NANCY KUHN: 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 KUHN
Largest movements
- Current investments +€49,961
up €49,961 (+17.2%), from €291,231 to €341,192
- Cash -€30,549
down €30,549 (-15.7%), from €194,667 to €164,118
mainly Contributions, distributions and other (-€51,745) and Current investments (-€49,961)
- Receivables within one year -€14,198
down €14,198 (-51.7%), from €27,450 to €13,252
of which Trade receivables: -€27,095
- Tangible fixed assets -€8,037
down €8,037 (-13.5%), from €59,596 to €51,559
of which Leasing and similar rights: -€9,818
- Reserves +€10,067
up €10,067 (+2.1%), from €468,912 to €478,979
- Debts after one year -€9,949
down €9,949 (-26.6%), from €37,411 to €27,462
- Gross operating margin -€35,140
down €35,140 (-25.8%), from €136,369 to €101,229
- Taxes -€14,018
down €14,018 (-36.4%), from €38,485 to €24,467
- Depreciation +€9,029
up €9,029 (+169%), from €5,356 to €14,385
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 | €581,958 | €578,668 | -€3,290 | -0.6% |
| Fixed assets | 21/28 | €61,096 | €53,059 | -€8,037 | -13.2% |
| Tangible fixed assets | 22/27 | €59,596 | €51,559 | -€8,037 | -13.5% |
| Plant, machinery and equipment | 23 | €3,441 | €2,665 | -€776 | -22.5% |
| Furniture and vehicles | 24 | €2,545 | €6,423 | +€3,878 | +152% |
| Leasing and similar rights | 25 | €46,060 | €36,241 | -€9,818 | -21.3% |
| Other tangible fixed assets | 26 | €7,551 | €6,229 | -€1,322 | -17.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €520,862 | €525,609 | +€4,747 | +0.9% |
| Amounts receivable within one year | 40/41 | €27,450 | €13,252 | -€14,198 | -51.7% |
| Trade receivables | 40 | €27,095 | - | -€27,095 | |
| Other amounts receivable | 41 | €356 | €13,252 | +€12,897 | +3,626% |
| Current investments | 50/53 | €291,231 | €341,192 | +€49,961 | +17.2% |
| Cash at bank and in hand | 54/58 | €194,667 | €164,118 | -€30,549 | -15.7% |
| Deferred charges and accrued income | 490/1 | €7,514 | €7,047 | -€467 | -6.2% |
| Total equity and liabilities | 10/49 | €581,958 | €578,668 | -€3,290 | -0.6% |
| Equity | 10/15 | €498,912 | €508,979 | +€10,067 | +2.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €468,912 | €478,979 | +€10,067 | +2.1% |
| Distributable reserves | 133 | €468,912 | €478,979 | +€10,067 | +2.1% |
| Provisions and deferred taxes | 16 | €16,500 | €16,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €16,500 | €16,500 | = | 0.0% |
| Pensions and similar obligations | 160 | €16,500 | €16,500 | = | 0.0% |
| Amounts payable | 17/49 | €66,546 | €53,189 | -€13,357 | -20.1% |
| Amounts payable after more than one year | 17 | €37,411 | €27,462 | -€9,949 | -26.6% |
| Financial debts | 170/4 | €37,411 | €27,462 | -€9,949 | -26.6% |
| Amounts payable within one year | 42/48 | €28,847 | €25,436 | -€3,411 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €8,095 | €9,199 | +€1,103 | +13.6% |
| Trade debts | 44 | €2,416 | €2,937 | +€520 | +21.5% |
| Suppliers | 440/4 | €2,416 | €2,937 | +€520 | +21.5% |
| Taxes, remuneration and social security | 45 | €18,085 | €13,301 | -€4,784 | -26.5% |
| Taxes | 450/3 | €18,085 | €13,158 | -€4,927 | -27.2% |
| Remuneration and social security | 454/9 | - | €143 | +€143 | |
| Other amounts payable | 47/48 | €250 | - | -€250 | |
| Accrued charges and deferred income | 492/3 | €288 | €291 | +€3 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,356 | €14,385 | +€9,029 | +169% |
| Other operating charges | 640/8 | €1,405 | €1,516 | +€112 | +7.9% |
| Gross operating margin | 9900 | €136,369 | €101,229 | -€35,140 | -25.8% |
| Operating profit (loss) | 9901 | €129,609 | €85,327 | -€44,281 | -34.2% |
| Financial income | 75/76B | €2,420 | €2,745 | +€324 | +13.4% |
| Recurring financial income | 75 | €2,420 | €2,745 | +€324 | +13.4% |
| Financial charges | 65/66B | €1,049 | €1,793 | +€744 | +70.9% |
| Recurring financial charges | 65 | €1,049 | €1,793 | +€744 | +70.9% |
| Profit (loss) for the period before taxes | 9903 | €130,980 | €86,279 | -€44,701 | -34.1% |
| Income taxes | 67/77 | €38,485 | €24,467 | -€14,018 | -36.4% |
| Profit (loss) for the period | 9904 | €92,495 | €61,813 | -€30,683 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €92,495 | €61,813 | -€30,683 | -33.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.