NICK VANDERMEERSCH: 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 VANDERMEERSCH
Largest movements
- Tangible fixed assets +€76,737
up €76,737 (+89.5%), from €85,692 to €162,429
of which Furniture and vehicles: +€73,129
- Cash +€30,955
up €30,955 (+36.2%), from €85,498 to €116,453
mainly Other debts (+€254,872) and Net result for the year (+€64,042)
- Stocks and contracts +€24,582
up €24,582 (+412%), from €5,969 to €30,551
- Receivables within one year +€22,037
up €22,037 (+35.8%), from €61,588 to €83,625
of which Other amounts receivable: +€21,387
- Deferred charges and accrued income -€7,840
down €7,840 (-94.6%), from €8,285 to €445
- Other debts +€254,872
up €254,872, from €0 to €254,872
- Reserves -€190,830
down €190,830 (-100%), from €190,830 to €0
- Debts after one year +€44,927
up €44,927 (+199%), from €22,574 to €67,501
- Current portion of long-term debt +€25,345
up €25,345 (+255%), from €9,942 to €35,287
- Trade debts +€25,157
up €25,157 (+357%), from €7,047 to €32,203
- Depreciation +€3,839
up €3,839 (+13.4%), from €28,565 to €32,403
- Gross operating margin +€3,040
up €3,040 (+2.7%), from €112,592 to €115,632
- Taxes -€2,282
down €2,282 (-13.4%), from €17,031 to €14,749
- Financial income +€1,492
up €1,492 (+123%), from €1,216 to €2,709
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 | €247,167 | €396,638 | +€149,471 | +60.5% |
| Fixed assets | 21/28 | €85,827 | €165,564 | +€79,737 | +92.9% |
| Tangible fixed assets | 22/27 | €85,692 | €162,429 | +€76,737 | +89.5% |
| Plant, machinery and equipment | 23 | €6,442 | €3,319 | -€3,124 | -48.5% |
| Furniture and vehicles | 24 | €79,250 | €152,378 | +€73,129 | +92.3% |
| Other tangible fixed assets | 26 | - | €6,732 | +€6,732 | |
| Financial fixed assets | 28 | €135 | €3,135 | +€3,000 | +2,222% |
| Current assets | 29/58 | €161,340 | €231,074 | +€69,734 | +43.2% |
| Stocks and contracts in progress | 3 | €5,969 | €30,551 | +€24,582 | +412% |
| Stocks | 30/36 | €5,969 | €30,551 | +€24,582 | +412% |
| Amounts receivable within one year | 40/41 | €61,588 | €83,625 | +€22,037 | +35.8% |
| Trade receivables | 40 | €11,889 | €12,540 | +€651 | +5.5% |
| Other amounts receivable | 41 | €49,699 | €71,085 | +€21,387 | +43.0% |
| Cash at bank and in hand | 54/58 | €85,498 | €116,453 | +€30,955 | +36.2% |
| Deferred charges and accrued income | 490/1 | €8,285 | €445 | -€7,840 | -94.6% |
| Total equity and liabilities | 10/49 | €247,167 | €396,638 | +€149,471 | +60.5% |
| Equity | 10/15 | €195,830 | €5,000 | -€190,830 | -97.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €190,830 | €0 | -€190,830 | -100% |
| Distributable reserves | 133 | €190,830 | €0 | -€190,830 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €51,338 | €391,638 | +€340,300 | +663% |
| Amounts payable after more than one year | 17 | €22,574 | €67,501 | +€44,927 | +199% |
| Financial debts | 170/4 | €22,574 | €67,501 | +€44,927 | +199% |
| Amounts payable within one year | 42/48 | €28,764 | €324,137 | +€295,373 | +1,027% |
| Current portion of amounts payable after more than one year | 42 | €9,942 | €35,287 | +€25,345 | +255% |
| Trade debts | 44 | €7,047 | €32,203 | +€25,157 | +357% |
| Suppliers | 440/4 | €7,047 | €32,203 | +€25,157 | +357% |
| Advances received on contracts in progress | 46 | €10,000 | €0 | -€10,000 | -100% |
| Taxes, remuneration and social security | 45 | €1,775 | €1,775 | = | 0.0% |
| Taxes | 450/3 | €600 | €600 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,175 | €1,175 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | €254,872 | +€254,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,565 | €32,403 | +€3,839 | +13.4% |
| Other operating charges | 640/8 | €2,458 | €2,976 | +€518 | +21.1% |
| Gross operating margin | 9900 | €112,592 | €115,632 | +€3,040 | +2.7% |
| Operating profit (loss) | 9901 | €81,570 | €80,253 | -€1,317 | -1.6% |
| Financial income | 75/76B | €1,216 | €2,709 | +€1,492 | +123% |
| Recurring financial income | 75 | €1,216 | €2,709 | +€1,492 | +123% |
| Financial charges | 65/66B | €3,547 | €4,170 | +€623 | +17.6% |
| Recurring financial charges | 65 | €3,547 | €4,170 | +€623 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €79,239 | €78,792 | -€447 | -0.6% |
| Income taxes | 67/77 | €17,031 | €14,749 | -€2,282 | -13.4% |
| Profit (loss) for the period | 9904 | €62,208 | €64,042 | +€1,834 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,208 | €64,042 | +€1,834 | +2.9% |
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 26 October 2026 via checked.be.