M. Nagel: 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.
M. Nagel
Largest movements
- Cash +€60,150
up €60,150 (+71.8%), from €83,824 to €143,974
mainly Net result for the year (+€76,011) and Debts after one year (+€43,998)
- Tangible fixed assets +€54,517
up €54,517 (+1,299%), from €4,196 to €58,713
of which Furniture and vehicles: +€55,373
- Receivables within one year +€9,730
up €9,730 (+77.7%), from €12,521 to €22,251
of which Other amounts receivable: +€7,920
- Reserves +€76,011
up €76,011 (+78.4%), from €96,926 to €172,936
- Debts after one year +€43,998
new in 2025: €43,998
- Current portion of long-term debt +€10,932
new in 2025: €10,932
- Other debts -€5,034
down €5,034 (-100%), from €5,034 to €0
- Gross operating margin -€24,728
down €24,728 (-19.3%), from €128,085 to €103,357
- Taxes -€5,992
down €5,992 (-20.9%), from €28,671 to €22,679
- Depreciation +€3,013
up €3,013 (+3,579%), from €84 to €3,097
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 | €111,041 | €235,437 | +€124,396 | +112% |
| Fixed assets | 21/28 | €4,196 | €58,713 | +€54,517 | +1,299% |
| Tangible fixed assets | 22/27 | €4,196 | €58,713 | +€54,517 | +1,299% |
| Plant, machinery and equipment | 23 | €4,196 | €3,340 | -€856 | -20.4% |
| Furniture and vehicles | 24 | - | €55,373 | +€55,373 | |
| Current assets | 29/58 | €106,845 | €176,724 | +€69,879 | +65.4% |
| Amounts receivable after more than one year | 29 | €10,500 | €10,500 | = | 0.0% |
| Other amounts receivable | 291 | €10,500 | €10,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,521 | €22,251 | +€9,730 | +77.7% |
| Trade receivables | 40 | €7,290 | €9,100 | +€1,810 | +24.8% |
| Other amounts receivable | 41 | €5,231 | €13,151 | +€7,920 | +151% |
| Cash at bank and in hand | 54/58 | €83,824 | €143,974 | +€60,150 | +71.8% |
| Total equity and liabilities | 10/49 | €111,041 | €235,437 | +€124,396 | +112% |
| Equity | 10/15 | €99,426 | €175,436 | +€76,011 | +76.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €96,926 | €172,936 | +€76,011 | +78.4% |
| Distributable reserves | 133 | €96,926 | €172,936 | +€76,011 | +78.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €11,615 | €60,001 | +€48,386 | +417% |
| Amounts payable after more than one year | 17 | - | €43,998 | +€43,998 | |
| Financial debts | 170/4 | - | €43,998 | +€43,998 | |
| Amounts payable within one year | 42/48 | €11,615 | €16,003 | +€4,388 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | - | €10,932 | +€10,932 | |
| Trade debts | 44 | €5,410 | €5,070 | -€340 | -6.3% |
| Suppliers | 440/4 | €5,410 | €5,070 | -€340 | -6.3% |
| Taxes, remuneration and social security | 45 | €1,171 | €0 | -€1,171 | -100% |
| Taxes | 450/3 | €1,171 | €0 | -€1,171 | -100% |
| Other amounts payable | 47/48 | €5,034 | €0 | -€5,034 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84 | €3,097 | +€3,013 | +3,579% |
| Other operating charges | 640/8 | €1,451 | €1,302 | -€149 | -10.3% |
| Gross operating margin | 9900 | €128,085 | €103,357 | -€24,728 | -19.3% |
| Operating profit (loss) | 9901 | €126,551 | €98,958 | -€27,592 | -21.8% |
| Financial income | 75/76B | €122 | €344 | +€221 | +181% |
| Recurring financial income | 75 | €122 | €344 | +€221 | +181% |
| Financial charges | 65/66B | €244 | €613 | +€369 | +152% |
| Recurring financial charges | 65 | €244 | €613 | +€369 | +152% |
| Profit (loss) for the period before taxes | 9903 | €126,429 | €98,689 | -€27,740 | -21.9% |
| Income taxes | 67/77 | €28,671 | €22,679 | -€5,992 | -20.9% |
| Profit (loss) for the period | 9904 | €97,759 | €76,011 | -€21,748 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €97,759 | €76,011 | -€21,748 | -22.2% |
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 20 October 2026 via checked.be.