NICOLAS BEMELMANS: 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 BEMELMANS
Largest movements
- Tangible fixed assets +€57,958
up €57,958 (+52.1%), from €111,251 to €169,209
of which Furniture and vehicles: +€55,114
- Receivables within one year -€29,179
down €29,179 (-79.4%), from €36,761 to €7,582
of which Trade receivables: -€31,469
- Stocks and contracts -€5,806
down €5,806 (-78.0%), from €7,448 to €1,642
- Cash +€3,606
up €3,606 (+7.1%), from €50,922 to €54,528
mainly Other debts (+€35,051) and Receivables within one year (+€29,179)
- Other debts +€35,051
up €35,051 (+730%), from €4,804 to €39,856
- Reserves -€29,000
down €29,000 (-36.7%), from €79,000 to €50,000
- Debts after one year +€10,506
up €10,506 (+13.7%), from €76,674 to €87,181
- Current portion of long-term debt +€8,902
up €8,902 (+147%), from €6,048 to €14,950
- Gross operating margin -€10,681
down €10,681 (-18.1%), from €59,125 to €48,444
- Taxes -€4,892
down €4,892 (-53.9%), from €9,080 to €4,188
- Depreciation +€960
up €960 (+3.8%), from €25,067 to €26,027
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,694 | €233,935 | +€27,241 | +13.2% |
| Fixed assets | 21/28 | €111,251 | €169,209 | +€57,958 | +52.1% |
| Tangible fixed assets | 22/27 | €111,251 | €169,209 | +€57,958 | +52.1% |
| Land and buildings | 22 | €80,562 | €74,506 | -€6,056 | -7.5% |
| Plant, machinery and equipment | 23 | €2,770 | €10,546 | +€7,776 | +281% |
| Furniture and vehicles | 24 | €27,920 | €83,034 | +€55,114 | +197% |
| Other tangible fixed assets | 26 | - | €1,124 | +€1,124 | |
| Current assets | 29/58 | €95,443 | €64,726 | -€30,717 | -32.2% |
| Stocks and contracts in progress | 3 | €7,448 | €1,642 | -€5,806 | -78.0% |
| Stocks | 30/36 | €7,448 | €1,642 | -€5,806 | -78.0% |
| Amounts receivable within one year | 40/41 | €36,761 | €7,582 | -€29,179 | -79.4% |
| Trade receivables | 40 | €36,761 | €5,292 | -€31,469 | -85.6% |
| Other amounts receivable | 41 | €0 | €2,290 | +€2,290 | |
| Cash at bank and in hand | 54/58 | €50,922 | €54,528 | +€3,606 | +7.1% |
| Deferred charges and accrued income | 490/1 | €312 | €974 | +€663 | +212% |
| Total equity and liabilities | 10/49 | €206,694 | €233,935 | +€27,241 | +13.2% |
| Equity | 10/15 | €110,240 | €82,056 | -€28,184 | -25.6% |
| Contributions | 10/11 | €7,553 | €7,553 | = | 0.0% |
| Reserves | 13 | €79,000 | €50,000 | -€29,000 | -36.7% |
| Distributable reserves | 133 | €79,000 | €50,000 | -€29,000 | -36.7% |
| Profit (loss) carried forward | 14 | €23,686 | €24,502 | +€816 | +3.4% |
| Amounts payable | 17/49 | €96,455 | €151,879 | +€55,424 | +57.5% |
| Amounts payable after more than one year | 17 | €76,674 | €87,181 | +€10,506 | +13.7% |
| Financial debts | 170/4 | €76,674 | €87,181 | +€10,506 | +13.7% |
| Amounts payable within one year | 42/48 | €19,781 | €64,699 | +€44,918 | +227% |
| Current portion of amounts payable after more than one year | 42 | €6,048 | €14,950 | +€8,902 | +147% |
| Trade debts | 44 | €1,019 | €1,352 | +€333 | +32.7% |
| Suppliers | 440/4 | €1,019 | €1,352 | +€333 | +32.7% |
| Taxes, remuneration and social security | 45 | €7,910 | €8,541 | +€631 | +8.0% |
| Taxes | 450/3 | €7,910 | €8,541 | +€631 | +8.0% |
| Other amounts payable | 47/48 | €4,804 | €39,856 | +€35,051 | +730% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,067 | €26,027 | +€960 | +3.8% |
| Other operating charges | 640/8 | €555 | €1,031 | +€477 | +86.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €59,125 | €48,444 | -€10,681 | -18.1% |
| Operating profit (loss) | 9901 | €33,503 | €21,386 | -€12,117 | -36.2% |
| Financial income | 75/76B | €356 | €5 | -€351 | -98.5% |
| Recurring financial income | 75 | €356 | €5 | -€351 | -98.5% |
| Financial charges | 65/66B | €1,935 | €2,387 | +€451 | +23.3% |
| Recurring financial charges | 65 | €1,935 | €2,387 | +€451 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €31,924 | €19,004 | -€12,919 | -40.5% |
| Income taxes | 67/77 | €9,080 | €4,188 | -€4,892 | -53.9% |
| Profit (loss) for the period | 9904 | €22,844 | €14,816 | -€8,028 | -35.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,844 | €14,816 | -€8,028 | -35.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.