NATHALIE SIMON: 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 SIMON
Largest movements
- Cash +€56,192
up €56,192 (+46.4%), from €121,166 to €177,359
mainly Net result for the year (+€31,336) and Tax, wage and social debts (+€19,484)
- Stocks and contracts -€14,308
down €14,308 (-28.3%), from €50,473 to €36,165
- Tangible fixed assets -€13,291
down €13,291 (-40.3%), from €32,956 to €19,664
- Receivables within one year -€10,332
down €10,332 (-65.7%), from €15,734 to €5,402
of which Trade receivables: -€5,787
- Deferred charges and accrued income +€5,205
up €5,205 (+360%), from €1,448 to €6,652
- Reserves +€30,000
up €30,000 (+64.0%), from €46,860 to €76,860
of which Distributable reserves: +€30,000
- Tax, wage and social debts +€19,484
up €19,484 (+97.5%), from €19,994 to €39,479
of which Taxes: +€15,846
- Other debts -€11,936
down €11,936 (-16.9%), from €70,729 to €58,793
- Accrued charges and deferred income -€10,332
down €10,332 (-86.1%), from €11,997 to €1,665
- Trade debts -€5,086
down €5,086 (-21.7%), from €23,432 to €18,345
- Financial charges -€46,976
down €46,976 (-91.0%), from €51,611 to €4,635
- Staff costs +€11,328
up €11,328 (+41.8%), from €27,130 to €38,458
- Gross operating margin +€10,259
up €10,259 (+11.4%), from €90,135 to €100,394
- Taxes +€7,139
up €7,139 (+281%), from €2,542 to €9,682
- Depreciation +€3,438
up €3,438 (+36.8%), from €9,347 to €12,785
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 | €221,777 | €245,242 | +€23,466 | +10.6% |
| Fixed assets | 21/28 | €32,956 | €19,664 | -€13,291 | -40.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €32,956 | €19,664 | -€13,291 | -40.3% |
| Land and buildings | 22 | €14,309 | €9,787 | -€4,522 | -31.6% |
| Plant, machinery and equipment | 23 | €4,961 | €1,797 | -€3,164 | -63.8% |
| Furniture and vehicles | 24 | €13,686 | €8,080 | -€5,605 | -41.0% |
| Current assets | 29/58 | €188,821 | €225,578 | +€36,757 | +19.5% |
| Stocks and contracts in progress | 3 | €50,473 | €36,165 | -€14,308 | -28.3% |
| Stocks | 30/36 | €50,473 | €36,165 | -€14,308 | -28.3% |
| Amounts receivable within one year | 40/41 | €15,734 | €5,402 | -€10,332 | -65.7% |
| Trade receivables | 40 | €11,151 | €5,363 | -€5,787 | -51.9% |
| Other amounts receivable | 41 | €4,583 | €39 | -€4,544 | -99.1% |
| Cash at bank and in hand | 54/58 | €121,166 | €177,359 | +€56,192 | +46.4% |
| Deferred charges and accrued income | 490/1 | €1,448 | €6,652 | +€5,205 | +360% |
| Total equity and liabilities | 10/49 | €221,777 | €245,242 | +€23,466 | +10.6% |
| Equity | 10/15 | €95,625 | €126,961 | +€31,336 | +32.8% |
| Contributions | 10/11 | €47,600 | €47,600 | = | 0.0% |
| Reserves | 13 | €46,860 | €76,860 | +€30,000 | +64.0% |
| Non-distributable reserves | 130/1 | - | €0 | = | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €46,860 | €76,860 | +€30,000 | +64.0% |
| Profit (loss) carried forward | 14 | €1,165 | €2,501 | +€1,336 | +115% |
| Amounts payable | 17/49 | €126,152 | €118,282 | -€7,870 | -6.2% |
| Amounts payable within one year | 42/48 | €114,155 | €116,617 | +€2,462 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €0 | = | |
| Trade debts | 44 | €23,432 | €18,345 | -€5,086 | -21.7% |
| Suppliers | 440/4 | €23,432 | €18,345 | -€5,086 | -21.7% |
| Taxes, remuneration and social security | 45 | €19,994 | €39,479 | +€19,484 | +97.5% |
| Taxes | 450/3 | €17,207 | €33,053 | +€15,846 | +92.1% |
| Remuneration and social security | 454/9 | €2,788 | €6,426 | +€3,638 | +131% |
| Other amounts payable | 47/48 | €70,729 | €58,793 | -€11,936 | -16.9% |
| Accrued charges and deferred income | 492/3 | €11,997 | €1,665 | -€10,332 | -86.1% |
| Remuneration, social security and pensions | 62 | €27,130 | €38,458 | +€11,328 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,347 | €12,785 | +€3,438 | +36.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€182 | €1,478 | +€1,660 | |
| Other operating charges | 640/8 | €2,524 | €3,475 | +€952 | +37.7% |
| Gross operating margin | 9900 | €90,135 | €100,394 | +€10,259 | +11.4% |
| Operating profit (loss) | 9901 | €51,316 | €44,197 | -€7,119 | -13.9% |
| Financial income | 75/76B | €501 | €1,455 | +€954 | +190% |
| Recurring financial income | 75 | €501 | €1,455 | +€954 | +190% |
| Financial charges | 65/66B | €51,611 | €4,635 | -€46,976 | -91.0% |
| Recurring financial charges | 65 | €51,611 | €4,635 | -€46,976 | -91.0% |
| Profit (loss) for the period before taxes | 9903 | €207 | €41,018 | +€40,811 | +19,752% |
| Income taxes | 67/77 | €2,542 | €9,682 | +€7,139 | +281% |
| Profit (loss) for the period | 9904 | -€2,336 | €31,336 | +€33,671 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,336 | €31,336 | +€33,671 |
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 25 October 2026 via checked.be.