Nico Moolenaar: 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 Moolenaar
Largest movements
- Receivables within one year +€296,373
up €296,373 (+1,953%), from €15,175 to €311,548
of which Trade receivables: +€297,352
- Current investments -€30,000
down €30,000 (-33.3%), from €90,000 to €60,000
- Tangible fixed assets -€24,944
down €24,944 (-86.0%), from €29,013 to €4,069
of which Furniture and vehicles: -€23,027
- Cash -€9,014
down €9,014 (-2.3%), from €385,743 to €376,729
mainly Receivables within one year (-€296,373) and Accrued charges and deferred income (-€895)
- Reserves +€222,000
up €222,000 (+52.2%), from €425,000 to €647,000
- Gross operating margin +€137,203
up €137,203 (+72.4%), from €189,512 to €326,716
- Taxes +€49,425
up €49,425 (+91.8%), from €53,833 to €103,257
- Depreciation -€11,680
down €11,680 (-77.1%), from €15,152 to €3,472
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 | €519,932 | €752,346 | +€232,415 | +44.7% |
| Fixed assets | 21/28 | €29,013 | €4,069 | -€24,944 | -86.0% |
| Tangible fixed assets | 22/27 | €29,013 | €4,069 | -€24,944 | -86.0% |
| Plant, machinery and equipment | 23 | €2,878 | €2,076 | -€802 | -27.9% |
| Furniture and vehicles | 24 | €24,093 | €1,066 | -€23,027 | -95.6% |
| Other tangible fixed assets | 26 | €2,042 | €926 | -€1,116 | -54.6% |
| Current assets | 29/58 | €490,919 | €748,278 | +€257,359 | +52.4% |
| Amounts receivable within one year | 40/41 | €15,175 | €311,548 | +€296,373 | +1,953% |
| Trade receivables | 40 | €148 | €297,500 | +€297,352 | +201,581% |
| Other amounts receivable | 41 | €15,028 | €14,048 | -€980 | -6.5% |
| Current investments | 50/53 | €90,000 | €60,000 | -€30,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €385,743 | €376,729 | -€9,014 | -2.3% |
| Total equity and liabilities | 10/49 | €519,932 | €752,346 | +€232,415 | +44.7% |
| Equity | 10/15 | €495,316 | €717,940 | +€222,624 | +44.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €425,000 | €647,000 | +€222,000 | +52.2% |
| Distributable reserves | 133 | €425,000 | €647,000 | +€222,000 | +52.2% |
| Profit (loss) carried forward | 14 | €69,316 | €69,940 | +€624 | +0.9% |
| Amounts payable | 17/49 | €24,615 | €34,406 | +€9,791 | +39.8% |
| Amounts payable within one year | 42/48 | €23,390 | €34,076 | +€10,686 | +45.7% |
| Trade debts | 44 | €19,909 | €24,739 | +€4,830 | +24.3% |
| Suppliers | 440/4 | €19,909 | €24,739 | +€4,830 | +24.3% |
| Taxes, remuneration and social security | 45 | €3,283 | €5,844 | +€2,561 | +78.0% |
| Taxes | 450/3 | €3,283 | €5,844 | +€2,561 | +78.0% |
| Other amounts payable | 47/48 | €198 | €3,493 | +€3,295 | +1,665% |
| Accrued charges and deferred income | 492/3 | €1,225 | €330 | -€895 | -73.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,152 | €3,472 | -€11,680 | -77.1% |
| Other operating charges | 640/8 | €785 | €991 | +€206 | +26.3% |
| Non-recurring operating charges | 66A | - | €1,472 | +€1,472 | |
| Gross operating margin | 9900 | €189,512 | €326,716 | +€137,203 | +72.4% |
| Operating profit (loss) | 9901 | €173,576 | €320,781 | +€147,205 | +84.8% |
| Financial income | 75/76B | €5,371 | €6,400 | +€1,029 | +19.2% |
| Recurring financial income | 75 | €5,371 | €6,400 | +€1,029 | +19.2% |
| Financial charges | 65/66B | €2,281 | €1,300 | -€981 | -43.0% |
| Recurring financial charges | 65 | €2,281 | €1,300 | -€981 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €176,666 | €325,881 | +€149,215 | +84.5% |
| Income taxes | 67/77 | €53,833 | €103,257 | +€49,425 | +91.8% |
| Profit (loss) for the period | 9904 | €122,834 | €222,624 | +€99,790 | +81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €122,834 | €222,624 | +€99,790 | +81.2% |
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.