NICOLAS BACLIN: what changed
Two fiscal 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 BACLIN
Largest movements
- Tangible fixed assets +€208,029
up €208,029 (+272.4%), from €76,378 to €284,406
of which Furniture and vehicles: +€189,225
- Cash -€38,729
down €38,729 (-52.0%), from €74,495 to €35,766
mainly Investment in fixed assets (net) (-€260,506) and Other debts (-€24,265)
- Receivables within one year +€18,647
up €18,647 (+61.8%), from €30,161 to €48,807
of which Other amounts receivable: +€15,838
- Debts after one year +€137,601
new in 2025: €137,601
- Reserves +€43,500
up €43,500 (+56.9%), from €76,500 to €120,000
- Other debts -€24,265
down €24,265 (-29.3%), from €82,920 to €58,655
- Current portion of long-term debt +€21,378
new in 2025: €21,378
- Trade debts +€9,811
up €9,811 (+86.3%), from €11,371 to €21,182
- Depreciation +€26,605
up €26,605 (+102.8%), from €25,872 to €52,477
- Gross operating margin -€26,357
down €26,357 (-17.0%), from €154,943 to €128,586
- Taxes -€21,982
down €21,982 (-58.4%), from €37,625 to €15,643
- Financial charges +€4,639
up €4,639 (+114.6%), from €4,047 to €8,686
- Other operating charges -€1,687
down €1,687 (-17.6%), from €9,565 to €7,878
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.
Cash bridge derived
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 | €191,416 | €378,488 | +€187,072 | +97.7% |
| Fixed assets | 21/28 | €76,378 | €284,406 | +€208,029 | +272.4% |
| Tangible fixed assets | 22/27 | €76,378 | €284,406 | +€208,029 | +272.4% |
| Plant, machinery and equipment | 23 | €1,671 | €20,475 | +€18,804 | +1125.6% |
| Furniture and vehicles | 24 | €74,707 | €263,932 | +€189,225 | +253.3% |
| Current assets | 29/58 | €115,038 | €94,082 | -€20,957 | -18.2% |
| Stocks and contracts in progress | 3 | €5,250 | €5,250 | = | 0.0% |
| Stocks | 30/36 | €5,250 | €5,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €30,161 | €48,807 | +€18,647 | +61.8% |
| Trade receivables | 40 | €30,149 | €32,958 | +€2,809 | +9.3% |
| Other amounts receivable | 41 | €11 | €15,849 | +€15,838 | +139786.5% |
| Cash at bank and in hand | 54/58 | €74,495 | €35,766 | -€38,729 | -52.0% |
| Deferred charges and accrued income | 490/1 | €5,133 | €4,258 | -€874 | -17.0% |
| Total equity and liabilities | 10/49 | €191,416 | €378,488 | +€187,072 | +97.7% |
| Equity | 10/15 | €87,034 | €130,136 | +€43,102 | +49.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €76,500 | €120,000 | +€43,500 | +56.9% |
| Distributable reserves | 133 | €76,500 | €120,000 | +€43,500 | +56.9% |
| Profit (loss) carried forward | 14 | €534 | €136 | -€398 | -74.5% |
| Amounts payable | 17/49 | €104,381 | €248,352 | +€143,971 | +137.9% |
| Amounts payable after more than one year | 17 | - | €137,601 | +€137,601 | |
| Financial debts | 170/4 | - | €137,601 | +€137,601 | |
| Amounts payable within one year | 42/48 | €104,381 | €110,751 | +€6,370 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | - | €21,378 | +€21,378 | |
| Trade debts | 44 | €11,371 | €21,182 | +€9,811 | +86.3% |
| Suppliers | 440/4 | €11,371 | €21,182 | +€9,811 | +86.3% |
| Taxes, remuneration and social security | 45 | €10,091 | €9,536 | -€555 | -5.5% |
| Taxes | 450/3 | €10,091 | €9,536 | -€555 | -5.5% |
| Other amounts payable | 47/48 | €82,920 | €58,655 | -€24,265 | -29.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,872 | €52,477 | +€26,605 | +102.8% |
| Other operating charges | 640/8 | €9,565 | €7,878 | -€1,687 | -17.6% |
| Gross operating margin | 9900 | €154,943 | €128,586 | -€26,357 | -17.0% |
| Operating profit (loss) | 9901 | €119,505 | €68,230 | -€51,275 | -42.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €4,047 | €8,686 | +€4,639 | +114.6% |
| Recurring financial charges | 65 | €4,047 | €8,686 | +€4,639 | +114.6% |
| Profit (loss) for the period before taxes | 9903 | €115,459 | €59,544 | -€55,915 | -48.4% |
| Income taxes | 67/77 | €37,625 | €15,643 | -€21,982 | -58.4% |
| Profit (loss) for the period | 9904 | €77,834 | €43,902 | -€33,933 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €77,834 | €43,902 | -€33,933 | -43.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.