Nicholas OUCHINSKY: 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 OUCHINSKY
Largest movements
- Cash +€161,495
up €161,495 (+126.4%), from €127,770 to €289,265
mainly Net result for the year (+€353,156) and Other debts (+€262,895)
- Receivables within one year +€93,459
up €93,459 (+144.2%), from €64,826 to €158,285
of which Other amounts receivable: +€53,693
- Current investments +€38,507
up €38,507 (+104.0%), from €37,013 to €75,519
- Tangible fixed assets -€24,340
down €24,340 (-18.8%), from €129,276 to €104,935
of which Furniture and vehicles: -€22,682
- Deferred charges and accrued income +€14,117
up €14,117 (+246.3%), from €5,731 to €19,848
- Other debts +€262,895
up €262,895 (+234.4%), from €112,173 to €375,069
- Trade debts +€30,984
up €30,984 (+183.8%), from €16,857 to €47,841
- Tax, wage and social debts +€28,631
up €28,631 (+155.1%), from €18,459 to €47,090
of which Taxes: +€28,631
- Debts after one year -€20,574
down €20,574 (-43.3%), from €47,471 to €26,897
- Reserves -€19,500
down €19,500 (-13.5%), from €144,900 to €125,400
- Gross operating margin +€326,180
up €326,180 (+129.6%), from €251,677 to €577,857
- Taxes +€80,702
up €80,702 (+163.4%), from €49,403 to €130,105
- Staff costs +€12,080
up €12,080 (+25.7%), from €47,013 to €59,092
- Financial income +€7,935
up €7,935 (+539.6%), from €1,471 to €9,406
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 | €364,776 | €648,113 | +€283,337 | +77.7% |
| Fixed assets | 21/28 | €129,436 | €105,195 | -€24,240 | -18.7% |
| Tangible fixed assets | 22/27 | €129,276 | €104,935 | -€24,340 | -18.8% |
| Land and buildings | 22 | €41,631 | €35,510 | -€6,121 | -14.7% |
| Furniture and vehicles | 24 | €87,644 | €64,962 | -€22,682 | -25.9% |
| Other tangible fixed assets | 26 | - | €4,463 | +€4,463 | |
| Financial fixed assets | 28 | €160 | €260 | +€100 | +62.5% |
| Current assets | 29/58 | €235,340 | €542,918 | +€307,577 | +130.7% |
| Amounts receivable within one year | 40/41 | €64,826 | €158,285 | +€93,459 | +144.2% |
| Trade receivables | 40 | €4,026 | €43,792 | +€39,766 | +987.8% |
| Other amounts receivable | 41 | €60,800 | €114,493 | +€53,693 | +88.3% |
| Current investments | 50/53 | €37,013 | €75,519 | +€38,507 | +104.0% |
| Cash at bank and in hand | 54/58 | €127,770 | €289,265 | +€161,495 | +126.4% |
| Deferred charges and accrued income | 490/1 | €5,731 | €19,848 | +€14,117 | +246.3% |
| Total equity and liabilities | 10/49 | €364,776 | €648,113 | +€283,337 | +77.7% |
| Equity | 10/15 | €149,986 | €130,642 | -€19,344 | -12.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €144,900 | €125,400 | -€19,500 | -13.5% |
| Distributable reserves | 133 | €144,900 | €125,400 | -€19,500 | -13.5% |
| Profit (loss) carried forward | 14 | €2,086 | €2,242 | +€156 | +7.5% |
| Amounts payable | 17/49 | €214,790 | €517,471 | +€302,681 | +140.9% |
| Amounts payable after more than one year | 17 | €47,471 | €26,897 | -€20,574 | -43.3% |
| Financial debts | 170/4 | €47,471 | €26,897 | -€20,574 | -43.3% |
| Amounts payable within one year | 42/48 | €167,319 | €490,574 | +€323,255 | +193.2% |
| Current portion of amounts payable after more than one year | 42 | €19,770 | €20,574 | +€803 | +4.1% |
| Financial debts | 43 | €59 | - | -€59 | |
| Credit institutions | 430/8 | €59 | - | -€59 | |
| Trade debts | 44 | €16,857 | €47,841 | +€30,984 | +183.8% |
| Suppliers | 440/4 | €16,857 | €47,841 | +€30,984 | +183.8% |
| Taxes, remuneration and social security | 45 | €18,459 | €47,090 | +€28,631 | +155.1% |
| Taxes | 450/3 | €12,763 | €41,394 | +€28,631 | +224.3% |
| Remuneration and social security | 454/9 | €5,696 | €5,696 | = | 0.0% |
| Other amounts payable | 47/48 | €112,173 | €375,069 | +€262,895 | +234.4% |
| Remuneration, social security and pensions | 62 | €47,013 | €59,092 | +€12,080 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,667 | €39,214 | +€1,547 | +4.1% |
| Other operating charges | 640/8 | €2,028 | €1,950 | -€78 | -3.8% |
| Gross operating margin | 9900 | €251,677 | €577,857 | +€326,180 | +129.6% |
| Operating profit (loss) | 9901 | €164,969 | €477,601 | +€312,632 | +189.5% |
| Financial income | 75/76B | €1,471 | €9,406 | +€7,935 | +539.6% |
| Recurring financial income | 75 | €1,471 | €9,406 | +€7,935 | +539.6% |
| Financial charges | 65/66B | €3,472 | €3,746 | +€274 | +7.9% |
| Recurring financial charges | 65 | €3,472 | €3,746 | +€274 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €162,968 | €483,261 | +€320,293 | +196.5% |
| Income taxes | 67/77 | €49,403 | €130,105 | +€80,702 | +163.4% |
| Profit (loss) for the period | 9904 | €113,564 | €353,156 | +€239,591 | +211.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,564 | €353,156 | +€239,591 | +211.0% |
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 10 October 2026 via checked.be.