Nele Blanckaert: 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.
Nele Blanckaert
Largest movements
- Cash +€9,703
up €9,703 (+26.0%), from €37,293 to €46,997
mainly Receivables within one year (+€8,597) and Net result for the year (+€8,104)
- Receivables within one year -€8,597
down €8,597 (-63.1%), from €13,626 to €5,029
of which Trade receivables: -€9,793
- Tangible fixed assets +€5,397
up €5,397 (+46.5%), from €11,605 to €17,002
of which Plant, machinery and equipment: +€7,028
- Stocks and contracts +€2,311
up €2,311 (+5.7%), from €40,450 to €42,761
- Profit (loss) carried forward +€6,104
up €6,104 (+7.3%), from €84,176 to €90,280
- Other debts +€2,347
up €2,347 (+55.9%), from €4,195 to €6,542
- Gross operating margin -€17,342
down €17,342 (-53.0%), from €32,695 to €15,353
- Taxes -€3,715
down €3,715 (-58.9%), from €6,306 to €2,591
- Depreciation +€1,477
up €1,477 (+69.2%), from €2,132 to €3,609
- Financial charges -€520
down €520 (-73.7%), from €705 to €185
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 | €103,465 | €112,382 | +€8,916 | +8.6% |
| Fixed assets | 21/28 | €11,605 | €17,002 | +€5,397 | +46.5% |
| Tangible fixed assets | 22/27 | €11,605 | €17,002 | +€5,397 | +46.5% |
| Plant, machinery and equipment | 23 | €4,513 | €11,541 | +€7,028 | +156% |
| Furniture and vehicles | 24 | €7,092 | €5,461 | -€1,631 | -23.0% |
| Current assets | 29/58 | €91,860 | €95,380 | +€3,520 | +3.8% |
| Stocks and contracts in progress | 3 | €40,450 | €42,761 | +€2,311 | +5.7% |
| Stocks | 30/36 | €40,450 | €42,761 | +€2,311 | +5.7% |
| Amounts receivable within one year | 40/41 | €13,626 | €5,029 | -€8,597 | -63.1% |
| Trade receivables | 40 | €13,581 | €3,788 | -€9,793 | -72.1% |
| Other amounts receivable | 41 | €45 | €1,241 | +€1,196 | +2,652% |
| Cash at bank and in hand | 54/58 | €37,293 | €46,997 | +€9,703 | +26.0% |
| Deferred charges and accrued income | 490/1 | €490 | €593 | +€103 | +20.9% |
| Total equity and liabilities | 10/49 | €103,465 | €112,382 | +€8,916 | +8.6% |
| Equity | 10/15 | €94,176 | €100,280 | +€6,104 | +6.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,176 | €90,280 | +€6,104 | +7.3% |
| Amounts payable | 17/49 | €9,289 | €12,102 | +€2,813 | +30.3% |
| Amounts payable within one year | 42/48 | €9,289 | €12,102 | +€2,813 | +30.3% |
| Trade debts | 44 | €1,560 | €2,234 | +€674 | +43.2% |
| Suppliers | 440/4 | €1,560 | €2,234 | +€674 | +43.2% |
| Taxes, remuneration and social security | 45 | €3,534 | €3,326 | -€208 | -5.9% |
| Taxes | 450/3 | €1,306 | €3,326 | +€2,020 | +155% |
| Remuneration and social security | 454/9 | €2,228 | - | -€2,228 | |
| Other amounts payable | 47/48 | €4,195 | €6,542 | +€2,347 | +55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,132 | €3,609 | +€1,477 | +69.2% |
| Other operating charges | 640/8 | €838 | €865 | +€27 | +3.3% |
| Non-recurring operating charges | 66A | €266 | - | -€266 | |
| Gross operating margin | 9900 | €32,695 | €15,353 | -€17,342 | -53.0% |
| Operating profit (loss) | 9901 | €29,459 | €10,879 | -€18,580 | -63.1% |
| Financial income | 75/76B | €3 | €1 | -€2 | -66.5% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -66.5% |
| Financial charges | 65/66B | €705 | €185 | -€520 | -73.7% |
| Recurring financial charges | 65 | €705 | €185 | -€520 | -73.7% |
| Profit (loss) for the period before taxes | 9903 | €28,757 | €10,695 | -€18,062 | -62.8% |
| Income taxes | 67/77 | €6,306 | €2,591 | -€3,715 | -58.9% |
| Profit (loss) for the period | 9904 | €22,451 | €8,104 | -€14,347 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,451 | €8,104 | -€14,347 | -63.9% |
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 1 November 2026 via checked.be.