Haegeman 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.
Haegeman Nicolas
Largest movements
- Tangible fixed assets -€21,153
down €21,153 (-11.3%), from €186,865 to €165,712
of which Other tangible fixed assets: -€18,206
- Cash -€18,537
down €18,537 (-17.6%), from €105,144 to €86,608
mainly Contributions, distributions and other (-€80,000) and Debts after one year (-€22,382)
- Debts after one year -€22,382
down €22,382 (-28.2%), from €79,319 to €56,938
- Other debts -€17,340
down €17,340 (-20.1%), from €86,178 to €68,838
- Accrued charges and deferred income +€8,196
up €8,196 (+61.8%), from €13,268 to €21,465
- Tax, wage and social debts -€6,218
down €6,218 (-47.8%), from €13,016 to €6,799
- Current portion of long-term debt -€4,936
down €4,936 (-18.1%), from €27,318 to €22,382
- Gross operating margin -€6,521
down €6,521 (-4.5%), from €143,779 to €137,258
- Depreciation -€3,727
down €3,727 (-15.0%), from €24,881 to €21,153
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 | €292,009 | €252,319 | -€39,690 | -13.6% |
| Fixed assets | 21/28 | €186,865 | €165,712 | -€21,153 | -11.3% |
| Tangible fixed assets | 22/27 | €186,865 | €165,712 | -€21,153 | -11.3% |
| Plant, machinery and equipment | 23 | €10,588 | €8,027 | -€2,561 | -24.2% |
| Furniture and vehicles | 24 | €433 | €47 | -€386 | -89.2% |
| Other tangible fixed assets | 26 | €175,843 | €157,638 | -€18,206 | -10.4% |
| Current assets | 29/58 | €105,144 | €86,608 | -€18,537 | -17.6% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €105,144 | €86,608 | -€18,537 | -17.6% |
| Total equity and liabilities | 10/49 | €292,009 | €252,319 | -€39,690 | -13.6% |
| Equity | 10/15 | €72,351 | €75,277 | +€2,926 | +4.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €67,351 | €70,277 | +€2,926 | +4.3% |
| Distributable reserves | 133 | €67,351 | €70,277 | +€2,926 | +4.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €219,658 | €177,042 | -€42,616 | -19.4% |
| Amounts payable after more than one year | 17 | €79,319 | €56,938 | -€22,382 | -28.2% |
| Financial debts | 170/4 | €79,319 | €56,938 | -€22,382 | -28.2% |
| Amounts payable within one year | 42/48 | €127,070 | €98,640 | -€28,430 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €27,318 | €22,382 | -€4,936 | -18.1% |
| Trade debts | 44 | €558 | €621 | +€63 | +11.4% |
| Suppliers | 440/4 | €558 | €621 | +€63 | +11.4% |
| Taxes, remuneration and social security | 45 | €13,016 | €6,799 | -€6,218 | -47.8% |
| Taxes | 450/3 | €13,016 | €6,799 | -€6,218 | -47.8% |
| Other amounts payable | 47/48 | €86,178 | €68,838 | -€17,340 | -20.1% |
| Accrued charges and deferred income | 492/3 | €13,268 | €21,465 | +€8,196 | +61.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,881 | €21,153 | -€3,727 | -15.0% |
| Other operating charges | 640/8 | €2,013 | €1,851 | -€162 | -8.0% |
| Gross operating margin | 9900 | €143,779 | €137,258 | -€6,521 | -4.5% |
| Operating profit (loss) | 9901 | €116,886 | €114,254 | -€2,632 | -2.3% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,942 | €1,855 | -€88 | -4.5% |
| Recurring financial charges | 65 | €1,942 | €1,855 | -€88 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €114,944 | €112,400 | -€2,544 | -2.2% |
| Income taxes | 67/77 | €29,604 | €29,474 | -€131 | -0.4% |
| Profit (loss) for the period | 9904 | €85,340 | €82,926 | -€2,414 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €85,340 | €82,926 | -€2,414 | -2.8% |
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.