NICK LAVERGE: 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 LAVERGE
Largest movements
- Stocks and contracts -€16,961
down €16,961 (-70.4%), from €24,101 to €7,140
- Cash -€15,563
down €15,563 (-44.0%), from €35,397 to €19,834
mainly Trade debts (-€35,122) and Current portion of long-term debt (-€9,588)
- Tangible fixed assets -€8,254
down €8,254 (-9.2%), from €89,855 to €81,602
of which Land and buildings: -€7,350
- Receivables within one year -€3,280
down €3,280 (-3.7%), from €88,608 to €85,329
of which Trade receivables: -€4,750
- Trade debts -€35,122
down €35,122 (-96.2%), from €36,512 to €1,390
- Current portion of long-term debt -€9,588
down €9,588 (-88.0%), from €10,893 to €1,305
- Reserves +€5,425
up €5,425 (+6.0%), from €90,516 to €95,941
of which Distributable reserves: +€5,425
- Tax, wage and social debts -€3,467
down €3,467 (-19.5%), from €17,771 to €14,304
of which Taxes: -€3,628
- Gross operating margin -€4,732
down €4,732 (-4.9%), from €95,910 to €91,178
- Staff costs -€2,559
down €2,559 (-4.0%), from €63,234 to €60,676
- Depreciation -€1,412
down €1,412 (-14.6%), from €9,666 to €8,254
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 | €238,198 | €194,140 | -€44,057 | -18.5% |
| Fixed assets | 21/28 | €89,855 | €81,602 | -€8,254 | -9.2% |
| Tangible fixed assets | 22/27 | €89,855 | €81,602 | -€8,254 | -9.2% |
| Land and buildings | 22 | €88,187 | €80,837 | -€7,350 | -8.3% |
| Plant, machinery and equipment | 23 | €1,668 | €764 | -€904 | -54.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €148,343 | €112,539 | -€35,804 | -24.1% |
| Stocks and contracts in progress | 3 | €24,101 | €7,140 | -€16,961 | -70.4% |
| Stocks | 30/36 | €24,101 | €7,140 | -€16,961 | -70.4% |
| Amounts receivable within one year | 40/41 | €88,608 | €85,329 | -€3,280 | -3.7% |
| Trade receivables | 40 | €25,771 | €21,021 | -€4,750 | -18.4% |
| Other amounts receivable | 41 | €62,838 | €64,308 | +€1,470 | +2.3% |
| Cash at bank and in hand | 54/58 | €35,397 | €19,834 | -€15,563 | -44.0% |
| Deferred charges and accrued income | 490/1 | €236 | €236 | = | 0.0% |
| Total equity and liabilities | 10/49 | €238,198 | €194,140 | -€44,057 | -18.5% |
| Equity | 10/15 | €96,716 | €102,141 | +€5,425 | +5.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €90,516 | €95,941 | +€5,425 | +6.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,750 | €2,750 | = | 0.0% |
| Distributable reserves | 133 | €85,906 | €91,331 | +€5,425 | +6.3% |
| Amounts payable | 17/49 | €141,482 | €91,999 | -€49,482 | -35.0% |
| Amounts payable after more than one year | 17 | €1,305 | €0 | -€1,305 | -100% |
| Financial debts | 170/4 | €1,305 | €0 | -€1,305 | -100% |
| Amounts payable within one year | 42/48 | €140,177 | €91,999 | -€48,177 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €10,893 | €1,305 | -€9,588 | -88.0% |
| Financial debts | 43 | €75,000 | €75,000 | = | 0.0% |
| Other loans | 439 | €75,000 | €75,000 | = | 0.0% |
| Trade debts | 44 | €36,512 | €1,390 | -€35,122 | -96.2% |
| Suppliers | 440/4 | €36,512 | €1,390 | -€35,122 | -96.2% |
| Taxes, remuneration and social security | 45 | €17,771 | €14,304 | -€3,467 | -19.5% |
| Taxes | 450/3 | €16,419 | €12,791 | -€3,628 | -22.1% |
| Remuneration and social security | 454/9 | €1,352 | €1,513 | +€161 | +11.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €63,234 | €60,676 | -€2,559 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,666 | €8,254 | -€1,412 | -14.6% |
| Other operating charges | 640/8 | €2,758 | €1,962 | -€796 | -28.9% |
| Gross operating margin | 9900 | €95,910 | €91,178 | -€4,732 | -4.9% |
| Operating profit (loss) | 9901 | €20,252 | €20,287 | +€35 | +0.2% |
| Financial income | 75/76B | €2 | €0 | -€2 | -97.5% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -97.5% |
| Financial charges | 65/66B | €12,168 | €11,629 | -€539 | -4.4% |
| Recurring financial charges | 65 | €12,168 | €11,629 | -€539 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €8,085 | €8,657 | +€572 | +7.1% |
| Income taxes | 67/77 | €3,558 | €3,232 | -€326 | -9.2% |
| Profit (loss) for the period | 9904 | €4,527 | €5,425 | +€898 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,527 | €5,425 | +€898 | +19.8% |
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 30 October 2026 via checked.be.