NICK HEIRWEGH: 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 HEIRWEGH
Largest movements
- Cash +€90,826
up €90,826 (+165%), from €55,107 to €145,932
mainly Other debts (+€158,411) and Net result for the year (+€117,831)
- Receivables within one year -€46,842
down €46,842 (-72.0%), from €65,099 to €18,258
of which Other amounts receivable: -€48,120
- Tangible fixed assets -€21,388
down €21,388 (-8.5%), from €252,837 to €231,449
- Other debts +€158,411
up €158,411 (+352%), from €45,000 to €203,411
- Reserves -€138,269
down €138,269 (-38.2%), from €362,000 to €223,731
- Debts after one year -€16,399
down €16,399 (-11.3%), from €145,341 to €128,942
- Trade debts +€9,426
up €9,426 (+576%), from €1,637 to €11,062
- Tax, wage and social debts +€6,156
up €6,156 (+48.9%), from €12,579 to €18,735
- Gross operating margin +€7,924
up €7,924 (+4.5%), from €174,806 to €182,730
- Depreciation +€7,530
up €7,530 (+26.2%), from €28,753 to €36,283
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 | €582,556 | €602,502 | +€19,947 | +3.4% |
| Fixed assets | 21/28 | €253,627 | €232,239 | -€21,388 | -8.4% |
| Tangible fixed assets | 22/27 | €252,837 | €231,449 | -€21,388 | -8.5% |
| Land and buildings | 22 | €168,411 | €159,411 | -€9,000 | -5.3% |
| Plant, machinery and equipment | 23 | €56,011 | €46,555 | -€9,456 | -16.9% |
| Furniture and vehicles | 24 | €28,416 | €25,483 | -€2,933 | -10.3% |
| Financial fixed assets | 28 | €790 | €790 | = | 0.0% |
| Current assets | 29/58 | €328,928 | €370,264 | +€41,335 | +12.6% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €65,099 | €18,258 | -€46,842 | -72.0% |
| Trade receivables | 40 | €16,980 | €18,258 | +€1,278 | +7.5% |
| Other amounts receivable | 41 | €48,120 | - | -€48,120 | |
| Cash at bank and in hand | 54/58 | €55,107 | €145,932 | +€90,826 | +165% |
| Deferred charges and accrued income | 490/1 | €8,722 | €6,074 | -€2,648 | -30.4% |
| Total equity and liabilities | 10/49 | €582,556 | €602,502 | +€19,947 | +3.4% |
| Equity | 10/15 | €362,222 | €223,952 | -€138,269 | -38.2% |
| Reserves | 13 | €362,000 | €223,731 | -€138,269 | -38.2% |
| Distributable reserves | 133 | €362,000 | €223,731 | -€138,269 | -38.2% |
| Profit (loss) carried forward | 14 | €222 | €222 | = | 0.0% |
| Amounts payable | 17/49 | €220,334 | €378,550 | +€158,216 | +71.8% |
| Amounts payable after more than one year | 17 | €145,341 | €128,942 | -€16,399 | -11.3% |
| Financial debts | 170/4 | €145,341 | €128,942 | -€16,399 | -11.3% |
| Amounts payable within one year | 42/48 | €74,993 | €249,608 | +€174,615 | +233% |
| Current portion of amounts payable after more than one year | 42 | €15,777 | €16,399 | +€622 | +3.9% |
| Trade debts | 44 | €1,637 | €11,062 | +€9,426 | +576% |
| Suppliers | 440/4 | €1,637 | €11,062 | +€9,426 | +576% |
| Taxes, remuneration and social security | 45 | €12,579 | €18,735 | +€6,156 | +48.9% |
| Taxes | 450/3 | €12,579 | €18,735 | +€6,156 | +48.9% |
| Other amounts payable | 47/48 | €45,000 | €203,411 | +€158,411 | +352% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,753 | €36,283 | +€7,530 | +26.2% |
| Other operating charges | 640/8 | €996 | €746 | -€250 | -25.1% |
| Gross operating margin | 9900 | €174,806 | €182,730 | +€7,924 | +4.5% |
| Operating profit (loss) | 9901 | €145,057 | €145,701 | +€643 | +0.4% |
| Financial income | 75/76B | €8,280 | €7,645 | -€635 | -7.7% |
| Recurring financial income | 75 | €8,280 | €7,645 | -€635 | -7.7% |
| Financial charges | 65/66B | €7,497 | €6,661 | -€836 | -11.2% |
| Recurring financial charges | 65 | €7,497 | €6,661 | -€836 | -11.2% |
| Profit (loss) for the period before taxes | 9903 | €145,840 | €146,685 | +€844 | +0.6% |
| Income taxes | 67/77 | €28,348 | €28,854 | +€506 | +1.8% |
| Profit (loss) for the period | 9904 | €117,492 | €117,831 | +€339 | +0.3% |
| Profit (loss) for the period to be appropriated | 9905 | €117,492 | €117,831 | +€339 | +0.3% |
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 31 October 2026 via checked.be.