Nathan De Baets: 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.
Nathan De Baets
Largest movements
- Receivables within one year +€46,916
up €46,916 (+87.5%), from €53,626 to €100,542
of which Other amounts receivable: +€41,325
- Cash -€7,181
down €7,181 (-56.1%), from €12,796 to €5,615
mainly Receivables within one year (-€46,916) and Tax, wage and social debts (-€11,040)
- Tangible fixed assets -€6,605
down €6,605 (-55.0%), from €12,000 to €5,395
- Reserves +€42,770
up €42,770 (+41.1%), from €104,065 to €146,836
- Tax, wage and social debts -€11,040
down €11,040 (-71.0%), from €15,540 to €4,500
- Accrued charges and deferred income +€2,438
new in 2025: €2,438
- Trade debts -€1,699
down €1,699 (-48.9%), from €3,478 to €1,779
- Gross operating margin +€38,426
up €38,426 (+170.6%), from €22,520 to €60,945
- Taxes +€9,439
up €9,439 (+266.7%), from €3,540 to €12,978
- Depreciation -€1,731
down €1,731 (-19.2%), from €8,997 to €7,266
- Financial income +€1,410
up €1,410 (+49.3%), from €2,861 to €4,271
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.
Cash bridge derived
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 | €125,583 | €158,052 | +€32,470 | +25.9% |
| Fixed assets | 21/28 | €14,161 | €6,895 | -€7,266 | -51.3% |
| Intangible fixed assets | 21 | €661 | €0 | -€661 | -100.0% |
| Tangible fixed assets | 22/27 | €12,000 | €5,395 | -€6,605 | -55.0% |
| Furniture and vehicles | 24 | €12,000 | €5,395 | -€6,605 | -55.0% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €111,422 | €151,157 | +€39,735 | +35.7% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €53,626 | €100,542 | +€46,916 | +87.5% |
| Trade receivables | 40 | €8,875 | €14,466 | +€5,591 | +63.0% |
| Other amounts receivable | 41 | €44,751 | €86,076 | +€41,325 | +92.3% |
| Cash at bank and in hand | 54/58 | €12,796 | €5,615 | -€7,181 | -56.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €125,583 | €158,052 | +€32,470 | +25.9% |
| Equity | 10/15 | €106,565 | €149,336 | +€42,770 | +40.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €104,065 | €146,836 | +€42,770 | +41.1% |
| Distributable reserves | 133 | €104,065 | €146,836 | +€42,770 | +41.1% |
| Amounts payable | 17/49 | €19,017 | €8,717 | -€10,301 | -54.2% |
| Amounts payable within one year | 42/48 | €19,017 | €6,279 | -€12,739 | -67.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €3,478 | €1,779 | -€1,699 | -48.9% |
| Suppliers | 440/4 | €3,478 | €1,779 | -€1,699 | -48.9% |
| Taxes, remuneration and social security | 45 | €15,540 | €4,500 | -€11,040 | -71.0% |
| Taxes | 450/3 | €15,540 | €4,500 | -€11,040 | -71.0% |
| Accrued charges and deferred income | 492/3 | - | €2,438 | +€2,438 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,997 | €7,266 | -€1,731 | -19.2% |
| Other operating charges | 640/8 | €2,292 | €1,976 | -€316 | -13.8% |
| Gross operating margin | 9900 | €22,520 | €60,945 | +€38,426 | +170.6% |
| Operating profit (loss) | 9901 | €11,231 | €51,704 | +€40,472 | +360.4% |
| Financial income | 75/76B | €2,861 | €4,271 | +€1,410 | +49.3% |
| Recurring financial income | 75 | €2,861 | €4,271 | +€1,410 | +49.3% |
| Financial charges | 65/66B | €534 | €226 | -€308 | -57.7% |
| Recurring financial charges | 65 | €534 | €226 | -€308 | -57.7% |
| Profit (loss) for the period before taxes | 9903 | €13,559 | €55,749 | +€42,190 | +311.2% |
| Income taxes | 67/77 | €3,540 | €12,978 | +€9,439 | +266.7% |
| Profit (loss) for the period | 9904 | €10,019 | €42,770 | +€32,751 | +326.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,019 | €42,770 | +€32,751 | +326.9% |
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 9 October 2026 via checked.be.