Nick De Maeyer: 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 De Maeyer
Largest movements
- Cash +€107,482
up €107,482 (+166%), from €64,786 to €172,268
mainly Net result for the year (+€79,941) and Tax, wage and social debts (+€22,080)
- Reserves +€79,828
up €79,828 (+172%), from €46,438 to €126,266
- Tax, wage and social debts +€22,080
up €22,080 (+110%), from €20,134 to €42,214
- Other debts +€3,612
up €3,612 (+23.6%), from €15,304 to €18,916
- Gross operating margin +€44,107
up €44,107 (+73.9%), from €59,696 to €103,803
- Taxes +€8,896
up €8,896 (+73.9%), from €12,036 to €20,932
- Financial charges +€1,138
up €1,138 (+230%), from €494 to €1,632
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 | €84,157 | €192,717 | +€108,560 | +129% |
| Fixed assets | 21/28 | €2,958 | €2,129 | -€829 | -28.0% |
| Tangible fixed assets | 22/27 | €2,958 | €2,129 | -€829 | -28.0% |
| Plant, machinery and equipment | 23 | €1,883 | €1,448 | -€435 | -23.1% |
| Furniture and vehicles | 24 | €1,075 | €681 | -€394 | -36.6% |
| Current assets | 29/58 | €81,199 | €190,589 | +€109,390 | +135% |
| Amounts receivable within one year | 40/41 | €16,044 | €17,944 | +€1,900 | +11.8% |
| Trade receivables | 40 | €15,857 | €17,757 | +€1,900 | +12.0% |
| Other amounts receivable | 41 | €187 | €187 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €64,786 | €172,268 | +€107,482 | +166% |
| Deferred charges and accrued income | 490/1 | €369 | €377 | +€8 | +2.1% |
| Total equity and liabilities | 10/49 | €84,157 | €192,717 | +€108,560 | +129% |
| Equity | 10/15 | €47,438 | €127,266 | +€79,828 | +168% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €46,438 | €126,266 | +€79,828 | +172% |
| Distributable reserves | 133 | €46,438 | €126,266 | +€79,828 | +172% |
| Amounts payable | 17/49 | €36,719 | €65,451 | +€28,733 | +78.3% |
| Amounts payable within one year | 42/48 | €36,719 | €64,240 | +€27,521 | +75.0% |
| Trade debts | 44 | €1,281 | €3,111 | +€1,830 | +143% |
| Suppliers | 440/4 | €1,281 | €3,111 | +€1,830 | +143% |
| Taxes, remuneration and social security | 45 | €20,134 | €42,214 | +€22,080 | +110% |
| Taxes | 450/3 | €20,134 | €42,214 | +€22,080 | +110% |
| Other amounts payable | 47/48 | €15,304 | €18,916 | +€3,612 | +23.6% |
| Accrued charges and deferred income | 492/3 | - | €1,211 | +€1,211 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €829 | +€429 | +107% |
| Other operating charges | 640/8 | €327 | €469 | +€142 | +43.3% |
| Gross operating margin | 9900 | €59,696 | €103,803 | +€44,107 | +73.9% |
| Operating profit (loss) | 9901 | €58,969 | €102,504 | +€43,536 | +73.8% |
| Financial charges | 65/66B | €494 | €1,632 | +€1,138 | +230% |
| Recurring financial charges | 65 | €494 | €1,632 | +€1,138 | +230% |
| Profit (loss) for the period before taxes | 9903 | €58,475 | €100,873 | +€42,398 | +72.5% |
| Income taxes | 67/77 | €12,036 | €20,932 | +€8,896 | +73.9% |
| Profit (loss) for the period | 9904 | €46,438 | €79,941 | +€33,502 | +72.1% |
| Profit (loss) for the period to be appropriated | 9905 | €46,438 | €79,941 | +€33,502 | +72.1% |
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 23 October 2026 via checked.be.