Nick Jansen: 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 Jansen
Largest movements
- Tangible fixed assets +€106,623
up €106,623 (+264%), from €40,407 to €147,030
of which Plant, machinery and equipment: +€75,264
- Cash -€48,499
down €48,499 (-56.5%), from €85,899 to €37,400
mainly Investment in fixed assets (net) (-€121,904) and Receivables within one year (-€26,990)
- Receivables within one year +€26,990
up €26,990 (+218%), from €12,381 to €39,371
of which Trade receivables: +€16,631
- Stocks and contracts -€8,656
down €8,656 (-63.7%), from €13,597 to €4,941
- Reserves +€25,855
up €25,855 (+50.6%), from €51,108 to €76,963
- Trade debts +€24,489
up €24,489 (+554%), from €4,421 to €28,910
- Other debts +€19,980
up €19,980 (+129%), from €15,504 to €35,484
- Debts after one year +€7,749
up €7,749 (+29.6%), from €26,196 to €33,945
- Tax, wage and social debts -€7,025
down €7,025 (-15.9%), from €44,257 to €37,232
of which Remuneration and social security: -€11,826
- Gross operating margin -€29,757
down €29,757 (-36.6%), from €81,236 to €51,479
- Taxes -€10,201
down €10,201 (-55.9%), from €18,257 to €8,056
- Depreciation +€6,160
up €6,160 (+67.5%), from €9,121 to €15,280
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 | €153,713 | €228,742 | +€75,030 | +48.8% |
| Fixed assets | 21/28 | €40,407 | €147,030 | +€106,623 | +264% |
| Tangible fixed assets | 22/27 | €40,407 | €147,030 | +€106,623 | +264% |
| Plant, machinery and equipment | 23 | - | €75,264 | +€75,264 | |
| Leasing and similar rights | 25 | €40,407 | €30,502 | -€9,906 | -24.5% |
| Other tangible fixed assets | 26 | - | €41,265 | +€41,265 | |
| Current assets | 29/58 | €113,306 | €81,712 | -€31,594 | -27.9% |
| Stocks and contracts in progress | 3 | €13,597 | €4,941 | -€8,656 | -63.7% |
| Stocks | 30/36 | €13,597 | €4,941 | -€8,656 | -63.7% |
| Amounts receivable within one year | 40/41 | €12,381 | €39,371 | +€26,990 | +218% |
| Trade receivables | 40 | €9,884 | €26,515 | +€16,631 | +168% |
| Other amounts receivable | 41 | €2,497 | €12,856 | +€10,359 | +415% |
| Cash at bank and in hand | 54/58 | €85,899 | €37,400 | -€48,499 | -56.5% |
| Deferred charges and accrued income | 490/1 | €1,429 | - | -€1,429 | |
| Total equity and liabilities | 10/49 | €153,713 | €228,742 | +€75,030 | +48.8% |
| Equity | 10/15 | €56,108 | €81,963 | +€25,855 | +46.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €51,108 | €76,963 | +€25,855 | +50.6% |
| Distributable reserves | 133 | €51,108 | €76,963 | +€25,855 | +50.6% |
| Amounts payable | 17/49 | €97,605 | €146,780 | +€49,175 | +50.4% |
| Amounts payable after more than one year | 17 | €26,196 | €33,945 | +€7,749 | +29.6% |
| Financial debts | 170/4 | €26,196 | €33,945 | +€7,749 | +29.6% |
| Amounts payable within one year | 42/48 | €71,409 | €112,835 | +€41,426 | +58.0% |
| Current portion of amounts payable after more than one year | 42 | €7,227 | €11,209 | +€3,982 | +55.1% |
| Trade debts | 44 | €4,421 | €28,910 | +€24,489 | +554% |
| Suppliers | 440/4 | €4,421 | €28,910 | +€24,489 | +554% |
| Taxes, remuneration and social security | 45 | €44,257 | €37,232 | -€7,025 | -15.9% |
| Taxes | 450/3 | €22,493 | €27,294 | +€4,802 | +21.3% |
| Remuneration and social security | 454/9 | €21,764 | €9,938 | -€11,826 | -54.3% |
| Other amounts payable | 47/48 | €15,504 | €35,484 | +€19,980 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,121 | €15,280 | +€6,160 | +67.5% |
| Other operating charges | 640/8 | €213 | €213 | +€0 | +0.1% |
| Gross operating margin | 9900 | €81,236 | €51,479 | -€29,757 | -36.6% |
| Operating profit (loss) | 9901 | €71,902 | €35,985 | -€35,917 | -50.0% |
| Financial income | 75/76B | €1 | €1 | -€0 | -13.0% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -13.0% |
| Financial charges | 65/66B | €2,538 | €2,074 | -€464 | -18.3% |
| Recurring financial charges | 65 | €2,538 | €2,074 | -€464 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €69,365 | €33,911 | -€35,453 | -51.1% |
| Income taxes | 67/77 | €18,257 | €8,056 | -€10,201 | -55.9% |
| Profit (loss) for the period | 9904 | €51,108 | €25,855 | -€25,253 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €51,108 | €25,855 | -€25,253 | -49.4% |
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 20 October 2026 via checked.be.