NICK VERDONCK: 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 VERDONCK
Largest movements
- Deferred charges and accrued income -€9,335
down €9,335 (-64.5%), from €14,471 to €5,135
- Stocks and contracts -€8,505
down €8,505 (-100%), from €8,505 to €0
- Cash +€8,482
up €8,482 (+23.1%), from €36,759 to €45,241
mainly Depreciation (+€80,712) and Deferred charges and accrued income (+€9,335)
- Intangible fixed assets -€7,500
down €7,500 (-30.8%), from €24,375 to €16,875
- Tangible fixed assets -€7,460
down €7,460 (-3.4%), from €219,931 to €212,471
of which Plant, machinery and equipment: -€21,459
- Profit (loss) carried forward -€22,168
down €22,168 (-257%), from -€8,610 to -€30,778
- Current portion of long-term debt +€6,957
up €6,957 (+14.9%), from €46,711 to €53,668
- Tax, wage and social debts -€4,745
down €4,745 (-23.9%), from €19,892 to €15,147
of which Taxes: -€4,720
- Other debts -€4,020
down €4,020 (-13.2%), from €30,438 to €26,418
- Financial income -€11,828
down €11,828 (-99.6%), from €11,879 to €50
of which Non-recurring financial income: -€11,872
- Gross operating margin +€11,373
up €11,373 (+10.5%), from €107,946 to €119,319
- Financial charges +€1,246
up €1,246 (+22.4%), from €5,551 to €6,797
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 | €398,229 | €378,521 | -€19,708 | -4.9% |
| Fixed assets | 21/28 | €244,306 | €229,346 | -€14,960 | -6.1% |
| Intangible fixed assets | 21 | €24,375 | €16,875 | -€7,500 | -30.8% |
| Tangible fixed assets | 22/27 | €219,931 | €212,471 | -€7,460 | -3.4% |
| Land and buildings | 22 | €7,127 | €12,177 | +€5,050 | +70.9% |
| Plant, machinery and equipment | 23 | €31,203 | €9,743 | -€21,459 | -68.8% |
| Furniture and vehicles | 24 | €1,916 | €1,376 | -€540 | -28.2% |
| Leasing and similar rights | 25 | €179,685 | €189,175 | +€9,490 | +5.3% |
| Current assets | 29/58 | €153,923 | €149,175 | -€4,748 | -3.1% |
| Stocks and contracts in progress | 3 | €8,505 | €0 | -€8,505 | -100% |
| Contracts in progress | 37 | €8,505 | €0 | -€8,505 | -100% |
| Amounts receivable within one year | 40/41 | €94,188 | €98,798 | +€4,610 | +4.9% |
| Trade receivables | 40 | €89,233 | €88,983 | -€251 | -0.3% |
| Other amounts receivable | 41 | €4,955 | €9,815 | +€4,861 | +98.1% |
| Cash at bank and in hand | 54/58 | €36,759 | €45,241 | +€8,482 | +23.1% |
| Deferred charges and accrued income | 490/1 | €14,471 | €5,135 | -€9,335 | -64.5% |
| Total equity and liabilities | 10/49 | €398,229 | €378,521 | -€19,708 | -4.9% |
| Equity | 10/15 | €175,156 | €152,987 | -€22,168 | -12.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €165,216 | €165,216 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €165,216 | €165,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,610 | -€30,778 | -€22,168 | -257% |
| Amounts payable | 17/49 | €223,074 | €225,534 | +€2,460 | +1.1% |
| Amounts payable after more than one year | 17 | €117,658 | €119,934 | +€2,276 | +1.9% |
| Financial debts | 170/4 | €117,658 | €119,934 | +€2,276 | +1.9% |
| Amounts payable within one year | 42/48 | €105,416 | €105,600 | +€184 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €46,711 | €53,668 | +€6,957 | +14.9% |
| Financial debts | 43 | - | €2,521 | +€2,521 | |
| Credit institutions | 430/8 | - | €2,521 | +€2,521 | |
| Trade debts | 44 | €8,375 | €7,847 | -€529 | -6.3% |
| Suppliers | 440/4 | €8,375 | €7,847 | -€529 | -6.3% |
| Taxes, remuneration and social security | 45 | €19,892 | €15,147 | -€4,745 | -23.9% |
| Taxes | 450/3 | €11,672 | €6,953 | -€4,720 | -40.4% |
| Remuneration and social security | 454/9 | €8,219 | €8,194 | -€25 | -0.3% |
| Other amounts payable | 47/48 | €30,438 | €26,418 | -€4,020 | -13.2% |
| Non-recurring operating income | 76A | €165 | €3,500 | +€3,335 | +2,021% |
| Remuneration, social security and pensions | 62 | €41,671 | €42,169 | +€498 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,797 | €80,712 | +€914 | +1.1% |
| Other operating charges | 640/8 | €1,370 | €713 | -€657 | -47.9% |
| Non-recurring operating charges | 66A | - | €10,953 | +€10,953 | |
| Gross operating margin | 9900 | €107,946 | €119,319 | +€11,373 | +10.5% |
| Operating profit (loss) | 9901 | -€14,893 | -€15,229 | -€336 | -2.3% |
| Financial income | 75/76B | €11,879 | €50 | -€11,828 | -99.6% |
| Recurring financial income | 75 | €7 | €50 | +€44 | +656% |
| Non-recurring financial income | 76B | €11,872 | €0 | -€11,872 | -100% |
| Financial charges | 65/66B | €5,551 | €6,797 | +€1,246 | +22.4% |
| Recurring financial charges | 65 | €5,551 | €6,797 | +€1,246 | +22.4% |
| Profit (loss) for the period before taxes | 9903 | -€8,565 | -€21,975 | -€13,410 | -157% |
| Income taxes | 67/77 | €45 | €193 | +€148 | +328% |
| Profit (loss) for the period | 9904 | -€8,610 | -€22,168 | -€13,558 | -157% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,610 | -€22,168 | -€13,558 | -157% |
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 27 October 2026 via checked.be.