NICOLAS ANGELET: 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.
NICOLAS ANGELET
Largest movements
- Cash -€45,523
down €45,523 (-21.9%), from €207,580 to €162,057
mainly Contributions, distributions and other (-€205,045) and Current investments (-€40,437)
- Current investments +€40,437
up €40,437 (+9.6%), from €420,648 to €461,085
- Receivables within one year +€7,779
up €7,779 (+11.9%), from €65,119 to €72,898
of which Trade receivables: +€8,339
- Other debts +€14,674
up €14,674 (+7.6%), from €192,600 to €207,274
- Tax, wage and social debts -€14,118
no longer reported in 2025 (was €14,118)
- Gross operating margin +€18,110
up €18,110 (+7.1%), from €256,255 to €274,365
- Taxes +€4,674
up €4,674 (+7.2%), from €64,514 to €69,187
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 | €698,559 | €702,828 | +€4,269 | +0.6% |
| Fixed assets | 21/28 | €488 | €1,443 | +€955 | +196% |
| Tangible fixed assets | 22/27 | €272 | €1,227 | +€955 | +351% |
| Furniture and vehicles | 24 | €272 | €1,227 | +€955 | +351% |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €698,071 | €701,385 | +€3,315 | +0.5% |
| Amounts receivable within one year | 40/41 | €65,119 | €72,898 | +€7,779 | +11.9% |
| Trade receivables | 40 | €55,295 | €63,634 | +€8,339 | +15.1% |
| Other amounts receivable | 41 | €9,824 | €9,264 | -€560 | -5.7% |
| Current investments | 50/53 | €420,648 | €461,085 | +€40,437 | +9.6% |
| Cash at bank and in hand | 54/58 | €207,580 | €162,057 | -€45,523 | -21.9% |
| Deferred charges and accrued income | 490/1 | €4,723 | €5,345 | +€622 | +13.2% |
| Total equity and liabilities | 10/49 | €698,559 | €702,828 | +€4,269 | +0.6% |
| Equity | 10/15 | €486,691 | €486,691 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €468,091 | €468,091 | = | 0.0% |
| Distributable reserves | 133 | €468,091 | €468,091 | = | 0.0% |
| Amounts payable | 17/49 | €211,868 | €216,137 | +€4,269 | +2.0% |
| Amounts payable within one year | 42/48 | €211,580 | €215,848 | +€4,267 | +2.0% |
| Trade debts | 44 | €4,862 | €8,574 | +€3,711 | +76.3% |
| Suppliers | 440/4 | €4,862 | €8,574 | +€3,711 | +76.3% |
| Taxes, remuneration and social security | 45 | €14,118 | - | -€14,118 | |
| Taxes | 450/3 | €14,118 | - | -€14,118 | |
| Other amounts payable | 47/48 | €192,600 | €207,274 | +€14,674 | +7.6% |
| Accrued charges and deferred income | 492/3 | €288 | €290 | +€2 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400 | €308 | -€93 | -23.1% |
| Other operating charges | 640/8 | €590 | €568 | -€22 | -3.8% |
| Gross operating margin | 9900 | €256,255 | €274,365 | +€18,110 | +7.1% |
| Operating profit (loss) | 9901 | €255,264 | €273,489 | +€18,225 | +7.1% |
| Financial income | 75/76B | €1,727 | €916 | -€811 | -47.0% |
| Recurring financial income | 75 | €1,727 | €916 | -€811 | -47.0% |
| Financial charges | 65/66B | €2,242 | €174 | -€2,069 | -92.3% |
| Recurring financial charges | 65 | €2,242 | €174 | -€2,069 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €254,749 | €274,232 | +€19,483 | +7.6% |
| Income taxes | 67/77 | €64,514 | €69,187 | +€4,674 | +7.2% |
| Profit (loss) for the period | 9904 | €190,236 | €205,045 | +€14,809 | +7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €190,236 | €205,045 | +€14,809 | +7.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.