Nick Vertommen: what changed
Two fiscal 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 Vertommen
Largest movements
- Cash +€53,476
up €53,476 (+27.6%), from €193,402 to €246,877
mainly Net result for the year (+€235,964) and Depreciation (+€45,434)
- Tangible fixed assets -€44,450
down €44,450 (-3.7%), from €1.2m to €1.1m
of which Land and buildings: -€28,046
- Current investments +€30,000
up €30,000 (+120.0%), from €25,000 to €55,000
- Reserves +€153,481
up €153,481 (+20.9%), from €733,824 to €887,305
- Debts after one year -€77,170
down €77,170 (-8.4%), from €921,708 to €844,537
- Current portion of long-term debt -€29,522
down €29,522 (-36.8%), from €80,270 to €50,748
- Gross operating margin +€99,028
up €99,028 (+34.9%), from €284,009 to €383,037
- Taxes +€34,894
up €34,894 (+58.2%), from €59,996 to €94,890
- Financial income +€9,947
up €9,947 (+39.3%), from €25,295 to €35,241
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.
Cash bridge derived
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 | €1,786,530 | €1,842,789 | +€56,258 | +3.1% |
| Fixed assets | 21/28 | €1,523,736 | €1,479,286 | -€44,450 | -2.9% |
| Tangible fixed assets | 22/27 | €1,188,798 | €1,144,347 | -€44,450 | -3.7% |
| Land and buildings | 22 | €1,137,982 | €1,109,935 | -€28,046 | -2.5% |
| Plant, machinery and equipment | 23 | €253 | €94 | -€159 | -62.9% |
| Furniture and vehicles | 24 | €50,563 | €34,319 | -€16,245 | -32.1% |
| Financial fixed assets | 28 | €334,939 | €334,939 | = | 0.0% |
| Current assets | 29/58 | €262,794 | €363,503 | +€100,708 | +38.3% |
| Amounts receivable within one year | 40/41 | €38,548 | €55,710 | +€17,162 | +44.5% |
| Other amounts receivable | 41 | €38,548 | €55,710 | +€17,162 | +44.5% |
| Current investments | 50/53 | €25,000 | €55,000 | +€30,000 | +120.0% |
| Cash at bank and in hand | 54/58 | €193,402 | €246,877 | +€53,476 | +27.6% |
| Deferred charges and accrued income | 490/1 | €5,845 | €5,915 | +€70 | +1.2% |
| Total equity and liabilities | 10/49 | €1,786,530 | €1,842,789 | +€56,258 | +3.1% |
| Equity | 10/15 | €752,979 | €906,460 | +€153,481 | +20.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €733,824 | €887,305 | +€153,481 | +20.9% |
| Distributable reserves | 133 | €733,824 | €887,305 | +€153,481 | +20.9% |
| Profit (loss) carried forward | 14 | €555 | €555 | = | 0.0% |
| Amounts payable | 17/49 | €1,033,551 | €936,329 | -€97,223 | -9.4% |
| Amounts payable after more than one year | 17 | €921,708 | €844,537 | -€77,170 | -8.4% |
| Financial debts | 170/4 | €921,708 | €844,537 | -€77,170 | -8.4% |
| Amounts payable within one year | 42/48 | €111,844 | €91,791 | -€20,053 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €80,270 | €50,748 | -€29,522 | -36.8% |
| Trade debts | 44 | €1,003 | €1,288 | +€285 | +28.4% |
| Suppliers | 440/4 | €1,003 | €1,288 | +€285 | +28.4% |
| Taxes, remuneration and social security | 45 | €30,062 | €39,551 | +€9,490 | +31.6% |
| Taxes | 450/3 | €30,062 | €39,551 | +€9,490 | +31.6% |
| Other amounts payable | 47/48 | €509 | €204 | -€305 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,712 | €45,434 | -€278 | -0.6% |
| Other operating charges | 640/8 | €3,380 | €3,490 | +€110 | +3.3% |
| Gross operating margin | 9900 | €284,009 | €383,037 | +€99,028 | +34.9% |
| Operating profit (loss) | 9901 | €234,917 | €334,112 | +€99,195 | +42.2% |
| Financial income | 75/76B | €25,295 | €35,241 | +€9,947 | +39.3% |
| Recurring financial income | 75 | €25,295 | €35,241 | +€9,947 | +39.3% |
| Financial charges | 65/66B | €40,665 | €38,500 | -€2,165 | -5.3% |
| Recurring financial charges | 65 | €40,665 | €38,500 | -€2,165 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €219,547 | €330,854 | +€111,307 | +50.7% |
| Income taxes | 67/77 | €59,996 | €94,890 | +€34,894 | +58.2% |
| Profit (loss) for the period | 9904 | €159,551 | €235,964 | +€76,413 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €159,551 | €235,964 | +€76,413 | +47.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.