Ma.Nick: 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.
Ma.Nick
Largest movements
- Tangible fixed assets +€323,046
up €323,046 (+12629.2%), from €2,558 to €325,604
of which Land and buildings: +€324,127
- Current investments -€125,047
down €125,047 (-65.8%), from €190,000 to €64,953
- Cash -€13,618
down €13,618 (-54.3%), from €25,062 to €11,444
mainly Investment in fixed assets (net) (-€332,032) and Contributions, distributions and other (-€200,000)
- Reserves -€134,428
down €134,428 (-63.3%), from €212,510 to €78,083
- Debts after one year +€131,250
new in 2025: €131,250
- Other debts +€127,361
up €127,361 (+1517.5%), from €8,393 to €135,754
- Current portion of long-term debt +€65,000
new in 2025: €65,000
- Depreciation +€7,906
up €7,906 (+731.8%), from €1,080 to €8,986
- Gross operating margin -€2,912
down €2,912 (-3.0%), from €96,175 to €93,264
- Financial income +€2,299
up €2,299 (+228.0%), from €1,008 to €3,307
- Taxes -€2,266
down €2,266 (-11.6%), from €19,577 to €17,311
- Financial charges +€1,989
up €1,989 (+180.2%), from €1,104 to €3,092
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 | €237,731 | €426,588 | +€188,857 | +79.4% |
| Fixed assets | 21/28 | €2,558 | €325,604 | +€323,046 | +12629.2% |
| Tangible fixed assets | 22/27 | €2,558 | €325,604 | +€323,046 | +12629.2% |
| Land and buildings | 22 | - | €324,127 | +€324,127 | |
| Plant, machinery and equipment | 23 | €1,170 | €581 | -€589 | -50.3% |
| Furniture and vehicles | 24 | €1,388 | €897 | -€491 | -35.4% |
| Current assets | 29/58 | €235,173 | €100,984 | -€134,190 | -57.1% |
| Amounts receivable within one year | 40/41 | €19,632 | €23,874 | +€4,243 | +21.6% |
| Trade receivables | 40 | €18,799 | €17,074 | -€1,725 | -9.2% |
| Other amounts receivable | 41 | €833 | €6,801 | +€5,968 | +716.5% |
| Current investments | 50/53 | €190,000 | €64,953 | -€125,047 | -65.8% |
| Cash at bank and in hand | 54/58 | €25,062 | €11,444 | -€13,618 | -54.3% |
| Deferred charges and accrued income | 490/1 | €480 | €713 | +€233 | +48.6% |
| Total equity and liabilities | 10/49 | €237,731 | €426,588 | +€188,857 | +79.4% |
| Equity | 10/15 | €214,010 | €79,583 | -€134,428 | -62.8% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €212,510 | €78,083 | -€134,428 | -63.3% |
| Distributable reserves | 133 | €212,510 | €78,083 | -€134,428 | -63.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €23,721 | €347,005 | +€323,284 | +1362.9% |
| Amounts payable after more than one year | 17 | - | €131,250 | +€131,250 | |
| Financial debts | 170/4 | - | €131,250 | +€131,250 | |
| Amounts payable within one year | 42/48 | €23,721 | €215,320 | +€191,599 | +807.7% |
| Current portion of amounts payable after more than one year | 42 | - | €65,000 | +€65,000 | |
| Trade debts | 44 | €1,215 | €1,537 | +€323 | +26.6% |
| Suppliers | 440/4 | €1,215 | €1,537 | +€323 | +26.6% |
| Taxes, remuneration and social security | 45 | €14,113 | €13,028 | -€1,084 | -7.7% |
| Taxes | 450/3 | €14,113 | €12,353 | -€1,759 | -12.5% |
| Remuneration and social security | 454/9 | - | €675 | +€675 | |
| Other amounts payable | 47/48 | €8,393 | €135,754 | +€127,361 | +1517.5% |
| Accrued charges and deferred income | 492/3 | - | €435 | +€435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,080 | €8,986 | +€7,906 | +731.8% |
| Other operating charges | 640/8 | €466 | €1,609 | +€1,143 | +245.4% |
| Gross operating margin | 9900 | €96,175 | €93,264 | -€2,912 | -3.0% |
| Operating profit (loss) | 9901 | €94,629 | €82,669 | -€11,960 | -12.6% |
| Financial income | 75/76B | €1,008 | €3,307 | +€2,299 | +228.0% |
| Recurring financial income | 75 | €1,008 | €3,307 | +€2,299 | +228.0% |
| Financial charges | 65/66B | €1,104 | €3,092 | +€1,989 | +180.2% |
| Recurring financial charges | 65 | €1,104 | €3,092 | +€1,989 | +180.2% |
| Profit (loss) for the period before taxes | 9903 | €94,534 | €82,883 | -€11,651 | -12.3% |
| Income taxes | 67/77 | €19,577 | €17,311 | -€2,266 | -11.6% |
| Profit (loss) for the period | 9904 | €74,957 | €65,572 | -€9,385 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,957 | €65,572 | -€9,385 | -12.5% |
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 6 October 2026 via checked.be.