Nicholas Davies: 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.
Nicholas Davies
Largest movements
- Deferred charges and accrued income +€41,290
up €41,290 (+15,293%), from €270 to €41,560
- Cash -€29,477
down €29,477 (-52.9%), from €55,737 to €26,260
mainly Deferred charges and accrued income (-€41,290) and Other debts (-€32,879)
- Receivables within one year +€13,594
new in 2025: €13,594
- Intangible fixed assets -€10,000
down €10,000 (-11.7%), from €85,833 to €75,833
- Financial fixed assets +€5,250
new in 2025: €5,250
- Reserves +€52,618
up €52,618 (+225%), from €23,436 to €76,054
- Other debts -€32,879
down €32,879 (-100%), from €32,879 to €0
- Tax, wage and social debts +€16,322
up €16,322 (+234%), from €6,985 to €23,306
- Debts after one year -€11,085
down €11,085 (-19.9%), from €55,827 to €44,741
- Gross operating margin +€32,778
up €32,778 (+59.5%), from €55,085 to €87,863
- Taxes +€9,337
up €9,337 (+134%), from €6,985 to €16,322
- Depreciation +€1,185
up €1,185 (+8.6%), from €13,788 to €14,974
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 | €159,150 | €184,903 | +€25,753 | +16.2% |
| Fixed assets | 21/28 | €103,144 | €101,239 | -€1,905 | -1.8% |
| Intangible fixed assets | 21 | €85,833 | €75,833 | -€10,000 | -11.7% |
| Tangible fixed assets | 22/27 | €17,310 | €20,156 | +€2,845 | +16.4% |
| Plant, machinery and equipment | 23 | €7,124 | €10,893 | +€3,768 | +52.9% |
| Furniture and vehicles | 24 | €10,186 | €9,263 | -€923 | -9.1% |
| Financial fixed assets | 28 | - | €5,250 | +€5,250 | |
| Current assets | 29/58 | €56,007 | €83,664 | +€27,657 | +49.4% |
| Amounts receivable within one year | 40/41 | - | €13,594 | +€13,594 | |
| Other amounts receivable | 41 | - | €13,594 | +€13,594 | |
| Current investments | 50/53 | - | €2,250 | +€2,250 | |
| Cash at bank and in hand | 54/58 | €55,737 | €26,260 | -€29,477 | -52.9% |
| Deferred charges and accrued income | 490/1 | €270 | €41,560 | +€41,290 | +15,293% |
| Total equity and liabilities | 10/49 | €159,150 | €184,903 | +€25,753 | +16.2% |
| Equity | 10/15 | €24,436 | €77,054 | +€52,618 | +215% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €23,436 | €76,054 | +€52,618 | +225% |
| Distributable reserves | 133 | €23,436 | €76,054 | +€52,618 | +225% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €134,715 | €107,849 | -€26,865 | -19.9% |
| Amounts payable after more than one year | 17 | €55,827 | €44,741 | -€11,085 | -19.9% |
| Financial debts | 170/4 | €55,827 | €44,741 | -€11,085 | -19.9% |
| Amounts payable within one year | 42/48 | €51,883 | €37,141 | -€14,742 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €10,642 | €11,085 | +€443 | +4.2% |
| Trade debts | 44 | €1,377 | €2,749 | +€1,372 | +99.6% |
| Suppliers | 440/4 | €1,377 | €2,749 | +€1,372 | +99.6% |
| Taxes, remuneration and social security | 45 | €6,985 | €23,306 | +€16,322 | +234% |
| Taxes | 450/3 | €6,985 | €23,306 | +€16,322 | +234% |
| Other amounts payable | 47/48 | €32,879 | €0 | -€32,879 | -100% |
| Accrued charges and deferred income | 492/3 | €27,005 | €25,967 | -€1,038 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,788 | €14,974 | +€1,185 | +8.6% |
| Other operating charges | 640/8 | €895 | €1,102 | +€208 | +23.2% |
| Gross operating margin | 9900 | €55,085 | €87,863 | +€32,778 | +59.5% |
| Operating profit (loss) | 9901 | €40,402 | €71,787 | +€31,385 | +77.7% |
| Financial income | 75/76B | €27 | €1 | -€26 | -95.8% |
| Recurring financial income | 75 | €27 | €1 | -€26 | -95.8% |
| Financial charges | 65/66B | €3,296 | €2,849 | -€448 | -13.6% |
| Recurring financial charges | 65 | €3,296 | €2,849 | -€448 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €37,133 | €68,940 | +€31,807 | +85.7% |
| Income taxes | 67/77 | €6,985 | €16,322 | +€9,337 | +134% |
| Profit (loss) for the period | 9904 | €30,148 | €52,618 | +€22,470 | +74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,148 | €52,618 | +€22,470 | +74.5% |
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 20 October 2026 via checked.be.