NICK WANZEELE: 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 WANZEELE
Largest movements
- Intangible fixed assets -€84,435
down €84,435 (-10.5%), from €800,976 to €716,541
- Tangible fixed assets +€40,705
new in 2025: €40,705
of which Furniture and vehicles: +€36,658
- Receivables within one year +€24,847
up €24,847 (+120%), from €20,754 to €45,601
of which Trade receivables: +€16,183
- Current investments -€20,005
down €20,005 (-40.0%), from €50,000 to €29,996
- Cash +€12,318
up €12,318 (+30.0%), from €41,010 to €53,328
mainly Depreciation (+€93,083) and Current investments (+€20,005)
- Debts after one year -€46,686
down €46,686 (-6.4%), from €735,162 to €688,476
- Current portion of long-term debt +€19,958
up €19,958 (+25.1%), from €79,410 to €99,367
- Reserves -€15,233
down €15,233 (-31.9%), from €47,730 to €32,497
- Trade debts +€9,836
up €9,836 (+77.1%), from €12,760 to €22,596
- Gross operating margin +€264,082
up €264,082 (+109%), from €241,936 to €506,018
- Staff costs +€230,673
up €230,673 (+172%), from €134,185 to €364,857
- Depreciation +€49,712
up €49,712 (+115%), from €43,371 to €93,083
- Financial charges +€11,058
up €11,058 (+76.2%), from €14,509 to €25,567
- Taxes -€7,065
down €7,065 (-41.3%), from €17,113 to €10,048
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 | €915,178 | €888,681 | -€26,498 | -2.9% |
| Fixed assets | 21/28 | €800,976 | €757,247 | -€43,729 | -5.5% |
| Intangible fixed assets | 21 | €800,976 | €716,541 | -€84,435 | -10.5% |
| Tangible fixed assets | 22/27 | - | €40,705 | +€40,705 | |
| Land and buildings | 22 | - | €3,399 | +€3,399 | |
| Plant, machinery and equipment | 23 | - | €649 | +€649 | |
| Furniture and vehicles | 24 | - | €36,658 | +€36,658 | |
| Current assets | 29/58 | €114,202 | €131,434 | +€17,232 | +15.1% |
| Amounts receivable within one year | 40/41 | €20,754 | €45,601 | +€24,847 | +120% |
| Trade receivables | 40 | - | €16,183 | +€16,183 | |
| Other amounts receivable | 41 | €20,754 | €29,418 | +€8,664 | +41.7% |
| Current investments | 50/53 | €50,000 | €29,996 | -€20,005 | -40.0% |
| Cash at bank and in hand | 54/58 | €41,010 | €53,328 | +€12,318 | +30.0% |
| Deferred charges and accrued income | 490/1 | €2,438 | €2,509 | +€72 | +2.9% |
| Total equity and liabilities | 10/49 | €915,178 | €888,681 | -€26,498 | -2.9% |
| Equity | 10/15 | €48,730 | €33,497 | -€15,233 | -31.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €47,730 | €32,497 | -€15,233 | -31.9% |
| Distributable reserves | 133 | €47,730 | €32,497 | -€15,233 | -31.9% |
| Amounts payable | 17/49 | €866,448 | €855,183 | -€11,265 | -1.3% |
| Amounts payable after more than one year | 17 | €735,162 | €688,476 | -€46,686 | -6.4% |
| Financial debts | 170/4 | €735,162 | €688,476 | -€46,686 | -6.4% |
| Amounts payable within one year | 42/48 | €128,988 | €166,707 | +€37,720 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | €79,410 | €99,367 | +€19,958 | +25.1% |
| Trade debts | 44 | €12,760 | €22,596 | +€9,836 | +77.1% |
| Suppliers | 440/4 | €12,760 | €22,596 | +€9,836 | +77.1% |
| Taxes, remuneration and social security | 45 | €36,818 | €44,744 | +€7,926 | +21.5% |
| Taxes | 450/3 | €6,715 | €8,254 | +€1,540 | +22.9% |
| Remuneration and social security | 454/9 | €30,103 | €36,489 | +€6,386 | +21.2% |
| Accrued charges and deferred income | 492/3 | €2,299 | - | -€2,299 | |
| Remuneration, social security and pensions | 62 | €134,185 | €364,857 | +€230,673 | +172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,371 | €93,083 | +€49,712 | +115% |
| Other operating charges | 640/8 | €1,002 | €2,008 | +€1,007 | +100% |
| Gross operating margin | 9900 | €241,936 | €506,018 | +€264,082 | +109% |
| Operating profit (loss) | 9901 | €63,379 | €46,069 | -€17,310 | -27.3% |
| Financial income | 75/76B | - | €769 | +€769 | |
| Recurring financial income | 75 | - | €769 | +€769 | |
| Financial charges | 65/66B | €14,509 | €25,567 | +€11,058 | +76.2% |
| Recurring financial charges | 65 | €14,509 | €25,567 | +€11,058 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | €48,870 | €21,271 | -€27,600 | -56.5% |
| Income taxes | 67/77 | €17,113 | €10,048 | -€7,065 | -41.3% |
| Profit (loss) for the period | 9904 | €31,757 | €11,223 | -€20,534 | -64.7% |
| Profit (loss) for the period to be appropriated | 9905 | €31,757 | €11,223 | -€20,534 | -64.7% |
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 14 October 2026 via checked.be.