Gilbert Nulens: 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.
Gilbert Nulens
Largest movements
- Receivables after one year -€275,000
down €275,000 (-100%), from €275,000 to €0
- Current investments -€250,000
down €250,000 (-100%), from €250,000 to €0
- Stocks and contracts -€232,536
down €232,536 (-14.1%), from €1.6m to €1.4m
- Cash +€129,820
up €129,820 (+40.6%), from €320,025 to €449,846
mainly Other debts (+€360,719) and Receivables after one year (+€275,000)
- Receivables within one year +€102,793
up €102,793 (+7.8%), from €1.3m to €1.4m
of which Other amounts receivable: +€130,215
- Short-term financial debts -€949,297
down €949,297 (-79.1%), from €1.2m to €250,120
- Other debts +€360,719
up €360,719 (+64.7%), from €557,532 to €918,251
- Gross operating margin -€77,225
down €77,225 (-46.0%), from €167,924 to €90,699
- Taxes -€29,359
down €29,359 (-59.9%), from €49,040 to €19,680
- Depreciation +€20,158
up €20,158 (+564%), from €3,572 to €23,730
- Financial charges -€7,886
down €7,886 (-32.9%), from €23,955 to €16,069
- Financial income -€1,748
down €1,748 (-16.9%), from €10,325 to €8,577
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 | €3,878,794 | €3,331,799 | -€546,995 | -14.1% |
| Fixed assets | 21/28 | €58,063 | €44,061 | -€14,002 | -24.1% |
| Tangible fixed assets | 22/27 | €33,063 | €44,061 | +€10,998 | +33.3% |
| Plant, machinery and equipment | 23 | €983 | €335 | -€648 | -65.9% |
| Other tangible fixed assets | 26 | €32,081 | €43,726 | +€11,646 | +36.3% |
| Financial fixed assets | 28 | €25,000 | €0 | -€25,000 | -100% |
| Current assets | 29/58 | €3,820,730 | €3,287,738 | -€532,992 | -14.0% |
| Amounts receivable after more than one year | 29 | €275,000 | €0 | -€275,000 | -100% |
| Other amounts receivable | 291 | €275,000 | €0 | -€275,000 | -100% |
| Stocks and contracts in progress | 3 | €1,647,559 | €1,415,023 | -€232,536 | -14.1% |
| Stocks | 30/36 | €1,647,559 | €1,415,023 | -€232,536 | -14.1% |
| Amounts receivable within one year | 40/41 | €1,318,130 | €1,420,923 | +€102,793 | +7.8% |
| Trade receivables | 40 | €402,490 | €375,068 | -€27,422 | -6.8% |
| Other amounts receivable | 41 | €915,640 | €1,045,855 | +€130,215 | +14.2% |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100% |
| Cash at bank and in hand | 54/58 | €320,025 | €449,846 | +€129,820 | +40.6% |
| Deferred charges and accrued income | 490/1 | €10,016 | €1,946 | -€8,070 | -80.6% |
| Total equity and liabilities | 10/49 | €3,878,794 | €3,331,799 | -€546,995 | -14.1% |
| Equity | 10/15 | €2,114,168 | €2,151,672 | +€37,504 | +1.8% |
| Contributions | 10/11 | €106,200 | €106,200 | = | 0.0% |
| Reserves | 13 | €968,411 | €1,005,915 | +€37,504 | +3.9% |
| Distributable reserves | 133 | €968,411 | €1,005,915 | +€37,504 | +3.9% |
| Profit (loss) carried forward | 14 | €1,039,557 | €1,039,557 | = | 0.0% |
| Amounts payable | 17/49 | €1,764,626 | €1,180,127 | -€584,499 | -33.1% |
| Amounts payable within one year | 42/48 | €1,764,626 | €1,180,127 | -€584,499 | -33.1% |
| Financial debts | 43 | €1,199,418 | €250,120 | -€949,297 | -79.1% |
| Credit institutions | 430/8 | €1,199,418 | €250,120 | -€949,297 | -79.1% |
| Trade debts | 44 | €6,425 | €10,505 | +€4,079 | +63.5% |
| Suppliers | 440/4 | €6,425 | €10,505 | +€4,079 | +63.5% |
| Taxes, remuneration and social security | 45 | €1,251 | €1,251 | = | 0.0% |
| Taxes | 450/3 | €1,251 | €1,251 | = | 0.0% |
| Other amounts payable | 47/48 | €557,532 | €918,251 | +€360,719 | +64.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,572 | €23,730 | +€20,158 | +564% |
| Other operating charges | 640/8 | €1,425 | €2,292 | +€868 | +60.9% |
| Gross operating margin | 9900 | €167,924 | €90,699 | -€77,225 | -46.0% |
| Operating profit (loss) | 9901 | €162,927 | €64,677 | -€98,250 | -60.3% |
| Financial income | 75/76B | €10,325 | €8,577 | -€1,748 | -16.9% |
| Recurring financial income | 75 | €10,325 | €8,577 | -€1,748 | -16.9% |
| Financial charges | 65/66B | €23,955 | €16,069 | -€7,886 | -32.9% |
| Recurring financial charges | 65 | €23,955 | €16,069 | -€7,886 | -32.9% |
| Profit (loss) for the period before taxes | 9903 | €149,297 | €57,184 | -€92,113 | -61.7% |
| Income taxes | 67/77 | €49,040 | €19,680 | -€29,359 | -59.9% |
| Profit (loss) for the period | 9904 | €100,257 | €37,504 | -€62,753 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €100,257 | €37,504 | -€62,753 | -62.6% |
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 26 October 2026 via checked.be.