NICHOLAS LUYCKX: 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 LUYCKX
Largest movements
- Cash +€239,954
up €239,954 (+258%), from €93,111 to €333,065
mainly Net result for the year (+€174,314) and Receivables within one year (+€75,612)
- Receivables within one year -€75,612
down €75,612 (-42.6%), from €177,326 to €101,714
of which Trade receivables: -€81,263
- Tangible fixed assets -€8,946
down €8,946 (-2.0%), from €455,543 to €446,597
of which Land and buildings: -€20,711
- Reserves +€139,497
up €139,497 (+41.5%), from €336,382 to €475,880
- Tax, wage and social debts +€32,593
up €32,593 (+89.1%), from €36,596 to €69,188
of which Taxes: +€37,686
- Debts after one year -€14,206
down €14,206 (-6.1%), from €232,460 to €218,254
- Trade debts -€13,219
down €13,219 (-24.5%), from €53,918 to €40,699
- Other debts +€10,783
up €10,783 (+22.2%), from €48,565 to €59,348
- Gross operating margin +€207,220
up €207,220 (+96.4%), from €214,942 to €422,161
- Taxes +€60,214
up €60,214 (+305%), from €19,756 to €79,971
- Other operating charges +€6,904
up €6,904 (+779%), from €886 to €7,790
- Depreciation +€4,964
up €4,964 (+18.6%), from €26,724 to €31,688
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 | €731,967 | €887,575 | +€155,608 | +21.3% |
| Fixed assets | 21/28 | €455,543 | €446,597 | -€8,946 | -2.0% |
| Tangible fixed assets | 22/27 | €455,543 | €446,597 | -€8,946 | -2.0% |
| Land and buildings | 22 | €450,942 | €430,230 | -€20,711 | -4.6% |
| Plant, machinery and equipment | 23 | - | €847 | +€847 | |
| Furniture and vehicles | 24 | €4,601 | €15,520 | +€10,918 | +237% |
| Current assets | 29/58 | €276,424 | €440,978 | +€164,554 | +59.5% |
| Amounts receivable within one year | 40/41 | €177,326 | €101,714 | -€75,612 | -42.6% |
| Trade receivables | 40 | €175,529 | €94,266 | -€81,263 | -46.3% |
| Other amounts receivable | 41 | €1,797 | €7,448 | +€5,651 | +314% |
| Cash at bank and in hand | 54/58 | €93,111 | €333,065 | +€239,954 | +258% |
| Deferred charges and accrued income | 490/1 | €5,987 | €6,200 | +€213 | +3.5% |
| Total equity and liabilities | 10/49 | €731,967 | €887,575 | +€155,608 | +21.3% |
| Equity | 10/15 | €346,382 | €485,880 | +€139,497 | +40.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €336,382 | €475,880 | +€139,497 | +41.5% |
| Distributable reserves | 133 | €336,382 | €475,880 | +€139,497 | +41.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €385,585 | €401,696 | +€16,111 | +4.2% |
| Amounts payable after more than one year | 17 | €232,460 | €218,254 | -€14,206 | -6.1% |
| Financial debts | 170/4 | €232,460 | €218,254 | -€14,206 | -6.1% |
| Amounts payable within one year | 42/48 | €153,124 | €183,442 | +€30,317 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €14,045 | €14,206 | +€161 | +1.1% |
| Trade debts | 44 | €53,918 | €40,699 | -€13,219 | -24.5% |
| Suppliers | 440/4 | €53,918 | €40,699 | -€13,219 | -24.5% |
| Taxes, remuneration and social security | 45 | €36,596 | €69,188 | +€32,593 | +89.1% |
| Taxes | 450/3 | €14,974 | €52,660 | +€37,686 | +252% |
| Remuneration and social security | 454/9 | €21,622 | €16,529 | -€5,093 | -23.6% |
| Other amounts payable | 47/48 | €48,565 | €59,348 | +€10,783 | +22.2% |
| Remuneration, social security and pensions | 62 | €119,450 | €123,422 | +€3,972 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,724 | €31,688 | +€4,964 | +18.6% |
| Other operating charges | 640/8 | €886 | €7,790 | +€6,904 | +779% |
| Gross operating margin | 9900 | €214,942 | €422,161 | +€207,220 | +96.4% |
| Operating profit (loss) | 9901 | €67,882 | €259,261 | +€191,380 | +282% |
| Financial income | 75/76B | €426 | €0 | -€426 | -100% |
| Recurring financial income | 75 | €426 | €0 | -€426 | -100% |
| Financial charges | 65/66B | €4,591 | €4,977 | +€386 | +8.4% |
| Recurring financial charges | 65 | €4,591 | €4,977 | +€386 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €63,717 | €254,285 | +€190,568 | +299% |
| Income taxes | 67/77 | €19,756 | €79,971 | +€60,214 | +305% |
| Profit (loss) for the period | 9904 | €43,960 | €174,314 | +€130,354 | +297% |
| Profit (loss) for the period to be appropriated | 9905 | €43,960 | €174,314 | +€130,354 | +297% |
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 27 October 2026 via checked.be.