Nick Moyaert: 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 Moyaert
Largest movements
- Cash +€7,834
up €7,834 (+218%), from €3,601 to €11,435
mainly Net result for the year (+€10,825) and Depreciation (+€3,728)
- Receivables within one year -€2,472
down €2,472 (-9.2%), from €26,828 to €24,356
of which Trade receivables: -€5,200
- Tangible fixed assets +€932
up €932 (+4.3%), from €21,479 to €22,411
of which Plant, machinery and equipment: +€2,474
- Reserves +€10,825
up €10,825 (+25.0%), from €43,325 to €54,150
- Tax, wage and social debts -€2,372
down €2,372 (-43.1%), from €5,498 to €3,126
- Trade debts -€1,696
down €1,696 (-69.8%), from €2,430 to €734
- Gross operating margin +€4,214
up €4,214 (+28.3%), from €14,869 to €19,083
- Other operating charges -€1,654
down €1,654 (-54.2%), from €3,053 to €1,399
- Depreciation +€452
up €452 (+13.8%), from €3,276 to €3,728
- Taxes +€341
up €341 (+13.4%), from €2,533 to €2,874
- Financial charges +€274
up €274 (+2,453%), from €11 to €285
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 | €52,753 | €59,510 | +€6,757 | +12.8% |
| Fixed assets | 21/28 | €21,479 | €22,411 | +€932 | +4.3% |
| Tangible fixed assets | 22/27 | €21,479 | €22,411 | +€932 | +4.3% |
| Land and buildings | 22 | €7,763 | €7,512 | -€251 | -3.2% |
| Plant, machinery and equipment | 23 | €9,966 | €12,440 | +€2,474 | +24.8% |
| Furniture and vehicles | 24 | €3,750 | €2,459 | -€1,291 | -34.4% |
| Current assets | 29/58 | €31,274 | €37,099 | +€5,825 | +18.6% |
| Amounts receivable within one year | 40/41 | €26,828 | €24,356 | -€2,472 | -9.2% |
| Trade receivables | 40 | €26,669 | €21,469 | -€5,200 | -19.5% |
| Other amounts receivable | 41 | €159 | €2,887 | +€2,728 | +1,717% |
| Cash at bank and in hand | 54/58 | €3,601 | €11,435 | +€7,834 | +218% |
| Deferred charges and accrued income | 490/1 | €845 | €1,308 | +€463 | +54.8% |
| Total equity and liabilities | 10/49 | €52,753 | €59,510 | +€6,757 | +12.8% |
| Equity | 10/15 | €44,825 | €55,650 | +€10,825 | +24.2% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €43,325 | €54,150 | +€10,825 | +25.0% |
| Distributable reserves | 133 | €43,325 | €54,150 | +€10,825 | +25.0% |
| Amounts payable | 17/49 | €7,928 | €3,860 | -€4,068 | -51.3% |
| Amounts payable within one year | 42/48 | €7,928 | €3,860 | -€4,068 | -51.3% |
| Trade debts | 44 | €2,430 | €734 | -€1,696 | -69.8% |
| Suppliers | 440/4 | €2,430 | €734 | -€1,696 | -69.8% |
| Taxes, remuneration and social security | 45 | €5,498 | €3,126 | -€2,372 | -43.1% |
| Taxes | 450/3 | €5,498 | €3,126 | -€2,372 | -43.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,276 | €3,728 | +€452 | +13.8% |
| Other operating charges | 640/8 | €3,053 | €1,399 | -€1,654 | -54.2% |
| Gross operating margin | 9900 | €14,869 | €19,083 | +€4,214 | +28.3% |
| Operating profit (loss) | 9901 | €8,540 | €13,956 | +€5,416 | +63.4% |
| Financial income | 75/76B | €197 | €29 | -€168 | -85.3% |
| Recurring financial income | 75 | €197 | €29 | -€168 | -85.3% |
| Financial charges | 65/66B | €11 | €285 | +€274 | +2,453% |
| Recurring financial charges | 65 | €11 | €285 | +€274 | +2,453% |
| Profit (loss) for the period before taxes | 9903 | €8,726 | €13,700 | +€4,973 | +57.0% |
| Income taxes | 67/77 | €2,533 | €2,874 | +€341 | +13.4% |
| Profit (loss) for the period | 9904 | €6,193 | €10,825 | +€4,633 | +74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €6,193 | €10,825 | +€4,633 | +74.8% |
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 19 October 2026 via checked.be.