Nick Cambré: 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 Cambré
Largest movements
- Current investments +€497,972
up €497,972 (+127%), from €391,187 to €889,159
- Cash -€366,150
down €366,150 (-96.5%), from €379,507 to €13,357
mainly Current investments (-€497,972) and Contributions, distributions and other (-€73,305)
- Tangible fixed assets -€26,431
down €26,431 (-22.3%), from €118,362 to €91,931
of which Furniture and vehicles: -€35,612
- Receivables after one year +€15,382
up €15,382 (+9.7%), from €158,719 to €174,102
- Reserves +€110,613
up €110,613 (+10.5%), from €1.1m to €1.2m
of which Distributable reserves: +€110,613
- Gross operating margin +€48,301
up €48,301 (+10.8%), from €448,131 to €496,433
- Depreciation +€28,849
up €28,849 (+180%), from €16,014 to €44,863
- Taxes +€10,442
up €10,442 (+14.9%), from €70,088 to €80,530
- Staff costs +€10,181
up €10,181 (+5.5%), from €185,978 to €196,159
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 | €1,107,198 | €1,231,645 | +€124,447 | +11.2% |
| Fixed assets | 21/28 | €125,362 | €98,931 | -€26,431 | -21.1% |
| Tangible fixed assets | 22/27 | €118,362 | €91,931 | -€26,431 | -22.3% |
| Land and buildings | 22 | €41,722 | €50,903 | +€9,181 | +22.0% |
| Furniture and vehicles | 24 | €76,640 | €41,028 | -€35,612 | -46.5% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €981,836 | €1,132,714 | +€150,878 | +15.4% |
| Amounts receivable after more than one year | 29 | €158,719 | €174,102 | +€15,382 | +9.7% |
| Other amounts receivable | 291 | €158,719 | €174,102 | +€15,382 | +9.7% |
| Amounts receivable within one year | 40/41 | €5,342 | €3,571 | -€1,770 | -33.1% |
| Trade receivables | 40 | €3,948 | €3,458 | -€490 | -12.4% |
| Other amounts receivable | 41 | €1,394 | €113 | -€1,280 | -91.9% |
| Current investments | 50/53 | €391,187 | €889,159 | +€497,972 | +127% |
| Cash at bank and in hand | 54/58 | €379,507 | €13,357 | -€366,150 | -96.5% |
| Deferred charges and accrued income | 490/1 | €47,082 | €52,525 | +€5,443 | +11.6% |
| Total equity and liabilities | 10/49 | €1,107,198 | €1,231,645 | +€124,447 | +11.2% |
| Equity | 10/15 | €1,076,160 | €1,186,773 | +€110,613 | +10.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,057,568 | €1,168,181 | +€110,613 | +10.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Other | 1319 | - | €1,859 | +€1,859 | |
| Tax-exempt reserves | 132 | €864 | €864 | = | 0.0% |
| Distributable reserves | 133 | €1,054,845 | €1,165,458 | +€110,613 | +10.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €31,038 | €44,872 | +€13,834 | +44.6% |
| Amounts payable within one year | 42/48 | €31,038 | €44,843 | +€13,805 | +44.5% |
| Trade debts | 44 | €7,157 | €11,084 | +€3,927 | +54.9% |
| Suppliers | 440/4 | €7,157 | €11,084 | +€3,927 | +54.9% |
| Taxes, remuneration and social security | 45 | €23,881 | €33,758 | +€9,878 | +41.4% |
| Taxes | 450/3 | €1,391 | €10,514 | +€9,124 | +656% |
| Remuneration and social security | 454/9 | €22,490 | €23,244 | +€754 | +3.4% |
| Accrued charges and deferred income | 492/3 | - | €30 | +€30 | |
| Non-recurring operating income | 76A | €17,012 | €0 | -€17,012 | -100% |
| Remuneration, social security and pensions | 62 | €185,978 | €196,159 | +€10,181 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,014 | €44,863 | +€28,849 | +180% |
| Other operating charges | 640/8 | €1,904 | €1,823 | -€81 | -4.3% |
| Non-recurring operating charges | 66A | €21,086 | €0 | -€21,086 | -100% |
| Gross operating margin | 9900 | €448,131 | €496,433 | +€48,301 | +10.8% |
| Operating profit (loss) | 9901 | €223,150 | €253,588 | +€30,438 | +13.6% |
| Financial income | 75/76B | €8,662 | €11,336 | +€2,674 | +30.9% |
| Recurring financial income | 75 | €8,662 | €11,336 | +€2,674 | +30.9% |
| Financial charges | 65/66B | €365 | €475 | +€110 | +30.1% |
| Recurring financial charges | 65 | €365 | €475 | +€110 | +30.1% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €231,447 | €264,449 | +€33,002 | +14.3% |
| Income taxes | 67/77 | €70,088 | €80,530 | +€10,442 | +14.9% |
| Profit (loss) for the period | 9904 | €161,358 | €183,918 | +€22,560 | +14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €161,358 | €183,918 | +€22,560 | +14.0% |
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 14 October 2026 via checked.be.