NICK CEUSTERS: what changed
Two fiscal 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 CEUSTERS
Largest movements
- Cash -€62,635
down €62,635 (-20.3%), from €308,210 to €245,575
mainly Current investments (-€50,000) and Contributions, distributions and other (-€34,358)
- Current investments +€50,000
new in 2025: €50,000
- Tangible fixed assets -€14,738
down €14,738 (-10.7%), from €138,034 to €123,297
of which Furniture and vehicles: -€8,606
- Receivables within one year -€13,385
down €13,385 (-19.3%), from €69,187 to €55,802
of which Trade receivables: -€25,087
- Reserves -€25,786
down €25,786 (-5.4%), from €473,270 to €447,485
of which Distributable reserves: -€25,786
- Tax, wage and social debts -€6,028
down €6,028 (-50.8%), from €11,855 to €5,827
- Gross operating margin -€84,627
down €84,627 (-67.9%), from €124,608 to €39,981
- Taxes -€18,952
down €18,952 (-66.0%), from €28,713 to €9,761
- Depreciation -€10,830
down €10,830 (-34.7%), from €31,199 to €20,369
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 | €518,886 | €477,734 | -€41,152 | -7.9% |
| Fixed assets | 21/28 | €138,034 | €123,297 | -€14,738 | -10.7% |
| Tangible fixed assets | 22/27 | €138,034 | €123,297 | -€14,738 | -10.7% |
| Land and buildings | 22 | €20,763 | €18,779 | -€1,983 | -9.6% |
| Plant, machinery and equipment | 23 | €17,709 | €15,555 | -€2,153 | -12.2% |
| Furniture and vehicles | 24 | €28,419 | €19,813 | -€8,606 | -30.3% |
| Other tangible fixed assets | 26 | €71,144 | €69,149 | -€1,995 | -2.8% |
| Current assets | 29/58 | €380,852 | €354,438 | -€26,414 | -6.9% |
| Amounts receivable within one year | 40/41 | €69,187 | €55,802 | -€13,385 | -19.3% |
| Trade receivables | 40 | €47,712 | €22,625 | -€25,087 | -52.6% |
| Other amounts receivable | 41 | €21,475 | €33,178 | +€11,702 | +54.5% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €308,210 | €245,575 | -€62,635 | -20.3% |
| Deferred charges and accrued income | 490/1 | €3,455 | €3,060 | -€395 | -11.4% |
| Total equity and liabilities | 10/49 | €518,886 | €477,734 | -€41,152 | -7.9% |
| Equity | 10/15 | €491,162 | €465,434 | -€25,728 | -5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €473,270 | €447,485 | -€25,786 | -5.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €473,270 | €447,485 | -€25,786 | -5.4% |
| Profit (loss) carried forward | 14 | €5,491 | €5,549 | +€58 | +1.0% |
| Amounts payable | 17/49 | €27,725 | €12,301 | -€15,424 | -55.6% |
| Amounts payable after more than one year | 17 | €3,113 | €0 | -€3,113 | -100.0% |
| Financial debts | 170/4 | €3,113 | €0 | -€3,113 | -100.0% |
| Amounts payable within one year | 42/48 | €21,611 | €12,287 | -€9,324 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €6,164 | €3,113 | -€3,050 | -49.5% |
| Financial debts | 43 | €227 | €336 | +€109 | +48.0% |
| Credit institutions | 430/8 | €227 | €336 | +€109 | +48.0% |
| Trade debts | 44 | €3,365 | €3,010 | -€355 | -10.6% |
| Suppliers | 440/4 | €3,365 | €3,010 | -€355 | -10.6% |
| Taxes, remuneration and social security | 45 | €11,855 | €5,827 | -€6,028 | -50.8% |
| Taxes | 450/3 | €11,855 | €5,827 | -€6,028 | -50.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,000 | €14 | -€2,986 | -99.5% |
| Non-recurring operating income | 76A | €506 | €0 | -€506 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,199 | €20,369 | -€10,830 | -34.7% |
| Other operating charges | 640/8 | €916 | €1,718 | +€802 | +87.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €124,608 | €39,981 | -€84,627 | -67.9% |
| Operating profit (loss) | 9901 | €92,494 | €17,893 | -€74,600 | -80.7% |
| Financial income | 75/76B | €671 | €951 | +€280 | +41.7% |
| Recurring financial income | 75 | €671 | €951 | +€280 | +41.7% |
| Financial charges | 65/66B | €401 | €454 | +€53 | +13.3% |
| Recurring financial charges | 65 | €401 | €454 | +€53 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €92,764 | €18,390 | -€74,373 | -80.2% |
| Income taxes | 67/77 | €28,713 | €9,761 | -€18,952 | -66.0% |
| Profit (loss) for the period | 9904 | €64,050 | €8,629 | -€55,421 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,050 | €8,629 | -€55,421 | -86.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.