NANCY D'HULSTER: 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.
NANCY D'HULSTER
Largest movements
- Cash +€15,467
up €15,467 (+121%), from €12,780 to €28,247
mainly Other debts (+€17,822) and Net result for the year (+€16,744)
- Receivables within one year +€5,137
up €5,137 (+71.0%), from €7,235 to €12,372
of which Other amounts receivable: +€8,604
- Intangible fixed assets -€2,500
down €2,500 (-7.7%), from €32,500 to €30,000
- Stocks and contracts -€1,585
no longer reported in 2025 (was €1,585)
- Tangible fixed assets -€966
down €966 (-47.6%), from €2,031 to €1,065
- Other debts +€17,822
up €17,822 (+63.5%), from €28,083 to €45,905
- Current portion of long-term debt -€3,860
no longer reported in 2025 (was €3,860)
- Tax, wage and social debts +€1,200
new in 2025: €1,200
- Trade debts +€876
up €876 (+53.5%), from €1,637 to €2,512
- Gross operating margin -€34,825
down €34,825 (-58.2%), from €59,794 to €24,969
- Taxes -€10,604
down €10,604 (-71.1%), from €14,924 to €4,320
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 | €57,283 | €73,313 | +€16,030 | +28.0% |
| Fixed assets | 21/28 | €34,531 | €31,065 | -€3,466 | -10.0% |
| Intangible fixed assets | 21 | €32,500 | €30,000 | -€2,500 | -7.7% |
| Tangible fixed assets | 22/27 | €2,031 | €1,065 | -€966 | -47.6% |
| Furniture and vehicles | 24 | €2,031 | €1,065 | -€966 | -47.6% |
| Current assets | 29/58 | €22,752 | €42,248 | +€19,496 | +85.7% |
| Stocks and contracts in progress | 3 | €1,585 | - | -€1,585 | |
| Stocks | 30/36 | €1,585 | - | -€1,585 | |
| Amounts receivable within one year | 40/41 | €7,235 | €12,372 | +€5,137 | +71.0% |
| Trade receivables | 40 | €7,159 | €3,692 | -€3,468 | -48.4% |
| Other amounts receivable | 41 | €76 | €8,680 | +€8,604 | +11,345% |
| Cash at bank and in hand | 54/58 | €12,780 | €28,247 | +€15,467 | +121% |
| Deferred charges and accrued income | 490/1 | €1,152 | €1,629 | +€477 | +41.4% |
| Total equity and liabilities | 10/49 | €57,283 | €73,313 | +€16,030 | +28.0% |
| Equity | 10/15 | €23,696 | €23,696 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,096 | €5,096 | = | 0.0% |
| Non-distributable reserves | 130/1 | €96 | €96 | = | 0.0% |
| Reserves not available under the articles | 1311 | €96 | €96 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €33,587 | €49,617 | +€16,030 | +47.7% |
| Amounts payable within one year | 42/48 | €33,579 | €49,617 | +€16,038 | +47.8% |
| Current portion of amounts payable after more than one year | 42 | €3,860 | - | -€3,860 | |
| Trade debts | 44 | €1,637 | €2,512 | +€876 | +53.5% |
| Suppliers | 440/4 | €1,637 | €2,512 | +€876 | +53.5% |
| Taxes, remuneration and social security | 45 | - | €1,200 | +€1,200 | |
| Remuneration and social security | 454/9 | - | €1,200 | +€1,200 | |
| Other amounts payable | 47/48 | €28,083 | €45,905 | +€17,822 | +63.5% |
| Accrued charges and deferred income | 492/3 | €8 | - | -€8 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,285 | €3,466 | +€181 | +5.5% |
| Other operating charges | 640/8 | €240 | €295 | +€55 | +22.8% |
| Gross operating margin | 9900 | €59,794 | €24,969 | -€34,825 | -58.2% |
| Operating profit (loss) | 9901 | €56,269 | €21,208 | -€35,061 | -62.3% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €303 | €144 | -€159 | -52.5% |
| Recurring financial charges | 65 | €303 | €144 | -€159 | -52.5% |
| Profit (loss) for the period before taxes | 9903 | €55,966 | €21,064 | -€34,903 | -62.4% |
| Income taxes | 67/77 | €14,924 | €4,320 | -€10,604 | -71.1% |
| Profit (loss) for the period | 9904 | €41,042 | €16,744 | -€24,298 | -59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,042 | €16,744 | -€24,298 | -59.2% |
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 18 October 2026 via checked.be.