Nico Maes: 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.
Nico Maes
Largest movements
- Cash -€25,289
down €25,289 (-78.5%), from €32,198 to €6,909
mainly Receivables within one year (-€20,084) and Net result for the year (-€9,037)
- Receivables within one year +€20,084
up €20,084 (+394%), from €5,100 to €25,184
of which Trade receivables: +€21,097
- Tangible fixed assets -€10,633
down €10,633 (-47.5%), from €22,382 to €11,749
of which Furniture and vehicles: -€9,992
- Profit (loss) carried forward -€9,037
down €9,037 (-9.5%), from -€95,209 to -€104,245
- Debts after one year -€8,000
down €8,000 (-6.0%), from €134,000 to €126,000
- Trade debts +€757
up €757 (+408%), from €186 to €943
- Gross operating margin +€554
up €554 (+26.8%), from €2,067 to €2,620
- Other operating charges +€161
up €161 (+23.6%), from €682 to €843
- Financial income +€150
up €150 (+94.5%), from €159 to €310
- Depreciation -€54
down €54 (-0.5%), from €10,687 to €10,633
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 | €70,115 | €54,213 | -€15,901 | -22.7% |
| Fixed assets | 21/28 | €32,382 | €21,749 | -€10,633 | -32.8% |
| Tangible fixed assets | 22/27 | €22,382 | €11,749 | -€10,633 | -47.5% |
| Plant, machinery and equipment | 23 | €1,766 | €1,126 | -€641 | -36.3% |
| Furniture and vehicles | 24 | €20,615 | €10,623 | -€9,992 | -48.5% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €37,733 | €32,464 | -€5,269 | -14.0% |
| Amounts receivable within one year | 40/41 | €5,100 | €25,184 | +€20,084 | +394% |
| Trade receivables | 40 | €3,194 | €24,291 | +€21,097 | +661% |
| Other amounts receivable | 41 | €1,907 | €893 | -€1,013 | -53.1% |
| Cash at bank and in hand | 54/58 | €32,198 | €6,909 | -€25,289 | -78.5% |
| Deferred charges and accrued income | 490/1 | €435 | €371 | -€63 | -14.6% |
| Total equity and liabilities | 10/49 | €70,115 | €54,213 | -€15,901 | -22.7% |
| Equity | 10/15 | -€67,073 | -€76,109 | -€9,037 | -13.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €9,586 | €9,586 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,586 | €9,586 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,209 | -€104,245 | -€9,037 | -9.5% |
| Amounts payable | 17/49 | €137,187 | €130,322 | -€6,865 | -5.0% |
| Amounts payable after more than one year | 17 | €134,000 | €126,000 | -€8,000 | -6.0% |
| Financial debts | 170/4 | €134,000 | €126,000 | -€8,000 | -6.0% |
| Amounts payable within one year | 42/48 | €3,187 | €4,322 | +€1,135 | +35.6% |
| Trade debts | 44 | €186 | €943 | +€757 | +408% |
| Suppliers | 440/4 | €186 | €943 | +€757 | +408% |
| Taxes, remuneration and social security | 45 | €2,850 | €2,547 | -€303 | -10.6% |
| Taxes | 450/3 | €2,850 | €2,547 | -€303 | -10.6% |
| Other amounts payable | 47/48 | €151 | €832 | +€681 | +449% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,687 | €10,633 | -€54 | -0.5% |
| Other operating charges | 640/8 | €682 | €843 | +€161 | +23.6% |
| Gross operating margin | 9900 | €2,067 | €2,620 | +€554 | +26.8% |
| Operating profit (loss) | 9901 | -€9,302 | -€8,855 | +€447 | +4.8% |
| Financial income | 75/76B | €159 | €310 | +€150 | +94.5% |
| Recurring financial income | 75 | €159 | €310 | +€150 | +94.5% |
| Financial charges | 65/66B | €486 | €491 | +€4 | +0.9% |
| Recurring financial charges | 65 | €486 | €491 | +€4 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,630 | -€9,037 | +€593 | +6.2% |
| Profit (loss) for the period | 9904 | -€9,630 | -€9,037 | +€593 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,630 | -€9,037 | +€593 | +6.2% |
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 30 October 2026 via checked.be.