NICK DE VLIEGER: 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 VLIEGER
Largest movements
- Cash -€1.2m
down €1.2m (-93.5%), from €1.3m to €83,653
mainly Other debts (-€488,441) and Receivables within one year (-€328,674)
- Receivables within one year +€328,674
up €328,674 (+153%), from €215,517 to €544,191
of which Other amounts receivable: +€487,312
- Current investments +€304,084
new in 2025: €304,084
- Other debts -€488,441
down €488,441 (-61.8%), from €789,777 to €301,336
- Trade debts -€80,267
down €80,267 (-72.8%), from €110,272 to €30,006
- Reserves +€24,752
up €24,752 (+4.2%), from €588,091 to €612,843
of which Distributable reserves: +€24,752
- Tax, wage and social debts -€21,590
no longer reported in 2025 (was €21,590)
- Gross operating margin -€297,373
down €297,373 (-84.8%), from €350,554 to €53,181
- Taxes -€89,163
down €89,163 (-88.4%), from €100,919 to €11,756
- Financial income +€8,899
up €8,899 (+52.3%), from €17,031 to €25,930
- Financial charges -€6,739
down €6,739 (-20.3%), from €33,187 to €26,448
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 | €1,572,583 | €989,563 | -€583,020 | -37.1% |
| Fixed assets | 21/28 | €50,709 | €35,889 | -€14,820 | -29.2% |
| Tangible fixed assets | 22/27 | €50,709 | €35,889 | -€14,820 | -29.2% |
| Land and buildings | 22 | €39,719 | €32,079 | -€7,641 | -19.2% |
| Plant, machinery and equipment | 23 | €4,749 | €3,810 | -€939 | -19.8% |
| Furniture and vehicles | 24 | €6,241 | €0 | -€6,241 | -100% |
| Current assets | 29/58 | €1,521,875 | €953,674 | -€568,200 | -37.3% |
| Stocks and contracts in progress | 3 | €9,800 | €18,275 | +€8,475 | +86.5% |
| Stocks | 30/36 | €9,800 | €18,275 | +€8,475 | +86.5% |
| Amounts receivable within one year | 40/41 | €215,517 | €544,191 | +€328,674 | +153% |
| Trade receivables | 40 | €179,092 | €20,455 | -€158,637 | -88.6% |
| Other amounts receivable | 41 | €36,424 | €523,736 | +€487,312 | +1,338% |
| Current investments | 50/53 | - | €304,084 | +€304,084 | |
| Cash at bank and in hand | 54/58 | €1,288,578 | €83,653 | -€1.2m | -93.5% |
| Deferred charges and accrued income | 490/1 | €7,979 | €3,472 | -€4,508 | -56.5% |
| Total equity and liabilities | 10/49 | €1,572,583 | €989,563 | -€583,020 | -37.1% |
| Equity | 10/15 | €606,691 | €631,443 | +€24,752 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €588,091 | €612,843 | +€24,752 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €586,231 | €610,983 | +€24,752 | +4.2% |
| Amounts payable | 17/49 | €965,892 | €358,120 | -€607,772 | -62.9% |
| Amounts payable after more than one year | 17 | €5,926 | - | -€5,926 | |
| Financial debts | 170/4 | €5,926 | - | -€5,926 | |
| Amounts payable within one year | 42/48 | €938,805 | €337,268 | -€601,537 | -64.1% |
| Current portion of amounts payable after more than one year | 42 | €17,165 | €5,926 | -€11,239 | -65.5% |
| Trade debts | 44 | €110,272 | €30,006 | -€80,267 | -72.8% |
| Suppliers | 440/4 | €110,272 | €30,006 | -€80,267 | -72.8% |
| Taxes, remuneration and social security | 45 | €21,590 | - | -€21,590 | |
| Taxes | 450/3 | €21,590 | - | -€21,590 | |
| Other amounts payable | 47/48 | €789,777 | €301,336 | -€488,441 | -61.8% |
| Accrued charges and deferred income | 492/3 | €21,161 | €20,852 | -€309 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,399 | €14,820 | -€579 | -3.8% |
| Other operating charges | 640/8 | €2,175 | €1,336 | -€839 | -38.6% |
| Gross operating margin | 9900 | €350,554 | €53,181 | -€297,373 | -84.8% |
| Operating profit (loss) | 9901 | €332,980 | €37,025 | -€295,955 | -88.9% |
| Financial income | 75/76B | €17,031 | €25,930 | +€8,899 | +52.3% |
| Recurring financial income | 75 | €17,031 | €25,930 | +€8,899 | +52.3% |
| Financial charges | 65/66B | €33,187 | €26,448 | -€6,739 | -20.3% |
| Recurring financial charges | 65 | €33,187 | €26,448 | -€6,739 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €316,824 | €36,508 | -€280,316 | -88.5% |
| Income taxes | 67/77 | €100,919 | €11,756 | -€89,163 | -88.4% |
| Profit (loss) for the period | 9904 | €215,905 | €24,752 | -€191,153 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €215,905 | €24,752 | -€191,153 | -88.5% |
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 22 October 2026 via checked.be.