Mathieu Nocent: 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.
Mathieu Nocent
Largest movements
- Deferred charges and accrued income +€37,500
new in 2025: €37,500
- Cash -€36,232
down €36,232 (-43.4%), from €83,497 to €47,266
mainly Contributions, distributions and other (-€125,000) and Deferred charges and accrued income (-€37,500)
- Receivables after one year -€26,400
no longer reported in 2025 (was €26,400)
- Tangible fixed assets +€14,877
up €14,877 (+69.9%), from €21,291 to €36,167
of which Other tangible fixed assets: +€16,271
- Receivables within one year -€4,966
down €4,966 (-39.3%), from €12,625 to €7,659
- Profit (loss) carried forward -€80,546
down €80,546 (-80.8%), from €99,738 to €19,192
- Other debts +€71,163
up €71,163 (+3,553%), from €2,003 to €73,166
- Tax, wage and social debts -€3,601
down €3,601 (-11.5%), from €31,319 to €27,718
- Trade debts -€2,236
down €2,236 (-20.8%), from €10,751 to €8,515
- Gross operating margin +€7,044
up €7,044 (+12.3%), from €57,388 to €64,433
- Depreciation +€2,133
new in 2025: €2,133
- Taxes +€1,737
up €1,737 (+14.2%), from €12,215 to €13,953
- Financial charges -€1,120
down €1,120 (-26.1%), from €4,290 to €3,170
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 | €143,813 | €128,592 | -€15,221 | -10.6% |
| Fixed assets | 21/28 | €21,291 | €36,167 | +€14,877 | +69.9% |
| Tangible fixed assets | 22/27 | €21,291 | €36,167 | +€14,877 | +69.9% |
| Furniture and vehicles | 24 | €6,241 | €4,846 | -€1,394 | -22.3% |
| Other tangible fixed assets | 26 | €15,050 | €31,321 | +€16,271 | +108% |
| Current assets | 29/58 | €122,522 | €92,425 | -€30,098 | -24.6% |
| Amounts receivable after more than one year | 29 | €26,400 | - | -€26,400 | |
| Other amounts receivable | 291 | €26,400 | - | -€26,400 | |
| Amounts receivable within one year | 40/41 | €12,625 | €7,659 | -€4,966 | -39.3% |
| Trade receivables | 40 | €12,625 | €7,659 | -€4,966 | -39.3% |
| Cash at bank and in hand | 54/58 | €83,497 | €47,266 | -€36,232 | -43.4% |
| Deferred charges and accrued income | 490/1 | - | €37,500 | +€37,500 | |
| Total equity and liabilities | 10/49 | €143,813 | €128,592 | -€15,221 | -10.6% |
| Equity | 10/15 | €99,739 | €19,193 | -€80,546 | -80.8% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,738 | €19,192 | -€80,546 | -80.8% |
| Amounts payable | 17/49 | €44,074 | €109,399 | +€65,325 | +148% |
| Amounts payable within one year | 42/48 | €44,074 | €109,399 | +€65,325 | +148% |
| Trade debts | 44 | €10,751 | €8,515 | -€2,236 | -20.8% |
| Suppliers | 440/4 | €10,751 | €8,515 | -€2,236 | -20.8% |
| Taxes, remuneration and social security | 45 | €31,319 | €27,718 | -€3,601 | -11.5% |
| Taxes | 450/3 | €31,319 | €27,718 | -€3,601 | -11.5% |
| Other amounts payable | 47/48 | €2,003 | €73,166 | +€71,163 | +3,553% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,133 | +€2,133 | |
| Other operating charges | 640/8 | €679 | €659 | -€20 | -2.9% |
| Non-recurring operating charges | 66A | €96 | €63 | -€33 | -34.0% |
| Gross operating margin | 9900 | €57,388 | €64,433 | +€7,044 | +12.3% |
| Operating profit (loss) | 9901 | €56,613 | €61,577 | +€4,963 | +8.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €4,290 | €3,170 | -€1,120 | -26.1% |
| Recurring financial charges | 65 | €4,290 | €3,170 | -€1,120 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €52,324 | €58,406 | +€6,082 | +11.6% |
| Income taxes | 67/77 | €12,215 | €13,953 | +€1,737 | +14.2% |
| Profit (loss) for the period | 9904 | €40,109 | €44,454 | +€4,345 | +10.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,109 | €44,454 | +€4,345 | +10.8% |
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 13 October 2026 via checked.be.