NICK BRAUN: 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.
NICK BRAUN
Largest movements
- Receivables within one year +€60,390
up €60,390 (+277%), from €21,780 to €82,170
- Reserves +€70,500
up €70,500 (+84.3%), from €83,600 to €154,100
- Debts after one year -€35,931
down €35,931 (-25.5%), from €140,936 to €105,005
- Tax, wage and social debts +€19,723
up €19,723 (+49.1%), from €40,155 to €59,878
- Gross operating margin +€54,476
up €54,476 (+88.4%), from €61,607 to €116,083
- Taxes +€21,905
up €21,905 (+163%), from €13,446 to €35,352
- Financial charges -€1,174
down €1,174 (-11.1%), from €10,586 to €9,412
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 | €516,983 | €577,155 | +€60,172 | +11.6% |
| Fixed assets | 21/28 | €475,000 | €475,000 | = | 0.0% |
| Financial fixed assets | 28 | €475,000 | €475,000 | = | 0.0% |
| Current assets | 29/58 | €41,983 | €102,155 | +€60,172 | +143% |
| Amounts receivable within one year | 40/41 | €21,780 | €82,170 | +€60,390 | +277% |
| Trade receivables | 40 | €21,780 | €82,170 | +€60,390 | +277% |
| Cash at bank and in hand | 54/58 | €20,203 | €18,804 | -€1,399 | -6.9% |
| Deferred charges and accrued income | 490/1 | - | €1,181 | +€1,181 | |
| Total equity and liabilities | 10/49 | €516,983 | €577,155 | +€60,172 | +11.6% |
| Equity | 10/15 | €93,828 | €164,525 | +€70,697 | +75.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €83,600 | €154,100 | +€70,500 | +84.3% |
| Distributable reserves | 133 | €83,600 | €154,100 | +€70,500 | +84.3% |
| Profit (loss) carried forward | 14 | €228 | €425 | +€197 | +86.6% |
| Amounts payable | 17/49 | €423,155 | €412,630 | -€10,526 | -2.5% |
| Amounts payable after more than one year | 17 | €140,936 | €105,005 | -€35,931 | -25.5% |
| Financial debts | 170/4 | €140,936 | €105,005 | -€35,931 | -25.5% |
| Amounts payable within one year | 42/48 | €280,419 | €305,775 | +€25,356 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €34,789 | €35,931 | +€1,142 | +3.3% |
| Trade debts | 44 | €179 | €1,795 | +€1,617 | +904% |
| Suppliers | 440/4 | €179 | €1,795 | +€1,617 | +904% |
| Taxes, remuneration and social security | 45 | €40,155 | €59,878 | +€19,723 | +49.1% |
| Taxes | 450/3 | €40,155 | €59,878 | +€19,723 | +49.1% |
| Other amounts payable | 47/48 | €205,296 | €208,170 | +€2,874 | +1.4% |
| Accrued charges and deferred income | 492/3 | €1,800 | €1,850 | +€50 | +2.8% |
| Other operating charges | 640/8 | €387 | €622 | +€235 | +60.5% |
| Gross operating margin | 9900 | €61,607 | €116,083 | +€54,476 | +88.4% |
| Operating profit (loss) | 9901 | €61,220 | €115,461 | +€54,241 | +88.6% |
| Financial charges | 65/66B | €10,586 | €9,412 | -€1,174 | -11.1% |
| Recurring financial charges | 65 | €10,586 | €9,412 | -€1,174 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €50,634 | €106,049 | +€55,416 | +109% |
| Income taxes | 67/77 | €13,446 | €35,352 | +€21,905 | +163% |
| Profit (loss) for the period | 9904 | €37,187 | €70,697 | +€33,510 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €37,187 | €70,697 | +€33,510 | +90.1% |
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 16 October 2026 via checked.be.