Nick Van Horebeek: 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 Van Horebeek
Largest movements
- Current investments +€3,600
up €3,600 (+112%), from €3,204 to €6,804
- Cash -€1,712
down €1,712 (-34.6%), from €4,942 to €3,230
mainly Current investments (-€3,600) and Receivables within one year (-€288)
- Receivables within one year +€288
up €288 (+6.3%), from €4,566 to €4,854
of which Other amounts receivable: +€1,433
- Reserves +€1,269
up €1,269 (+18.9%), from €6,702 to €7,971
- Trade debts +€605
new in 2025: €605
- Tax, wage and social debts +€302
up €302 (+29.9%), from €1,010 to €1,312
- Gross operating margin -€7,355
down €7,355 (-75.0%), from €9,811 to €2,457
- Taxes -€2,037
down €2,037 (-81.1%), from €2,513 to €476
- Other operating charges +€969
up €969 (+199%), from €487 to €1,456
- Financial income +€679
up €679 (+643%), from €106 to €785
- Financial charges -€174
down €174 (-81.1%), from €214 to €40
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 | €12,712 | €14,888 | +€2,176 | +17.1% |
| Current assets | 29/58 | €12,712 | €14,888 | +€2,176 | +17.1% |
| Amounts receivable within one year | 40/41 | €4,566 | €4,854 | +€288 | +6.3% |
| Trade receivables | 40 | €1,145 | - | -€1,145 | |
| Other amounts receivable | 41 | €3,421 | €4,854 | +€1,433 | +41.9% |
| Current investments | 50/53 | €3,204 | €6,804 | +€3,600 | +112% |
| Cash at bank and in hand | 54/58 | €4,942 | €3,230 | -€1,712 | -34.6% |
| Total equity and liabilities | 10/49 | €12,712 | €14,888 | +€2,176 | +17.1% |
| Equity | 10/15 | €11,702 | €12,971 | +€1,269 | +10.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €6,702 | €7,971 | +€1,269 | +18.9% |
| Distributable reserves | 133 | €6,702 | €7,971 | +€1,269 | +18.9% |
| Amounts payable | 17/49 | €1,010 | €1,917 | +€907 | +89.9% |
| Amounts payable within one year | 42/48 | €1,010 | €1,917 | +€907 | +89.9% |
| Trade debts | 44 | - | €605 | +€605 | |
| Suppliers | 440/4 | - | €605 | +€605 | |
| Taxes, remuneration and social security | 45 | €1,010 | €1,312 | +€302 | +29.9% |
| Taxes | 450/3 | €1,010 | €1,312 | +€302 | +29.9% |
| Other operating charges | 640/8 | €487 | €1,456 | +€969 | +199% |
| Gross operating margin | 9900 | €9,811 | €2,457 | -€7,355 | -75.0% |
| Operating profit (loss) | 9901 | €9,324 | €1,001 | -€8,323 | -89.3% |
| Financial income | 75/76B | €106 | €785 | +€679 | +643% |
| Recurring financial income | 75 | €106 | €785 | +€679 | +643% |
| Financial charges | 65/66B | €214 | €40 | -€174 | -81.1% |
| Recurring financial charges | 65 | €214 | €40 | -€174 | -81.1% |
| Profit (loss) for the period before taxes | 9903 | €9,216 | €1,745 | -€7,471 | -81.1% |
| Income taxes | 67/77 | €2,513 | €476 | -€2,037 | -81.1% |
| Profit (loss) for the period | 9904 | €6,702 | €1,269 | -€5,433 | -81.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,702 | €1,269 | -€5,433 | -81.1% |
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 23 October 2026 via checked.be.