,776 | €17,528 | -€3,248 | -15.6% |
| Amounts receivable within one year | 40/41 | €56,248 | €27,892 | -€28,357 | -50.4% |
| Trade receivables | 40 | €50,192 | €11,112 | -€39,080 | -77.9% |
| Other amounts receivable | 41 | €6,056 | €16,779 | +€10,723 | +177% |
| Cash at bank and in hand | 54/58 | €461 | €0 | -€461 | -100% |
| Deferred charges and accrued income | 490/1 | €1,079 | €1,851 | +€771 | +71.5% |
| Total equity and liabilities | 10/49 | €249,345 | €161,626 | -€87,719 | -35.2% |
| Equity | 10/15 | €43,637 | €39,066 | -€4,570 | -10.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €38,637 | €34,066 | -€4,570 | -11.8% |
| Distributable reserves | 133 | €38,637 | €34,066 | -€4,570 | -11.8% |
| Amounts payable | 17/49 | €205,709 | €122,560 | -€83,149 | -40.4% |
| Amounts payable after more than one year | 17 | €66,544 | €45,925 | -€20,619 | -31.0% |
| Financial debts | 170/4 | €66,544 | €45,925 | -€20,619 | -31.0% |
| Amounts payable within one year | 42/48 | €139,165 | €76,635 | -€62,530 | -44.9% |
| Current portion of amounts payable after more than one year | 42 | €26,466 | €20,619 | -€5,847 | -22.1% |
| Financial debts | 43 | - | €13,409 | +€13,409 | |
| Credit institutions | 430/8 | - | €13,409 | +€13,409 | |
| Trade debts | 44 | €43,475 | €38,857 | -€4,618 | -10.6% |
| Suppliers | 440/4 | €43,475 | €38,857 | -€4,618 | -10.6% |
| Taxes, remuneration and social security | 45 | €1,144 | €750 | -€394 | -34.4% |
| Taxes | 450/3 | €1,144 | €750 | -€394 | -34.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €68,080 | €3,000 | -€65,080 | -95.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,711 | €3,348 | +€1,637 | +95.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,367 | €56,424 | +€7,058 | +14.3% |
| Other operating charges | 640/8 | €1,692 | €1,968 | +€275 | +16.3% |
| Non-recurring operating charges | 66A | €262 | €509 | +€247 | +94.2% |
| Gross operating margin | 9900 | €56,101 | €61,511 | +€5,410 | +9.6% |
| Operating profit (loss) | 9901 | €3,069 | -€738 | -€3,806 | |
| Financial income | 75/76B | €429 | €507 | +€78 | +18.2% |
| Recurring financial income | 75 | €429 | €507 | +€78 | +18.2% |
| Financial charges | 65/66B | €3,527 | €4,208 | +€681 | +19.3% |
| Recurring financial charges | 65 | €3,527 | €4,208 | +€681 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | -€29 | -€4,438 | -€4,410 | -15,446% |
| Income taxes | 67/77 | €139 | €132 | -€7 | -5.2% |
| Profit (loss) for the period | 9904 | -€168 | -€4,570 | -€4,403 | -2,623% |
| Profit (loss) for the period to be appropriated | 9905 | -€168 | -€4,570 | -€4,403 | -2,623% |
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.