Nico Andries: what changed
Nico Andries
Largest movements
- Tangible fixed assets -€49,341
down €49,341 (-10.2%), from €483,674 to €434,333
of which Land and buildings: -€36,232
- Cash +€35,053
up €35,053 (+10.8%), from €323,220 to €358,273
mainly Net result for the year (+€80,444) and Depreciation (+€49,341)
- Other debts -€95,644
down €95,644 (-90.6%), from €105,570 to €9,926
- Reserves +€80,572
up €80,572 (+16.0%), from €504,430 to €585,003
of which Distributable reserves: +€91,325
- Tax, wage and social debts +€12,803
up €12,803 (+76.5%), from €16,739 to €29,542
of which Taxes: +€12,850
- Debts after one year -€11,359
down €11,359 (-5.9%), from €192,000 to €180,641
- Other operating charges -€63,063
down €63,063 (-98.1%), from €64,263 to €1,200
- Taxes +€19,479
up €19,479 (+71.2%), from €27,376 to €46,855
- Financial charges +€11,320
up €11,320 (+266%), from €4,249 to €15,568
of which Non-recurring financial charges: +€12,000
- Gross operating margin -€5,921
down €5,921 (-2.5%), from €236,181 to €230,260
- Depreciation +€4,701
up €4,701 (+10.5%), from €44,640 to €49,341
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €858,859 | €842,606 | -€16,253 | -1.9% |
| Fixed assets | 21/28 | €483,674 | €434,333 | -€49,341 | -10.2% |
| Tangible fixed assets | 22/27 | €483,674 | €434,333 | -€49,341 | -10.2% |
| Land and buildings | 22 | €430,700 | €394,468 | -€36,232 | -8.4% |
| Plant, machinery and equipment | 23 | €202 | €0 | -€202 | -100% |
| Furniture and vehicles | 24 | €52,772 | €39,864 | -€12,908 | -24.5% |
| Current assets | 29/58 | €375,185 | €408,273 | +€33,088 | +8.8% |
| Amounts receivable within one year | 40/41 | €218 | - | -€218 | |
| Other amounts receivable | 41 | €218 | - | -€218 | |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €323,220 | €358,273 | +€35,053 | +10.8% |
| Deferred charges and accrued income | 490/1 | €1,748 | - | -€1,748 | |
| Total equity and liabilities | 10/49 | €858,859 | €842,606 | -€16,253 | -1.9% |
| Equity | 10/15 | €505,159 | €585,603 | +€80,444 | +15.9% |
| Contributions | 10/11 | €600 | €600 | = | 0.0% |
| Capital | 10 | €600 | - | -€600 | |
| Issued capital | 100 | €600 | - | -€600 | |
| Reserves | 13 | €504,430 | €585,003 | +€80,572 | +16.0% |
| Tax-exempt reserves | 132 | €112,879 | €102,126 | -€10,753 | -9.5% |
| Distributable reserves | 133 | €391,551 | €482,877 | +€91,325 | +23.3% |
| Profit (loss) carried forward | 14 | €129 | - | -€129 | |
| Provisions and deferred taxes | 16 | €28,220 | €25,531 | -€2,688 | -9.5% |
| Deferred taxes | 168 | €28,220 | €25,531 | -€2,688 | -9.5% |
| Amounts payable | 17/49 | €325,480 | €231,472 | -€94,009 | -28.9% |
| Amounts payable after more than one year | 17 | €192,000 | €180,641 | -€11,359 | -5.9% |
| Financial debts | 170/4 | €192,000 | €180,641 | -€11,359 | -5.9% |
| Amounts payable within one year | 42/48 | €133,480 | €50,831 | -€82,650 | -61.9% |
| Current portion of amounts payable after more than one year | 42 | €11,171 | €11,359 | +€188 | +1.7% |
| Trade debts | 44 | - | €3 | +€3 | |
| Suppliers | 440/4 | - | €3 | +€3 | |
| Taxes, remuneration and social security | 45 | €16,739 | €29,542 | +€12,803 | +76.5% |
| Taxes | 450/3 | €11,618 | €24,468 | +€12,850 | +111% |
| Remuneration and social security | 454/9 | €5,121 | €5,074 | -€47 | -0.9% |
| Other amounts payable | 47/48 | €105,570 | €9,926 | -€95,644 | -90.6% |
| Remuneration, social security and pensions | 62 | €38,966 | €39,540 | +€574 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,640 | €49,341 | +€4,701 | +10.5% |
| Other operating charges | 640/8 | €64,263 | €1,200 | -€63,063 | -98.1% |
| Gross operating margin | 9900 | €236,181 | €230,260 | -€5,921 | -2.5% |
| Operating profit (loss) | 9901 | €88,312 | €140,179 | +€51,867 | +58.7% |
| Financial charges | 65/66B | €4,249 | €15,568 | +€11,320 | +266% |
| Recurring financial charges | 65 | €4,249 | €3,568 | -€680 | -16.0% |
| Non-recurring financial charges | 66B | - | €12,000 | +€12,000 | |
| Profit (loss) for the period before taxes | 9903 | €84,064 | €124,611 | +€40,547 | +48.2% |
| Transfer from deferred taxes | 780 | €2,688 | €2,688 | = | 0.0% |
| Income taxes | 67/77 | €27,376 | €46,855 | +€19,479 | +71.2% |
| Profit (loss) for the period | 9904 | €59,376 | €80,444 | +€21,068 | +35.5% |
| Transfer from tax-exempt reserves | 789 | €10,753 | €10,753 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €70,129 | €91,197 | +€21,068 | +30.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.