NATHALIE ACKERMAN: 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.
NATHALIE ACKERMAN
Largest movements
- Receivables within one year -€144,954
down €144,954 (-91.6%), from €158,199 to €13,246
of which Other amounts receivable: -€74,369
- Tangible fixed assets +€23,497
up €23,497 (+291%), from €8,067 to €31,564
of which Furniture and vehicles: +€24,312
- Cash +€3,731
up €3,731 (+28.9%), from €12,892 to €16,623
mainly Receivables within one year (+€144,954) and Net result for the year (+€44,846)
- Other debts -€47,417
down €47,417 (-31.6%), from €150,254 to €102,837
- Reserves -€35,538
down €35,538 (-97.7%), from €36,384 to €847
- Tax, wage and social debts -€34,394
down €34,394 (-100%), from €34,394 to €0
- Gross operating margin -€168,478
down €168,478 (-73.1%), from €230,549 to €62,071
- Taxes -€42,940
down €42,940 (-78.5%), from €54,694 to €11,754
- Financial income -€13,114
down €13,114 (-85.2%), from €15,387 to €2,273
- Depreciation +€3,002
up €3,002 (+85.7%), from €3,501 to €6,503
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 | €241,637 | €125,351 | -€116,286 | -48.1% |
| Fixed assets | 21/28 | €13,067 | €36,564 | +€23,497 | +180% |
| Tangible fixed assets | 22/27 | €8,067 | €31,564 | +€23,497 | +291% |
| Furniture and vehicles | 24 | €5,758 | €30,070 | +€24,312 | +422% |
| Other tangible fixed assets | 26 | €2,309 | €1,494 | -€815 | -35.3% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €228,570 | €88,787 | -€139,783 | -61.2% |
| Amounts receivable after more than one year | 29 | €56,243 | €56,243 | = | 0.0% |
| Other amounts receivable | 291 | €56,243 | €56,243 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €158,199 | €13,246 | -€144,954 | -91.6% |
| Trade receivables | 40 | €70,584 | €0 | -€70,584 | -100% |
| Other amounts receivable | 41 | €87,615 | €13,246 | -€74,369 | -84.9% |
| Cash at bank and in hand | 54/58 | €12,892 | €16,623 | +€3,731 | +28.9% |
| Deferred charges and accrued income | 490/1 | €1,236 | €2,676 | +€1,440 | +117% |
| Total equity and liabilities | 10/49 | €241,637 | €125,351 | -€116,286 | -48.1% |
| Equity | 10/15 | €54,984 | €19,447 | -€35,538 | -64.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €36,384 | €847 | -€35,538 | -97.7% |
| Distributable reserves | 133 | €36,384 | €847 | -€35,538 | -97.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €186,653 | €105,905 | -€80,748 | -43.3% |
| Amounts payable within one year | 42/48 | €186,653 | €105,905 | -€80,748 | -43.3% |
| Trade debts | 44 | €2,004 | €3,067 | +€1,063 | +53.0% |
| Suppliers | 440/4 | €2,004 | €3,067 | +€1,063 | +53.0% |
| Taxes, remuneration and social security | 45 | €34,394 | €0 | -€34,394 | -100% |
| Taxes | 450/3 | €34,394 | €0 | -€34,394 | -100% |
| Other amounts payable | 47/48 | €150,254 | €102,837 | -€47,417 | -31.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,501 | €6,503 | +€3,002 | +85.7% |
| Other operating charges | 640/8 | €1,309 | €1,155 | -€153 | -11.7% |
| Gross operating margin | 9900 | €230,549 | €62,071 | -€168,478 | -73.1% |
| Operating profit (loss) | 9901 | €225,739 | €54,413 | -€171,327 | -75.9% |
| Financial income | 75/76B | €15,387 | €2,273 | -€13,114 | -85.2% |
| Recurring financial income | 75 | €15,387 | €2,273 | -€13,114 | -85.2% |
| Financial charges | 65/66B | €53 | €85 | +€32 | +59.0% |
| Recurring financial charges | 65 | €53 | €85 | +€32 | +59.0% |
| Profit (loss) for the period before taxes | 9903 | €241,073 | €56,601 | -€184,473 | -76.5% |
| Income taxes | 67/77 | €54,694 | €11,754 | -€42,940 | -78.5% |
| Profit (loss) for the period | 9904 | €186,379 | €44,846 | -€141,532 | -75.9% |
| Profit (loss) for the period to be appropriated | 9905 | €186,379 | €44,846 | -€141,532 | -75.9% |
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 26 October 2026 via checked.be.