Nick Geudens: 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 Geudens
Largest movements
- Cash +€30,871
up €30,871 (+31.0%), from €99,458 to €130,329
mainly Net result for the year (+€64,836) and Depreciation (+€10,080)
- Receivables after one year +€28,194
new in 2025: €28,194
- Receivables within one year +€14,319
up €14,319 (+88.4%), from €16,207 to €30,526
of which Other amounts receivable: +€8,972
- Tangible fixed assets -€10,080
down €10,080 (-25.9%), from €38,983 to €28,903
of which Furniture and vehicles: -€9,703
- Reserves +€64,836
up €64,836 (+53.4%), from €121,461 to €186,297
- Debts after one year -€6,279
down €6,279 (-31.2%), from €20,151 to €13,872
- Gross operating margin +€4,204
up €4,204 (+4.9%), from €85,023 to €89,227
- Financial income +€3,829
up €3,829 (+9,781%), from €39 to €3,869
- Taxes +€1,490
up €1,490 (+9.9%), from €14,988 to €16,478
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 | €164,774 | €227,279 | +€62,505 | +37.9% |
| Fixed assets | 21/28 | €38,983 | €28,903 | -€10,080 | -25.9% |
| Tangible fixed assets | 22/27 | €38,983 | €28,903 | -€10,080 | -25.9% |
| Plant, machinery and equipment | 23 | €377 | - | -€377 | |
| Furniture and vehicles | 24 | €38,606 | €28,903 | -€9,703 | -25.1% |
| Current assets | 29/58 | €125,791 | €198,376 | +€72,586 | +57.7% |
| Amounts receivable after more than one year | 29 | - | €28,194 | +€28,194 | |
| Other amounts receivable | 291 | - | €28,194 | +€28,194 | |
| Amounts receivable within one year | 40/41 | €16,207 | €30,526 | +€14,319 | +88.4% |
| Trade receivables | 40 | €10,812 | €16,158 | +€5,346 | +49.4% |
| Other amounts receivable | 41 | €5,395 | €14,367 | +€8,972 | +166% |
| Current investments | 50/53 | €10,000 | €9,201 | -€799 | -8.0% |
| Cash at bank and in hand | 54/58 | €99,458 | €130,329 | +€30,871 | +31.0% |
| Deferred charges and accrued income | 490/1 | €127 | €127 | = | 0.0% |
| Total equity and liabilities | 10/49 | €164,774 | €227,279 | +€62,505 | +37.9% |
| Equity | 10/15 | €124,961 | €189,797 | +€64,836 | +51.9% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €121,461 | €186,297 | +€64,836 | +53.4% |
| Distributable reserves | 133 | €121,461 | €186,297 | +€64,836 | +53.4% |
| Amounts payable | 17/49 | €39,813 | €37,482 | -€2,331 | -5.9% |
| Amounts payable after more than one year | 17 | €20,151 | €13,872 | -€6,279 | -31.2% |
| Financial debts | 170/4 | €20,151 | €13,872 | -€6,279 | -31.2% |
| Amounts payable within one year | 42/48 | €19,661 | €23,199 | +€3,538 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €6,095 | €6,279 | +€185 | +3.0% |
| Taxes, remuneration and social security | 45 | €9,866 | €11,852 | +€1,986 | +20.1% |
| Taxes | 450/3 | €9,866 | €11,852 | +€1,986 | +20.1% |
| Other amounts payable | 47/48 | €3,701 | €5,068 | +€1,367 | +36.9% |
| Accrued charges and deferred income | 492/3 | - | €411 | +€411 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,849 | €10,080 | +€231 | +2.3% |
| Other operating charges | 640/8 | €128 | €531 | +€403 | +315% |
| Gross operating margin | 9900 | €85,023 | €89,227 | +€4,204 | +4.9% |
| Operating profit (loss) | 9901 | €75,046 | €78,616 | +€3,570 | +4.8% |
| Financial income | 75/76B | €39 | €3,869 | +€3,829 | +9,781% |
| Recurring financial income | 75 | €39 | €3,869 | +€3,829 | +9,781% |
| Financial charges | 65/66B | €1,177 | €1,171 | -€7 | -0.6% |
| Recurring financial charges | 65 | €1,177 | €1,171 | -€7 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €73,907 | €81,314 | +€7,406 | +10.0% |
| Income taxes | 67/77 | €14,988 | €16,478 | +€1,490 | +9.9% |
| Profit (loss) for the period | 9904 | €58,919 | €64,836 | +€5,917 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,919 | €64,836 | +€5,917 | +10.0% |
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 28 October 2026 via checked.be.